<SEC-DOCUMENT>0000904454-19-000596.txt : 20190808
<SEC-HEADER>0000904454-19-000596.hdr.sgml : 20190808
<ACCEPTANCE-DATETIME>20190808101452
ACCESSION NUMBER:		0000904454-19-000596
CONFORMED SUBMISSION TYPE:	SC 13D/A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20190808
DATE AS OF CHANGE:		20190808

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PG&E Corp
		CENTRAL INDEX KEY:			0001004980
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC & OTHER SERVICES COMBINED [4931]
		IRS NUMBER:				943234914
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-52565
		FILM NUMBER:		191007855

	BUSINESS ADDRESS:	
		STREET 1:		77 BEALE STREET
		STREET 2:		P.O. BOX 770000
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94177
		BUSINESS PHONE:		4159731000

	MAIL ADDRESS:	
		STREET 1:		77 BEALE STREET
		STREET 2:		P.O. BOX 770000
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94177

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PG&E CORP
		DATE OF NAME CHANGE:	19961219

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PG&E PARENT CO INC
		DATE OF NAME CHANGE:	19951214

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ABRAMS CAPITAL MANAGEMENT, L.P.
		CENTRAL INDEX KEY:			0001358706
		IRS NUMBER:				204043368
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D/A

	BUSINESS ADDRESS:	
		STREET 1:		222 BERKELEY STREET, 21ST FLOOR
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02116
		BUSINESS PHONE:		617-646-6100

	MAIL ADDRESS:	
		STREET 1:		222 BERKELEY STREET, 21ST FLOOR
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02116

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PAMET CAPITAL MANAGEMENT, LP
		DATE OF NAME CHANGE:	20060407
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D/A
<SEQUENCE>1
<FILENAME>s13da_08072019-pgecorp.htm
<DESCRIPTION>SCHEDULE 13D/A FOR PG&E CORPORATION BY ABRAMS CAPITAL MANAGEMENT, L.P.
<TEXT>
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    <div style="text-align: center; line-height: 12.55pt; margin-top: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">UNITED STATES<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
      </font>SECURITIES AND EXCHANGE COMMISSION<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
      </font>Washington, D.C. 20549</div>
    <div style="text-align: center; line-height: 12.55pt; margin-top: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SCHEDULE 13D<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
          serif;"><br>
        </font>Under the Securities Exchange Act of 1934</font></div>
    <div style="text-align: center; line-height: 12.55pt; margin-top: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(Amendment No. 1)*</font></div>
    <div style="text-align: center; line-height: 12.55pt; margin-top: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">PG&amp;E







          Corporation</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
        </font>(Name of Issuer)</font></div>
    <div style="text-align: center; line-height: 12.55pt; margin-top: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Common
          Stock, no par value</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
        </font>(Title of Class of Securities)</font></div>
    <div style="text-align: center; line-height: 12.55pt; margin-top: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">69331C108</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
        </font>(CUSIP Number)</font></div>
    <div style="text-align: center; line-height: 12.55pt; margin-top: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">David C. Abrams<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
          serif;"><br>
        </font>c/o Abrams Capital Management, L.P.<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
        </font>222 Berkeley Street, 21<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> Floor<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
        </font>Boston, Massachusetts 02116<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
        </font>(617) 646-6100</font></div>
    <div style="text-align: center; line-height: 12.55pt; margin-top: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br style="line-height: 12.55pt;">
        <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
        </font>(Name, Address and Telephone Number of Person<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
        </font>Authorized to Receive Notices and Communications)</font></div>
    <div style="text-align: center; line-height: 12.55pt; margin-top: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">August
          7, 2019</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
        </font>(Date of Event Which Requires Filing of This Statement)</font></div>
    <div style="line-height: 12.55pt; margin-top: 12pt;"><br style="line-height: 12.55pt;">
    </div>
    <div style="text-align: justify; line-height: 12.55pt; margin-top: 5pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If the filing person has previously filed a statement on Schedule&#160;13G to report
        the acquisition that is the subject of this Schedule&#160;13D, and is filing this schedule because of &#167;&#167;&#160;240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box&#160;&#160;&#160;&#9744;.</font></div>
    <div style="line-height: 12.55pt; margin-top: 5pt; margin-bottom: 5pt;"><br style="line-height: 12.55pt;">
    </div>
    <div style="text-align: justify; line-height: 12.55pt; margin-top: 5pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
          font-style: italic;">Note:&#160; </font>Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits.&#160; <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style:
          italic;">See </font>&#167;&#160;240.13d-7 for other parties to whom copies are to be sent.</font></div>
    <div style="line-height: 12.55pt; margin-top: 5pt; margin-bottom: 5pt;"><br style="line-height: 12.55pt;">
    </div>
    <div style="text-align: justify; line-height: 12.55pt; margin-top: 5pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">*The remainder of this cover page shall be filled out for a reporting person&#8217;s
        initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.</font></div>
    <div style="line-height: 12.55pt; margin-top: 5pt; margin-bottom: 5pt;"><br style="line-height: 12.55pt;">
    </div>
    <div style="text-align: justify; line-height: 12.55pt; margin-top: 5pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The information required on the remainder of this cover page shall not be deemed
        to be &#8220;filed&#8221; for the purpose of Section&#160;18 of the Securities Exchange Act of 1934 (&#8220;Act&#8221;) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, <font style="font-size:
          10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">see</font> the <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Notes</font>).</font></div>
    <br>
    <div style="line-height: 12.55pt; margin-bottom: 12pt;"><br style="line-height: 12.55pt;">
    </div>
    <div style="line-height: 12.55pt; margin-bottom: 12pt;"><br style="line-height: 12.55pt;">
    </div>
    <div style="line-height: 12.55pt; margin-bottom: 12pt;"><br style="line-height: 12.55pt;">
    </div>
    <div style="line-height: 12.55pt; margin-bottom: 12pt; text-align: center;"><br style="line-height: 12.55pt;">
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">1</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: left; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;"> <font style="font-weight: normal;">CUSIP No. </font></font><font style="font-size: 10pt;
        font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: normal;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">69331C108</font></font></div>
    <div style="text-align: left; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> <br>
        </font></font></div>
    <div style="text-align: left; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> <br>
        </font></font></div>
    <div style="text-align: center; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Explanatory Note</font></div>
    <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">This Amendment No.&#160;1 amends the statement on Schedule&#160;13D filed with the
        Securities and Exchange Commission by (i) Abrams Capital, LLC, (ii) Abrams Capital Management, LLC, (iii) Abrams Capital Management, L.P., (iv) Great Hollow Partners, LLC and (v) David Abrams (together with each of the foregoing, the &#8220;Reporting
        Persons&#8221;) on August&#160;7, 2019 (the &#8220;Original Schedule&#160;13D&#8221;) with respect to common stock of PG&amp;E Corporation (the &#8220;Company&#8221;).&#160; Capitalized terms used but not defined in this Amendment No.&#160;1 have the meanings set forth in the Original
        Schedule&#160;13D.</font></div>
    <div style="line-height: 12.55pt; margin-bottom: 12pt;"><br style="line-height: 12.55pt;">
    </div>
    <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5b43233358084d73aa17ef3907badfae">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Item 4.</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Purpose of Transaction</u></font><font style="font-size:
                      10pt; font-family: 'Times New Roman', Times, serif;">.</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Item 4 is hereby amended by adding the following paragraph as the penultimate
        paragraph thereof:</font></div>
    <div style="text-align: left; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">On August 7, 2019, certain investment funds managed by Abrams CM LP and the Other
        Shareholder each submitted a letter to the Company setting forth the terms by which they committed to provide capital to the Company&#8217;s potential plan of reorganization.</font></div>
    <div style="line-height: 12.55pt; margin-bottom: 10pt;"><br style="line-height: 12.55pt;">
    </div>
    <div style="line-height: 12.55pt; margin-bottom: 10pt;"><br style="line-height: 12.55pt;">
    </div>
    <div style="text-align: left; line-height: 12.55pt; margin-bottom: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Item 7.</font><font style="text-indent: 0px; font-size: 5.4pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Materials to be Filed as
            Exhibits.</u></font></font></div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="z783f0d34f2bc458490c881cf3b7a9aaa">

        <tr>
          <td style="width: 5.87%; vertical-align: top;">
            <div style="text-align: left; line-height: 13.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">99.1*</font></div>
          </td>
          <td style="width: 1.17%; vertical-align: bottom;">&#160;</td>
          <td style="width: 92.96%; vertical-align: top;">
            <div style="text-align: left; line-height: 13.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Letter to the Company, dated August 7, 2019, from Knighthead Capital Management, LLC and Abrams Capital Management,
                L.P.</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.87%; vertical-align: top;">
            <div style="text-align: left; line-height: 13.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">99.2*</font></div>
          </td>
          <td style="width: 1.17%; vertical-align: bottom;">&#160;</td>
          <td style="width: 92.96%; vertical-align: top;">
            <div style="text-align: left; line-height: 13.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Backstop Commitment Letter, dated August 7, 2019, from Abrams Capital Partners I, L.P.</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.87%; vertical-align: top;">
            <div style="text-align: left; line-height: 13.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">99.3*</font></div>
          </td>
          <td style="width: 1.17%; vertical-align: bottom;">&#160;</td>
          <td style="width: 92.96%; vertical-align: top;">
            <div style="text-align: left; line-height: 13.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Backstop Commitment Letter, dated August 7, 2019, from Abrams Capital Partners II, L.P.</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.87%; vertical-align: top;">
            <div style="text-align: left; line-height: 13.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">99.4*</font></div>
          </td>
          <td style="width: 1.17%; vertical-align: bottom;">&#160;</td>
          <td style="width: 92.96%; vertical-align: top;">
            <div style="text-align: left; line-height: 13.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Backstop Commitment Letter, dated August 7, 2019, from Whitecrest Partners, LP</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.87%; vertical-align: top;">
            <div style="text-align: left; line-height: 13.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">99.5*</font></div>
          </td>
          <td style="width: 1.17%; vertical-align: bottom;">&#160;</td>
          <td style="width: 92.96%; vertical-align: top;">
            <div style="text-align: left; line-height: 13.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Backstop Commitment Letter, dated August 7, 2019, from Great Hollow International, L.P.</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.87%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: left; line-height: 13.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">99.6*</font></div>
          </td>
          <td style="width: 1.17%; vertical-align: bottom;">&#160;</td>
          <td style="width: 92.96%; vertical-align: top;">
            <div style="text-align: left; line-height: 13.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Backstop Commitment Letter, dated August 7, 2019, from Riva Capital Partners V, L.P.</font></div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; text-indent: -72pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">* Filed herewith.</font></div>
    <div style="text-align: justify; text-indent: -72pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
      </font></div>
    <div style="text-align: justify; text-indent: -72pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
      </font></div>
    <div style="text-align: justify; text-indent: -72pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
      </font></div>
    <div style="text-align: justify; text-indent: -72pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
      </font></div>
    <div style="text-align: justify; text-indent: -72pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
      </font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: left; line-height: 12.55pt; margin-bottom: 10pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;"><font style="font-weight: normal;">CUSIP No. </font></font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: normal;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">69331C108</font></font>
      <div style="text-align: left; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> <br>
          </font></font></div>
    </div>
    <u><br>
    </u>
    <div style="text-align: center; line-height: 12.55pt; margin-bottom: 10pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><u>SIGNATURES</u></font></font></div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">After reasonable inquiry and to the best of his knowledge and belief, the
        undersigned certifies that the information set forth in this statement is true, complete and correct.</font></div>
    <div style="text-align: left; line-height: 12.55pt; margin-top: 10pt; margin-bottom: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Dated: August 7, 2019</font></div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="z016a8bde8e794eb8b5e143d95aaa9f04">

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          <td style="width: 47.01%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: right; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
              </font><font style="line-height: 11.4pt;">&#160;</font></div>
          </td>
          <td colspan="2" style="width: 40.8%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ABRAMS CAPITAL MANAGEMENT, L.P.</font></div>
            <div style="line-height: 11.4pt;"><font style="line-height: 11.4pt;">&#160;</font></div>
          </td>
          <td style="width: 12.19%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: right; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 47.01%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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            <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ABRAMS CAPITAL MANAGEMENT, LLC,<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
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            <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">/s/ David Abrams</font></div>
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            <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">DAVID ABRAMS</font></div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">3</font></div>
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      <div style="text-align: left; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;"> <font style="font-weight: normal;">CUSIP No. </font></font><font style="font-size: 10pt;
          font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: normal;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">69331C108</font></font></div>
      <div style="text-align: left; line-height: 12.55pt;">
        <div style="text-align: right; line-height: 12.55pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: bold;">Exhibit 99.1</div>
        <div style="text-align: right; line-height: 12.55pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: bold;"> <br>
        </div>
        <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: normal;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"> </font></font></div>
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    <div style="line-height: 12.55pt; margin-bottom: 12pt;">August 7, 2019
      <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
      </div>
      <div style="text-align: left; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Ms. Nora Mead Brownell</font></div>
      <div style="text-align: left; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Chair of the Board</font></div>
      <div style="text-align: left; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">PG&amp;E Corporation</font></div>
      <div style="text-align: left; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">77 Beale Street</font></div>
      <div style="text-align: left; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">P.O. Box 770000</font></div>
      <div style="text-align: left; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">San Francisco, California 94177</font></div>
      <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
      </div>
      <div style="text-align: left; text-indent: 36pt; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Re: Chapter 11 Plan Backstop Commitment Letter and Related Documents</font></div>
      <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
      </div>
      <div style="text-align: left; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Ms. Brownell,</font></div>
      <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
      </div>
      <div style="text-align: left; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">As disclosed earlier today in a Schedule 13D filing with the Securities and Exchange Commission, Abrams Capital
          Management, L.P. (&#8220;Abrams&#8221;) and Knighthead Capital Management, LLC (&#8220;Knighthead&#8221;) on behalf of funds and accounts that they manage and/or advise, agreed to act in concert to develop a proposal to provide equity capital commitments in support of a
          plan of reorganization (&#8220;POR&#8221;) by PG&amp;E Corporation (&#8220;PG&amp;E&#8221; or the &#8220;Company&#8221;). Enclosed are the backstop commitment letters (the &#8220;Backstop Commitments&#8221;) that Abrams and Knighthead have prepared. Abrams&#8217; and Knighthead&#8217;s decision to pursue
          this course of action is driven by many considerations, which are summarized below. At the most basic level, we are motivated by a desire to provide a clear pathway for the Company to raise needed capital in a fair, efficient and transparent
          manner so that it can satisfy all of its obligations quickly and responsibly.</font></div>
      <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
      </div>
      <div style="text-align: left; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">PG&amp;E is currently working its way through a complicated restructuring process. As a result of significant wildfire
          liabilities and related capital obligations, the Company faces a material need for new funding. Capital commitments must be made available quickly in order to allow PG&amp;E to exit bankruptcy on the timeline prescribed by the requirements of the
          recently passed Assembly Bill 1054. However, unlike the unsolicited proposal proffered by the ad-hoc group of creditors, our proposed construct would not seek to undervalue the company, subvert the bankruptcy process or disadvantage one group of
          financial stakeholders to benefit another. In fact, we believe the Company has made it clear that it is open to fair-minded proposals from existing equity holders. A further differentiating factor is that our proposed transaction does not limit
          participation to a small group of investors at the expense of others.</font></div>
      <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
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      <div style="text-align: left; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The capital raised under the construct we have developed provides a platform for the Company to pursue the objectives it
          laid out in its July 18<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> bankruptcy court filing, which include:</font></div>
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      <div style="text-align: left; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Additionally, we support promoting California&#8217;s environmental goals and ensuring that the Company files a plan of
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          We believe that our capital proposal provides the Company with a foundation upon which a more fully developed capital plan and plan of reorganization can be built. Such a capital plan may include other, more efficient sources of capital that will
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      <div style="text-align: left; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">By demonstrating independent access to equity capital on reasonable terms, the Company&#8217;s access to more economical
          financing will be materially enhanced. Indeed, a well-established interest in debt issued by the Company and its subsidiaries already exists, as evidenced by the fact that its defaulted ten year debt is trading above par and at an implied yield
          to maturity of just over 4%.</font></div>
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      <div style="text-align: left; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In order to provide transparency on the Backstop Commitments, we have provided a one-page summary as an attachment to
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          of reorganization that pays all claims in full. They also establish a platform for the Company to seek more traditional utility investors and capital solutions. Importantly, the Backstop Commitments are not restrictive. They provide the Company
          the freedom to raise debt and equity capital on terms that are more advantageous or issue Mandatory Convertible Preferred Stock on terms outlined in the Backstop Commitments. All such other sources of capital will reduce the funding required by
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      <div style="text-align: left; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">As more fully described in the Backstop Commitments, the Company is required to adhere to certain objectives that will
          benefit all stakeholders. The Company must file a plan of reorganization that is acceptable to its shareholders, who ultimately bear the entire burden of funding claims, obligations and the future commitments of the Company. PG&amp;E must also
          resolve its bankruptcy proceedings on a timeline consistent with the provisions of Assembly Bill 1054 and do so without the incurrence of any material wildfires in its service area.</font></div>
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        <div style="text-align: left; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;"> <font style="font-weight: normal;">CUSIP No. </font></font><font style="font-size: 10pt;
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      <div style="text-align: left; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We look forward to working constructively with the Company to develop a plan of reorganization and capital plan that
          allows it to achieve the important objectives that it has articulated. We believe that access to capital is the cornerstone to ensure that PG&amp;E is a robust utility, focused on delivering clean, safe and reliable power to its customers. We
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      <div style="text-align: left; margin-left: 180pt; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size:
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              <div style="text-align: left; line-height: 12.55pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">on behalf of itself and its managed or controlled funds</div>
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            <td style="width: 40%; vertical-align: top;">&#160;</td>
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              <div style="text-align: left; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">solely on behalf of certain funds and accounts it managed and/or advises</font></div>
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            <td style="width: 40%; vertical-align: top;">&#160;</td>
            <td style="width: 35%; vertical-align: top;">&#160;</td>
            <td style="width: 25%; vertical-align: top;">&#160;</td>
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            <td style="width: 40%; vertical-align: top;">&#160;</td>
            <td style="width: 35%; vertical-align: top;">&#160;</td>
            <td style="width: 25%; vertical-align: top;">&#160;</td>
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              <div style="text-align: left; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">/s/ Thomas A. Wagner</font></div>
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            <td style="width: 25%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
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              Filing 529.2&#160;&#160;529.2&#160;&#160;529.2&#160;&#160;529.2&#160;&#160;Calculation of Backstop$20 billion of Sources&#160;&#160;(1) Based on the Company&#8217;s current authorized cost of capital; Subject to revision based on the Company&#8217;s current cost of capital proceeding.&#160;&#160;&gt; Price
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              Letter) are&#160;&#160;(+) Backstop Commitment Fee&#160;&#160;8.5&#160;&#160;8.5&#160;&#160;8.5&#160;&#160;8.5&#160;&#160;zero, i.e., no HoldCo debt above $5bn,&#160;&#160;(+) Backstop Funding Fee&#160;&#160;17.1&#160;&#160;11.4&#160;&#160;5.7&#160;&#160;&#8211;&#160;&#160;no mandatory convertible preferred&#160;&#160;(+) Shares of New Common Stock to Rights
              Offering&#160;&#160;&#8211;&#160;&#160;232.3&#160;&#160;411.3&#160;&#160;498.3&#160;&#160;stock, and no Wildfire Recovery Bonds&#160;&#160;Fully Diluted Shares Outstanding&#160;&#160;1,411.3&#160;&#160;1,353.6&#160;&#160;1,242.5&#160;&#160;1,039.5&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Applicable Utility Index Multiple&#160;&#160;19.1x&#160;&#160;&#160;&#160;Applicable Utility Index
              Multiple&#160;&#160;&#160;&#160;A&#160;&#160;&#160;&#160;19.1x 19.1x&#160;&#160;19.1x&#160;&#160;19.1x&#160;&#160;Backstop Discount&#160;&#160;42.5%&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;PG&amp;E Debt&#160;&#160;$5,000&#160;&#160;&#160;&#160;PG&amp;E 2021E Net Income&#160;&#160;&#160;&#160;B&#160;&#160;&#160;&#160;$2,258 $2,258&#160;&#160;$2,258&#160;&#160;$2,258&#160;&#160;Backstop Commitment&#160;&#160;$15,000&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Backstop Commitment
              Fee&#160;&#160;1.0%&#160;&#160;&#160;&#160;Fully Diluted Shares Outstanding&#160;&#160;&#160;&#160;C&#160;&#160;&#160;&#160;1,411.3 1,353.6&#160;&#160;1,242.5&#160;&#160;1,039.5&#160;&#160;Backstop Funding Fee&#160;&#160;2.0%&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Baseline Share Price&#160;&#160;A x&#160;&#160;B /&#160;&#160;C&#160;&#160;$30.58 $31.88&#160;&#160;$34.73&#160;&#160;$41.52&#160;&#160;Calculation of PG&amp;E 2021E Net
              Income&#160;&#160;&#160;&#160;&#160;&#160;(x) Relevant Price Adjustment&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;57.5% 67.5%&#160;&#160;70.0%&#160;&#160;72.5%&#160;&#160;2021E Average Rate Base&#160;&#160;$47,927&#160;&#160;&#160;&#160;Backstop Price&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;$17.58 $17.58&#160;&#160;$17.58&#160;&#160;$17.58&#160;&#160;(x) Authorized Equity Ratio&#160;&#160;52.0%&#160;&#160;&#160;&#160;Rights Offering Price
              Threshold&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;NA $21.52&#160;&#160;$24.31&#160;&#160;$30.10&#160;&#160;(x) 2021E ROE&#8317;&#185;&#8318;&#160;&#160;10.3%&#160;&#160;&#160;&#160;Implied P/E Multiple&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;11.0x 12.9x&#160;&#160;13.4x&#160;&#160;13.9x&#160;&#160;(-) Fund Contribution (Post-Tax)&#160;&#160;(138)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(-) Non-Convertible Pref Dividends&#160;&#160;(14)&#160;&#160;&#160;&#160;Sources of
              Capital&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(-) PG&amp;E Debt Interest (Post-Tax)&#160;&#160;(144)&#160;&#160;&#160;&#160;Backstop Funding&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;$15,000 $10,000&#160;&#160;$5,000&#160;&#160;$&#8211;&#160;&#160;(-) WRB Deductions (Post-Tax)&#160;&#160;&#8211;&#160;&#160;&#160;&#160;Rights Offering&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#8211; 5,000&#160;&#160;10,000&#160;&#160;15,000&#160;&#160;PG&amp;E 2021E Net
              Income&#160;&#160;$2,258&#160;&#160;&#160;&#160;PG&amp;E Debt&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5,000 5,000&#160;&#160;5,000&#160;&#160;5,000&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Total Sources of Capital&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;$20,000 $20,000&#160;&#160;$20,000&#160;&#160;$20,000&#160;</font></div>
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        <div style="text-align: left; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;"> <font style="font-weight: normal;">CUSIP No. </font></font><font style="font-size: 10pt;
            font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: normal;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">69331C108</font></font></div>
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        <div style="text-align: right; line-height: 12.55pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-style: normal; font-weight: bold;">Exhibit 99.2</div>
        <div style="text-align: right; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">EXECUTION VERSION</font></div>
        <div style="text-align: right; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;"> <br>
          </font></div>
        <div style="text-align: left; line-height: 12.55pt;"><br>
          <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">August 7, 2019</div>
          <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 12pt;">
            <div style="text-align: left; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">PG&amp;E Corporation</font></div>
            <div style="text-align: left; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">77 Beale Street</font></div>
            <div style="text-align: left; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">P.O. Box 770000</font></div>
            <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">San Francisco, California 94177</font></div>
          <div style="text-align: justify; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Re: <font style="font-size: 10pt; font-family: 'Times New Roman', Times,
                serif;"><u>Chapter 11 Plan Backstop Commitment Letter</u></font></font></div>
          <div style="text-align: left; line-height: 12.55pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Ladies and Gentlemen:</font></div>
          <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Reference is hereby made to the chapter&#160;11 bankruptcy cases, lead case
              no.&#160;19-30088 (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Chapter&#160;11 Cases</font>&#8221;), currently pending before the United States Bankruptcy Court for the District of
              Northern California (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Bankruptcy Court</font>&#8221;), in which PG&amp;E Corporation (&#8220;<font style="font-size: 10pt;
                font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">PG&amp;E</font>&#8221; or the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Company</font>&#8221;)




              and Pacific Gas and Electric Company (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Utility</font>&#8221; and together with PG&amp;E, the &#8220;<font style="font-size: 10pt;
                font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Debtors</font>&#8221;) are debtors in possession.&#160; Reference is further made to (i)&#160;a Chapter&#160;11 plan of reorganization (the &#8220;<font style="font-size: 10pt;
                font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Plan</font>&#8221;) to be filed with the Bankruptcy Court to implement the terms and conditions of the reorganization of the Debtors contemplated by a plan term
              sheet that is approved in writing by the undersigned Backstop Party in its sole discretion (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Backstop Party</font>&#8221;) that
              contemplates that all subrogation claims and wildfire claims shall not exceed $16 billion in the aggregate (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Plan Term
                Sheet</font>&#8221;) and (ii)&#160;a disclosure statement that will accompany the Plan (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Disclosure Statement</font>&#8221;).&#160;
              Capitalized terms used in this backstop commitment letter (this &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Backstop Commitment Letter</font>&#8221;) but not otherwise defined
              shall have the meanings ascribed to them in the Plan Term Sheet.</font></div>
          <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Plan, among other things, shall provide that PG&amp;E shall distribute
              transferable rights (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Rights</font>&#8221;) to existing holders of PG&amp;E common stock (&#8220;<font style="font-size: 10pt;
                font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Existing Shareholders</font>&#8221;) to purchase shares of common stock (&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
                font-weight: bold; font-style: italic;">New Common Stock</font>&#8221;) issued by Reorganized PG&amp;E on the Effective Date (as defined in the Plan Term Sheet) with cash, for aggregate maximum proceeds to Reorganized PG&amp;E of $15 billion (the
              &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Rights Offering</font>&#8221;).</font></div>
          <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In order to facilitate the Rights Offering, pursuant to this Backstop
              Commitment Letter, and subject to the terms, conditions and limitations set forth herein and in consideration for the Backstop Commitment Payment, the Backstop Party is willing to purchase, on the Effective Date, an amount of New Common Stock
              up to its Backstop Commitment Amount (as defined herein) at the Backstop Price (as defined herein).</font></div>
          <div style="margin-bottom: 5pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Rights Offering</u></font>.</font></div>
          <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">PG&amp;E shall make the Rights Offering pursuant to the Plan, subject to such terms and conditions as may be included in the documents governing the Rights Offering that
              are acceptable to the Backstop Party in its sole discretion.&#160; The $15 billion aggregate size of the Rights Offering shall be reduced on a dollar-for-dollar basis by the sum of (i) the amount of proceeds in excess of $5 billion that PG&amp;E
              receives from PG&amp;E&#8217;s issuance of debt in connection with the Plan; (ii) the aggregate liquidation preference of preferred stock (&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style:
                italic;">Mandatory Convertible Preferred Stock</font>&#8221;) that is distributed to holders of wildfire claims or subrogation claims, on the terms and conditions set forth on <font style="font-size: 10pt; font-family: 'Times New Roman', Times,
                serif;"><u>Exhibit A</u></font> pursuant to the Plan; and (iii)&#160;the principal amount of any other debt that is issued by the Debtors to fund obligations to wildfire claimants, subrogation claimants, and/or the Debtors&#8217; initial contribution
              to the insurance fund created pursuant to Cal. Gov&#8217;t Code Sec. 3292(b)(3) pursuant to the Plan (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Additional Capital
                Sources</font>&#8221;).</font></div>
          <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Rights Offering shall be structured such that the Rights must be offered at a price above the applicable Rights Offering Price Threshold.&#160; &#8220;<font style="font-size:
                10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Rights Offering Price Threshold</font>&#8221; means (i)&#160;72.5% of the Baseline Share Price (as defined on <font style="font-size: 10pt; font-family:
                'Times New Roman', Times, serif;"><u>Exhibit B</u></font>) if the Debtors receive between $15 billion and $10 billion in proceeds from the exercise of Rights and Additional Capital Sources; (ii)&#160;70.0% of the Baseline Share Price if the
              Debtors receive less than $10 billion and more than or equal to $5 billion in proceeds from the exercise of Rights and Additional Capital Sources; and (iii)&#160;67.5% of the Baseline Share Price if the Debtors receive less than $5 billion in
              proceeds from the exercise of Rights and Additional Capital Sources.</font></div>
          <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
            </font></div>
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          </font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
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          </font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
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          </font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
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          <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">8</font></div>
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          <div style="line-height: 12.55pt;">
            <div style="text-align: left; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;"> <font style="font-weight: normal;">CUSIP No. </font></font><font style="font-size:
                10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: normal;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">69331C108</font></font></div>
          </div>
          <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
            </font></div>
          <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
            </font></div>
          <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The consummation of the Rights Offering will occur pursuant to definitive written agreements consistent with the Plan Term Sheet and approved by Backstop Party, in the
              sole discretion of the Backstop Party, and will be subject to, among other things, (x)&#160;the negotiation, execution and delivery of such definitive agreements for the Rights Offering and the Plan, including, without limitation, all Backstop
              Commitment agreements, purchase agreements, investor rights agreements, registration rights agreements, revised certificates of incorporation and bylaws of Reorganized PG&amp;E (which shall contain customary terms and conditions and customary
              ownership limitations in order to preserve the tax attributes of the Debtors after the Effective Date) and other similar agreements and documentation required to be entered into on the Effective Date under the terms of the Plan (collectively,
              the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Plan Documents</font>&#8221;), in form and substance satisfactory to the Backstop Party, in its sole discretion, and
              (y)&#160;receipt of any necessary or advisable governmental, contractual, regulatory or other requisite consents or approvals in connection with the Rights Offering and the other transactions contemplated by the Plan.</font></div>
          <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Debtors shall give the Backstop Party, as soon as reasonably practicable, but in no event later than two (2) Business Days, after the entry of the Confirmation Order,
              by overnight mail, email or by electronic facsimile transmission, (i) written notification setting forth (A) the total number of shares of New Common Stock to be offered to Existing Shareholders in the Rights Offering pursuant to the exercise
              of Rights and the expected aggregate cash proceeds to be received by the Debtors therefor, (B) a calculation of the Backstop Price as of the targeted Effective Date,<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
                font-weight: bold;">&#160;</font>and (C) the targeted Effective Date and (ii) a subscription form to be completed by the Backstop Party, or other instructions, to facilitate the Backstop Party&#8217;s subscription for the New Common Stock.</font></div>
          <div style="margin-bottom: 5pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Backstop</u></font>.</font></div>
          <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Subject to the terms and conditions herein and the Plan Term Sheet (including without limitation the payment of fees to the Backstop Party described therein), the Backstop
              Party, solely on behalf of itself hereby, commits to purchase on the Effective Date an amount of New Common Stock at the Backstop Price (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;
                font-style: italic;">Backstop Commitment</font>&#8221;) up to the dollar amounts set forth on <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Exhibit&#160;B</u></font> hereto (the &#8220;<font style="font-size: 10pt;
                font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Backstop Commitment Amount</font>&#8221;). </font></div>
          <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Backstop Party will satisfy its Backstop Commitment by funding its Backstop Commitment obligations in accordance with the terms and subject to the conditions to be set
              forth in the Plan Documents governing the Rights Offering.</font></div>
          <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Debtors agree to pay the Backstop Party the Backstop Commitment Fee and any Backstop Funding Fee as set forth on Exhibit B.&#160; The provisions for the payment of the
              Backstop Commitment Fee, Backstop Funding Fee, and the other provisions provided herein are an integral part of the transactions contemplated by this Backstop Commitment Letter and without these provisions the Backstop Party would not have
              entered into this Backstop Commitment Letter, and the Backstop Commitment Fee and Backstop Funding Fee shall, pursuant to an order approving this Backstop Commitment Letter, constitute allowed administrative expenses of the Debtors&#8217; estate
              under sections 503(b) and 507 of the Bankruptcy Code.</font></div>
          <div style="margin-bottom: 5pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Backstop Party Representations</u></font>.&#160; The Backstop Party hereby represents and
              warrants, solely as to itself, that (a)&#160;it has all limited partnership, corporate or other power and authority necessary to execute, deliver and perform this Backstop Commitment Letter, (b)&#160;the execution, delivery and performance of this
              Backstop Commitment Letter by it has been duly and validly authorized and approved by all necessary limited partnership, corporate or other organizational action by it, (c)&#160;this Backstop Commitment Letter has been duly and validly executed
              and delivered by it and, assuming due execution and delivery by the other parties hereto, constitutes a valid and legally binding obligation of it, enforceable against it in accordance with the terms of this Backstop Commitment Letter,
              (d)&#160;the execution, delivery and performance by the Backstop Party of this Backstop Commitment Letter does not (i)&#160;violate the organizational documents of the Backstop Party or (ii)&#160;violate any applicable law or judgment, (e)&#160;as of the
              Effective Date, its Backstop Commitment will be less than the maximum amount that it or any of its affiliates that may provide the Backstop Commitment is permitted to invest in any one portfolio investment pursuant to the terms of its
              constituent documents or otherwise, and (f)&#160;it will have, in the aggregate, as of the Effective Date, available funds at least in the sum of its Backstop Commitment hereunder.</font></div>
          <div style="margin-bottom: 5pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
            </font></div>
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            </font></div>
          <div style="margin-bottom: 5pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
            </font></div>
          <div style="margin-bottom: 5pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
            </font></div>
          <div style="margin-bottom: 5pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
            </font></div>
          <div style="margin-bottom: 5pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
            </font></div>
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            <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">9</font></div>
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          <div style="line-height: 12.55pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;"><font style="font-weight: normal;">CUSIP No. </font></font><font style="font-size: 10pt; font-family:
              &quot;Times New Roman&quot;,Times,serif; font-weight: normal;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">69331C108</font></font> </div>
        </div>
        <div style="text-align: left; line-height: 12.55pt;">
          <div style="margin-bottom: 5pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
            </font></div>
          <div style="margin-bottom: 5pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Conditions to Backstop Party Commitment</u></font>.&#160; The agreements and obligations of the
              Backstop Party pursuant to this Backstop Commitment Letter, including its Backstop Commitment, are further expressly conditioned upon and subject to the satisfaction or written waiver by the Backstop Party, in its sole discretion, at or prior
              to the Effective Date of each of the following conditions:</font></div>
          <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Debtors shall have received valid and enforceable additional Backstop Commitments from Existing Shareholders on the same terms and conditions as set forth in this
              Backstop Commitment Letter that in the aggregate result in total backstop commitments equal to the size of the Rights Offering less the total amount of Additional Capital Sources;</font></div>
          <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Backstop Party shall have completed, and be satisfied with the results of, diligence regarding the Debtors rate base and capital structure;</font></div>
          <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the satisfaction of the other conditions set forth in the Plan Term Sheet and, other than the funding of the Rights Offering, the satisfaction of all of the other
              conditions to the Effective Date provided for in the Plan and the Plan Documents;</font></div>
          <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">all of the covenants and obligations that the Debtors are required to comply with or to perform pursuant to the Plan Documents at or prior to the Effective Date shall have
              been complied with and performed in all material respects, including the payment by the Debtors of all fees contemplated therein;</font></div>
          <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">e.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Plan Documents shall have been executed and delivered by each of the parties thereto in forms approved by the Backstop Party;</font></div>
          <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">f.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Bankruptcy Court shall have entered the Confirmation Order, such Confirmation Order shall be a final order, and such Confirmation Order shall authorize and approve the
              transactions contemplated herein and in the Plan Term Sheet and all other consideration and fees contemplated herein and in the Plan Term Sheet;</font></div>
          <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">g.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">no result, occurrence, fact, change, event, effect, violation, inaccuracy, or circumstance (whether or not constituting a breach of a representation, warranty or covenant
              set forth in the Plan or any Plan Document) that, individually or in the aggregate with any such other results, occurrences, facts, changes, events, effects, violations, inaccuracies, or circumstances, (i)&#160;would have or would reasonably be
              expected to have a material adverse effect on the business, operations, assets, liabilities, capitalization, financial performance, condition (financial or otherwise) or results of operations, in each case, of the Debtors as a whole, or
              (ii)&#160;would reasonably be expected to prevent or materially impair or delay the ability of the Debtors, the Backstop Party or the applicable parties thereto or referred to therein to consummate the transactions contemplated by this Backstop
              Commitment Letter, the Plan Term Sheet, the Plan or the other Plan Documents or perform their obligations hereunder or thereunder (each a &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;
                font-style: italic;">Material Adverse Effect</font>&#8221;) shall have occurred; <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">provided</font>, <font style="font-size: 10pt; font-family: 'Times
                New Roman', Times, serif; font-style: italic;">however</font>, that the filing of the Chapter&#160;11 Cases, and the fact that the Debtors are operating in bankruptcy and the effects reasonably expected to result therefrom, shall not constitute
              a Material Adverse Effect;</font></div>
          <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">h.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Debtors shall have each operated its business in the ordinary course of business and consistent with its historical practices, other than any deviations from
              operations in the ordinary course of business pursuant to an order issued by the Bankruptcy Court; and</font></div>
          <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Debtors shall have maintained and held in good standing all of their operating licenses, certificates and other regulatory authorizations and approvals necessary to
              operate the Utility&#8217;s business with no pending revocations of any such license, certificate, approval or authorization or open proceedings contemplating such revocation.</font></div>
          <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
            </font></div>
          <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
            </font></div>
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            </font></div>
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            </font></div>
          <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
            </font></div>
          <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
            </font></div>
        </div>
        <div style="text-align: left; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> </font></div>
        <div style="text-align: left; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
          </font>
          <div style="line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> </font></div>
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              <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">10</font></div>
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          <div style="line-height: 12.55pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;"><font style="font-weight: normal;">CUSIP No. </font></font><font style="font-size: 10pt; font-family:
              &quot;Times New Roman&quot;,Times,serif; font-weight: normal;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">69331C108</font></font></div>
          <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">&#160; </font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: normal;"><font style="font-size:
              10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><br>
            </font></font>
          <div style="margin-bottom: 5pt; text-indent: 72pt;">
            <div style="line-height: 12.55pt;"> </div>
          </div>
          <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
          </font>
          <div style="margin-bottom: 5pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> 5.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Termination</u></font>.&#160; The Backstop Party may terminate this Backstop Commitment Letter,
              solely as to itself, by written notice to the general counsel of the Debtors, on or after the occurrence of any of the following:</font></div>
          <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Backstop Party has not approved, in its sole discretion, the Plan Term Sheet;</font></div>
          <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">if, at any time after the execution of this Backstop Commitment Letter by the Debtors, the Debtors shall not have valid and enforceable Backstop Commitments from Existing
              Shareholders on the same terms and conditions as set forth in this Backstop Commitment Letter that in the aggregate result in total backstop commitments equal to the size of the Rights Offering less the total amount of Additional Capital
              Sources;</font></div>
          <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Plan, on terms and conditions consistent with the Plan Term Sheet, and the Disclosure Statement shall not have been filed on or before the later of (i)&#160;August 31, 2019
              or (ii) if the Debtors have executed this Backstop Commitment Letter prior to August 31, 2019, September 30, 2019;</font></div>
          <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Plan or any Plan Document filed with the Bankruptcy Court at any time is inconsistent with the Plan Term Sheet or not approved by the Backstop Party;</font></div>
          <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">e.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Confirmation Order, in form and substance reasonably acceptable to the Backstop Party, has not been entered by the Bankruptcy Court on or before June 30, 2020;</font></div>
          <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">f.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Effective Date shall not have occurred on or before 60 days after entry of the Confirmation Order;</font></div>
          <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">g.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the failure of any condition set forth in Section 4 that has not been waived by the Backstop Party;</font></div>
          <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">h.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the occurrence of any material postpetition fires in the Debtors&#8217; service area;</font></div>
          <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the occurrence of a Material Adverse Effect;</font></div>
          <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">j.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the failure of either of the Debtors to operate their business in the ordinary course of business and consistent with their historical practices;</font></div>
          <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">k.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">there is in effect an order (whether permanent or preliminary) of a governmental authority of competent jurisdiction restraining, enjoining or otherwise prohibiting the
              consummation of any of the transactions contemplated by the Plan Term Sheet or the Plan, or any law, statute, rule, regulation or ordinance is adopted that makes consummation of the transactions contemplated by the Plan Term Sheet or the Plan
              illegal or otherwise prohibited; or</font></div>
          <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">l.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the occurrence or discovery of any state of facts, change, event, development, circumstance or condition that causes any of the conditions precedent set forth in the Plan
              Term Sheet, the Plan or the Plan Documents to not be capable of being satisfied.</font></div>
          <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Upon termination of this Backstop Commitment Letter by the Backstop Party (such terminating
              Backstop Party, a &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Terminating Backstop Party</font>&#8221;) pursuant to any of <font style="font-size: 10pt; font-family: 'Times
                New Roman', Times, serif;"><u>Section 5(a)</u></font> through <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>(l)</u></font>, this Backstop Commitment Letter shall be void and of no further force or effect
              solely with respect to such Terminating Backstop Party, such Terminating Backstop Party shall be released from its Backstop Commitments, undertakings and agreements under or related to this Backstop Commitment Letter, including its Backstop
              Commitment, except as explicitly provided herein and there shall be no liability or obligation on the party of such Terminating Backstop Party hereunder, except as expressly provided herein.</font></div>
          <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">This Backstop Commitment Letter shall automatically terminate in the event that the Debtors
              have not returned a counter-signed copy of this Backstop Commitment Letter agreeing to its terms on or before August 31, 2019.</font></div>
          <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
            </font></div>
        </div>
        <div style="text-align: left; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
          </font></div>
        <div style="text-align: left; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
          </font></div>
        <div style="text-align: left; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
          </font></div>
        <div style="text-align: left; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
          </font>
          <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
            </font></div>
          <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
            </font></div>
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            <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">11</font></div>
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          <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;"><font style="font-weight: normal;">CUSIP No. </font></font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: normal;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">69331C108</font></font></div>
          <div style="margin-bottom: 5pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
            </font></div>
          <div style="margin-bottom: 5pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> 6.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Assignment</u></font>.&#160; This Backstop Commitment Letter (a)&#160;is not assignable by the
              Backstop Party, and any purported assignment shall be null and void <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">ab initio</font>; <font style="font-size: 10pt; font-family: 'Times New
                Roman', Times, serif; font-style: italic;">provided</font>, <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">however</font>, Backstop Party may assign its Backstop Commitment, in whole or in
              part, to (i) another Backstop Party, (ii) an affiliate of the Backstop Party or (iii) an investment fund or separately managed account the primary investment advisor or sub advisor to which is a Backstop Party or an affiliate thereof, to the
              extent such assignee Backstop Party agrees in writing to assume all obligations hereunder of such Backstop Party in connection with such Backstop Commitment, and (b)&#160;is intended to be solely for the benefit of the parties hereto and is not
              intended to confer any benefits upon, or create any rights in favor of, any person or entity other than the parties hereto.&#160; Notwithstanding the foregoing, a Backstop Party may assign all or any portion of its obligations hereunder to a
              &#8220;qualified institutional buyer&#8221; (as defined in Rule&#160;144A under the Securities Act of 1933, as amended), without the consent of any party, <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">provided</font>,
              <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">however</font>, that such assignee shall not own, on a pro forma basis, more than the amount of common stock of PG&amp;E that would limit the
              Debtors&#8217; ability to utilize their net operating losses.</font></div>
          <div style="margin-bottom: 5pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Entire Agreement</u></font>.&#160; This Backstop Commitment Letter, including all exhibits and
              schedules hereto, constitutes the entire understanding among the parties hereto with respect to the subject matter hereof and replaces and supersedes all prior agreements and understandings, both written and oral, between the parties hereto
              with respect to the subject matter hereof and shall become effective and binding upon the mutual exchange of fully executed counterparts by each of the parties hereto.</font></div>
          <div style="margin-bottom: 5pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">8.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Governing Law; Consent to Jurisdiction; Waiver of Jury Trial</u></font>.&#160; This Backstop
              Commitment Letter shall be governed by, and construed in accordance with, the internal laws of the State of New York, without giving effect to the principles of conflict of laws that would require the application of the law of any other
              jurisdiction.&#160; By its execution and delivery of this Backstop Commitment Letter, each of the parties hereto irrevocably and unconditionally agrees for itself that any legal action, suit or proceeding against it with respect to any matter
              under or arising out of or in connection with this Backstop Commitment Letter or for recognition or enforcement of any judgment rendered in any such action, suit or proceeding, may be brought in the Bankruptcy Court.&#160; By execution and
              delivery of this Backstop Commitment Letter, each of the parties hereto irrevocably accepts and submits itself to the exclusive jurisdiction of the Bankruptcy Court with respect to any such action, suit or proceeding.&#160; EACH PARTY HERETO
              UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING REFERRED TO ABOVE.</font></div>
          <div style="margin-bottom: 5pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">9.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Amendment; Waiver; Counterparts</u></font>.&#160; This Backstop Commitment Letter may not be
              amended or waived except in writing signed by the Backstop Party hereto, and confirmed in writing by the Company.&#160; This Backstop Commitment Letter may be executed in any number of counterparts, each of which will be an original, and all of
              which, when taken together, will constitute one agreement.&#160; Delivery of an executed counterpart of this Backstop Commitment Letter by e-mail or portable document format (PDF) will be effective as delivery of a manually executed counterpart of
              this Backstop Commitment Letter.</font></div>
          <div style="margin-bottom: 5pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">10.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Notices</u></font>.&#160; All notices required or permitted to be given under this Backstop
              Commitment Letter, unless otherwise stated herein, shall be given at the addresses specified below, or at such other address or addresses as a party may designate for itself in writing:</font></div>
          <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If to the Backstop Party, to the name and address located on the Backstop
              Party&#8217;s signature page to this Backstop Commitment Letter.</font></div>
          <div style="line-height: 12.55pt; margin-bottom: 5pt;"><br style="line-height: 12.55pt;">
          </div>
          <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If to the Debtors:</font></div>
          <div style="text-align: justify; margin-left: 144pt; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">PG&amp;E Corporation</font></div>
          <div style="text-align: justify; margin-left: 144pt; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">77 Beale Street</font></div>
          <div style="text-align: justify; margin-left: 144pt; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">P.O. Box 770000</font></div>
          <div style="text-align: justify; margin-left: 144pt; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">San Francisco, California 94177</font></div>
          <div style="text-align: justify; margin-left: 144pt; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Attention: Mr. John Simon, General Counsel</font></div>
          <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
          </div>
          <div style="text-align: justify; margin-left: 144pt; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">with a copy to:</font></div>
          <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
          </div>
          <div style="text-align: justify; margin-left: 144pt; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Weil, Gotshal &amp; Manges LLP</font></div>
          <div style="text-align: justify; margin-left: 144pt; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">767 Fifth Avenue</font></div>
          <div style="text-align: justify; margin-left: 144pt; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">New York, New York&#160; 10153</font></div>
          <div style="text-align: justify; margin-left: 144pt; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Attention:&#160; Stephen Karotkin</font></div>
          <div style="line-height: 12.55pt; margin-bottom: 5pt;"><br style="line-height: 12.55pt;">
          </div>
          <div style="line-height: 12.55pt; margin-bottom: 5pt;"><br style="line-height: 12.55pt;">
          </div>
          <div style="line-height: 12.55pt; margin-bottom: 5pt;"><br style="line-height: 12.55pt;">
          </div>
          <div style="line-height: 12.55pt; margin-bottom: 5pt;"><br style="line-height: 12.55pt;">
          </div>
          <div style="line-height: 12.55pt; margin-bottom: 5pt;"><br style="line-height: 12.55pt;">
          </div>
          <div style="line-height: 12.55pt; margin-bottom: 5pt;"><br style="line-height: 12.55pt;">
          </div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">12</font></div>
            <div style="page-break-after: always;" id="DSPFPageBreak">
              <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
          </div>
          <div style="line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;"><font style="font-weight: normal;">CUSIP No. </font></font><font style="font-size:
              10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: normal;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">69331C108</font></font></div>
          <div style="line-height: 12.55pt; margin-bottom: 5pt;"><br style="line-height: 12.55pt;">
          </div>
          <div style="margin-bottom: 5pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">11.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>No Liability</u></font>.&#160; Notwithstanding anything that may be expressed or implied in this
              Backstop Commitment Letter, each party hereto acknowledges and agrees that no person other than the Backstop Party (and it permitted assigns) shall have any obligation hereunder (subject to the limitations provided herein) or in connection
              with the transactions contemplated hereby and that (a)&#160;notwithstanding that any Backstop Party may be a partnership, limited partnership or limited liability company, no recourse (whether at law, in equity, in contract, in tort or otherwise)
              hereunder or under any document or instrument delivered in connection herewith, or in respect of any oral representations made or alleged to be made in connection herewith or therewith, shall be had against any former, current or future
              direct or indirect equity holder, controlling person, general or limited partner, shareholder, member, investment manager or adviser, manager, director, officer, employee, agent, affiliate, assignee, representative or financing source of any
              of the foregoing) (any such person or entity, other than such Backstop Party, a &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Related Party</font>&#8221;) or any Related Party
              of any such Related Party, including, without limitation, any liabilities arising under, or in connection with, the Plan Term Sheet, the Plan or this Backstop Commitment Letter and the transactions contemplated thereby and hereby, or in
              respect of any oral representations made or alleged to be made in connection therewith or herewith), whether by the enforcement of any judgment or assessment or by any legal or equitable proceeding, or by virtue of any statute, regulation or
              other applicable law and (b)&#160;no personal liability whatsoever will attach to, be imposed on or otherwise be incurred by any Related Party of the Backstop Party or any Related Party of any such Related Party under this Backstop Commitment
              Letter or any document or instrument delivered in connection herewith or with the Plan Term Sheet or the Plan (or in respect of any oral representation made or alleged to be made in connection herewith or therewith) or for any action (whether
              at law, in equity, in contract, in tort or otherwise) based on, in respect of, or by reason of such obligations hereunder or by their creation.</font></div>
          <div style="margin-bottom: 5pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">12.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Backstop Party shall not be required, pursuant to the terms of this Backstop Commitment Letter, to acquire or purchase any securities or indebtedness in connection
              with the Rights Offering that, pursuant to the terms of a Backstop Commitment Letter or other agreement, are to be acquired or subscribed for by any other party, nor shall the Backstop Party be required, pursuant to the terms of this Backstop
              Commitment Letter, to pay any money or other consideration, or exchange any claims whatsoever, which are owing from, or to be transferred from or by, any other party pursuant to the terms of another Backstop Commitment Letter or other
              agreement.&#160; Nothing in this Backstop Commitment Letter shall be deemed to constitute a joint venture or partnership between any other person or entity nor constitute any party as the agent of any other person or entity for any purpose.&#160; For
              the avoidance of doubt, no Backstop Party shall, nor shall any action taken by a Backstop Party hereunder, be deemed to be acting in concert or as any group with any other person or entity with respect to the Backstop Commitment nor shall the
              Backstop Commitments hereunder create a presumption that the Backstop Party is in any way acting in concert or as a group with any other person or entity whether as a result of this commitment or otherwise.</font></div>
          <div style="margin-bottom: 5pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">13.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each party hereto confirms that it has made its own decision to execute this Backstop Commitment Letter based upon its own independent assessment of documents and
              information available to it, as it has deemed appropriate.</font></div>
          <div style="margin-bottom: 5pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">14.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Except as expressly provided in this Backstop Commitment Letter, (a)&#160;nothing herein is intended to, or does, in any manner waive, limit, impair or restrict the ability of
              each party hereto to protect and preserve its rights, remedies and interests, including, without limitation, any claims against or interests in any of the Debtors or other parties, or its full participation in any bankruptcy proceeding, and
              (b)&#160;the parties hereto each fully preserve any and all of their respective rights, remedies, claims and interests as of the date hereof and upon a termination of this Backstop Commitment Letter.&#160; Further, nothing in this Backstop Commitment
              Letter shall be construed to prohibit any party hereto from appearing as a party-in-interest in any matter to be adjudicated in the Chapter&#160;11 Cases, so long as such appearance and the positions advocated in connection therewith are
              consistent with this Backstop Commitment Letter, the Plan Term Sheet and the Plan, and are not for the purpose of, and could not reasonably be expected to have the effect of, hindering, delaying or preventing the consummation of the
              transactions contemplated by the Plan Term Sheet and the Plan.</font></div>
          <div style="line-height: 12.55pt; margin-bottom: 5pt;"><br style="line-height: 12.55pt;">
          </div>
          <div style="line-height: 12.55pt; margin-bottom: 5pt;"><br style="line-height: 12.55pt;">
          </div>
          <div style="line-height: 12.55pt; margin-bottom: 5pt;"><br style="line-height: 12.55pt;">
          </div>
          <div style="line-height: 12.55pt; margin-bottom: 5pt;"><br style="line-height: 12.55pt;">
          </div>
          <div style="line-height: 12.55pt; margin-bottom: 5pt;"><br style="line-height: 12.55pt;">
          </div>
          <div style="line-height: 12.55pt; margin-bottom: 5pt;"><br style="line-height: 12.55pt;">
          </div>
          <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">13</font></div>
            <div id="DSPFPageBreak" style="page-break-after:always;">
              <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
          </div>
          <div style="line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;"><font style="font-weight: normal;">CUSIP No. </font></font><font style="font-size:
              10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: normal;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">69331C108</font></font></div>
          <div style="line-height: 12.55pt; margin-bottom: 5pt;"><br style="line-height: 12.55pt;">
          </div>
          <div style="line-height: 12.55pt; margin-bottom: 5pt;"><br style="line-height: 12.55pt;">
          </div>
          <div style="text-align: justify; margin-left: 252pt; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Sincerely,</font></div>
          <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
          </div>
          <div style="text-align: justify; text-indent: 36pt; margin-left: 216pt; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Backstop Party:</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;
              font-size: 5.14pt;"> </font><br>
          </div>
          <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
          </div>
          <div style="line-height: 12.55pt;">
            <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

                <tr>
                  <td style="width: 37.03%; vertical-align: top; background-color: rgb(255, 255, 255);">
                    <div style="text-align: right; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                      </font><font style="line-height: 11.4pt;">&#160;</font></div>
                  </td>
                  <td colspan="2" style="vertical-align: top; background-color: rgb(255, 255, 255);"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ABRAMS CAPITAL PARTNERS I, L.P.</font></td>
                  <td style="width: 28%; vertical-align: top; background-color: rgb(255, 255, 255);">
                    <div style="text-align: right; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 37.03%; vertical-align: top; background-color: rgb(255, 255, 255);">
                    <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
                  </td>
                  <td style="width: 5%; vertical-align: top; background-color: rgb(255, 255, 255);"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">By:</font><font style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160; <br>
                    </font></td>
                  <td style="width: 30%; vertical-align: top; background-color: rgb(255, 255, 255);"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Abrams Capital Management, L.P.,</font></td>
                  <td style="width: 28%; vertical-align: top; background-color: rgb(255, 255, 255);">
                    <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 37.03%; vertical-align: top; background-color: rgb(255, 255, 255);">
                    <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
                  </td>
                  <td style="width: 5%; vertical-align: top; background-color: rgb(255, 255, 255);"><br>
                  </td>
                  <td style="width: 30%; vertical-align: top; background-color: rgb(255, 255, 255);"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">its investment manager</font></td>
                  <td style="width: 28%; vertical-align: top; background-color: rgb(255, 255, 255);">
                    <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 37.03%; vertical-align: top; background-color: rgb(255, 255, 255);">
                    <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
                  </td>
                  <td colspan="2" style="vertical-align: top; background-color: rgb(255, 255, 255);"><br>
                  </td>
                  <td style="width: 28%; vertical-align: top; background-color: rgb(255, 255, 255);">
                    <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 37.03%; vertical-align: top; background-color: rgb(255, 255, 255);">
                    <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
                  </td>
                  <td style="width: 5%; vertical-align: top; background-color: rgb(255, 255, 255);"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">By:</font><font style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160; <br>
                    </font></td>
                  <td style="width: 30%; vertical-align: top; background-color: rgb(255, 255, 255);"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Abrams Capital Management, LLC,</font></td>
                  <td style="width: 28%; vertical-align: top; background-color: rgb(255, 255, 255);">
                    <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 37.03%; vertical-align: top; background-color: rgb(255, 255, 255);">
                    <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
                  </td>
                  <td style="width: 5%; vertical-align: top; background-color: rgb(255, 255, 255);"><br>
                  </td>
                  <td style="width: 30%; vertical-align: top; background-color: rgb(255, 255, 255);"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">its general partner</font></td>
                  <td style="width: 28%; vertical-align: top; background-color: rgb(255, 255, 255);">
                    <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 37.03%; vertical-align: top; background-color: rgb(255, 255, 255);">
                    <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
                  </td>
                  <td colspan="2" style="vertical-align: top; background-color: rgb(255, 255, 255);"><br>
                  </td>
                  <td style="width: 28%; vertical-align: top; background-color: rgb(255, 255, 255);">
                    <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 37.03%; vertical-align: top; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
                  <td colspan="2" style="vertical-align: top; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
                  <td style="width: 28%; vertical-align: top; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 37.03%; vertical-align: top; background-color: rgb(255, 255, 255); padding-bottom: 2px;">
                    <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
                  </td>
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                      <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">222 Berkeley Street, 21<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> Floor</font></div>
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                    <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5.00% Mandatory Convertible Preferred Stock of PG&amp;E (the &#8220;<font style="font-size: 10pt; font-family:
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                  <td style="width: 37%; vertical-align: middle;">&#160;</td>
                  <td style="width: 2%; vertical-align: bottom;">&#160;</td>
                  <td style="width: 61%; vertical-align: middle;">&#160;</td>
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                    <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$1,000 per share</font></div>
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                <tr>
                  <td style="width: 37%; vertical-align: top;">
                    <div style="text-align: left; text-indent: -12pt; margin-left: 12pt; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Dividend Record Dates:</font></div>
                  </td>
                  <td style="width: 2%; vertical-align: bottom;">
                    <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;</font></div>
                  </td>
                  <td style="width: 61%; vertical-align: bottom;">
                    <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The March&#160;15, June&#160;15, September&#160;15 and December&#160;15 immediately preceding the next dividend payment date</font></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 37%; vertical-align: middle;">&#160;</td>
                  <td style="width: 63%; vertical-align: middle;" colspan="2">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 37%; vertical-align: top;">
                    <div style="text-align: left; text-indent: -12pt; margin-left: 12pt; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Redemption:</font></div>
                  </td>
                  <td style="width: 2%; vertical-align: bottom;">
                    <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;</font></div>
                  </td>
                  <td style="width: 61%; vertical-align: bottom;">
                    <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Mandatory Convertible Preferred Stock will not be redeemable</font></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 37%; vertical-align: middle;">&#160;</td>
                  <td style="width: 63%; vertical-align: middle;" colspan="2">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 37%; vertical-align: top;">
                    <div style="text-align: left; text-indent: -12pt; margin-left: 12pt; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Initial Price:</font></div>
                  </td>
                  <td style="width: 2%; vertical-align: bottom;">
                    <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;</font></div>
                  </td>
                  <td style="width: 61%; vertical-align: bottom;">
                    <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">80% of the Baseline Share Price (as defined in Exhibit B)</font></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 37%; vertical-align: middle;">&#160;</td>
                  <td style="width: 63%; vertical-align: middle;" colspan="2">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 37%; vertical-align: top;">
                    <div style="text-align: left; text-indent: -12pt; margin-left: 12pt; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Threshold Appreciation Price:</font></div>
                  </td>
                  <td style="width: 2%; vertical-align: bottom;">
                    <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;</font></div>
                  </td>
                  <td style="width: 61%; vertical-align: bottom;">
                    <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">110% of the Initial Price, subject to standard ant-dilution adjustments</font></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 37%; vertical-align: middle;">&#160;</td>
                  <td style="width: 63%; vertical-align: middle;" colspan="2">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 37%; vertical-align: top;">
                    <div style="text-align: left; text-indent: -12pt; margin-left: 12pt; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Mandatory Conversion Date:</font></div>
                  </td>
                  <td style="width: 2%; vertical-align: bottom;">
                    <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;</font></div>
                  </td>
                  <td style="width: 61%; vertical-align: bottom;">
                    <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1/8<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> of the Mandatory Convertible Preferred Stock will convert into PG&amp;E Common Stock 90,
                        180, 270, 360, 450, 540, 630, and 720 days from Issue Date</font></div>
                    <div style="line-height: 11.4pt;"><font style="line-height: 11.4pt;">&#160;</font></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 37%; vertical-align: middle;">&#160;</td>
                  <td style="width: 2%; vertical-align: bottom;">&#160;</td>
                  <td style="width: 61%; vertical-align: middle;">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 37%; vertical-align: top;">
                    <div style="text-align: left; text-indent: -12pt; margin-left: 12pt; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Conversion Rate:</font></div>
                  </td>
                  <td style="width: 2%; vertical-align: bottom;">
                    <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;</font></div>
                  </td>
                  <td style="width: 61%; vertical-align: bottom;">
                    <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Upon conversion on the Mandatory Conversion Date, the conversion rate for each share of the Mandatory
                        Convertible Preferred Stock will be not more than [&#9679;] shares of Common Stock (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Maximum Conversion Rate</font>&#8221;)
                        and not less than [&#9679;] shares of Common Stock (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Minimum Conversion Rate</font>&#8221;), depending on the Applicable
                        Market Value of the Common Stock subject to standard anti-dilution adjustments.&#160; The following table illustrates the conversion rate per share of the Mandatory Convertible Preferred Stock:</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
          </div>
          <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
          </div>
          <div style="line-height: 12.55pt;"><br>
            <br style="line-height: 12.55pt;">
          </div>
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          </div>
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          </div>
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          </div>
          <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
          </div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">17</font></div>
            <div style="page-break-after: always;" id="DSPFPageBreak">
              <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
          </div>
          <div style="line-height: 12.55pt;">
            <div style="line-height: 12.55pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;"><font style="font-weight: normal;">CUSIP No. </font></font><font style="font-size: 10pt; font-family:
                &quot;Times New Roman&quot;,Times,serif; font-weight: normal;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">69331C108</font></font></div>
          </div>
          <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
          </div>
          <div style="line-height: 12.55pt;">
            <table cellspacing="0" cellpadding="0" id="z96820ee780794c0794bcf30f648e0825" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

                <tr>
                  <td style="width: 38.55%; vertical-align: top;" colspan="2">&#160;</td>
                  <td style="width: 29.89%; vertical-align: middle;" colspan="2">&#160;</td>
                  <td style="width: 2.45%; vertical-align: bottom;">&#160;</td>
                  <td style="width: 28.68%; vertical-align: middle;">&#160;</td>
                  <td style="width: 0.44%; vertical-align: top;">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 38.55%; vertical-align: top;" colspan="2">&#160;</td>
                  <td style="width: 29.89%; vertical-align: middle;" colspan="2">&#160;</td>
                  <td style="width: 31.12%; vertical-align: middle;" colspan="2">&#160;</td>
                  <td style="width: 0.44%; vertical-align: top;">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 38.55%; vertical-align: top; padding-bottom: 2px;" colspan="2">&#160;</td>
                  <td style="width: 29.89%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                    <div style="text-align: center; line-height: 9.1pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Applicable Market Value of</div>
                    <div style="text-align: center; line-height: 9.1pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">the Common Stock</font></div>
                  </td>
                  <td style="width: 2.45%; vertical-align: bottom; padding-bottom: 2px;">
                    <div style="text-align: left; line-height: 9.1pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;</font></div>
                  </td>
                  <td style="width: 28.68%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: center; line-height: 9.1pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Conversion rate (number of shares of Common Stock to be received upon<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                        </font>conversion of each share of the Mandatory Convertible Preferred Stock)</font></div>
                  </td>
                  <td style="width: 0.44%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 38.55%; vertical-align: top;" colspan="2">&#160;</td>
                  <td style="width: 29.89%; vertical-align: middle;" colspan="2">&#160;</td>
                  <td style="width: 31.12%; vertical-align: middle;" colspan="2">&#160;</td>
                  <td style="width: 0.44%; vertical-align: top;">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 38.55%; vertical-align: top;" colspan="2">&#160;</td>
                  <td style="width: 29.89%; vertical-align: top;" colspan="2">
                    <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Greater than 110% of the Initial Price (which is the Threshold Appreciation Price)</font></div>
                  </td>
                  <td style="width: 2.45%; vertical-align: bottom;">
                    <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;</font></div>
                  </td>
                  <td style="width: 28.68%; vertical-align: bottom;">
                    <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[&#9679;] shares (approximately equal to $1,000 divided by the Threshold Appreciation Price)</font></div>
                  </td>
                  <td style="width: 0.44%; vertical-align: top;">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 38.55%; vertical-align: top;" colspan="2">&#160;</td>
                  <td style="width: 29.89%; vertical-align: middle;" colspan="2">&#160;</td>
                  <td style="width: 31.12%; vertical-align: middle;" colspan="2">&#160;</td>
                  <td style="width: 0.44%; vertical-align: top;">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 38.55%; vertical-align: top;" colspan="2">&#160;</td>
                  <td style="width: 29.89%; vertical-align: top;" colspan="2">
                    <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Equal to or less than the Threshold Appreciation Price but greater than or equal to the Floor Price</font></div>
                  </td>
                  <td style="width: 2.45%; vertical-align: bottom;">
                    <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;</font></div>
                  </td>
                  <td style="width: 28.68%; vertical-align: bottom;">
                    <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Between [&#9679;] and [&#9679;] shares, determined by dividing $1,000 by the applicable market value of the Common
                        Stock</font></div>
                  </td>
                  <td style="width: 0.44%; vertical-align: top;">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 38.55%; vertical-align: top;" colspan="2">&#160;</td>
                  <td style="width: 29.89%; vertical-align: middle;" colspan="2">&#160;</td>
                  <td style="width: 31.12%; vertical-align: middle;" colspan="2">&#160;</td>
                  <td style="width: 0.44%; vertical-align: top;">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 38.55%; vertical-align: top;" colspan="2">&#160;</td>
                  <td style="width: 29.89%; vertical-align: top;" colspan="2">
                    <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Less than 95% of the Initial Price (which is the Floor Price)</font></div>
                  </td>
                  <td style="width: 2.45%; vertical-align: bottom;">
                    <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;</font></div>
                  </td>
                  <td style="width: 28.68%; vertical-align: bottom;">
                    <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[&#9679;] shares (approximately equal to $1,000 divided by the Floor Price)</font></div>
                  </td>
                  <td style="width: 0.44%; vertical-align: top;">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 37%; vertical-align: middle;">&#160;</td>
                  <td style="width: 2%; vertical-align: bottom;" colspan="2">&#160;</td>
                  <td style="width: 61%; vertical-align: middle;" colspan="4">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 37%; vertical-align: middle;">&#160;</td>
                  <td style="width: 63%; vertical-align: middle;" colspan="6">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 37%; vertical-align: top;">
                    <div style="text-align: left; text-indent: -12pt; margin-left: 12pt; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Applicable Market Value:</font></div>
                    <div style="line-height: 11.4pt;"><font style="line-height: 11.4pt;">&#160;</font></div>
                    <div style="line-height: 11.4pt;"><font style="line-height: 11.4pt;">&#160;</font></div>
                    <div style="text-align: left; text-indent: -12pt; margin-left: 12pt; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Conversion at the Option of the Holder:</font></div>
                  </td>
                  <td style="width: 2%; vertical-align: bottom;" colspan="2">
                    <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;</font></div>
                  </td>
                  <td style="width: 61%; vertical-align: bottom;" colspan="4">
                    <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;
                          font-style: italic;">Applicable Market Value</font>&#8221; shall be the 10-trading day VWAP immediately preceding the applicable Mandatory Conversion Date</font></div>
                    <div style="line-height: 11.4pt;"><font style="line-height: 11.4pt;">&#160;</font></div>
                    <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">At any time prior to final Mandatory Conversion Date, holders of the Mandatory Convertible Preferred Stock
                        have the option to elect to convert their shares of the Mandatory Convertible Preferred Stock in whole or in part (but in no event less than one share of the Mandatory Convertible Preferred Stock), into shares of Common Stock at the
                        Minimum Conversion Rate of shares of Common Stock per share of the Mandatory Convertible Preferred. This Minimum Conversion Rate is subject to certain anti-dilution adjustments</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
          </div>
          <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
          </div>
          <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
          </div>
          <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
          </div>
          <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
          </div>
          <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
          </div>
          <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
          </div>
          <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
          </div>
          <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
          </div>
          <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">18</font></div>
            <div id="DSPFPageBreak" style="page-break-after:always;">
              <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
          </div>
          <div style="text-align: left; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;"><font style="font-weight: normal;">CUSIP No. </font></font><font style="font-size: 10pt;
              font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: normal;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">69331C108</font></font></div>
          <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> <br>
          </font>
          <div style="text-align: center; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Exhibit B</font></div>
          <div style="text-align: center; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Backstop Terms</font></div>
          <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
          </div>
          <table cellspacing="0" cellpadding="0" id="zbaac0d92d5454fb8b1b1b0ce0f0c6305" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 42.46%; vertical-align: top; border-bottom: #000000 2px solid;">
                  <div style="text-align: center; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Backstop Party</font></div>
                </td>
                <td style="width: 57.54%; vertical-align: top; border-bottom: #000000 2px solid;">
                  <div style="text-align: center; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Backstop Commitment Amount</font></div>
                  <div style="line-height: 12.55pt;"><font style="line-height: 12.55pt;">&#160;</font></div>
                </td>
              </tr>
              <tr>
                <td style="width: 42.46%; vertical-align: top; border-bottom: #000000 2px solid;">
                  <div style="line-height: 12.55pt;"><font style="line-height: 12.55pt;">&#160;</font></div>
                  <div style="text-align: center; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Abrams Capital Partners I, L.P.</font></div>
                  <div style="line-height: 12.55pt;"><font style="line-height: 12.55pt;">&#160;</font></div>
                </td>
                <td style="width: 57.54%; vertical-align: top; border-bottom: #000000 2px solid;">
                  <div style="line-height: 12.55pt;"><font style="line-height: 12.55pt;">&#160;</font></div>
                  <div style="text-align: center; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$19,103,000.00</font></div>
                </td>
              </tr>

          </table>
          <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
          </div>
          <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
          </div>
          <div style="text-align: left; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Applicable




                Utility Index Multiple</font>&#8221; shall mean the average normalized 2021 estimated price-to-earnings ratio of the U.S. regulated utilities in the S&amp;P 500 Utilities (Sector) Index (after excluding AES, EIX, EXC, NRG, PEG, and PPL) over the
              20-day trading period before Effective Date per Capital IQ Consensus Estimates.</font></div>
          <div style="text-align: left; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> </font><br style="line-height: 12.55pt;">
          </div>
          <div style="text-align: left; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Backstop




                Commitment Fee</font>&#8221; shall mean a commitment fee equal to 1.0% of the total Backstop Commitment Amount as of the date on which the Debtors execute this Backstop Commitment Letter that shall be paid in New Common Stock, which amount shall
              be determined using the Backstop Price.</font></div>
          <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
          </div>
          <div style="text-align: left; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Backstop




                Funding Fee</font>&#8221; shall mean a funding fee of 2.0% of the amount of the Backstop Commitment actually funded by the Backstop Party that shall be paid in New Common Stock, which amount shall be determined using the Backstop Price.</font></div>
          <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
          </div>
          <div style="text-align: left; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Backstop




                Price</font>&#8221; will be calculated on a per share basis as 57.5% of the Baseline Share Price.</font></div>
          <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
          </div>
          <div style="text-align: left; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Baseline




                Share Price</font>&#8221; shall mean the (a) Applicable Utility Index Multiple, <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">multiplied</font> by (b) PG&amp;E 2021E Net Income, <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">divided</font> by (c)&#160;the fully diluted shares outstanding at the Effective Date, including the New Common Stock.</font></div>
          <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
          </div>
          <div style="text-align: left; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">PG&amp;E




                2021E Net Income</font>&#8221; shall mean PG&amp;E&#8217;s forecasted 2021 net income, excluding the impact of restructuring expenses, financing fees, changes in reserves for fire claims, and any other projected amounts that are not normally incurred
              by a utility.</font></div>
          <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
          </div>
          <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
          </div>
          <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
          </div>
          <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
          </div>
          <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
          </div>
          <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
          </div>
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            <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">19</font></div>
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          <div style="line-height: 12.55pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;"><font style="font-weight: normal;">CUSIP No. </font></font><font style="font-size: 10pt; font-family:
              &quot;Times New Roman&quot;,Times,serif; font-weight: normal;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">69331C108</font></font></div>
        </div>
      </div>
      <div style="line-height: 12.55pt;">
        <div style="text-align: right; line-height: 12.55pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-style: normal; font-weight: bold;">Exhibit 99.3</div>
        <div style="text-align: right; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">EXECUTION VERSION</font></div>
        <div style="text-align: right; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;"> <br>
          </font></div>
        <div style="text-align: left; line-height: 12.55pt;"><br>
          <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">August 7, 2019</div>
          <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 12pt;">
            <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 12pt;">
              <div style="text-align: left; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">PG&amp;E Corporation</font></div>
              <div style="text-align: left; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">77 Beale Street</font></div>
              <div style="text-align: left; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">P.O. Box 770000</font></div>
              <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">San Francisco, California 94177</font></div>
          </div>
          <div style="text-align: justify; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Re: <font style="font-size: 10pt; font-family: 'Times New Roman', Times,
                serif;"><u>Chapter 11 Plan Backstop Commitment Letter</u></font></font></div>
          <div style="text-align: left; line-height: 12.55pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Ladies and Gentlemen:</font></div>
          <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Reference is hereby made to the chapter&#160;11 bankruptcy cases, lead case
              no.&#160;19-30088 (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Chapter&#160;11 Cases</font>&#8221;), currently pending before the United States Bankruptcy Court for the District of
              Northern California (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Bankruptcy Court</font>&#8221;), in which PG&amp;E Corporation (&#8220;<font style="font-size: 10pt;
                font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">PG&amp;E</font>&#8221; or the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Company</font>&#8221;)




              and Pacific Gas and Electric Company (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Utility</font>&#8221; and together with PG&amp;E, the &#8220;<font style="font-size: 10pt;
                font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Debtors</font>&#8221;) are debtors in possession.&#160; Reference is further made to (i)&#160;a Chapter&#160;11 plan of reorganization (the &#8220;<font style="font-size: 10pt;
                font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Plan</font>&#8221;) to be filed with the Bankruptcy Court to implement the terms and conditions of the reorganization of the Debtors contemplated by a plan term
              sheet that is approved in writing by the undersigned Backstop Party in its sole discretion (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Backstop Party</font>&#8221;) that
              contemplates that all subrogation claims and wildfire claims shall not exceed $16 billion in the aggregate (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Plan Term
                Sheet</font>&#8221;) and (ii)&#160;a disclosure statement that will accompany the Plan (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Disclosure Statement</font>&#8221;).&#160;
              Capitalized terms used in this backstop commitment letter (this &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Backstop Commitment Letter</font>&#8221;) but not otherwise defined
              shall have the meanings ascribed to them in the Plan Term Sheet.</font></div>
          <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Plan, among other things, shall provide that PG&amp;E shall distribute
              transferable rights (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Rights</font>&#8221;) to existing holders of PG&amp;E common stock (&#8220;<font style="font-size: 10pt;
                font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Existing Shareholders</font>&#8221;) to purchase shares of common stock (&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
                font-weight: bold; font-style: italic;">New Common Stock</font>&#8221;) issued by Reorganized PG&amp;E on the Effective Date (as defined in the Plan Term Sheet) with cash, for aggregate maximum proceeds to Reorganized PG&amp;E of $15 billion (the
              &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Rights Offering</font>&#8221;).</font></div>
          <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In order to facilitate the Rights Offering, pursuant to this Backstop
              Commitment Letter, and subject to the terms, conditions and limitations set forth herein and in consideration for the Backstop Commitment Payment, the Backstop Party is willing to purchase, on the Effective Date, an amount of New Common Stock
              up to its Backstop Commitment Amount (as defined herein) at the Backstop Price (as defined herein).</font></div>
          <div style="margin-bottom: 5pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Rights Offering</u></font>.</font></div>
          <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">PG&amp;E shall make the Rights Offering pursuant to the Plan, subject to such terms and conditions as may be included in the documents governing the Rights Offering that
              are acceptable to the Backstop Party in its sole discretion.&#160; The $15 billion aggregate size of the Rights Offering shall be reduced on a dollar-for-dollar basis by the sum of (i) the amount of proceeds in excess of $5 billion that PG&amp;E
              receives from PG&amp;E&#8217;s issuance of debt in connection with the Plan; (ii) the aggregate liquidation preference of preferred stock (&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style:
                italic;">Mandatory Convertible Preferred Stock</font>&#8221;) that is distributed to holders of wildfire claims or subrogation claims, on the terms and conditions set forth on <font style="font-size: 10pt; font-family: 'Times New Roman', Times,
                serif;"><u>Exhibit A</u></font> pursuant to the Plan; and (iii)&#160;the principal amount of any other debt that is issued by the Debtors to fund obligations to wildfire claimants, subrogation claimants, and/or the Debtors&#8217; initial contribution
              to the insurance fund created pursuant to Cal. Gov&#8217;t Code Sec. 3292(b)(3) pursuant to the Plan (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Additional Capital
                Sources</font>&#8221;).</font></div>
          <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Rights Offering shall be structured such that the Rights must be offered at a price above the applicable Rights Offering Price Threshold.&#160; &#8220;<font style="font-size:
                10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Rights Offering Price Threshold</font>&#8221; means (i)&#160;72.5% of the Baseline Share Price (as defined on <font style="font-size: 10pt; font-family:
                'Times New Roman', Times, serif;"><u>Exhibit B</u></font>) if the Debtors receive between $15 billion and $10 billion in proceeds from the exercise of Rights and Additional Capital Sources; (ii)&#160;70.0% of the Baseline Share Price if the
              Debtors receive less than $10 billion and more than or equal to $5 billion in proceeds from the exercise of Rights and Additional Capital Sources; and (iii)&#160;67.5% of the Baseline Share Price if the Debtors receive less than $5 billion in
              proceeds from the exercise of Rights and Additional Capital Sources.</font></div>
          <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
            </font></div>
          <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
            </font></div>
        </div>
        <div style="text-align: left; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> </font></div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">20</font></div>
          <div style="page-break-after: always;" id="DSPFPageBreak">
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        </div>
        <div style="text-align: left; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;"><font style="font-weight: normal;">CUSIP No. </font></font><font style="font-size: 10pt;
            font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: normal;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">69331C108</font></font>
          <div style="margin-bottom: 5pt; text-indent: 72pt; text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"> <br>
            </font></div>
          <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
            </font></div>
          <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The consummation of the Rights Offering will occur pursuant to definitive written agreements consistent with the Plan Term Sheet and approved by Backstop Party, in the
              sole discretion of the Backstop Party, and will be subject to, among other things, (x)&#160;the negotiation, execution and delivery of such definitive agreements for the Rights Offering and the Plan, including, without limitation, all Backstop
              Commitment agreements, purchase agreements, investor rights agreements, registration rights agreements, revised certificates of incorporation and bylaws of Reorganized PG&amp;E (which shall contain customary terms and conditions and customary
              ownership limitations in order to preserve the tax attributes of the Debtors after the Effective Date) and other similar agreements and documentation required to be entered into on the Effective Date under the terms of the Plan (collectively,
              the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Plan Documents</font>&#8221;), in form and substance satisfactory to the Backstop Party, in its sole discretion, and
              (y)&#160;receipt of any necessary or advisable governmental, contractual, regulatory or other requisite consents or approvals in connection with the Rights Offering and the other transactions contemplated by the Plan.</font></div>
          <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Debtors shall give the Backstop Party, as soon as reasonably practicable, but in no event later than two (2) Business Days, after the entry of the Confirmation Order,
              by overnight mail, email or by electronic facsimile transmission, (i) written notification setting forth (A) the total number of shares of New Common Stock to be offered to Existing Shareholders in the Rights Offering pursuant to the exercise
              of Rights and the expected aggregate cash proceeds to be received by the Debtors therefor, (B) a calculation of the Backstop Price as of the targeted Effective Date,<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
                font-weight: bold;">&#160;</font>and (C) the targeted Effective Date and (ii) a subscription form to be completed by the Backstop Party, or other instructions, to facilitate the Backstop Party&#8217;s subscription for the New Common Stock.</font></div>
          <div style="margin-bottom: 5pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Backstop</u></font>.</font></div>
          <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Subject to the terms and conditions herein and the Plan Term Sheet (including without limitation the payment of fees to the Backstop Party described therein), the Backstop
              Party, solely on behalf of itself hereby, commits to purchase on the Effective Date an amount of New Common Stock at the Backstop Price (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;
                font-style: italic;">Backstop Commitment</font>&#8221;) up to the dollar amounts set forth on <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Exhibit&#160;B</u></font> hereto (the &#8220;<font style="font-size: 10pt;
                font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Backstop Commitment Amount</font>&#8221;). </font></div>
          <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Backstop Party will satisfy its Backstop Commitment by funding its Backstop Commitment obligations in accordance with the terms and subject to the conditions to be set
              forth in the Plan Documents governing the Rights Offering.</font></div>
          <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Debtors agree to pay the Backstop Party the Backstop Commitment Fee and any Backstop Funding Fee as set forth on Exhibit B.&#160; The provisions for the payment of the
              Backstop Commitment Fee, Backstop Funding Fee, and the other provisions provided herein are an integral part of the transactions contemplated by this Backstop Commitment Letter and without these provisions the Backstop Party would not have
              entered into this Backstop Commitment Letter, and the Backstop Commitment Fee and Backstop Funding Fee shall, pursuant to an order approving this Backstop Commitment Letter, constitute allowed administrative expenses of the Debtors&#8217; estate
              under sections 503(b) and 507 of the Bankruptcy Code.</font></div>
          <div style="margin-bottom: 5pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Backstop Party Representations</u></font>.&#160; The Backstop Party hereby represents and
              warrants, solely as to itself, that (a)&#160;it has all limited partnership, corporate or other power and authority necessary to execute, deliver and perform this Backstop Commitment Letter, (b)&#160;the execution, delivery and performance of this
              Backstop Commitment Letter by it has been duly and validly authorized and approved by all necessary limited partnership, corporate or other organizational action by it, (c)&#160;this Backstop Commitment Letter has been duly and validly executed
              and delivered by it and, assuming due execution and delivery by the other parties hereto, constitutes a valid and legally binding obligation of it, enforceable against it in accordance with the terms of this Backstop Commitment Letter,
              (d)&#160;the execution, delivery and performance by the Backstop Party of this Backstop Commitment Letter does not (i)&#160;violate the organizational documents of the Backstop Party or (ii)&#160;violate any applicable law or judgment, (e)&#160;as of the
              Effective Date, its Backstop Commitment will be less than the maximum amount that it or any of its affiliates that may provide the Backstop Commitment is permitted to invest in any one portfolio investment pursuant to the terms of its
              constituent documents or otherwise, and (f)&#160;it will have, in the aggregate, as of the Effective Date, available funds at least in the sum of its Backstop Commitment hereunder.</font></div>
          <div style="margin-bottom: 5pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
            </font></div>
          <div style="margin-bottom: 5pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
            </font></div>
          <div style="margin-bottom: 5pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
            </font></div>
        </div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">21</font></div>
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        </div>
        <div style="text-align: left; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;"><font style="font-weight: normal;">CUSIP No. </font></font><font style="font-size: 10pt;
            font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: normal;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">69331C108</font></font>
          <div style="margin-bottom: 5pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
            </font></div>
          <div style="margin-bottom: 5pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
            </font></div>
          <div style="margin-bottom: 5pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Conditions to Backstop Party Commitment</u></font>.&#160; The agreements and obligations of the
              Backstop Party pursuant to this Backstop Commitment Letter, including its Backstop Commitment, are further expressly conditioned upon and subject to the satisfaction or written waiver by the Backstop Party, in its sole discretion, at or prior
              to the Effective Date of each of the following conditions:</font></div>
          <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Debtors shall have received valid and enforceable additional Backstop Commitments from Existing Shareholders on the same terms and conditions as set forth in this
              Backstop Commitment Letter that in the aggregate result in total backstop commitments equal to the size of the Rights Offering less the total amount of Additional Capital Sources;</font></div>
          <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Backstop Party shall have completed, and be satisfied with the results of, diligence regarding the Debtors rate base and capital structure;</font></div>
          <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the satisfaction of the other conditions set forth in the Plan Term Sheet and, other than the funding of the Rights Offering, the satisfaction of all of the other
              conditions to the Effective Date provided for in the Plan and the Plan Documents;</font></div>
          <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">all of the covenants and obligations that the Debtors are required to comply with or to perform pursuant to the Plan Documents at or prior to the Effective Date shall have
              been complied with and performed in all material respects, including the payment by the Debtors of all fees contemplated therein;</font></div>
          <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">e.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Plan Documents shall have been executed and delivered by each of the parties thereto in forms approved by the Backstop Party;</font></div>
          <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">f.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Bankruptcy Court shall have entered the Confirmation Order, such Confirmation Order shall be a final order, and such Confirmation Order shall authorize and approve the
              transactions contemplated herein and in the Plan Term Sheet and all other consideration and fees contemplated herein and in the Plan Term Sheet;</font></div>
          <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">g.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">no result, occurrence, fact, change, event, effect, violation, inaccuracy, or circumstance (whether or not constituting a breach of a representation, warranty or covenant
              set forth in the Plan or any Plan Document) that, individually or in the aggregate with any such other results, occurrences, facts, changes, events, effects, violations, inaccuracies, or circumstances, (i)&#160;would have or would reasonably be
              expected to have a material adverse effect on the business, operations, assets, liabilities, capitalization, financial performance, condition (financial or otherwise) or results of operations, in each case, of the Debtors as a whole, or
              (ii)&#160;would reasonably be expected to prevent or materially impair or delay the ability of the Debtors, the Backstop Party or the applicable parties thereto or referred to therein to consummate the transactions contemplated by this Backstop
              Commitment Letter, the Plan Term Sheet, the Plan or the other Plan Documents or perform their obligations hereunder or thereunder (each a &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;
                font-style: italic;">Material Adverse Effect</font>&#8221;) shall have occurred; <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">provided</font>, <font style="font-size: 10pt; font-family: 'Times
                New Roman', Times, serif; font-style: italic;">however</font>, that the filing of the Chapter&#160;11 Cases, and the fact that the Debtors are operating in bankruptcy and the effects reasonably expected to result therefrom, shall not constitute
              a Material Adverse Effect;</font></div>
          <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">h.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Debtors shall have each operated its business in the ordinary course of business and consistent with its historical practices, other than any deviations from
              operations in the ordinary course of business pursuant to an order issued by the Bankruptcy Court; and</font></div>
          <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Debtors shall have maintained and held in good standing all of their operating licenses, certificates and other regulatory authorizations and approvals necessary to
              operate the Utility&#8217;s business with no pending revocations of any such license, certificate, approval or authorization or open proceedings contemplating such revocation.</font></div>
          <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
            </font></div>
          <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
            </font></div>
          <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
            </font></div>
        </div>
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          <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">22</font></div>
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        <div style="text-align: left; line-height: 12.55pt;"> <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> </font>
          <div style="line-height: 12.55pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;"><font style="font-weight: normal;">CUSIP No. </font></font><font style="font-size: 10pt; font-family:
              &quot;Times New Roman&quot;,Times,serif; font-weight: normal;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">69331C108</font></font></div>
          <div style="line-height: 12.55pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: normal;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"> <br>
              </font></font></div>
          <div style="line-height: 12.55pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: normal;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"> <br>
              </font></font></div>
          <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
            </font></div>
          <div style="margin-bottom: 5pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Termination</u></font>.&#160; The Backstop Party may terminate this Backstop Commitment Letter,
              solely as to itself, by written notice to the general counsel of the Debtors, on or after the occurrence of any of the following:</font></div>
          <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Backstop Party has not approved, in its sole discretion, the Plan Term Sheet;</font></div>
          <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">if, at any time after the execution of this Backstop Commitment Letter by the Debtors, the Debtors shall not have valid and enforceable Backstop Commitments from Existing
              Shareholders on the same terms and conditions as set forth in this Backstop Commitment Letter that in the aggregate result in total backstop commitments equal to the size of the Rights Offering less the total amount of Additional Capital
              Sources;</font></div>
          <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Plan, on terms and conditions consistent with the Plan Term Sheet, and the Disclosure Statement shall not have been filed on or before the later of (i)&#160;August 31, 2019
              or (ii) if the Debtors have executed this Backstop Commitment Letter prior to August 31, 2019, September 30, 2019;</font></div>
          <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Plan or any Plan Document filed with the Bankruptcy Court at any time is inconsistent with the Plan Term Sheet or not approved by the Backstop Party;</font></div>
          <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">e.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Confirmation Order, in form and substance reasonably acceptable to the Backstop Party, has not been entered by the Bankruptcy Court on or before June 30, 2020;</font></div>
          <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">f.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Effective Date shall not have occurred on or before 60 days after entry of the Confirmation Order;</font></div>
          <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">g.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the failure of any condition set forth in Section 4 that has not been waived by the Backstop Party;</font></div>
          <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">h.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the occurrence of any material postpetition fires in the Debtors&#8217; service area;</font></div>
          <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the occurrence of a Material Adverse Effect;</font></div>
          <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">j.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the failure of either of the Debtors to operate their business in the ordinary course of business and consistent with their historical practices;</font></div>
          <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">k.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">there is in effect an order (whether permanent or preliminary) of a governmental authority of competent jurisdiction restraining, enjoining or otherwise prohibiting the
              consummation of any of the transactions contemplated by the Plan Term Sheet or the Plan, or any law, statute, rule, regulation or ordinance is adopted that makes consummation of the transactions contemplated by the Plan Term Sheet or the Plan
              illegal or otherwise prohibited; or</font></div>
          <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">l.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the occurrence or discovery of any state of facts, change, event, development, circumstance or condition that causes any of the conditions precedent set forth in the Plan
              Term Sheet, the Plan or the Plan Documents to not be capable of being satisfied.</font></div>
          <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Upon termination of this Backstop Commitment Letter by the Backstop Party (such terminating
              Backstop Party, a &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Terminating Backstop Party</font>&#8221;) pursuant to any of <font style="font-size: 10pt; font-family: 'Times
                New Roman', Times, serif;"><u>Section 5(a)</u></font> through <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>(l)</u></font>, this Backstop Commitment Letter shall be void and of no further force or effect
              solely with respect to such Terminating Backstop Party, such Terminating Backstop Party shall be released from its Backstop Commitments, undertakings and agreements under or related to this Backstop Commitment Letter, including its Backstop
              Commitment, except as explicitly provided herein and there shall be no liability or obligation on the party of such Terminating Backstop Party hereunder, except as expressly provided herein.</font></div>
          <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">This Backstop Commitment Letter shall automatically terminate in the event that the Debtors
              have not returned a counter-signed copy of this Backstop Commitment Letter agreeing to its terms on or before August 31, 2019.</font></div>
          <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
            </font></div>
          <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
            </font></div>
          <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
            </font></div>
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            <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">23</font></div>
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        <div style="text-align: left; line-height: 12.55pt;">
          <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;"><font style="font-weight: normal;">CUSIP No. </font></font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: normal;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">69331C108</font></font></div>
          <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
            </font></div>
        </div>
        <div style="text-align: left; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
          </font>
          <div style="margin-bottom: 5pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">6.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Assignment</u></font>.&#160; This Backstop Commitment Letter (a)&#160;is not assignable by the
              Backstop Party, and any purported assignment shall be null and void <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">ab initio</font>; <font style="font-size: 10pt; font-family: 'Times New
                Roman', Times, serif; font-style: italic;">provided</font>, <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">however</font>, Backstop Party may assign its Backstop Commitment, in whole or in
              part, to (i) another Backstop Party, (ii) an affiliate of the Backstop Party or (iii) an investment fund or separately managed account the primary investment advisor or sub advisor to which is a Backstop Party or an affiliate thereof, to the
              extent such assignee Backstop Party agrees in writing to assume all obligations hereunder of such Backstop Party in connection with such Backstop Commitment, and (b)&#160;is intended to be solely for the benefit of the parties hereto and is not
              intended to confer any benefits upon, or create any rights in favor of, any person or entity other than the parties hereto.&#160; Notwithstanding the foregoing, a Backstop Party may assign all or any portion of its obligations hereunder to a
              &#8220;qualified institutional buyer&#8221; (as defined in Rule&#160;144A under the Securities Act of 1933, as amended), without the consent of any party, <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">provided</font>,
              <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">however</font>, that such assignee shall not own, on a pro forma basis, more than the amount of common stock of PG&amp;E that would limit the
              Debtors&#8217; ability to utilize their net operating losses.</font></div>
          <div style="margin-bottom: 5pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Entire Agreement</u></font>.&#160; This Backstop Commitment Letter, including all exhibits and
              schedules hereto, constitutes the entire understanding among the parties hereto with respect to the subject matter hereof and replaces and supersedes all prior agreements and understandings, both written and oral, between the parties hereto
              with respect to the subject matter hereof and shall become effective and binding upon the mutual exchange of fully executed counterparts by each of the parties hereto.</font></div>
          <div style="margin-bottom: 5pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">8.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Governing Law; Consent to Jurisdiction; Waiver of Jury Trial</u></font>.&#160; This Backstop
              Commitment Letter shall be governed by, and construed in accordance with, the internal laws of the State of New York, without giving effect to the principles of conflict of laws that would require the application of the law of any other
              jurisdiction.&#160; By its execution and delivery of this Backstop Commitment Letter, each of the parties hereto irrevocably and unconditionally agrees for itself that any legal action, suit or proceeding against it with respect to any matter
              under or arising out of or in connection with this Backstop Commitment Letter or for recognition or enforcement of any judgment rendered in any such action, suit or proceeding, may be brought in the Bankruptcy Court.&#160; By execution and
              delivery of this Backstop Commitment Letter, each of the parties hereto irrevocably accepts and submits itself to the exclusive jurisdiction of the Bankruptcy Court with respect to any such action, suit or proceeding.&#160; EACH PARTY HERETO
              UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING REFERRED TO ABOVE.</font></div>
          <div style="margin-bottom: 5pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">9.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Amendment; Waiver; Counterparts</u></font>.&#160; This Backstop Commitment Letter may not be
              amended or waived except in writing signed by the Backstop Party hereto, and confirmed in writing by the Company.&#160; This Backstop Commitment Letter may be executed in any number of counterparts, each of which will be an original, and all of
              which, when taken together, will constitute one agreement.&#160; Delivery of an executed counterpart of this Backstop Commitment Letter by e-mail or portable document format (PDF) will be effective as delivery of a manually executed counterpart of
              this Backstop Commitment Letter.</font></div>
          <div style="margin-bottom: 5pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">10.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Notices</u></font>.&#160; All notices required or permitted to be given under this Backstop
              Commitment Letter, unless otherwise stated herein, shall be given at the addresses specified below, or at such other address or addresses as a party may designate for itself in writing:</font></div>
          <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If to the Backstop Party, to the name and address located on the Backstop
              Party&#8217;s signature page to this Backstop Commitment Letter.</font></div>
          <div style="line-height: 12.55pt; margin-bottom: 5pt;"><br style="line-height: 12.55pt;">
          </div>
          <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If to the Debtors:</font></div>
          <div style="text-align: justify; margin-left: 144pt; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">PG&amp;E Corporation</font></div>
          <div style="text-align: justify; margin-left: 144pt; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">77 Beale Street</font></div>
          <div style="text-align: justify; margin-left: 144pt; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">P.O. Box 770000</font></div>
          <div style="text-align: justify; margin-left: 144pt; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">San Francisco, California 94177</font></div>
          <div style="text-align: justify; margin-left: 144pt; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Attention: Mr. John Simon, General Counsel</font></div>
          <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
          </div>
          <div style="text-align: justify; margin-left: 144pt; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">with a copy to:</font></div>
          <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
          </div>
          <div style="text-align: justify; margin-left: 144pt; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Weil, Gotshal &amp; Manges LLP</font></div>
          <div style="text-align: justify; margin-left: 144pt; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">767 Fifth Avenue</font></div>
          <div style="text-align: justify; margin-left: 144pt; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">New York, New York&#160; 10153</font></div>
          <div style="text-align: justify; margin-left: 144pt; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Attention:&#160; Stephen Karotkin</font></div>
          <div style="line-height: 12.55pt; margin-bottom: 5pt;"><br style="line-height: 12.55pt;">
          </div>
          <div style="line-height: 12.55pt; margin-bottom: 5pt;"><br style="line-height: 12.55pt;">
          </div>
          <div style="line-height: 12.55pt; margin-bottom: 5pt;"><br style="line-height: 12.55pt;">
          </div>
          <div style="line-height: 12.55pt; margin-bottom: 5pt;"><br style="line-height: 12.55pt;">
          </div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">24</font></div>
            <div style="page-break-after: always;" id="DSPFPageBreak">
              <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
          </div>
          <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;"><font style="font-weight: normal;">CUSIP No. </font></font><font style="font-size: 10pt; font-family: &quot;Times New
            Roman&quot;,Times,serif; font-weight: normal;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">69331C108</font></font>
          <div style="margin-bottom: 5pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
            </font></div>
          <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
          </font>
          <div style="margin-bottom: 5pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">11.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>No Liability</u></font>.&#160; Notwithstanding anything that may be expressed or implied in this
              Backstop Commitment Letter, each party hereto acknowledges and agrees that no person other than the Backstop Party (and it permitted assigns) shall have any obligation hereunder (subject to the limitations provided herein) or in connection
              with the transactions contemplated hereby and that (a)&#160;notwithstanding that any Backstop Party may be a partnership, limited partnership or limited liability company, no recourse (whether at law, in equity, in contract, in tort or otherwise)
              hereunder or under any document or instrument delivered in connection herewith, or in respect of any oral representations made or alleged to be made in connection herewith or therewith, shall be had against any former, current or future
              direct or indirect equity holder, controlling person, general or limited partner, shareholder, member, investment manager or adviser, manager, director, officer, employee, agent, affiliate, assignee, representative or financing source of any
              of the foregoing) (any such person or entity, other than such Backstop Party, a &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Related Party</font>&#8221;) or any Related Party
              of any such Related Party, including, without limitation, any liabilities arising under, or in connection with, the Plan Term Sheet, the Plan or this Backstop Commitment Letter and the transactions contemplated thereby and hereby, or in
              respect of any oral representations made or alleged to be made in connection therewith or herewith), whether by the enforcement of any judgment or assessment or by any legal or equitable proceeding, or by virtue of any statute, regulation or
              other applicable law and (b)&#160;no personal liability whatsoever will attach to, be imposed on or otherwise be incurred by any Related Party of the Backstop Party or any Related Party of any such Related Party under this Backstop Commitment
              Letter or any document or instrument delivered in connection herewith or with the Plan Term Sheet or the Plan (or in respect of any oral representation made or alleged to be made in connection herewith or therewith) or for any action (whether
              at law, in equity, in contract, in tort or otherwise) based on, in respect of, or by reason of such obligations hereunder or by their creation.</font></div>
          <div style="margin-bottom: 5pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">12.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Backstop Party shall not be required, pursuant to the terms of this Backstop Commitment Letter, to acquire or purchase any securities or indebtedness in connection
              with the Rights Offering that, pursuant to the terms of a Backstop Commitment Letter or other agreement, are to be acquired or subscribed for by any other party, nor shall the Backstop Party be required, pursuant to the terms of this Backstop
              Commitment Letter, to pay any money or other consideration, or exchange any claims whatsoever, which are owing from, or to be transferred from or by, any other party pursuant to the terms of another Backstop Commitment Letter or other
              agreement.&#160; Nothing in this Backstop Commitment Letter shall be deemed to constitute a joint venture or partnership between any other person or entity nor constitute any party as the agent of any other person or entity for any purpose.&#160; For
              the avoidance of doubt, no Backstop Party shall, nor shall any action taken by a Backstop Party hereunder, be deemed to be acting in concert or as any group with any other person or entity with respect to the Backstop Commitment nor shall the
              Backstop Commitments hereunder create a presumption that the Backstop Party is in any way acting in concert or as a group with any other person or entity whether as a result of this commitment or otherwise.</font></div>
          <div style="margin-bottom: 5pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">13.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each party hereto confirms that it has made its own decision to execute this Backstop Commitment Letter based upon its own independent assessment of documents and
              information available to it, as it has deemed appropriate.</font></div>
          <div style="margin-bottom: 5pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">14.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Except as expressly provided in this Backstop Commitment Letter, (a)&#160;nothing herein is intended to, or does, in any manner waive, limit, impair or restrict the ability of
              each party hereto to protect and preserve its rights, remedies and interests, including, without limitation, any claims against or interests in any of the Debtors or other parties, or its full participation in any bankruptcy proceeding, and
              (b)&#160;the parties hereto each fully preserve any and all of their respective rights, remedies, claims and interests as of the date hereof and upon a termination of this Backstop Commitment Letter.&#160; Further, nothing in this Backstop Commitment
              Letter shall be construed to prohibit any party hereto from appearing as a party-in-interest in any matter to be adjudicated in the Chapter&#160;11 Cases, so long as such appearance and the positions advocated in connection therewith are
              consistent with this Backstop Commitment Letter, the Plan Term Sheet and the Plan, and are not for the purpose of, and could not reasonably be expected to have the effect of, hindering, delaying or preventing the consummation of the
              transactions contemplated by the Plan Term Sheet and the Plan.</font></div>
          <div style="line-height: 12.55pt; margin-bottom: 5pt;"><br style="line-height: 12.55pt;">
          </div>
          <div style="line-height: 12.55pt; margin-bottom: 5pt;"><br style="line-height: 12.55pt;">
          </div>
          <div style="line-height: 12.55pt; margin-bottom: 5pt;"><br style="line-height: 12.55pt;">
          </div>
          <div style="line-height: 12.55pt; margin-bottom: 5pt;"><br style="line-height: 12.55pt;">
          </div>
          <div style="line-height: 12.55pt; margin-bottom: 5pt;"><br style="line-height: 12.55pt;">
          </div>
          <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">25</font></div>
            <div id="DSPFPageBreak" style="page-break-after:always;">
              <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
          </div>
          <div style="line-height: 12.55pt; margin-bottom: 5pt;">
            <div style="line-height: 12.55pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;"><font style="font-weight: normal;">CUSIP No. </font></font><font style="font-size: 10pt; font-family:
                &quot;Times New Roman&quot;,Times,serif; font-weight: normal;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">69331C108</font></font></div>
          </div>
          <div style="line-height: 12.55pt; margin-bottom: 5pt;"><br style="line-height: 12.55pt;">
          </div>
          <div style="line-height: 12.55pt; margin-bottom: 5pt;"><br style="line-height: 12.55pt;">
          </div>
          <div style="text-align: justify; margin-left: 252pt; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Sincerely,</font></div>
          <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
          </div>
          <div style="text-align: justify; margin-left: 252pt; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Backstop Party:</font></div>
          <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
          </div>
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              <tr>
                <td style="width: 37%; vertical-align: top; background-color: rgb(255, 255, 255);">
                  <div style="text-align: right; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                    </font><font style="line-height: 11.4pt;">&#160;</font></div>
                </td>
                <td colspan="2" style="vertical-align: top; background-color: rgb(255, 255, 255);"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ABRAMS CAPITAL PARTNERS II, L.P.</font></td>
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                  <div style="text-align: right; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
                </td>
              </tr>
              <tr>
                <td style="width: 37%; vertical-align: top; background-color: rgb(255, 255, 255);">
                  <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
                </td>
                <td style="width: 5%; vertical-align: top; background-color: rgb(255, 255, 255);"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">By:</font><font style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160; <br>
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                <td style="width: 30%; vertical-align: top; background-color: rgb(255, 255, 255);"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Abrams Capital Management, L.P.,</font></td>
                <td style="width: 28%; vertical-align: top; background-color: rgb(255, 255, 255);">
                  <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
                </td>
              </tr>
              <tr>
                <td style="width: 37%; vertical-align: top; background-color: rgb(255, 255, 255);">
                  <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
                </td>
                <td style="width: 5%; vertical-align: top; background-color: rgb(255, 255, 255);"><br>
                </td>
                <td style="width: 30%; vertical-align: top; background-color: rgb(255, 255, 255);"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">its investment manager</font></td>
                <td style="width: 28%; vertical-align: top; background-color: rgb(255, 255, 255);">
                  <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
                </td>
              </tr>
              <tr>
                <td style="width: 37%; vertical-align: top; background-color: rgb(255, 255, 255);">
                  <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
                </td>
                <td colspan="2" style="vertical-align: top; background-color: rgb(255, 255, 255);"><br>
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                <td style="width: 28%; vertical-align: top; background-color: rgb(255, 255, 255);">
                  <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
                </td>
              </tr>
              <tr>
                <td style="width: 37%; vertical-align: top; background-color: rgb(255, 255, 255);">
                  <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
                </td>
                <td style="width: 5%; vertical-align: top; background-color: rgb(255, 255, 255);"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">By:</font><font style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160; <br>
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                <td style="width: 30%; vertical-align: top; background-color: rgb(255, 255, 255);"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Abrams Capital Management, LLC,</font></td>
                <td style="width: 28%; vertical-align: top; background-color: rgb(255, 255, 255);">
                  <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
                </td>
              </tr>
              <tr>
                <td style="width: 37%; vertical-align: top; background-color: rgb(255, 255, 255);">
                  <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
                </td>
                <td style="width: 5%; vertical-align: top; background-color: rgb(255, 255, 255);"><br>
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                <td style="width: 30%; vertical-align: top; background-color: rgb(255, 255, 255);"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">its general partner</font></td>
                <td style="width: 28%; vertical-align: top; background-color: rgb(255, 255, 255);">
                  <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
                </td>
              </tr>
              <tr>
                <td style="width: 37%; vertical-align: top; background-color: rgb(255, 255, 255);">
                  <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
                </td>
                <td colspan="2" style="vertical-align: top; background-color: rgb(255, 255, 255);"><br>
                </td>
                <td style="width: 28%; vertical-align: top; background-color: rgb(255, 255, 255);">
                  <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
                </td>
              </tr>
              <tr>
                <td style="width: 37%; vertical-align: top; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
                <td colspan="2" style="vertical-align: top; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
                <td style="width: 28%; vertical-align: top; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="width: 37%; vertical-align: top; background-color: rgb(255, 255, 255); padding-bottom: 2px;">
                  <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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                <td style="width: 5%; vertical-align: top; background-color: rgb(255, 255, 255); padding-bottom: 2px;">By:<br>
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                <td style="width: 30%; vertical-align: top; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">/s/ David Abrams</font></td>
                <td style="width: 28%; vertical-align: top; background-color: rgb(255, 255, 255); padding-bottom: 2px;">
                  <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
                </td>
              </tr>
              <tr>
                <td style="width: 37%; vertical-align: top; background-color: rgb(255, 255, 255);">
                  <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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                <td style="width: 5%; vertical-align: top; background-color: rgb(255, 255, 255);">Name:<br>
                </td>
                <td style="width: 30%; vertical-align: top; background-color: rgb(255, 255, 255);"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> David Abrams</font></td>
                <td style="width: 28%; vertical-align: top; background-color: rgb(255, 255, 255);">
                  <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
                </td>
              </tr>
              <tr>
                <td style="width: 37%; vertical-align: top; background-color: rgb(255, 255, 255);">
                  <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
                </td>
                <td style="width: 5%; vertical-align: top; background-color: rgb(255, 255, 255);"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Title:</font></td>
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                  <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
                </td>
              </tr>
              <tr>
                <td style="width: 37%; vertical-align: top; background-color: rgb(255, 255, 255);">
                  <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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                </td>
                <td style="width: 28%; vertical-align: top; background-color: rgb(255, 255, 255);">
                  <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
                </td>
              </tr>
              <tr>
                <td style="width: 37%; vertical-align: top; background-color: rgb(255, 255, 255);">
                  <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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                <td style="vertical-align: top; background-color: rgb(255, 255, 255);" rowspan="1" colspan="2">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Notice Information:</font></div>
                  <div>
                    <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Alison Bomberg</font></div>
                    <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">222 Berkeley Street, 21<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> Floor</font></div>
                    <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Boston, MA 02116</font><br>
                    <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">abomberg@abramscapital.com</font><br>
                  </div>
                </td>
                <td style="width: 28%; vertical-align: top; background-color: rgb(255, 255, 255);">
                  <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
                </td>
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              <tr>
                <td style="width: 37%; vertical-align: top;">
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                <td style="width: 5%; vertical-align: top;"><br>
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                <td style="width: 30%; vertical-align: top;"><br>
                </td>
                <td style="width: 28%; vertical-align: middle;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 37%; vertical-align: top;">&#160;</td>
                <td style="width: 5%; vertical-align: top;">&#160;</td>
                <td style="width: 30%; vertical-align: top;">&#160;</td>
                <td style="width: 28%; vertical-align: middle;">&#160;</td>
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              <tr>
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          <div style="text-align: justify; margin-left: 252pt; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> </font></div>
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            <div><br>
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              <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
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            <div style="line-height: 12.55pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;"><font style="font-weight: normal;">CUSIP No. </font></font><font style="font-size: 10pt; font-family:
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          <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
          </div>
          <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
          </div>
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          <div style="text-align: left; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Accepted and agreed this ____ day of ___________, 2019, by:</font></div>
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          <div style="text-align: left; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">PG&amp;E CORPORATION</font></div>
          <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
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          <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
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          <div style="text-align: justify; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Name:</font></div>
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          <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
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              font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: normal;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">69331C108</font></font></div>
          <div style="text-align: right; line-height: 12.55pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: bold;">EXECUTION VERSION</div>
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          <div style="text-align: center; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Exhibit A</font></div>
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            <div style="line-height: 12.55pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;"><font style="font-weight: normal;">CUSIP No. </font></font><font style="font-size: 10pt; font-family:
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          <div style="text-align: center; line-height: 11.4pt; margin-top: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Term Sheet for<font style="font-size: 10pt; font-family: 'Times New Roman',
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              </font>5.00% Mandatory Convertible Preferred Stock</font></div>
          <div style="text-align: left; line-height: 13.7pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          <div style="text-align: left; line-height: 9.1pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font>
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                  <td style="width: 37%; vertical-align: middle;">&#160;</td>
                  <td style="width: 2%; vertical-align: bottom;">&#160;</td>
                  <td style="width: 61%; vertical-align: middle;">&#160;</td>
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                    <div style="text-align: left; text-indent: -12pt; margin-left: 12pt; line-height: 11.4pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Issuer:</div>
                  </td>
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                    <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;</font></div>
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                    <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">PG&amp;E Corporation (&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
                          font-weight: bold; font-style: italic;">PG&amp;E</font>&#8221;)</font></div>
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                <tr>
                  <td style="width: 37%; vertical-align: middle;">&#160;</td>
                  <td style="width: 63%; vertical-align: middle;" colspan="2">&#160;</td>
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                    <div style="text-align: left; text-indent: -12pt; margin-left: 12pt; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Title of Securities:</font></div>
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                    <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;</font></div>
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                  <td style="width: 61%; vertical-align: top;">
                    <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5.00% Mandatory Convertible Preferred Stock of PG&amp;E (the &#8220;<font style="font-size: 10pt; font-family:
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                <tr>
                  <td style="width: 37%; vertical-align: middle;">&#160;</td>
                  <td style="width: 63%; vertical-align: middle;" colspan="2">&#160;</td>
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                    <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Shares of Mandatory Convertible Preferred Stock Offered by PG&amp;E:</font></div>
                  </td>
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                    <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;</font></div>
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                    <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Up to [&#9679;]&#160;shares</font></div>
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                <tr>
                  <td style="width: 37%; vertical-align: middle;">&#160;</td>
                  <td style="width: 63%; vertical-align: middle;" colspan="2">&#160;</td>
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                <tr>
                  <td style="width: 37%; vertical-align: middle;">&#160;</td>
                  <td style="width: 63%; vertical-align: middle;" colspan="2">&#160;</td>
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                    <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$1,000 per share of the Mandatory Convertible Preferred Stock</font></div>
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                    <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Effective Date of the Plan</font></div>
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                <tr>
                  <td style="width: 37%; vertical-align: middle;">&#160;</td>
                  <td style="width: 63%; vertical-align: middle;" colspan="2">&#160;</td>
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                <tr>
                  <td style="width: 37%; vertical-align: middle;">&#160;</td>
                  <td style="width: 2%; vertical-align: bottom;">&#160;</td>
                  <td style="width: 61%; vertical-align: middle;">&#160;</td>
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                <tr>
                  <td style="width: 37%; vertical-align: top;">
                    <div style="text-align: left; text-indent: -12pt; margin-left: 12pt; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Liquidation Preference:</font></div>
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                    <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;</font></div>
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                    <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$1,000 per share</font></div>
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                <tr>
                  <td style="width: 37%; vertical-align: middle;">&#160;</td>
                  <td style="width: 63%; vertical-align: middle;" colspan="2">&#160;</td>
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                <tr>
                  <td style="width: 37%; vertical-align: top;">
                    <div style="text-align: left; text-indent: -12pt; margin-left: 12pt; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Dividends:</font></div>
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                    <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;</font></div>
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                    <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5.00% of the Liquidation Preference of $1,000 per share of the Mandatory Convertible Preferred Stock per
                        year (equivalent to $50 per annum per share), when, as and if declared by PG&amp;E&#8217;s board of directors or an authorized committee thereof, payable in cash or, by delivery of additional shares of Mandatory Convertible Preferred
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                    <div style="text-align: left; line-height: 13.7pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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                <tr>
                  <td style="width: 37%; vertical-align: middle;">&#160;</td>
                  <td style="width: 63%; vertical-align: middle;" colspan="2">&#160;</td>
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                  <td style="width: 37%; vertical-align: top;">
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                  <td style="width: 2%; vertical-align: bottom;">
                    <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;</font></div>
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                    <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">95% of the Initial Price, subject to standard ant-dilution adjustments</font></div>
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                <tr>
                  <td style="width: 37%; vertical-align: middle;">&#160;</td>
                  <td style="width: 63%; vertical-align: middle;" colspan="2">&#160;</td>
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                <tr>
                  <td style="width: 37%; vertical-align: top;">
                    <div style="text-align: left; text-indent: -12pt; margin-left: 12pt; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Dividend Payment Dates:</font></div>
                  </td>
                  <td style="width: 2%; vertical-align: bottom;">
                    <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;</font></div>
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                    <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If declared, January&#160;1, April&#160;1, July&#160;1 and October&#160;1 of each year, commencing on (TBD)</font></div>
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                <tr>
                  <td style="width: 37%; vertical-align: middle;">&#160;</td>
                  <td style="width: 63%; vertical-align: middle;" colspan="2">&#160;</td>
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                <tr>
                  <td style="width: 37%; vertical-align: top;">
                    <div style="text-align: left; text-indent: -12pt; margin-left: 12pt; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Dividend Record Dates:</font></div>
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                  <td style="width: 2%; vertical-align: bottom;">
                    <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;</font></div>
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                  <td style="width: 61%; vertical-align: bottom;">
                    <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The March&#160;15, June&#160;15, September&#160;15 and December&#160;15 immediately preceding the next dividend payment date</font></div>
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                <tr>
                  <td style="width: 37%; vertical-align: middle;">&#160;</td>
                  <td style="width: 63%; vertical-align: middle;" colspan="2">&#160;</td>
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                <tr>
                  <td style="width: 37%; vertical-align: top;">
                    <div style="text-align: left; text-indent: -12pt; margin-left: 12pt; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Redemption:</font></div>
                  </td>
                  <td style="width: 2%; vertical-align: bottom;">
                    <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;</font></div>
                  </td>
                  <td style="width: 61%; vertical-align: bottom;">
                    <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Mandatory Convertible Preferred Stock will not be redeemable</font></div>
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                <tr>
                  <td style="width: 37%; vertical-align: middle;">&#160;</td>
                  <td style="width: 63%; vertical-align: middle;" colspan="2">&#160;</td>
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                <tr>
                  <td style="width: 37%; vertical-align: top;">
                    <div style="text-align: left; text-indent: -12pt; margin-left: 12pt; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Initial Price:</font></div>
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                  <td style="width: 2%; vertical-align: bottom;">
                    <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;</font></div>
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                  <td style="width: 61%; vertical-align: bottom;">
                    <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">80% of the Baseline Share Price (as defined in Exhibit B)</font></div>
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                <tr>
                  <td style="width: 37%; vertical-align: middle;">&#160;</td>
                  <td style="width: 63%; vertical-align: middle;" colspan="2">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 37%; vertical-align: top;">
                    <div style="text-align: left; text-indent: -12pt; margin-left: 12pt; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Threshold Appreciation Price:</font></div>
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                  <td style="width: 2%; vertical-align: bottom;">
                    <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;</font></div>
                  </td>
                  <td style="width: 61%; vertical-align: bottom;">
                    <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">110% of the Initial Price, subject to standard ant-dilution adjustments</font></div>
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                <tr>
                  <td style="width: 37%; vertical-align: middle;">&#160;</td>
                  <td style="width: 63%; vertical-align: middle;" colspan="2">&#160;</td>
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                <tr>
                  <td style="width: 37%; vertical-align: top;">
                    <div style="text-align: left; text-indent: -12pt; margin-left: 12pt; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Mandatory Conversion Date:</font></div>
                  </td>
                  <td style="width: 2%; vertical-align: bottom;">
                    <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;</font></div>
                  </td>
                  <td style="width: 61%; vertical-align: bottom;">
                    <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1/8<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> of the Mandatory Convertible Preferred Stock will convert into PG&amp;E Common Stock 90,
                        180, 270, 360, 450, 540, 630, and 720 days from Issue Date</font></div>
                    <div style="line-height: 11.4pt;"><font style="line-height: 11.4pt;">&#160;</font></div>
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                <tr>
                  <td style="width: 37%; vertical-align: middle;">&#160;</td>
                  <td style="width: 2%; vertical-align: bottom;">&#160;</td>
                  <td style="width: 61%; vertical-align: middle;">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 37%; vertical-align: top;">
                    <div style="text-align: left; text-indent: -12pt; margin-left: 12pt; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Conversion Rate:</font></div>
                  </td>
                  <td style="width: 2%; vertical-align: bottom;">
                    <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;</font></div>
                  </td>
                  <td style="width: 61%; vertical-align: bottom;">
                    <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Upon conversion on the Mandatory Conversion Date, the conversion rate for each share of the Mandatory
                        Convertible Preferred Stock will be not more than [&#9679;] shares of Common Stock (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Maximum Conversion Rate</font>&#8221;)
                        and not less than [&#9679;] shares of Common Stock (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Minimum Conversion Rate</font>&#8221;), depending on the Applicable
                        Market Value of the Common Stock subject to standard anti-dilution adjustments.&#160; The following table illustrates the conversion rate per share of the Mandatory Convertible Preferred Stock:</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
          </div>
          <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
          </div>
          <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
          </div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">29</font></div>
            <div style="page-break-after: always;" id="DSPFPageBreak">
              <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
          </div>
          <div style="line-height: 12.55pt;">
            <div style="line-height: 12.55pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;"><font style="font-weight: normal;">CUSIP No. </font></font><font style="font-size: 10pt; font-family:
                &quot;Times New Roman&quot;,Times,serif; font-weight: normal;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">69331C108</font></font></div>
          </div>
          <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
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          <div style="line-height: 12.55pt;">
            <table cellspacing="0" cellpadding="0" id="z79061097ffef4bb0a90fe3deb70af194" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

                <tr>
                  <td style="width: 39.31%; vertical-align: top;" colspan="3">&#160;</td>
                  <td style="width: 29.74%; vertical-align: middle;">&#160;</td>
                  <td style="width: 2.44%; vertical-align: bottom;">&#160;</td>
                  <td style="width: 28.51%; vertical-align: middle;">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 39.31%; vertical-align: top;" colspan="3">&#160;</td>
                  <td style="width: 29.74%; vertical-align: middle;">&#160;</td>
                  <td style="width: 30.95%; vertical-align: middle;" colspan="2">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 39.31%; vertical-align: top; padding-bottom: 2px;" colspan="3">&#160;</td>
                  <td style="width: 29.74%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: center; line-height: 9.1pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Applicable Market Value of</div>
                    <div style="text-align: center; line-height: 9.1pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">the Common Stock</font></div>
                  </td>
                  <td style="width: 2.44%; vertical-align: bottom; padding-bottom: 2px;">
                    <div style="text-align: left; line-height: 9.1pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;</font></div>
                  </td>
                  <td style="width: 28.51%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: center; line-height: 9.1pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Conversion rate (number of shares of Common Stock to be received upon<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                        </font>conversion of each share of the Mandatory Convertible Preferred Stock)</font></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 39.31%; vertical-align: top;" colspan="3">&#160;</td>
                  <td style="width: 29.74%; vertical-align: middle;">&#160;</td>
                  <td style="width: 30.95%; vertical-align: middle;" colspan="2">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 39.31%; vertical-align: top;" colspan="3">&#160;</td>
                  <td style="width: 29.74%; vertical-align: top;">
                    <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Greater than 110% of the Initial Price (which is the Threshold Appreciation Price)</font></div>
                  </td>
                  <td style="width: 2.44%; vertical-align: bottom;">
                    <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;</font></div>
                  </td>
                  <td style="width: 28.51%; vertical-align: bottom;">
                    <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[&#9679;] shares (approximately equal to $1,000 divided by the Threshold Appreciation Price)</font></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 39.31%; vertical-align: top;" colspan="3">&#160;</td>
                  <td style="width: 29.74%; vertical-align: middle;">&#160;</td>
                  <td style="width: 30.95%; vertical-align: middle;" colspan="2">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 39.31%; vertical-align: top;" colspan="3">&#160;</td>
                  <td style="width: 29.74%; vertical-align: top;">
                    <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Equal to or less than the Threshold Appreciation Price but greater than or equal to the Floor Price</font></div>
                  </td>
                  <td style="width: 2.44%; vertical-align: bottom;">
                    <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;</font></div>
                  </td>
                  <td style="width: 28.51%; vertical-align: bottom;">
                    <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Between [&#9679;] and [&#9679;] shares, determined by dividing $1,000 by the applicable market value of the Common
                        Stock</font></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 39.31%; vertical-align: top;" colspan="3">&#160;</td>
                  <td style="width: 29.74%; vertical-align: middle;">&#160;</td>
                  <td style="width: 30.95%; vertical-align: middle;" colspan="2">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 39.31%; vertical-align: top;" colspan="3">&#160;</td>
                  <td style="width: 29.74%; vertical-align: top;">
                    <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Less than 95% of the Initial Price (which is the Floor Price)</font></div>
                  </td>
                  <td style="width: 2.44%; vertical-align: bottom;">
                    <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;</font></div>
                  </td>
                  <td style="width: 28.51%; vertical-align: bottom;">
                    <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[&#9679;] shares (approximately equal to $1,000 divided by the Floor Price)</font></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 37%; vertical-align: middle;">&#160;</td>
                  <td style="width: 2%; vertical-align: bottom;">&#160;</td>
                  <td style="width: 61%; vertical-align: middle;" colspan="4">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 37%; vertical-align: middle;">&#160;</td>
                  <td style="width: 63%; vertical-align: middle;" colspan="5">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 37%; vertical-align: top;">
                    <div style="text-align: left; text-indent: -12pt; margin-left: 12pt; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Applicable Market Value:</font></div>
                    <div style="line-height: 11.4pt;"><font style="line-height: 11.4pt;">&#160;</font></div>
                    <div style="line-height: 11.4pt;"><font style="line-height: 11.4pt;">&#160;</font></div>
                    <div style="text-align: left; text-indent: -12pt; margin-left: 12pt; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Conversion at the Option of the Holder:</font></div>
                  </td>
                  <td style="width: 2%; vertical-align: bottom;">
                    <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;</font></div>
                  </td>
                  <td style="width: 61%; vertical-align: bottom;" colspan="4">
                    <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;
                          font-style: italic;">Applicable Market Value</font>&#8221; shall be the 10-trading day VWAP immediately preceding the applicable Mandatory Conversion Date</font></div>
                    <div style="line-height: 11.4pt;"><font style="line-height: 11.4pt;">&#160;</font></div>
                    <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">At any time prior to final Mandatory Conversion Date, holders of the Mandatory Convertible Preferred Stock
                        have the option to elect to convert their shares of the Mandatory Convertible Preferred Stock in whole or in part (but in no event less than one share of the Mandatory Convertible Preferred Stock), into shares of Common Stock at the
                        Minimum Conversion Rate of shares of Common Stock per share of the Mandatory Convertible Preferred. This Minimum Conversion Rate is subject to certain anti-dilution adjustments</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
          </div>
          <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
          </div>
          <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
          </div>
          <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
          </div>
          <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
          </div>
          <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
          </div>
          <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">30</font></div>
            <div id="DSPFPageBreak" style="page-break-after:always;">
              <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
          </div>
          <div style="text-align: left; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;"><font style="font-weight: normal;">CUSIP No. </font></font><font style="font-size: 10pt;
              font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: normal;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">69331C108</font></font></div>
          <div style="text-align: center; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> <br>
            </font></div>
          <div style="text-align: center; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> <br>
            </font></div>
          <div style="text-align: center; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Exhibit B</font></div>
          <div style="text-align: center; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Backstop Terms</font></div>
          <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
          </div>
          <table cellspacing="0" cellpadding="0" id="zc0eb7123e2944a288ccfbcf5f146efac" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 42.45%; vertical-align: top; border-bottom: #000000 2px solid;">
                  <div style="text-align: center; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Backstop Party</font></div>
                </td>
                <td style="width: 57.55%; vertical-align: top; border-bottom: #000000 2px solid;">
                  <div style="text-align: center; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Backstop Commitment Amount</font></div>
                  <div style="line-height: 12.55pt;"><font style="line-height: 12.55pt;">&#160;</font></div>
                </td>
              </tr>
              <tr>
                <td style="width: 42.45%; vertical-align: top; border-bottom: #000000 2px solid;">
                  <div style="line-height: 12.55pt;"><font style="line-height: 12.55pt;">&#160;</font></div>
                  <div style="text-align: center; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Abrams Capital Partners II, L.P.</font></div>
                  <div style="line-height: 12.55pt;"><font style="line-height: 12.55pt;">&#160;</font></div>
                </td>
                <td style="width: 57.55%; vertical-align: top; border-bottom: #000000 2px solid;">
                  <div style="line-height: 12.55pt;"><font style="line-height: 12.55pt;">&#160;</font></div>
                  <div style="text-align: center; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$287,355,000.00</font></div>
                </td>
              </tr>

          </table>
          <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
          </div>
          <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
          </div>
          <div style="text-align: left; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Applicable




                Utility Index Multiple</font>&#8221; shall mean the average normalized 2021 estimated price-to-earnings ratio of the U.S. regulated utilities in the S&amp;P 500 Utilities (Sector) Index (after excluding AES, EIX, EXC, NRG, PEG, and PPL) over the
              20-day trading period before Effective Date per Capital IQ Consensus Estimates.</font></div>
          <div style="text-align: left; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> </font><br style="line-height: 12.55pt;">
          </div>
          <div style="text-align: left; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Backstop




                Commitment Fee</font>&#8221; shall mean a commitment fee equal to 1.0% of the total Backstop Commitment Amount as of the date on which the Debtors execute this Backstop Commitment Letter that shall be paid in New Common Stock, which amount shall
              be determined using the Backstop Price.</font></div>
          <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
          </div>
          <div style="text-align: left; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Backstop




                Funding Fee</font>&#8221; shall mean a funding fee of 2.0% of the amount of the Backstop Commitment actually funded by the Backstop Party that shall be paid in New Common Stock, which amount shall be determined using the Backstop Price.</font></div>
          <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
          </div>
          <div style="text-align: left; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Backstop




                Price</font>&#8221; will be calculated on a per share basis as 57.5% of the Baseline Share Price.</font></div>
          <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
          </div>
          <div style="text-align: left; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Baseline




                Share Price</font>&#8221; shall mean the (a) Applicable Utility Index Multiple, <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">multiplied</font> by (b) PG&amp;E 2021E Net Income, <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">divided</font> by (c)&#160;the fully diluted shares outstanding at the Effective Date, including the New Common Stock.</font></div>
          <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
          </div>
          <div style="text-align: left; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">PG&amp;E




                2021E Net Income</font>&#8221; shall mean PG&amp;E&#8217;s forecasted 2021 net income, excluding the impact of restructuring expenses, financing fees, changes in reserves for fire claims, and any other projected amounts that are not normally incurred
              by a utility.</font></div>
          <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
          </div>
          <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
          </div>
          <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
          </div>
        </div>
      </div>
      <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
      </div>
    </div>
    <div style="line-height: 12.55pt; margin-bottom: 12pt;"><br style="line-height: 12.55pt;">
    </div>
    <div style="line-height: 12.55pt; margin-bottom: 12pt;"><br style="line-height: 12.55pt;">
    </div>
    <div style="line-height: 12.55pt; margin-bottom: 12pt;"><br style="line-height: 12.55pt;">
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">31</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="line-height: 12.55pt; margin-bottom: 12pt;">
      <div style="line-height: 12.55pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;"><font style="font-weight: normal;">CUSIP No. </font></font><font style="font-size: 10pt; font-family:
          &quot;Times New Roman&quot;,Times,serif; font-weight: normal;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">69331C108</font></font></div>
    </div>
    <div style="line-height: 12.55pt; margin-bottom: 12pt;">
      <div style="text-align: right; line-height: 12.55pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-style: normal; font-weight: bold;">Exhibit 99.4</div>
      <div style="text-align: right; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">EXECUTION VERSION</font></div>
      <div style="text-align: left; line-height: 12.55pt;"><br>
        <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">August 7, 2019</div>
        <div style="text-align: justify; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">PG&amp;E Corporation</font></div>
        <div style="text-align: justify; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">77 Beale Street</font></div>
        <div style="text-align: justify; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">P.O. Box 770000</font></div>
        <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">San Francisco, California 94177</font></div>
        <div style="text-align: justify; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Re: <font style="font-size: 10pt; font-family: 'Times New Roman', Times,
              serif;"><u>Chapter 11 Plan Backstop Commitment Letter</u></font></font></div>
        <div style="text-align: left; line-height: 12.55pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Ladies and Gentlemen:</font></div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Reference is hereby made to the chapter&#160;11 bankruptcy cases, lead case
            no.&#160;19-30088 (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Chapter&#160;11 Cases</font>&#8221;), currently pending before the United States Bankruptcy Court for the District of
            Northern California (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Bankruptcy Court</font>&#8221;), in which PG&amp;E Corporation (&#8220;<font style="font-size: 10pt; font-family:
              'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">PG&amp;E</font>&#8221; or the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Company</font>&#8221;) and Pacific
            Gas and Electric Company (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Utility</font>&#8221; and together with PG&amp;E, the &#8220;<font style="font-size: 10pt; font-family:
              'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Debtors</font>&#8221;) are debtors in possession.&#160; Reference is further made to (i)&#160;a Chapter&#160;11 plan of reorganization (the &#8220;<font style="font-size: 10pt; font-family: 'Times
              New Roman', Times, serif; font-weight: bold; font-style: italic;">Plan</font>&#8221;) to be filed with the Bankruptcy Court to implement the terms and conditions of the reorganization of the Debtors contemplated by a plan term sheet that is
            approved in writing by the undersigned Backstop Party in its sole discretion (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Backstop Party</font>&#8221;) that contemplates
            that all subrogation claims and wildfire claims shall not exceed $16 billion in the aggregate (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Plan Term Sheet</font>&#8221;) and
            (ii)&#160;a disclosure statement that will accompany the Plan (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Disclosure Statement</font>&#8221;).&#160; Capitalized terms used in this
            backstop commitment letter (this &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Backstop Commitment Letter</font>&#8221;) but not otherwise defined shall have the meanings ascribed
            to them in the Plan Term Sheet.</font></div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Plan, among other things, shall provide that PG&amp;E shall distribute
            transferable rights (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Rights</font>&#8221;) to existing holders of PG&amp;E common stock (&#8220;<font style="font-size: 10pt;
              font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Existing Shareholders</font>&#8221;) to purchase shares of common stock (&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight:
              bold; font-style: italic;">New Common Stock</font>&#8221;) issued by Reorganized PG&amp;E on the Effective Date (as defined in the Plan Term Sheet) with cash, for aggregate maximum proceeds to Reorganized PG&amp;E of $15 billion (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Rights Offering</font>&#8221;).</font></div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In order to facilitate the Rights Offering, pursuant to this Backstop
            Commitment Letter, and subject to the terms, conditions and limitations set forth herein and in consideration for the Backstop Commitment Payment, the Backstop Party is willing to purchase, on the Effective Date, an amount of New Common Stock
            up to its Backstop Commitment Amount (as defined herein) at the Backstop Price (as defined herein).</font></div>
        <div style="margin-bottom: 5pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Rights Offering</u></font>.</font></div>
        <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">PG&amp;E shall make the Rights Offering pursuant to the Plan, subject to such terms and conditions as may be included in the documents governing the Rights Offering that are
            acceptable to the Backstop Party in its sole discretion.&#160; The $15 billion aggregate size of the Rights Offering shall be reduced on a dollar-for-dollar basis by the sum of (i) the amount of proceeds in excess of $5 billion that PG&amp;E
            receives from PG&amp;E&#8217;s issuance of debt in connection with the Plan; (ii) the aggregate liquidation preference of preferred stock (&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style:
              italic;">Mandatory Convertible Preferred Stock</font>&#8221;) that is distributed to holders of wildfire claims or subrogation claims, on the terms and conditions set forth on <font style="font-size: 10pt; font-family: 'Times New Roman', Times,
              serif;"><u>Exhibit A</u></font> pursuant to the Plan; and (iii)&#160;the principal amount of any other debt that is issued by the Debtors to fund obligations to wildfire claimants, subrogation claimants, and/or the Debtors&#8217; initial contribution to
            the insurance fund created pursuant to Cal. Gov&#8217;t Code Sec. 3292(b)(3) pursuant to the Plan (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Additional Capital Sources</font>&#8221;).</font></div>
        <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Rights Offering shall be structured such that the Rights must be offered at a price above the applicable Rights Offering Price Threshold.&#160; &#8220;<font style="font-size: 10pt;
              font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Rights Offering Price Threshold</font>&#8221; means (i)&#160;72.5% of the Baseline Share Price (as defined on <font style="font-size: 10pt; font-family: 'Times New
              Roman', Times, serif;"><u>Exhibit B</u></font>) if the Debtors receive between $15 billion and $10 billion in proceeds from the exercise of Rights and Additional Capital Sources; (ii)&#160;70.0% of the Baseline Share Price if the Debtors receive
            less than $10 billion and more than or equal to $5 billion in proceeds from the exercise of Rights and Additional Capital Sources; and (iii)&#160;67.5% of the Baseline Share Price if the Debtors receive less than $5 billion in proceeds from the
            exercise of Rights and Additional Capital Sources.</font></div>
        <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
          </font></div>
        <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
          </font></div>
        <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
          </font></div>
        <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
        </font></div>
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        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">32</font></div>
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      <div style="text-align: left; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;"><font style="font-weight: normal;">CUSIP No. </font></font><font style="font-size: 10pt;
          font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: normal;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">69331C108</font></font>
        <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
          </font></div>
        <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
          </font></div>
        <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The consummation of the Rights Offering will occur pursuant to definitive written agreements consistent with the Plan Term Sheet and approved by Backstop Party, in the sole
            discretion of the Backstop Party, and will be subject to, among other things, (x)&#160;the negotiation, execution and delivery of such definitive agreements for the Rights Offering and the Plan, including, without limitation, all Backstop Commitment
            agreements, purchase agreements, investor rights agreements, registration rights agreements, revised certificates of incorporation and bylaws of Reorganized PG&amp;E (which shall contain customary terms and conditions and customary ownership
            limitations in order to preserve the tax attributes of the Debtors after the Effective Date) and other similar agreements and documentation required to be entered into on the Effective Date under the terms of the Plan (collectively, the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Plan Documents</font>&#8221;), in form and substance satisfactory to the Backstop Party, in its sole discretion, and (y)&#160;receipt of any
            necessary or advisable governmental, contractual, regulatory or other requisite consents or approvals in connection with the Rights Offering and the other transactions contemplated by the Plan.</font></div>
        <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Debtors shall give the Backstop Party, as soon as reasonably practicable, but in no event later than two (2) Business Days, after the entry of the Confirmation Order, by
            overnight mail, email or by electronic facsimile transmission, (i) written notification setting forth (A) the total number of shares of New Common Stock to be offered to Existing Shareholders in the Rights Offering pursuant to the exercise of
            Rights and the expected aggregate cash proceeds to be received by the Debtors therefor, (B) a calculation of the Backstop Price as of the targeted Effective Date,<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
              font-weight: bold;">&#160;</font>and (C) the targeted Effective Date and (ii) a subscription form to be completed by the Backstop Party, or other instructions, to facilitate the Backstop Party&#8217;s subscription for the New Common Stock.</font></div>
        <div style="margin-bottom: 5pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Backstop</u></font>.</font></div>
        <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Subject to the terms and conditions herein and the Plan Term Sheet (including without limitation the payment of fees to the Backstop Party described therein), the Backstop
            Party, solely on behalf of itself hereby, commits to purchase on the Effective Date an amount of New Common Stock at the Backstop Price (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;
              font-style: italic;">Backstop Commitment</font>&#8221;) up to the dollar amounts set forth on <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Exhibit&#160;B</u></font> hereto (the &#8220;<font style="font-size: 10pt;
              font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Backstop Commitment Amount</font>&#8221;). </font></div>
        <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Backstop Party will satisfy its Backstop Commitment by funding its Backstop Commitment obligations in accordance with the terms and subject to the conditions to be set
            forth in the Plan Documents governing the Rights Offering.</font></div>
        <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Debtors agree to pay the Backstop Party the Backstop Commitment Fee and any Backstop Funding Fee as set forth on Exhibit B.&#160; The provisions for the payment of the
            Backstop Commitment Fee, Backstop Funding Fee, and the other provisions provided herein are an integral part of the transactions contemplated by this Backstop Commitment Letter and without these provisions the Backstop Party would not have
            entered into this Backstop Commitment Letter, and the Backstop Commitment Fee and Backstop Funding Fee shall, pursuant to an order approving this Backstop Commitment Letter, constitute allowed administrative expenses of the Debtors&#8217; estate
            under sections 503(b) and 507 of the Bankruptcy Code.</font></div>
        <div style="margin-bottom: 5pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Backstop Party Representations</u></font>.&#160; The Backstop Party hereby represents and
            warrants, solely as to itself, that (a)&#160;it has all limited partnership, corporate or other power and authority necessary to execute, deliver and perform this Backstop Commitment Letter, (b)&#160;the execution, delivery and performance of this
            Backstop Commitment Letter by it has been duly and validly authorized and approved by all necessary limited partnership, corporate or other organizational action by it, (c)&#160;this Backstop Commitment Letter has been duly and validly executed and
            delivered by it and, assuming due execution and delivery by the other parties hereto, constitutes a valid and legally binding obligation of it, enforceable against it in accordance with the terms of this Backstop Commitment Letter, (d)&#160;the
            execution, delivery and performance by the Backstop Party of this Backstop Commitment Letter does not (i)&#160;violate the organizational documents of the Backstop Party or (ii)&#160;violate any applicable law or judgment, (e)&#160;as of the Effective Date,
            its Backstop Commitment will be less than the maximum amount that it or any of its affiliates that may provide the Backstop Commitment is permitted to invest in any one portfolio investment pursuant to the terms of its constituent documents or
            otherwise, and (f)&#160;it will have, in the aggregate, as of the Effective Date, available funds at least in the sum of its Backstop Commitment hereunder.</font></div>
        <div style="margin-bottom: 5pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
          </font></div>
        <div style="margin-bottom: 5pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
          </font></div>
        <div style="margin-bottom: 5pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
          </font></div>
      </div>
      <div style="text-align: left; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
        </font></div>
      <div style="text-align: left; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> </font></div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">33</font></div>
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      <div style="text-align: left; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;"><font style="font-weight: normal;">CUSIP No. </font></font><font style="font-size: 10pt;
          font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: normal;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">69331C108</font></font>
        <div style="margin-bottom: 5pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
          </font></div>
        <div style="margin-bottom: 5pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
          </font></div>
        <div style="margin-bottom: 5pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Conditions to Backstop Party Commitment</u></font>.&#160; The agreements and obligations of the
            Backstop Party pursuant to this Backstop Commitment Letter, including its Backstop Commitment, are further expressly conditioned upon and subject to the satisfaction or written waiver by the Backstop Party, in its sole discretion, at or prior
            to the Effective Date of each of the following conditions:</font></div>
        <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Debtors shall have received valid and enforceable additional Backstop Commitments from Existing Shareholders on the same terms and conditions as set forth in this
            Backstop Commitment Letter that in the aggregate result in total backstop commitments equal to the size of the Rights Offering less the total amount of Additional Capital Sources;</font></div>
        <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Backstop Party shall have completed, and be satisfied with the results of, diligence regarding the Debtors rate base and capital structure;</font></div>
        <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the satisfaction of the other conditions set forth in the Plan Term Sheet and, other than the funding of the Rights Offering, the satisfaction of all of the other conditions
            to the Effective Date provided for in the Plan and the Plan Documents;</font></div>
        <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">all of the covenants and obligations that the Debtors are required to comply with or to perform pursuant to the Plan Documents at or prior to the Effective Date shall have
            been complied with and performed in all material respects, including the payment by the Debtors of all fees contemplated therein;</font></div>
        <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">e.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Plan Documents shall have been executed and delivered by each of the parties thereto in forms approved by the Backstop Party;</font></div>
        <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">f.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Bankruptcy Court shall have entered the Confirmation Order, such Confirmation Order shall be a final order, and such Confirmation Order shall authorize and approve the
            transactions contemplated herein and in the Plan Term Sheet and all other consideration and fees contemplated herein and in the Plan Term Sheet;</font></div>
        <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">g.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">no result, occurrence, fact, change, event, effect, violation, inaccuracy, or circumstance (whether or not constituting a breach of a representation, warranty or covenant
            set forth in the Plan or any Plan Document) that, individually or in the aggregate with any such other results, occurrences, facts, changes, events, effects, violations, inaccuracies, or circumstances, (i)&#160;would have or would reasonably be
            expected to have a material adverse effect on the business, operations, assets, liabilities, capitalization, financial performance, condition (financial or otherwise) or results of operations, in each case, of the Debtors as a whole, or
            (ii)&#160;would reasonably be expected to prevent or materially impair or delay the ability of the Debtors, the Backstop Party or the applicable parties thereto or referred to therein to consummate the transactions contemplated by this Backstop
            Commitment Letter, the Plan Term Sheet, the Plan or the other Plan Documents or perform their obligations hereunder or thereunder (each a &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;
              font-style: italic;">Material Adverse Effect</font>&#8221;) shall have occurred; <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">provided</font>, <font style="font-size: 10pt; font-family: 'Times
              New Roman', Times, serif; font-style: italic;">however</font>, that the filing of the Chapter&#160;11 Cases, and the fact that the Debtors are operating in bankruptcy and the effects reasonably expected to result therefrom, shall not constitute a
            Material Adverse Effect;</font></div>
        <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">h.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Debtors shall have each operated its business in the ordinary course of business and consistent with its historical practices, other than any deviations from operations
            in the ordinary course of business pursuant to an order issued by the Bankruptcy Court; and</font></div>
        <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Debtors shall have maintained and held in good standing all of their operating licenses, certificates and other regulatory authorizations and approvals necessary to
            operate the Utility&#8217;s business with no pending revocations of any such license, certificate, approval or authorization or open proceedings contemplating such revocation.</font></div>
        <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
          </font></div>
        <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
          </font></div>
        <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
          </font></div>
        <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
          </font></div>
        <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
          </font></div>
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          <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">34</font></div>
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      </div>
      <div style="text-align: left; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;"><font style="font-weight: normal;">CUSIP No. </font></font><font style="font-size: 10pt;
          font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: normal;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">69331C108</font></font>
        <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
          </font></div>
        <div style="margin-bottom: 5pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
          </font></div>
        <div style="margin-bottom: 5pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Termination</u></font>.&#160; The Backstop Party may terminate this Backstop Commitment Letter,
            solely as to itself, by written notice to the general counsel of the Debtors, on or after the occurrence of any of the following:</font></div>
        <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Backstop Party has not approved, in its sole discretion, the Plan Term Sheet;</font></div>
        <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">if, at any time after the execution of this Backstop Commitment Letter by the Debtors, the Debtors shall not have valid and enforceable Backstop Commitments from Existing
            Shareholders on the same terms and conditions as set forth in this Backstop Commitment Letter that in the aggregate result in total backstop commitments equal to the size of the Rights Offering less the total amount of Additional Capital
            Sources;</font></div>
        <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Plan, on terms and conditions consistent with the Plan Term Sheet, and the Disclosure Statement shall not have been filed on or before the later of (i)&#160;August 31, 2019
            or (ii) if the Debtors have executed this Backstop Commitment Letter prior to August 31, 2019, September 30, 2019;</font></div>
        <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Plan or any Plan Document filed with the Bankruptcy Court at any time is inconsistent with the Plan Term Sheet or not approved by the Backstop Party;</font></div>
        <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">e.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Confirmation Order, in form and substance reasonably acceptable to the Backstop Party, has not been entered by the Bankruptcy Court on or before June 30, 2020;</font></div>
        <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">f.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Effective Date shall not have occurred on or before 60 days after entry of the Confirmation Order;</font></div>
        <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">g.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the failure of any condition set forth in Section 4 that has not been waived by the Backstop Party;</font></div>
        <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">h.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the occurrence of any material postpetition fires in the Debtors&#8217; service area;</font></div>
        <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the occurrence of a Material Adverse Effect;</font></div>
        <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">j.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the failure of either of the Debtors to operate their business in the ordinary course of business and consistent with their historical practices;</font></div>
        <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">k.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">there is in effect an order (whether permanent or preliminary) of a governmental authority of competent jurisdiction restraining, enjoining or otherwise prohibiting the
            consummation of any of the transactions contemplated by the Plan Term Sheet or the Plan, or any law, statute, rule, regulation or ordinance is adopted that makes consummation of the transactions contemplated by the Plan Term Sheet or the Plan
            illegal or otherwise prohibited; or</font></div>
        <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">l.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the occurrence or discovery of any state of facts, change, event, development, circumstance or condition that causes any of the conditions precedent set forth in the Plan
            Term Sheet, the Plan or the Plan Documents to not be capable of being satisfied.</font></div>
        <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Upon termination of this Backstop Commitment Letter by the Backstop Party (such terminating
            Backstop Party, a &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Terminating Backstop Party</font>&#8221;) pursuant to any of <font style="font-size: 10pt; font-family: 'Times New
              Roman', Times, serif;"><u>Section 5(a)</u></font> through <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>(l)</u></font>, this Backstop Commitment Letter shall be void and of no further force or effect solely
            with respect to such Terminating Backstop Party, such Terminating Backstop Party shall be released from its Backstop Commitments, undertakings and agreements under or related to this Backstop Commitment Letter, including its Backstop
            Commitment, except as explicitly provided herein and there shall be no liability or obligation on the party of such Terminating Backstop Party hereunder, except as expressly provided herein.</font></div>
        <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">This Backstop Commitment Letter shall automatically terminate in the event that the Debtors
            have not returned a counter-signed copy of this Backstop Commitment Letter agreeing to its terms on or before August 31, 2019.</font></div>
        <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
          </font></div>
        <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
          </font></div>
        <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
          </font></div>
        <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
          </font></div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">35</font></div>
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        </div>
        <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;"><font style="font-weight: normal;">CUSIP No. </font></font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: normal;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">69331C108</font></font></div>
        <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
          </font></div>
        <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
        </font>
        <div style="margin-bottom: 5pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">6.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Assignment</u></font>.&#160; This Backstop Commitment Letter (a)&#160;is not assignable by the Backstop
            Party, and any purported assignment shall be null and void <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">ab initio</font>; <font style="font-size: 10pt; font-family: 'Times New Roman', Times,
              serif; font-style: italic;">provided</font>, <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">however</font>, Backstop Party may assign its Backstop Commitment, in whole or in part, to (i)
            another Backstop Party, (ii) an affiliate of the Backstop Party or (iii) an investment fund or separately managed account the primary investment advisor or sub advisor to which is a Backstop Party or an affiliate thereof, to the extent such
            assignee Backstop Party agrees in writing to assume all obligations hereunder of such Backstop Party in connection with such Backstop Commitment, and (b)&#160;is intended to be solely for the benefit of the parties hereto and is not intended to
            confer any benefits upon, or create any rights in favor of, any person or entity other than the parties hereto.&#160; Notwithstanding the foregoing, a Backstop Party may assign all or any portion of its obligations hereunder to a &#8220;qualified
            institutional buyer&#8221; (as defined in Rule&#160;144A under the Securities Act of 1933, as amended), without the consent of any party, <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">provided</font>, <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">however</font>, that such assignee shall not own, on a pro forma basis, more than the amount of common stock of PG&amp;E that would limit the Debtors&#8217;
            ability to utilize their net operating losses.</font></div>
        <div style="margin-bottom: 5pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Entire Agreement</u></font>.&#160; This Backstop Commitment Letter, including all exhibits and
            schedules hereto, constitutes the entire understanding among the parties hereto with respect to the subject matter hereof and replaces and supersedes all prior agreements and understandings, both written and oral, between the parties hereto
            with respect to the subject matter hereof and shall become effective and binding upon the mutual exchange of fully executed counterparts by each of the parties hereto.</font></div>
        <div style="margin-bottom: 5pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">8.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Governing Law; Consent to Jurisdiction; Waiver of Jury Trial</u></font>.&#160; This Backstop
            Commitment Letter shall be governed by, and construed in accordance with, the internal laws of the State of New York, without giving effect to the principles of conflict of laws that would require the application of the law of any other
            jurisdiction.&#160; By its execution and delivery of this Backstop Commitment Letter, each of the parties hereto irrevocably and unconditionally agrees for itself that any legal action, suit or proceeding against it with respect to any matter under
            or arising out of or in connection with this Backstop Commitment Letter or for recognition or enforcement of any judgment rendered in any such action, suit or proceeding, may be brought in the Bankruptcy Court.&#160; By execution and delivery of
            this Backstop Commitment Letter, each of the parties hereto irrevocably accepts and submits itself to the exclusive jurisdiction of the Bankruptcy Court with respect to any such action, suit or proceeding.&#160; EACH PARTY HERETO UNCONDITIONALLY
            WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING REFERRED TO ABOVE.</font></div>
        <div style="margin-bottom: 5pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">9.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Amendment; Waiver; Counterparts</u></font>.&#160; This Backstop Commitment Letter may not be
            amended or waived except in writing signed by the Backstop Party hereto, and confirmed in writing by the Company.&#160; This Backstop Commitment Letter may be executed in any number of counterparts, each of which will be an original, and all of
            which, when taken together, will constitute one agreement.&#160; Delivery of an executed counterpart of this Backstop Commitment Letter by e-mail or portable document format (PDF) will be effective as delivery of a manually executed counterpart of
            this Backstop Commitment Letter.</font></div>
        <div style="margin-bottom: 5pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">10.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Notices</u></font>.&#160; All notices required or permitted to be given under this Backstop
            Commitment Letter, unless otherwise stated herein, shall be given at the addresses specified below, or at such other address or addresses as a party may designate for itself in writing:</font></div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If to the Backstop Party, to the name and address located on the Backstop
            Party&#8217;s signature page to this Backstop Commitment Letter.</font></div>
        <div style="line-height: 12.55pt; margin-bottom: 5pt;"><br style="line-height: 12.55pt;">
        </div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If to the Debtors:</font></div>
        <div style="text-align: justify; margin-left: 144pt; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">PG&amp;E Corporation</font></div>
        <div style="text-align: justify; margin-left: 144pt; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">77 Beale Street</font></div>
        <div style="text-align: justify; margin-left: 144pt; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">P.O. Box 770000</font></div>
        <div style="text-align: justify; margin-left: 144pt; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">San Francisco, California 94177</font></div>
        <div style="text-align: justify; margin-left: 144pt; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Attention: Mr. John Simon, General Counsel</font></div>
        <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
        </div>
        <div style="text-align: justify; margin-left: 144pt; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">with a copy to:</font></div>
        <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
        </div>
        <div style="text-align: justify; margin-left: 144pt; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Weil, Gotshal &amp; Manges LLP</font></div>
        <div style="text-align: justify; margin-left: 144pt; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">767 Fifth Avenue</font></div>
        <div style="text-align: justify; margin-left: 144pt; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">New York, New York&#160; 10153</font></div>
        <div style="text-align: justify; margin-left: 144pt; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Attention:&#160; Stephen Karotkin</font></div>
        <div style="line-height: 12.55pt; margin-bottom: 5pt;"><br style="line-height: 12.55pt;">
        </div>
        <div style="line-height: 12.55pt; margin-bottom: 5pt;"><br style="line-height: 12.55pt;">
        </div>
        <div style="line-height: 12.55pt; margin-bottom: 5pt;"><br style="line-height: 12.55pt;">
        </div>
        <div style="line-height: 12.55pt; margin-bottom: 5pt;"><br style="line-height: 12.55pt;">
        </div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">36</font></div>
          <div style="page-break-after: always;" id="DSPFPageBreak">
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        </div>
        <div style="line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;"><font style="font-weight: normal;">CUSIP No. </font></font><font style="font-size: 10pt;
            font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: normal;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">69331C108</font></font></div>
        <div style="line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: normal;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"> <br>
            </font></font></div>
        <div style="line-height: 12.55pt; margin-bottom: 5pt;"><br style="line-height: 12.55pt;">
        </div>
        <div style="margin-bottom: 5pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">11.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>No Liability</u></font>.&#160; Notwithstanding anything that may be expressed or implied in this
            Backstop Commitment Letter, each party hereto acknowledges and agrees that no person other than the Backstop Party (and it permitted assigns) shall have any obligation hereunder (subject to the limitations provided herein) or in connection with
            the transactions contemplated hereby and that (a)&#160;notwithstanding that any Backstop Party may be a partnership, limited partnership or limited liability company, no recourse (whether at law, in equity, in contract, in tort or otherwise)
            hereunder or under any document or instrument delivered in connection herewith, or in respect of any oral representations made or alleged to be made in connection herewith or therewith, shall be had against any former, current or future direct
            or indirect equity holder, controlling person, general or limited partner, shareholder, member, investment manager or adviser, manager, director, officer, employee, agent, affiliate, assignee, representative or financing source of any of the
            foregoing) (any such person or entity, other than such Backstop Party, a &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Related Party</font>&#8221;) or any Related Party of any
            such Related Party, including, without limitation, any liabilities arising under, or in connection with, the Plan Term Sheet, the Plan or this Backstop Commitment Letter and the transactions contemplated thereby and hereby, or in respect of any
            oral representations made or alleged to be made in connection therewith or herewith), whether by the enforcement of any judgment or assessment or by any legal or equitable proceeding, or by virtue of any statute, regulation or other applicable
            law and (b)&#160;no personal liability whatsoever will attach to, be imposed on or otherwise be incurred by any Related Party of the Backstop Party or any Related Party of any such Related Party under this Backstop Commitment Letter or any document
            or instrument delivered in connection herewith or with the Plan Term Sheet or the Plan (or in respect of any oral representation made or alleged to be made in connection herewith or therewith) or for any action (whether at law, in equity, in
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            Commitment Letter, to pay any money or other consideration, or exchange any claims whatsoever, which are owing from, or to be transferred from or by, any other party pursuant to the terms of another Backstop Commitment Letter or other
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        </div>
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                  <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Notice Information:</font></div>
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                    <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Alison Bomberg</font></div>
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          <div style="line-height: 12.55pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-style: italic; font-weight: bold; text-align: right;">EXECUTION VERSION</div>
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        <div style="text-align: center; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Exhibit A</font></div>
        <div style="text-align: center; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Mandatory Preferred Stock Term Sheet</font></div>
        <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
        </div>
        <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
        </div>
        <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
        </div>
        <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
        </div>
        <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
        </div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">40</font></div>
          <div id="DSPFPageBreak" style="page-break-after:always;">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        </div>
        <div style="line-height: 12.55pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;"><font style="font-weight: normal;">CUSIP No. </font></font><font style="font-size: 10pt; font-family:
            &quot;Times New Roman&quot;,Times,serif; font-weight: normal;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">69331C108</font></font></div>
        <div style="text-align: center; line-height: 11.4pt; margin-top: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Term Sheet for<font style="font-size: 10pt; font-family: 'Times New Roman',
              Times, serif;"><br>
            </font>5.00% Mandatory Convertible Preferred Stock</font></div>
        <div style="text-align: left; line-height: 13.7pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
        <div style="text-align: left; line-height: 9.1pt;">
          <table cellspacing="0" cellpadding="0" id="ze62882fa045d48aa81b5f475c0907991" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 37%; vertical-align: middle;">&#160;</td>
                <td style="width: 2%; vertical-align: bottom;">&#160;</td>
                <td style="width: 61%; vertical-align: middle;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 37%; vertical-align: top;">
                  <div style="text-align: left; text-indent: -12pt; margin-left: 12pt; line-height: 11.4pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Issuer:</div>
                </td>
                <td style="width: 2%; vertical-align: bottom;">
                  <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;</font></div>
                </td>
                <td style="width: 61%; vertical-align: top;">
                  <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">PG&amp;E Corporation (&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
                        font-weight: bold; font-style: italic;">PG&amp;E</font>&#8221;)</font></div>
                </td>
              </tr>
              <tr>
                <td style="width: 37%; vertical-align: middle;">&#160;</td>
                <td style="width: 63%; vertical-align: middle;" colspan="2">&#160;</td>
              </tr>
              <tr>
                <td style="width: 37%; vertical-align: top;">
                  <div style="text-align: left; text-indent: -12pt; margin-left: 12pt; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Title of Securities:</font></div>
                </td>
                <td style="width: 2%; vertical-align: bottom;">
                  <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;</font></div>
                </td>
                <td style="width: 61%; vertical-align: top;">
                  <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5.00% Mandatory Convertible Preferred Stock of PG&amp;E (the &#8220;<font style="font-size: 10pt; font-family:
                        'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Mandatory Convertible Preferred Stock</font>&#8221;)</font></div>
                </td>
              </tr>
              <tr>
                <td style="width: 37%; vertical-align: middle;">&#160;</td>
                <td style="width: 63%; vertical-align: middle;" colspan="2">&#160;</td>
              </tr>
              <tr>
                <td style="width: 37%; vertical-align: top;">
                  <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Shares of Mandatory Convertible Preferred Stock Offered by PG&amp;E:</font></div>
                </td>
                <td style="width: 2%; vertical-align: bottom;">
                  <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;</font></div>
                </td>
                <td style="width: 61%; vertical-align: bottom;">
                  <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Up to [&#9679;]&#160;shares</font></div>
                </td>
              </tr>
              <tr>
                <td style="width: 37%; vertical-align: middle;">&#160;</td>
                <td style="width: 63%; vertical-align: middle;" colspan="2">&#160;</td>
              </tr>
              <tr>
                <td style="width: 37%; vertical-align: middle;">&#160;</td>
                <td style="width: 63%; vertical-align: middle;" colspan="2">&#160;</td>
              </tr>
              <tr>
                <td style="width: 37%; vertical-align: top;">
                  <div style="text-align: left; text-indent: -12pt; margin-left: 12pt; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Offering Price:</font></div>
                  <div style="line-height: 11.4pt;"><font style="line-height: 11.4pt;">&#160;</font></div>
                  <div style="text-align: left; text-indent: -12pt; margin-left: 12pt; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Issue Date:</font></div>
                </td>
                <td style="width: 2%; vertical-align: bottom;">&#160;</td>
                <td style="width: 61%; vertical-align: top;">
                  <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$1,000 per share of the Mandatory Convertible Preferred Stock</font></div>
                  <div style="line-height: 11.4pt;"><font style="line-height: 11.4pt;">&#160;</font></div>
                  <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Effective Date of the Plan</font></div>
                </td>
              </tr>
              <tr>
                <td style="width: 37%; vertical-align: middle;">&#160;</td>
                <td style="width: 63%; vertical-align: middle;" colspan="2">&#160;</td>
              </tr>
              <tr>
                <td style="width: 37%; vertical-align: middle;">&#160;</td>
                <td style="width: 2%; vertical-align: bottom;">&#160;</td>
                <td style="width: 61%; vertical-align: middle;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 37%; vertical-align: top;">
                  <div style="text-align: left; text-indent: -12pt; margin-left: 12pt; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Liquidation Preference:</font></div>
                </td>
                <td style="width: 2%; vertical-align: bottom;">
                  <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;</font></div>
                </td>
                <td style="width: 61%; vertical-align: bottom;">
                  <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$1,000 per share</font></div>
                </td>
              </tr>
              <tr>
                <td style="width: 37%; vertical-align: middle;">&#160;</td>
                <td style="width: 63%; vertical-align: middle;" colspan="2">&#160;</td>
              </tr>
              <tr>
                <td style="width: 37%; vertical-align: top;">
                  <div style="text-align: left; text-indent: -12pt; margin-left: 12pt; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Dividends:</font></div>
                </td>
                <td style="width: 2%; vertical-align: bottom;">
                  <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;</font></div>
                </td>
                <td style="width: 61%; vertical-align: bottom;">
                  <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5.00% of the Liquidation Preference of $1,000 per share of the Mandatory Convertible Preferred Stock per year
                      (equivalent to $50 per annum per share), when, as and if declared by PG&amp;E&#8217;s board of directors or an authorized committee thereof, payable in cash or, by delivery of additional shares of Mandatory Convertible Preferred Stock or
                      any combination of cash and shares of Mandatory Convertible Preferred Stock, as determined by PG&amp;E in its sole discretion</font></div>
                  <div style="text-align: left; line-height: 13.7pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
                </td>
              </tr>
              <tr>
                <td style="width: 37%; vertical-align: middle;">&#160;</td>
                <td style="width: 63%; vertical-align: middle;" colspan="2">&#160;</td>
              </tr>
              <tr>
                <td style="width: 37%; vertical-align: top;">
                  <div style="text-align: left; text-indent: -12pt; margin-left: 12pt; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Floor Price:</font></div>
                </td>
                <td style="width: 2%; vertical-align: bottom;">
                  <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;</font></div>
                </td>
                <td style="width: 61%; vertical-align: bottom;">
                  <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">95% of the Initial Price, subject to standard ant-dilution adjustments</font></div>
                </td>
              </tr>
              <tr>
                <td style="width: 37%; vertical-align: middle;">&#160;</td>
                <td style="width: 63%; vertical-align: middle;" colspan="2">&#160;</td>
              </tr>
              <tr>
                <td style="width: 37%; vertical-align: top;">
                  <div style="text-align: left; text-indent: -12pt; margin-left: 12pt; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Dividend Payment Dates:</font></div>
                </td>
                <td style="width: 2%; vertical-align: bottom;">
                  <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;</font></div>
                </td>
                <td style="width: 61%; vertical-align: bottom;">
                  <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If declared, January&#160;1, April&#160;1, July&#160;1 and October&#160;1 of each year, commencing on (TBD)</font></div>
                </td>
              </tr>
              <tr>
                <td style="width: 37%; vertical-align: middle;">&#160;</td>
                <td style="width: 63%; vertical-align: middle;" colspan="2">&#160;</td>
              </tr>
              <tr>
                <td style="width: 37%; vertical-align: top;">
                  <div style="text-align: left; text-indent: -12pt; margin-left: 12pt; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Dividend Record Dates:</font></div>
                </td>
                <td style="width: 2%; vertical-align: bottom;">
                  <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;</font></div>
                </td>
                <td style="width: 61%; vertical-align: bottom;">
                  <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The March&#160;15, June&#160;15, September&#160;15 and December&#160;15 immediately preceding the next dividend payment date</font></div>
                </td>
              </tr>
              <tr>
                <td style="width: 37%; vertical-align: middle;">&#160;</td>
                <td style="width: 63%; vertical-align: middle;" colspan="2">&#160;</td>
              </tr>
              <tr>
                <td style="width: 37%; vertical-align: top;">
                  <div style="text-align: left; text-indent: -12pt; margin-left: 12pt; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Redemption:</font></div>
                </td>
                <td style="width: 2%; vertical-align: bottom;">
                  <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;</font></div>
                </td>
                <td style="width: 61%; vertical-align: bottom;">
                  <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Mandatory Convertible Preferred Stock will not be redeemable</font></div>
                </td>
              </tr>
              <tr>
                <td style="width: 37%; vertical-align: middle;">&#160;</td>
                <td style="width: 63%; vertical-align: middle;" colspan="2">&#160;</td>
              </tr>
              <tr>
                <td style="width: 37%; vertical-align: top;">
                  <div style="text-align: left; text-indent: -12pt; margin-left: 12pt; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Initial Price:</font></div>
                </td>
                <td style="width: 2%; vertical-align: bottom;">
                  <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;</font></div>
                </td>
                <td style="width: 61%; vertical-align: bottom;">
                  <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">80% of the Baseline Share Price (as defined in Exhibit B)</font></div>
                </td>
              </tr>
              <tr>
                <td style="width: 37%; vertical-align: middle;">&#160;</td>
                <td style="width: 63%; vertical-align: middle;" colspan="2">&#160;</td>
              </tr>
              <tr>
                <td style="width: 37%; vertical-align: top;">
                  <div style="text-align: left; text-indent: -12pt; margin-left: 12pt; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Threshold Appreciation Price:</font></div>
                </td>
                <td style="width: 2%; vertical-align: bottom;">
                  <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;</font></div>
                </td>
                <td style="width: 61%; vertical-align: bottom;">
                  <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">110% of the Initial Price, subject to standard ant-dilution adjustments</font></div>
                </td>
              </tr>
              <tr>
                <td style="width: 37%; vertical-align: middle;">&#160;</td>
                <td style="width: 63%; vertical-align: middle;" colspan="2">&#160;</td>
              </tr>
              <tr>
                <td style="width: 37%; vertical-align: top;">
                  <div style="text-align: left; text-indent: -12pt; margin-left: 12pt; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Mandatory Conversion Date:</font></div>
                </td>
                <td style="width: 2%; vertical-align: bottom;">
                  <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;</font></div>
                </td>
                <td style="width: 61%; vertical-align: bottom;">
                  <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1/8<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> of the Mandatory Convertible Preferred Stock will convert into PG&amp;E Common Stock 90,
                      180, 270, 360, 450, 540, 630, and 720 days from Issue Date</font></div>
                  <div style="line-height: 11.4pt;"><font style="line-height: 11.4pt;">&#160;</font></div>
                </td>
              </tr>
              <tr>
                <td style="width: 37%; vertical-align: middle;">&#160;</td>
                <td style="width: 2%; vertical-align: bottom;">&#160;</td>
                <td style="width: 61%; vertical-align: middle;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 37%; vertical-align: top;">
                  <div style="text-align: left; text-indent: -12pt; margin-left: 12pt; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Conversion Rate:</font></div>
                </td>
                <td style="width: 2%; vertical-align: bottom;">
                  <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;</font></div>
                </td>
                <td style="width: 61%; vertical-align: bottom;">
                  <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Upon conversion on the Mandatory Conversion Date, the conversion rate for each share of the Mandatory
                      Convertible Preferred Stock will be not more than [&#9679;] shares of Common Stock (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Maximum Conversion Rate</font>&#8221;)
                      and not less than [&#9679;] shares of Common Stock (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Minimum Conversion Rate</font>&#8221;), depending on the Applicable
                      Market Value of the Common Stock subject to standard anti-dilution adjustments.&#160; The following table illustrates the conversion rate per share of the Mandatory Convertible Preferred Stock:</font></div>
                </td>
              </tr>

          </table>
          <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
        <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
        </div>
        <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
        </div>
        <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
        </div>
        <div style="line-height: 12.55pt;"><br>
          <div><br>
          </div>
          <br style="line-height: 12.55pt;">
        </div>
        <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
        </div>
        <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
        </div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">41</font></div>
          <div style="page-break-after: always;" id="DSPFPageBreak">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <div style="line-height: 12.55pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;"><font style="font-weight: normal;">CUSIP No. </font></font><font style="font-size: 10pt; font-family:
            &quot;Times New Roman&quot;,Times,serif; font-weight: normal;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">69331C108</font></font></div>
        <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
        </div>
        <div style="line-height: 12.55pt;">
          <table cellspacing="0" cellpadding="0" id="zd10e16bbfef54101af3308a476b040da" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 39.31%; vertical-align: top;" colspan="3">&#160;</td>
                <td style="width: 29.74%; vertical-align: middle;">&#160;</td>
                <td style="width: 2.44%; vertical-align: bottom;">&#160;</td>
                <td style="width: 28.51%; vertical-align: middle;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 39.31%; vertical-align: top;" colspan="3">&#160;</td>
                <td style="width: 29.74%; vertical-align: middle;">&#160;</td>
                <td style="width: 30.95%; vertical-align: middle;" colspan="2">&#160;</td>
              </tr>
              <tr>
                <td style="width: 39.31%; vertical-align: top; padding-bottom: 2px;" colspan="3">&#160;</td>
                <td style="width: 29.74%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="text-align: center; line-height: 9.1pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Applicable Market Value of</div>
                  <div style="text-align: center; line-height: 9.1pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">the Common Stock</font></div>
                </td>
                <td style="width: 2.44%; vertical-align: bottom; padding-bottom: 2px;">
                  <div style="text-align: left; line-height: 9.1pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;</font></div>
                </td>
                <td style="width: 28.51%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="text-align: center; line-height: 9.1pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Conversion rate (number of shares of Common Stock to be received upon<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                      </font>conversion of each share of the Mandatory Convertible Preferred Stock)</font></div>
                </td>
              </tr>
              <tr>
                <td style="width: 39.31%; vertical-align: top;" colspan="3">&#160;</td>
                <td style="width: 29.74%; vertical-align: middle;">&#160;</td>
                <td style="width: 30.95%; vertical-align: middle;" colspan="2">&#160;</td>
              </tr>
              <tr>
                <td style="width: 39.31%; vertical-align: top;" colspan="3">&#160;</td>
                <td style="width: 29.74%; vertical-align: top;">
                  <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Greater than 110% of the Initial Price (which is the Threshold Appreciation Price)</font></div>
                </td>
                <td style="width: 2.44%; vertical-align: bottom;">
                  <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;</font></div>
                </td>
                <td style="width: 28.51%; vertical-align: bottom;">
                  <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[&#9679;] shares (approximately equal to $1,000 divided by the Threshold Appreciation Price)</font></div>
                </td>
              </tr>
              <tr>
                <td style="width: 39.31%; vertical-align: top;" colspan="3">&#160;</td>
                <td style="width: 29.74%; vertical-align: middle;">&#160;</td>
                <td style="width: 30.95%; vertical-align: middle;" colspan="2">&#160;</td>
              </tr>
              <tr>
                <td style="width: 39.31%; vertical-align: top;" colspan="3">&#160;</td>
                <td style="width: 29.74%; vertical-align: top;">
                  <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Equal to or less than the Threshold Appreciation Price but greater than or equal to the Floor Price</font></div>
                </td>
                <td style="width: 2.44%; vertical-align: bottom;">
                  <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;</font></div>
                </td>
                <td style="width: 28.51%; vertical-align: bottom;">
                  <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Between [&#9679;] and [&#9679;] shares, determined by dividing $1,000 by the applicable market value of the Common Stock</font></div>
                </td>
              </tr>
              <tr>
                <td style="width: 39.31%; vertical-align: top;" colspan="3">&#160;</td>
                <td style="width: 29.74%; vertical-align: middle;">&#160;</td>
                <td style="width: 30.95%; vertical-align: middle;" colspan="2">&#160;</td>
              </tr>
              <tr>
                <td style="width: 39.31%; vertical-align: top;" colspan="3">&#160;</td>
                <td style="width: 29.74%; vertical-align: top;">
                  <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Less than 95% of the Initial Price (which is the Floor Price)</font></div>
                </td>
                <td style="width: 2.44%; vertical-align: bottom;">
                  <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;</font></div>
                </td>
                <td style="width: 28.51%; vertical-align: bottom;">
                  <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[&#9679;] shares (approximately equal to $1,000 divided by the Floor Price)</font></div>
                </td>
              </tr>
              <tr>
                <td style="width: 37%; vertical-align: middle;">&#160;</td>
                <td style="width: 2%; vertical-align: bottom;">&#160;</td>
                <td style="width: 61%; vertical-align: middle;" colspan="4">&#160;</td>
              </tr>
              <tr>
                <td style="width: 37%; vertical-align: middle;">&#160;</td>
                <td style="width: 63%; vertical-align: middle;" colspan="5">&#160;</td>
              </tr>
              <tr>
                <td style="width: 37%; vertical-align: top;">
                  <div style="text-align: left; text-indent: -12pt; margin-left: 12pt; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Applicable Market Value:</font></div>
                  <div style="line-height: 11.4pt;"><font style="line-height: 11.4pt;">&#160;</font></div>
                  <div style="line-height: 11.4pt;"><font style="line-height: 11.4pt;">&#160;</font></div>
                  <div style="text-align: left; text-indent: -12pt; margin-left: 12pt; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Conversion at the Option of the Holder:</font></div>
                </td>
                <td style="width: 2%; vertical-align: bottom;">
                  <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;</font></div>
                </td>
                <td style="width: 61%; vertical-align: bottom;" colspan="4">
                  <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;
                        font-style: italic;">Applicable Market Value</font>&#8221; shall be the 10-trading day VWAP immediately preceding the applicable Mandatory Conversion Date</font></div>
                  <div style="line-height: 11.4pt;"><font style="line-height: 11.4pt;">&#160;</font></div>
                  <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">At any time prior to final Mandatory Conversion Date, holders of the Mandatory Convertible Preferred Stock
                      have the option to elect to convert their shares of the Mandatory Convertible Preferred Stock in whole or in part (but in no event less than one share of the Mandatory Convertible Preferred Stock), into shares of Common Stock at the
                      Minimum Conversion Rate of shares of Common Stock per share of the Mandatory Convertible Preferred. This Minimum Conversion Rate is subject to certain anti-dilution adjustments</font></div>
                </td>
              </tr>

          </table>
        </div>
        <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
        </div>
        <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
        </div>
        <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
        </div>
        <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
        </div>
        <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
        </div>
        <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
        </div>
        <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
        </div>
        <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
        </div>
        <div style="line-height: 12.55pt; text-align: left;"><br style="line-height: 12.55pt;">
        </div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">42</font></div>
          <div id="DSPFPageBreak" style="page-break-after:always;">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        </div>
        <div style="text-align: left; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;"><font style="font-weight: normal;">CUSIP No. </font></font><font style="font-size: 10pt;
            font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: normal;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">69331C108</font></font></div>
        <div style="text-align: left; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;"> <br>
          </font></div>
        <div style="text-align: center; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Exhibit B</font></div>
        <div style="text-align: center; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Backstop Terms</font></div>
        <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
        </div>
        <table cellspacing="0" cellpadding="0" id="z595ab3fa86a147d68dbc36d2419b9545" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 42.48%; vertical-align: top; border-bottom: #000000 2px solid;">
                <div style="text-align: center; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Backstop Party</font></div>
              </td>
              <td style="width: 57.52%; vertical-align: top; border-bottom: #000000 2px solid;">
                <div style="text-align: center; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Backstop Commitment Amount</font></div>
                <div style="line-height: 12.55pt;"><font style="line-height: 12.55pt;">&#160;</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 42.48%; vertical-align: top; border-bottom: #000000 2px solid;">
                <div style="line-height: 12.55pt;"><font style="line-height: 12.55pt;">&#160;</font></div>
                <div style="text-align: center; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Whitecrest Partners, LP</font></div>
                <div style="line-height: 12.55pt;"><font style="line-height: 12.55pt;">&#160;</font></div>
              </td>
              <td style="width: 57.52%; vertical-align: top; border-bottom: #000000 2px solid;">
                <div style="line-height: 12.55pt;"><font style="line-height: 12.55pt;">&#160;</font></div>
                <div style="text-align: center; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$33,740,000.00</font></div>
              </td>
            </tr>

        </table>
        <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
        </div>
        <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
        </div>
        <div style="text-align: left; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Applicable




              Utility Index Multiple</font>&#8221; shall mean the average normalized 2021 estimated price-to-earnings ratio of the U.S. regulated utilities in the S&amp;P 500 Utilities (Sector) Index (after excluding AES, EIX, EXC, NRG, PEG, and PPL) over the
            20-day trading period before Effective Date per Capital IQ Consensus Estimates.</font></div>
        <div style="text-align: left; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> </font><br style="line-height: 12.55pt;">
        </div>
        <div style="text-align: left; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Backstop




              Commitment Fee</font>&#8221; shall mean a commitment fee equal to 1.0% of the total Backstop Commitment Amount as of the date on which the Debtors execute this Backstop Commitment Letter that shall be paid in New Common Stock, which amount shall be
            determined using the Backstop Price.</font></div>
        <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
        </div>
        <div style="text-align: left; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Backstop




              Funding Fee</font>&#8221; shall mean a funding fee of 2.0% of the amount of the Backstop Commitment actually funded by the Backstop Party that shall be paid in New Common Stock, which amount shall be determined using the Backstop Price.</font></div>
        <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
        </div>
        <div style="text-align: left; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Backstop




              Price</font>&#8221; will be calculated on a per share basis as 57.5% of the Baseline Share Price.</font></div>
        <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
        </div>
        <div style="text-align: left; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Baseline




              Share Price</font>&#8221; shall mean the (a) Applicable Utility Index Multiple, <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">multiplied</font> by (b) PG&amp;E 2021E Net Income, <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">divided</font> by (c)&#160;the fully diluted shares outstanding at the Effective Date, including the New Common Stock.</font></div>
        <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
        </div>
        <div style="text-align: left; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">PG&amp;E




              2021E Net Income</font>&#8221; shall mean PG&amp;E&#8217;s forecasted 2021 net income, excluding the impact of restructuring expenses, financing fees, changes in reserves for fire claims, and any other projected amounts that are not normally incurred by
            a utility.</font></div>
        <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
        </div>
        <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
        </div>
        <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
        </div>
      </div>
    </div>
    <div style="line-height: 12.55pt; margin-bottom: 12pt;"><br style="line-height: 12.55pt;">
    </div>
    <div style="line-height: 12.55pt; margin-bottom: 12pt;"><br style="line-height: 12.55pt;">
    </div>
    <div style="line-height: 12.55pt; margin-bottom: 12pt;"><br style="line-height: 12.55pt;">
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">43</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="line-height: 12.55pt; margin-bottom: 12pt; text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;"><font style="font-weight: normal;">CUSIP No. </font></font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: normal;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">69331C108</font></font><br>
      <div style="line-height: 12.55pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-style: normal; font-weight: bold; text-align: right;">Exhibit 99.5</div>
      <div style="line-height: 12.55pt; text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold; font-style: italic;">EXECUTION VERSION</font></div>
    </div>
    <div style="line-height: 12.55pt; margin-bottom: 12pt;">
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">August 7, 2019</font></div>
      <div style="text-align: justify; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">PG&amp;E Corporation</font></div>
      <div style="text-align: justify; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">77 Beale Street</font></div>
      <div style="text-align: justify; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">P.O. Box 770000</font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">San Francisco, California 94177</font></div>
      <div style="text-align: justify; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Re: <font style="font-size: 10pt; font-family: 'Times New Roman', Times,
            serif;"><u>Chapter 11 Plan Backstop Commitment Letter</u></font></font></div>
      <div style="text-align: left; line-height: 12.55pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Ladies and Gentlemen:</font></div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Reference is hereby made to the chapter&#160;11 bankruptcy cases, lead case
          no.&#160;19-30088 (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Chapter&#160;11 Cases</font>&#8221;), currently pending before the United States Bankruptcy Court for the District of
          Northern California (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Bankruptcy Court</font>&#8221;), in which PG&amp;E Corporation (&#8220;<font style="font-size: 10pt; font-family:
            'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">PG&amp;E</font>&#8221; or the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Company</font>&#8221;) and Pacific
          Gas and Electric Company (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Utility</font>&#8221; and together with PG&amp;E, the &#8220;<font style="font-size: 10pt; font-family: 'Times
            New Roman', Times, serif; font-weight: bold; font-style: italic;">Debtors</font>&#8221;) are debtors in possession.&#160; Reference is further made to (i)&#160;a Chapter&#160;11 plan of reorganization (the &#8220;<font style="font-size: 10pt; font-family: 'Times New
            Roman', Times, serif; font-weight: bold; font-style: italic;">Plan</font>&#8221;) to be filed with the Bankruptcy Court to implement the terms and conditions of the reorganization of the Debtors contemplated by a plan term sheet that is approved in
          writing by the undersigned Backstop Party in its sole discretion (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Backstop Party</font>&#8221;) that contemplates that all
          subrogation claims and wildfire claims shall not exceed $16 billion in the aggregate (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Plan Term Sheet</font>&#8221;) and (ii)&#160;a
          disclosure statement that will accompany the Plan (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Disclosure Statement</font>&#8221;).&#160; Capitalized terms used in this backstop
          commitment letter (this &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Backstop Commitment Letter</font>&#8221;) but not otherwise defined shall have the meanings ascribed to them in
          the Plan Term Sheet.</font></div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Plan, among other things, shall provide that PG&amp;E shall distribute
          transferable rights (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Rights</font>&#8221;) to existing holders of PG&amp;E common stock (&#8220;<font style="font-size: 10pt;
            font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Existing Shareholders</font>&#8221;) to purchase shares of common stock (&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight:
            bold; font-style: italic;">New Common Stock</font>&#8221;) issued by Reorganized PG&amp;E on the Effective Date (as defined in the Plan Term Sheet) with cash, for aggregate maximum proceeds to Reorganized PG&amp;E of $15 billion (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Rights Offering</font>&#8221;).</font></div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In order to facilitate the Rights Offering, pursuant to this Backstop
          Commitment Letter, and subject to the terms, conditions and limitations set forth herein and in consideration for the Backstop Commitment Payment, the Backstop Party is willing to purchase, on the Effective Date, an amount of New Common Stock up
          to its Backstop Commitment Amount (as defined herein) at the Backstop Price (as defined herein).</font></div>
      <div style="margin-bottom: 5pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Rights Offering</u></font>.</font></div>
      <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">PG&amp;E shall make the Rights Offering pursuant to the Plan, subject to such terms and conditions as may be included in the documents governing the Rights Offering that are
          acceptable to the Backstop Party in its sole discretion.&#160; The $15 billion aggregate size of the Rights Offering shall be reduced on a dollar-for-dollar basis by the sum of (i) the amount of proceeds in excess of $5 billion that PG&amp;E receives
          from PG&amp;E&#8217;s issuance of debt in connection with the Plan; (ii) the aggregate liquidation preference of preferred stock (&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Mandatory




            Convertible Preferred Stock</font>&#8221;) that is distributed to holders of wildfire claims or subrogation claims, on the terms and conditions set forth on <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Exhibit A</u></font>
          pursuant to the Plan; and (iii)&#160;the principal amount of any other debt that is issued by the Debtors to fund obligations to wildfire claimants, subrogation claimants, and/or the Debtors&#8217; initial contribution to the insurance fund created pursuant
          to Cal. Gov&#8217;t Code Sec. 3292(b)(3) pursuant to the Plan (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Additional Capital Sources</font>&#8221;).</font></div>
      <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Rights Offering shall be structured such that the Rights must be offered at a price above the applicable Rights Offering Price Threshold.&#160; &#8220;<font style="font-size: 10pt;
            font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Rights Offering Price Threshold</font>&#8221; means (i)&#160;72.5% of the Baseline Share Price (as defined on <font style="font-size: 10pt; font-family: 'Times New
            Roman', Times, serif;"><u>Exhibit B</u></font>) if the Debtors receive between $15 billion and $10 billion in proceeds from the exercise of Rights and Additional Capital Sources; (ii)&#160;70.0% of the Baseline Share Price if the Debtors receive
          less than $10 billion and more than or equal to $5 billion in proceeds from the exercise of Rights and Additional Capital Sources; and (iii)&#160;67.5% of the Baseline Share Price if the Debtors receive less than $5 billion in proceeds from the
          exercise of Rights and Additional Capital Sources.</font></div>
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        <div style="line-height: 12.55pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;"><font style="font-weight: normal;">CUSIP No. </font></font><font style="font-size:
            10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: normal;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">69331C108</font></font> </div>
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      <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The consummation of the Rights Offering will occur pursuant to definitive written agreements consistent with the Plan Term Sheet and approved by Backstop Party, in the sole
          discretion of the Backstop Party, and will be subject to, among other things, (x)&#160;the negotiation, execution and delivery of such definitive agreements for the Rights Offering and the Plan, including, without limitation, all Backstop Commitment
          agreements, purchase agreements, investor rights agreements, registration rights agreements, revised certificates of incorporation and bylaws of Reorganized PG&amp;E (which shall contain customary terms and conditions and customary ownership
          limitations in order to preserve the tax attributes of the Debtors after the Effective Date) and other similar agreements and documentation required to be entered into on the Effective Date under the terms of the Plan (collectively, the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Plan Documents</font>&#8221;), in form and substance satisfactory to the Backstop Party, in its sole discretion, and (y)&#160;receipt of any
          necessary or advisable governmental, contractual, regulatory or other requisite consents or approvals in connection with the Rights Offering and the other transactions contemplated by the Plan.</font></div>
      <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Debtors shall give the Backstop Party, as soon as reasonably practicable, but in no event later than two (2) Business Days, after the entry of the Confirmation Order, by
          overnight mail, email or by electronic facsimile transmission, (i) written notification setting forth (A) the total number of shares of New Common Stock to be offered to Existing Shareholders in the Rights Offering pursuant to the exercise of
          Rights and the expected aggregate cash proceeds to be received by the Debtors therefor, (B) a calculation of the Backstop Price as of the targeted Effective Date,<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
            font-weight: bold;">&#160;</font>and (C) the targeted Effective Date and (ii) a subscription form to be completed by the Backstop Party, or other instructions, to facilitate the Backstop Party&#8217;s subscription for the New Common Stock.</font></div>
      <div style="margin-bottom: 5pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Backstop</u></font>.</font></div>
      <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Subject to the terms and conditions herein and the Plan Term Sheet (including without limitation the payment of fees to the Backstop Party described therein), the Backstop
          Party, solely on behalf of itself hereby, commits to purchase on the Effective Date an amount of New Common Stock at the Backstop Price (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;
            font-style: italic;">Backstop Commitment</font>&#8221;) up to the dollar amounts set forth on <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Exhibit&#160;B</u></font> hereto (the &#8220;<font style="font-size: 10pt;
            font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Backstop Commitment Amount</font>&#8221;). </font></div>
      <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Backstop Party will satisfy its Backstop Commitment by funding its Backstop Commitment obligations in accordance with the terms and subject to the conditions to be set
          forth in the Plan Documents governing the Rights Offering.</font></div>
      <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Debtors agree to pay the Backstop Party the Backstop Commitment Fee and any Backstop Funding Fee as set forth on Exhibit B.&#160; The provisions for the payment of the Backstop
          Commitment Fee, Backstop Funding Fee, and the other provisions provided herein are an integral part of the transactions contemplated by this Backstop Commitment Letter and without these provisions the Backstop Party would not have entered into
          this Backstop Commitment Letter, and the Backstop Commitment Fee and Backstop Funding Fee shall, pursuant to an order approving this Backstop Commitment Letter, constitute allowed administrative expenses of the Debtors&#8217; estate under sections
          503(b) and 507 of the Bankruptcy Code.</font></div>
      <div style="margin-bottom: 5pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Backstop Party Representations</u></font>.&#160; The Backstop Party hereby represents and warrants,
          solely as to itself, that (a)&#160;it has all limited partnership, corporate or other power and authority necessary to execute, deliver and perform this Backstop Commitment Letter, (b)&#160;the execution, delivery and performance of this Backstop
          Commitment Letter by it has been duly and validly authorized and approved by all necessary limited partnership, corporate or other organizational action by it, (c)&#160;this Backstop Commitment Letter has been duly and validly executed and delivered
          by it and, assuming due execution and delivery by the other parties hereto, constitutes a valid and legally binding obligation of it, enforceable against it in accordance with the terms of this Backstop Commitment Letter, (d)&#160;the execution,
          delivery and performance by the Backstop Party of this Backstop Commitment Letter does not (i)&#160;violate the organizational documents of the Backstop Party or (ii)&#160;violate any applicable law or judgment, (e)&#160;as of the Effective Date, its Backstop
          Commitment will be less than the maximum amount that it or any of its affiliates that may provide the Backstop Commitment is permitted to invest in any one portfolio investment pursuant to the terms of its constituent documents or otherwise, and
          (f)&#160;it will have, in the aggregate, as of the Effective Date, available funds at least in the sum of its Backstop Commitment hereunder.</font></div>
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        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">45</font></div>
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        <div style="line-height: 12.55pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;"><font style="font-weight: normal;">CUSIP No. </font></font><font style="font-size:
            10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: normal;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">69331C108</font></font> </div>
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      <div style="margin-bottom: 5pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Conditions to Backstop Party Commitment</u></font>.&#160; The agreements and obligations of the
          Backstop Party pursuant to this Backstop Commitment Letter, including its Backstop Commitment, are further expressly conditioned upon and subject to the satisfaction or written waiver by the Backstop Party, in its sole discretion, at or prior to
          the Effective Date of each of the following conditions:</font></div>
      <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Debtors shall have received valid and enforceable additional Backstop Commitments from Existing Shareholders on the same terms and conditions as set forth in this Backstop
          Commitment Letter that in the aggregate result in total backstop commitments equal to the size of the Rights Offering less the total amount of Additional Capital Sources;</font></div>
      <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Backstop Party shall have completed, and be satisfied with the results of, diligence regarding the Debtors rate base and capital structure;</font></div>
      <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the satisfaction of the other conditions set forth in the Plan Term Sheet and, other than the funding of the Rights Offering, the satisfaction of all of the other conditions
          to the Effective Date provided for in the Plan and the Plan Documents;</font></div>
      <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">all of the covenants and obligations that the Debtors are required to comply with or to perform pursuant to the Plan Documents at or prior to the Effective Date shall have
          been complied with and performed in all material respects, including the payment by the Debtors of all fees contemplated therein;</font></div>
      <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">e.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Plan Documents shall have been executed and delivered by each of the parties thereto in forms approved by the Backstop Party;</font></div>
      <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">f.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Bankruptcy Court shall have entered the Confirmation Order, such Confirmation Order shall be a final order, and such Confirmation Order shall authorize and approve the
          transactions contemplated herein and in the Plan Term Sheet and all other consideration and fees contemplated herein and in the Plan Term Sheet;</font></div>
      <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">g.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">no result, occurrence, fact, change, event, effect, violation, inaccuracy, or circumstance (whether or not constituting a breach of a representation, warranty or covenant set
          forth in the Plan or any Plan Document) that, individually or in the aggregate with any such other results, occurrences, facts, changes, events, effects, violations, inaccuracies, or circumstances, (i)&#160;would have or would reasonably be expected
          to have a material adverse effect on the business, operations, assets, liabilities, capitalization, financial performance, condition (financial or otherwise) or results of operations, in each case, of the Debtors as a whole, or (ii)&#160;would
          reasonably be expected to prevent or materially impair or delay the ability of the Debtors, the Backstop Party or the applicable parties thereto or referred to therein to consummate the transactions contemplated by this Backstop Commitment
          Letter, the Plan Term Sheet, the Plan or the other Plan Documents or perform their obligations hereunder or thereunder (each a &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Material




            Adverse Effect</font>&#8221;) shall have occurred; <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">provided</font>, <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
            font-style: italic;">however</font>, that the filing of the Chapter&#160;11 Cases, and the fact that the Debtors are operating in bankruptcy and the effects reasonably expected to result therefrom, shall not constitute a Material Adverse Effect;</font></div>
      <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">h.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Debtors shall have each operated its business in the ordinary course of business and consistent with its historical practices, other than any deviations from operations in
          the ordinary course of business pursuant to an order issued by the Bankruptcy Court; and</font></div>
      <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Debtors shall have maintained and held in good standing all of their operating licenses, certificates and other regulatory authorizations and approvals necessary to
          operate the Utility&#8217;s business with no pending revocations of any such license, certificate, approval or authorization or open proceedings contemplating such revocation.</font></div>
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        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">46</font></div>
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        <div style="line-height: 12.55pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;"><font style="font-weight: normal;">CUSIP No. </font></font><font style="font-size:
            10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: normal;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">69331C108</font></font> </div>
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      <div style="margin-bottom: 5pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Termination</u></font>.&#160; The Backstop Party may terminate this Backstop Commitment Letter,
          solely as to itself, by written notice to the general counsel of the Debtors, on or after the occurrence of any of the following:</font></div>
      <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Backstop Party has not approved, in its sole discretion, the Plan Term Sheet;</font></div>
      <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">if, at any time after the execution of this Backstop Commitment Letter by the Debtors, the Debtors shall not have valid and enforceable Backstop Commitments from Existing
          Shareholders on the same terms and conditions as set forth in this Backstop Commitment Letter that in the aggregate result in total backstop commitments equal to the size of the Rights Offering less the total amount of Additional Capital Sources;</font></div>
      <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Plan, on terms and conditions consistent with the Plan Term Sheet, and the Disclosure Statement shall not have been filed on or before the later of (i)&#160;August 31, 2019 or
          (ii) if the Debtors have executed this Backstop Commitment Letter prior to August 31, 2019, September 30, 2019;</font></div>
      <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Plan or any Plan Document filed with the Bankruptcy Court at any time is inconsistent with the Plan Term Sheet or not approved by the Backstop Party;</font></div>
      <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">e.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Confirmation Order, in form and substance reasonably acceptable to the Backstop Party, has not been entered by the Bankruptcy Court on or before June 30, 2020;</font></div>
      <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">f.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Effective Date shall not have occurred on or before 60 days after entry of the Confirmation Order;</font></div>
      <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">g.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the failure of any condition set forth in Section 4 that has not been waived by the Backstop Party;</font></div>
      <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">h.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the occurrence of any material postpetition fires in the Debtors&#8217; service area;</font></div>
      <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the occurrence of a Material Adverse Effect;</font></div>
      <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">j.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the failure of either of the Debtors to operate their business in the ordinary course of business and consistent with their historical practices;</font></div>
      <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">k.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">there is in effect an order (whether permanent or preliminary) of a governmental authority of competent jurisdiction restraining, enjoining or otherwise prohibiting the
          consummation of any of the transactions contemplated by the Plan Term Sheet or the Plan, or any law, statute, rule, regulation or ordinance is adopted that makes consummation of the transactions contemplated by the Plan Term Sheet or the Plan
          illegal or otherwise prohibited; or</font></div>
      <div style="margin-bottom: 5pt; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">l.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the occurrence or discovery of any state of facts, change, event, development, circumstance or condition that causes any of the conditions precedent set forth in the Plan Term
          Sheet, the Plan or the Plan Documents to not be capable of being satisfied.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Upon termination of this Backstop Commitment Letter by the Backstop Party (such terminating
          Backstop Party, a &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Terminating Backstop Party</font>&#8221;) pursuant to any of <font style="font-size: 10pt; font-family: 'Times New
            Roman', Times, serif;"><u>Section 5(a)</u></font> through <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>(l)</u></font>, this Backstop Commitment Letter shall be void and of no further force or effect solely
          with respect to such Terminating Backstop Party, such Terminating Backstop Party shall be released from its Backstop Commitments, undertakings and agreements under or related to this Backstop Commitment Letter, including its Backstop Commitment,
          except as explicitly provided herein and there shall be no liability or obligation on the party of such Terminating Backstop Party hereunder, except as expressly provided herein.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">This Backstop Commitment Letter shall automatically terminate in the event that the Debtors have
          not returned a counter-signed copy of this Backstop Commitment Letter agreeing to its terms on or before August 31, 2019.</font></div>
      <div style="line-height: 12.55pt; margin-bottom: 5pt;"><br style="line-height: 12.55pt;">
      </div>
      <div style="line-height: 12.55pt; margin-bottom: 5pt;"><br style="line-height: 12.55pt;">
      </div>
      <div style="line-height: 12.55pt; margin-bottom: 5pt;"><br style="line-height: 12.55pt;">
      </div>
      <div style="line-height: 12.55pt; margin-bottom: 5pt;"><br style="line-height: 12.55pt;">
      </div>
      <div style="line-height: 12.55pt; margin-bottom: 5pt;"><br style="line-height: 12.55pt;">
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">47</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="line-height: 12.55pt;">
        <div style="line-height: 12.55pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;"><font style="font-weight: normal;">CUSIP No. </font></font><font style="font-size:
            10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: normal;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">69331C108</font></font> </div>
      </div>
      <div style="line-height: 12.55pt; margin-bottom: 5pt;"><br style="line-height: 12.55pt;">
      </div>
      <div style="margin-bottom: 5pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">6.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Assignment</u></font>.&#160; This Backstop Commitment Letter (a)&#160;is not assignable by the Backstop
          Party, and any purported assignment shall be null and void <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">ab initio</font>; <font style="font-size: 10pt; font-family: 'Times New Roman', Times,
            serif; font-style: italic;">provided</font>, <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">however</font>, Backstop Party may assign its Backstop Commitment, in whole or in part, to (i)
          another Backstop Party, (ii) an affiliate of the Backstop Party or (iii) an investment fund or separately managed account the primary investment advisor or sub advisor to which is a Backstop Party or an affiliate thereof, to the extent such
          assignee Backstop Party agrees in writing to assume all obligations hereunder of such Backstop Party in connection with such Backstop Commitment, and (b)&#160;is intended to be solely for the benefit of the parties hereto and is not intended to confer
          any benefits upon, or create any rights in favor of, any person or entity other than the parties hereto.&#160; Notwithstanding the foregoing, a Backstop Party may assign all or any portion of its obligations hereunder to a &#8220;qualified institutional
          buyer&#8221; (as defined in Rule&#160;144A under the Securities Act of 1933, as amended), without the consent of any party, <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">provided</font>, <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">however</font>, that such assignee shall not own, on a pro forma basis, more than the amount of common stock of PG&amp;E that would limit the Debtors&#8217;
          ability to utilize their net operating losses.</font></div>
      <div style="margin-bottom: 5pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Entire Agreement</u></font>.&#160; This Backstop Commitment Letter, including all exhibits and
          schedules hereto, constitutes the entire understanding among the parties hereto with respect to the subject matter hereof and replaces and supersedes all prior agreements and understandings, both written and oral, between the parties hereto with
          respect to the subject matter hereof and shall become effective and binding upon the mutual exchange of fully executed counterparts by each of the parties hereto.</font></div>
      <div style="margin-bottom: 5pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">8.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Governing Law; Consent to Jurisdiction; Waiver of Jury Trial</u></font>.&#160; This Backstop
          Commitment Letter shall be governed by, and construed in accordance with, the internal laws of the State of New York, without giving effect to the principles of conflict of laws that would require the application of the law of any other
          jurisdiction.&#160; By its execution and delivery of this Backstop Commitment Letter, each of the parties hereto irrevocably and unconditionally agrees for itself that any legal action, suit or proceeding against it with respect to any matter under or
          arising out of or in connection with this Backstop Commitment Letter or for recognition or enforcement of any judgment rendered in any such action, suit or proceeding, may be brought in the Bankruptcy Court.&#160; By execution and delivery of this
          Backstop Commitment Letter, each of the parties hereto irrevocably accepts and submits itself to the exclusive jurisdiction of the Bankruptcy Court with respect to any such action, suit or proceeding.&#160; EACH PARTY HERETO UNCONDITIONALLY WAIVES
          TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING REFERRED TO ABOVE.</font></div>
      <div style="margin-bottom: 5pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">9.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Amendment; Waiver; Counterparts</u></font>.&#160; This Backstop Commitment Letter may not be amended
          or waived except in writing signed by the Backstop Party hereto, and confirmed in writing by the Company.&#160; This Backstop Commitment Letter may be executed in any number of counterparts, each of which will be an original, and all of which, when
          taken together, will constitute one agreement.&#160; Delivery of an executed counterpart of this Backstop Commitment Letter by e-mail or portable document format (PDF) will be effective as delivery of a manually executed counterpart of this Backstop
          Commitment Letter.</font></div>
      <div style="margin-bottom: 5pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">10.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Notices</u></font>.&#160; All notices required or permitted to be given under this Backstop
          Commitment Letter, unless otherwise stated herein, shall be given at the addresses specified below, or at such other address or addresses as a party may designate for itself in writing:</font></div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If to the Backstop Party, to the name and address located on the Backstop
          Party&#8217;s signature page to this Backstop Commitment Letter.</font></div>
      <div style="line-height: 12.55pt; margin-bottom: 5pt;"><br style="line-height: 12.55pt;">
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If to the Debtors:</font></div>
      <div style="text-align: justify; margin-left: 144pt; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">PG&amp;E Corporation</font></div>
      <div style="text-align: justify; margin-left: 144pt; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">77 Beale Street</font></div>
      <div style="text-align: justify; margin-left: 144pt; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">P.O. Box 770000</font></div>
      <div style="text-align: justify; margin-left: 144pt; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">San Francisco, California 94177</font></div>
      <div style="text-align: justify; margin-left: 144pt; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Attention: Mr. John Simon, General Counsel</font></div>
      <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
      </div>
      <div style="text-align: justify; margin-left: 144pt; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">with a copy to:</font></div>
      <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
      </div>
      <div style="text-align: justify; margin-left: 144pt; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Weil, Gotshal &amp; Manges LLP</font></div>
      <div style="text-align: justify; margin-left: 144pt; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">767 Fifth Avenue</font></div>
      <div style="text-align: justify; margin-left: 144pt; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">New York, New York&#160; 10153</font></div>
      <div style="text-align: justify; margin-left: 144pt; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Attention:&#160; Stephen Karotkin</font></div>
      <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
      </div>
      <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
      </div>
      <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
      </div>
      <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
      </div>
      <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
      </div>
      <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">48</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="line-height: 12.55pt;">
        <div style="line-height: 12.55pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;"><font style="font-weight: normal;">CUSIP No. </font></font><font style="font-size:
            10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: normal;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">69331C108</font></font> </div>
      </div>
      <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
      </div>
      <div style="margin-bottom: 5pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">11.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>No Liability</u></font>.&#160; Notwithstanding anything that may be expressed or implied in this
          Backstop Commitment Letter, each party hereto acknowledges and agrees that no person other than the Backstop Party (and it permitted assigns) shall have any obligation hereunder (subject to the limitations provided herein) or in connection with
          the transactions contemplated hereby and that (a)&#160;notwithstanding that any Backstop Party may be a partnership, limited partnership or limited liability company, no recourse (whether at law, in equity, in contract, in tort or otherwise) hereunder
          or under any document or instrument delivered in connection herewith, or in respect of any oral representations made or alleged to be made in connection herewith or therewith, shall be had against any former, current or future direct or indirect
          equity holder, controlling person, general or limited partner, shareholder, member, investment manager or adviser, manager, director, officer, employee, agent, affiliate, assignee, representative or financing source of any of the foregoing) (any
          such person or entity, other than such Backstop Party, a &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Related Party</font>&#8221;) or any Related Party of any such Related Party,
          including, without limitation, any liabilities arising under, or in connection with, the Plan Term Sheet, the Plan or this Backstop Commitment Letter and the transactions contemplated thereby and hereby, or in respect of any oral representations
          made or alleged to be made in connection therewith or herewith), whether by the enforcement of any judgment or assessment or by any legal or equitable proceeding, or by virtue of any statute, regulation or other applicable law and (b)&#160;no personal
          liability whatsoever will attach to, be imposed on or otherwise be incurred by any Related Party of the Backstop Party or any Related Party of any such Related Party under this Backstop Commitment Letter or any document or instrument delivered in
          connection herewith or with the Plan Term Sheet or the Plan (or in respect of any oral representation made or alleged to be made in connection herewith or therewith) or for any action (whether at law, in equity, in contract, in tort or otherwise)
          based on, in respect of, or by reason of such obligations hereunder or by their creation.</font></div>
      <div style="margin-bottom: 5pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">12.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Backstop Party shall not be required, pursuant to the terms of this Backstop Commitment Letter, to acquire or purchase any securities or indebtedness in connection with
          the Rights Offering that, pursuant to the terms of a Backstop Commitment Letter or other agreement, are to be acquired or subscribed for by any other party, nor shall the Backstop Party be required, pursuant to the terms of this Backstop
          Commitment Letter, to pay any money or other consideration, or exchange any claims whatsoever, which are owing from, or to be transferred from or by, any other party pursuant to the terms of another Backstop Commitment Letter or other agreement.&#160;
          Nothing in this Backstop Commitment Letter shall be deemed to constitute a joint venture or partnership between any other person or entity nor constitute any party as the agent of any other person or entity for any purpose.&#160; For the avoidance of
          doubt, no Backstop Party shall, nor shall any action taken by a Backstop Party hereunder, be deemed to be acting in concert or as any group with any other person or entity with respect to the Backstop Commitment nor shall the Backstop Commitments
          hereunder create a presumption that the Backstop Party is in any way acting in concert or as a group with any other person or entity whether as a result of this commitment or otherwise.</font></div>
      <div style="margin-bottom: 5pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">13.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each party hereto confirms that it has made its own decision to execute this Backstop Commitment Letter based upon its own independent assessment of documents and information
          available to it, as it has deemed appropriate.</font></div>
      <div style="margin-bottom: 5pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">14.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Except as expressly provided in this Backstop Commitment Letter, (a)&#160;nothing herein is intended to, or does, in any manner waive, limit, impair or restrict the ability of each
          party hereto to protect and preserve its rights, remedies and interests, including, without limitation, any claims against or interests in any of the Debtors or other parties, or its full participation in any bankruptcy proceeding, and (b)&#160;the
          parties hereto each fully preserve any and all of their respective rights, remedies, claims and interests as of the date hereof and upon a termination of this Backstop Commitment Letter.&#160; Further, nothing in this Backstop Commitment Letter shall
          be construed to prohibit any party hereto from appearing as a party-in-interest in any matter to be adjudicated in the Chapter&#160;11 Cases, so long as such appearance and the positions advocated in connection therewith are consistent with this
          Backstop Commitment Letter, the Plan Term Sheet and the Plan, and are not for the purpose of, and could not reasonably be expected to have the effect of, hindering, delaying or preventing the consummation of the transactions contemplated by the
          Plan Term Sheet and the Plan.</font></div>
      <div style="line-height: 12.55pt; margin-bottom: 5pt;"><br style="line-height: 12.55pt;">
      </div>
      <div style="line-height: 12.55pt; margin-bottom: 5pt;"><br style="line-height: 12.55pt;">
      </div>
      <div style="line-height: 12.55pt; margin-bottom: 5pt;"><br style="line-height: 12.55pt;">
      </div>
      <div style="line-height: 12.55pt; margin-bottom: 5pt;"><br style="line-height: 12.55pt;">
      </div>
      <div style="line-height: 12.55pt; margin-bottom: 5pt;"><br style="line-height: 12.55pt;">
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">49</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="line-height: 12.55pt; margin-bottom: 5pt;">
        <div style="line-height: 12.55pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;"><font style="font-weight: normal;">CUSIP No. </font></font><font style="font-size:
            10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: normal;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">69331C108</font></font> </div>
      </div>
      <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
      </div>
      <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
      </div>
      <div style="text-align: justify; margin-left: 252pt; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Sincerely,</font></div>
      <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
      </div>
      <div style="text-align: justify; margin-left: 252pt; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Backstop Party:</font></div>
      <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
      </div>
      <br>
      <div style="line-height: 12.55pt;">
        <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

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                <div style="text-align: right; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                  </font><font style="line-height: 11.4pt;">&#160;</font></div>
              </td>
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            <td style="width: 62.97%; vertical-align: middle;" colspan="5">&#160;</td>
          </tr>
          <tr>
            <td style="width: 37.03%; vertical-align: middle;">&#160;</td>
            <td style="width: 62.97%; vertical-align: middle;" colspan="5">&#160;</td>
          </tr>
          <tr>
            <td style="width: 37.03%; vertical-align: top;">
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              <div style="line-height: 11.4pt;"><font style="line-height: 11.4pt;">&#160;</font></div>
              <div style="text-align: left; text-indent: -12pt; margin-left: 12pt; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Issue Date:</font></div>
            </td>
            <td style="width: 2%; vertical-align: bottom;">&#160;</td>
            <td style="width: 60.98%; vertical-align: top;" colspan="4">
              <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$1,000 per share of the Mandatory Convertible Preferred Stock</font></div>
              <div style="line-height: 11.4pt;"><font style="line-height: 11.4pt;">&#160;</font></div>
              <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Effective Date of the Plan</font></div>
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          </tr>
          <tr>
            <td style="width: 37.03%; vertical-align: middle;">&#160;</td>
            <td style="width: 62.97%; vertical-align: middle;" colspan="5">&#160;</td>
          </tr>
          <tr>
            <td style="width: 37.03%; vertical-align: middle;">&#160;</td>
            <td style="width: 2%; vertical-align: bottom;">&#160;</td>
            <td style="width: 60.98%; vertical-align: middle;" colspan="4">&#160;</td>
          </tr>
          <tr>
            <td style="width: 37.03%; vertical-align: top;">
              <div style="text-align: left; text-indent: -12pt; margin-left: 12pt; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Liquidation Preference:</font></div>
            </td>
            <td style="width: 2%; vertical-align: bottom;">
              <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;</font></div>
            </td>
            <td style="width: 60.98%; vertical-align: bottom;" colspan="4">
              <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$1,000 per share</font></div>
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          </tr>
          <tr>
            <td style="width: 37.03%; vertical-align: middle;">&#160;</td>
            <td style="width: 62.97%; vertical-align: middle;" colspan="5">&#160;</td>
          </tr>
          <tr>
            <td style="width: 37.03%; vertical-align: top;">
              <div style="text-align: left; text-indent: -12pt; margin-left: 12pt; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Dividends:</font></div>
            </td>
            <td style="width: 2%; vertical-align: bottom;">
              <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;</font></div>
            </td>
            <td style="width: 60.98%; vertical-align: bottom;" colspan="4">
              <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5.00% of the Liquidation Preference of $1,000 per share of the Mandatory Convertible Preferred Stock per year
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              <div style="text-align: left; line-height: 13.7pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 37.03%; vertical-align: middle;">&#160;</td>
            <td style="width: 62.97%; vertical-align: middle;" colspan="5">&#160;</td>
          </tr>
          <tr>
            <td style="width: 37.03%; vertical-align: top;">
              <div style="text-align: left; text-indent: -12pt; margin-left: 12pt; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Floor Price:</font></div>
            </td>
            <td style="width: 2%; vertical-align: bottom;">
              <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;</font></div>
            </td>
            <td style="width: 60.98%; vertical-align: bottom;" colspan="4">
              <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">95% of the Initial Price, subject to standard ant-dilution adjustments</font></div>
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          </tr>
          <tr>
            <td style="width: 37.03%; vertical-align: middle;">&#160;</td>
            <td style="width: 62.97%; vertical-align: middle;" colspan="5">&#160;</td>
          </tr>
          <tr>
            <td style="width: 37.03%; vertical-align: top;">
              <div style="text-align: left; text-indent: -12pt; margin-left: 12pt; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Dividend Payment Dates:</font></div>
            </td>
            <td style="width: 2%; vertical-align: bottom;">
              <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;</font></div>
            </td>
            <td style="width: 60.98%; vertical-align: bottom;" colspan="4">
              <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If declared, January&#160;1, April&#160;1, July&#160;1 and October&#160;1 of each year, commencing on (TBD)</font></div>
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          </tr>
          <tr>
            <td style="width: 37.03%; vertical-align: middle;">&#160;</td>
            <td style="width: 62.97%; vertical-align: middle;" colspan="5">&#160;</td>
          </tr>
          <tr>
            <td style="width: 37.03%; vertical-align: top;">
              <div style="text-align: left; text-indent: -12pt; margin-left: 12pt; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Dividend Record Dates:</font></div>
            </td>
            <td style="width: 2%; vertical-align: bottom;">
              <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;</font></div>
            </td>
            <td style="width: 60.98%; vertical-align: bottom;" colspan="4">
              <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The March&#160;15, June&#160;15, September&#160;15 and December&#160;15 immediately preceding the next dividend payment date</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 37.03%; vertical-align: middle;">&#160;</td>
            <td style="width: 62.97%; vertical-align: middle;" colspan="5">&#160;</td>
          </tr>
          <tr>
            <td style="width: 37.03%; vertical-align: top;">
              <div style="text-align: left; text-indent: -12pt; margin-left: 12pt; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Redemption:</font></div>
            </td>
            <td style="width: 2%; vertical-align: bottom;">
              <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;</font></div>
            </td>
            <td style="width: 60.98%; vertical-align: bottom;" colspan="4">
              <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Mandatory Convertible Preferred Stock will not be redeemable</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 37.03%; vertical-align: middle;">&#160;</td>
            <td style="width: 62.97%; vertical-align: middle;" colspan="5">&#160;</td>
          </tr>
          <tr>
            <td style="width: 37.03%; vertical-align: top;">
              <div style="text-align: left; text-indent: -12pt; margin-left: 12pt; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Initial Price:</font></div>
            </td>
            <td style="width: 2%; vertical-align: bottom;">
              <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;</font></div>
            </td>
            <td style="width: 60.98%; vertical-align: bottom;" colspan="4">
              <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">80% of the Baseline Share Price (as defined in Exhibit B)</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 37.03%; vertical-align: middle;">&#160;</td>
            <td style="width: 62.97%; vertical-align: middle;" colspan="5">&#160;</td>
          </tr>
          <tr>
            <td style="width: 37.03%; vertical-align: top;">
              <div style="text-align: left; text-indent: -12pt; margin-left: 12pt; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Threshold Appreciation Price:</font></div>
            </td>
            <td style="width: 2%; vertical-align: bottom;">
              <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;</font></div>
            </td>
            <td style="width: 60.98%; vertical-align: bottom;" colspan="4">
              <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">110% of the Initial Price, subject to standard ant-dilution adjustments</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 37.03%; vertical-align: middle;">&#160;</td>
            <td style="width: 62.97%; vertical-align: middle;" colspan="5">&#160;</td>
          </tr>
          <tr>
            <td style="width: 37.03%; vertical-align: top;">
              <div style="text-align: left; text-indent: -12pt; margin-left: 12pt; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Mandatory Conversion Date:</font></div>
            </td>
            <td style="width: 2%; vertical-align: bottom;">
              <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;</font></div>
            </td>
            <td style="width: 60.98%; vertical-align: bottom;" colspan="4">
              <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1/8<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> of the Mandatory Convertible Preferred Stock will convert into PG&amp;E Common Stock 90, 180,
                  270, 360, 450, 540, 630, and 720 days from Issue Date</font></div>
              <div style="line-height: 11.4pt;"><font style="line-height: 11.4pt;">&#160;</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 37.03%; vertical-align: middle;">&#160;</td>
            <td style="width: 2%; vertical-align: bottom;">&#160;</td>
            <td style="width: 60.98%; vertical-align: middle;" colspan="4">&#160;</td>
          </tr>
          <tr>
            <td style="width: 37.03%; vertical-align: top;">
              <div style="text-align: left; text-indent: -12pt; margin-left: 12pt; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Conversion Rate:</font></div>
            </td>
            <td style="width: 2%; vertical-align: bottom;">
              <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;</font></div>
            </td>
            <td style="width: 60.98%; vertical-align: bottom;" colspan="4">
              <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Upon conversion on the Mandatory Conversion Date, the conversion rate for each share of the Mandatory Convertible
                  Preferred Stock will be not more than [&#9679;] shares of Common Stock (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Maximum Conversion Rate</font>&#8221;) and not less than
                  [&#9679;] shares of Common Stock (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Minimum Conversion Rate</font>&#8221;), depending on the Applicable Market Value of the Common
                  Stock subject to standard anti-dilution adjustments.&#160; The following table illustrates the conversion rate per share of the Mandatory Convertible Preferred Stock:</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 39.36%; vertical-align: top;" colspan="3">&#160;</td>
            <td style="width: 29.71%; vertical-align: middle;">&#160;</td>
            <td style="width: 2.44%; vertical-align: bottom;">&#160;</td>
            <td style="width: 28.49%; vertical-align: middle;">&#160;</td>
          </tr>

      </table>
      <div style="text-align: left; line-height: 9.1pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
      <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
      </div>
      <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
      </div>
      <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
      </div>
      <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
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        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">53</font></div>
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        <div style="line-height: 12.55pt;">
          <div style="line-height: 12.55pt; margin-bottom: 5pt;">
            <div style="line-height: 12.55pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;"><font style="font-weight: normal;">CUSIP No. </font></font><font style="font-size:
                10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: normal;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">69331C108</font></font> </div>
          </div>
        </div>
      </div>
      <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
      </div>
      <div style="line-height: 12.55pt;">
        <table cellspacing="0" cellpadding="0" id="zd4f25bd90766421687f64c65b6d73012" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 39.31%; vertical-align: top;" colspan="3">&#160;</td>
              <td style="width: 29.74%; vertical-align: middle;">&#160;</td>
              <td style="width: 2.44%; vertical-align: bottom;">&#160;</td>
              <td style="width: 28.51%; vertical-align: middle;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 39.31%; vertical-align: top;" colspan="3">&#160;</td>
              <td style="width: 29.74%; vertical-align: middle;">&#160;</td>
              <td style="width: 30.95%; vertical-align: middle;" colspan="2">&#160;</td>
            </tr>
            <tr>
              <td style="width: 39.31%; vertical-align: top; padding-bottom: 2px;" colspan="3">&#160;</td>
              <td style="width: 29.74%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; line-height: 9.1pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Applicable Market Value of</div>
                <div style="text-align: center; line-height: 9.1pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">the Common Stock</font></div>
              </td>
              <td style="width: 2.44%; vertical-align: bottom; padding-bottom: 2px;">
                <div style="text-align: left; line-height: 9.1pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;</font></div>
              </td>
              <td style="width: 28.51%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; line-height: 9.1pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Conversion rate (number of shares of Common Stock to be received upon<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                    </font>conversion of each share of the Mandatory Convertible Preferred Stock)</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 39.31%; vertical-align: top;" colspan="3">&#160;</td>
              <td style="width: 29.74%; vertical-align: middle;">&#160;</td>
              <td style="width: 30.95%; vertical-align: middle;" colspan="2">&#160;</td>
            </tr>
            <tr>
              <td style="width: 39.31%; vertical-align: top;" colspan="3">&#160;</td>
              <td style="width: 29.74%; vertical-align: top;">
                <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Greater than 110% of the Initial Price (which is the Threshold Appreciation Price)</font></div>
              </td>
              <td style="width: 2.44%; vertical-align: bottom;">
                <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;</font></div>
              </td>
              <td style="width: 28.51%; vertical-align: bottom;">
                <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[&#9679;] shares (approximately equal to $1,000 divided by the Threshold Appreciation Price)</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 39.31%; vertical-align: top;" colspan="3">&#160;</td>
              <td style="width: 29.74%; vertical-align: middle;">&#160;</td>
              <td style="width: 30.95%; vertical-align: middle;" colspan="2">&#160;</td>
            </tr>
            <tr>
              <td style="width: 39.31%; vertical-align: top;" colspan="3">&#160;</td>
              <td style="width: 29.74%; vertical-align: top;">
                <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Equal to or less than the Threshold Appreciation Price but greater than or equal to the Floor Price</font></div>
              </td>
              <td style="width: 2.44%; vertical-align: bottom;">
                <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;</font></div>
              </td>
              <td style="width: 28.51%; vertical-align: bottom;">
                <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Between [&#9679;] and [&#9679;] shares, determined by dividing $1,000 by the applicable market value of the Common Stock</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 39.31%; vertical-align: top;" colspan="3">&#160;</td>
              <td style="width: 29.74%; vertical-align: middle;">&#160;</td>
              <td style="width: 30.95%; vertical-align: middle;" colspan="2">&#160;</td>
            </tr>
            <tr>
              <td style="width: 39.31%; vertical-align: top;" colspan="3">&#160;</td>
              <td style="width: 29.74%; vertical-align: top;">
                <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Less than 95% of the Initial Price (which is the Floor Price)</font></div>
              </td>
              <td style="width: 2.44%; vertical-align: bottom;">
                <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;</font></div>
              </td>
              <td style="width: 28.51%; vertical-align: bottom;">
                <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[&#9679;] shares (approximately equal to $1,000 divided by the Floor Price)</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 37%; vertical-align: middle;">&#160;</td>
              <td style="width: 2%; vertical-align: bottom;">&#160;</td>
              <td style="width: 61%; vertical-align: middle;" colspan="4">&#160;</td>
            </tr>
            <tr>
              <td style="width: 37%; vertical-align: middle;">&#160;</td>
              <td style="width: 63%; vertical-align: middle;" colspan="5">&#160;</td>
            </tr>
            <tr>
              <td style="width: 37%; vertical-align: top;">
                <div style="text-align: left; text-indent: -12pt; margin-left: 12pt; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Applicable Market Value:</font></div>
                <div style="line-height: 11.4pt;"><font style="line-height: 11.4pt;">&#160;</font></div>
                <div style="line-height: 11.4pt;"><font style="line-height: 11.4pt;">&#160;</font></div>
                <div style="text-align: left; text-indent: -12pt; margin-left: 12pt; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Conversion at the Option of the Holder:</font></div>
              </td>
              <td style="width: 2%; vertical-align: bottom;">
                <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;</font></div>
              </td>
              <td style="width: 61%; vertical-align: bottom;" colspan="4">
                <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style:
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                <div style="line-height: 11.4pt;"><font style="line-height: 11.4pt;">&#160;</font></div>
                <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">At any time prior to final Mandatory Conversion Date, holders of the Mandatory Convertible Preferred Stock have
                    the option to elect to convert their shares of the Mandatory Convertible Preferred Stock in whole or in part (but in no event less than one share of the Mandatory Convertible Preferred Stock), into shares of Common Stock at the Minimum
                    Conversion Rate of shares of Common Stock per share of the Mandatory Convertible Preferred. This Minimum Conversion Rate is subject to certain anti-dilution adjustments</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
      </div>
      <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
      </div>
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        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">54</font></div>
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        <div style="line-height: 12.55pt;">
          <div style="line-height: 12.55pt; margin-bottom: 5pt;">
            <div style="line-height: 12.55pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;"><font style="font-weight: normal;">CUSIP No. </font></font><font style="font-size:
                10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: normal;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">69331C108</font></font> </div>
          </div>
        </div>
      </div>
      <div style="text-align: center; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Exhibit B</font></div>
      <div style="text-align: center; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Backstop Terms</font></div>
      <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
      </div>
      <table cellspacing="0" cellpadding="0" id="z993c282bc76f42f3b1ac1ecbc00af678" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 42.55%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div style="text-align: center; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Backstop Party</font></div>
            </td>
            <td style="width: 57.45%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div style="text-align: center; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Backstop Commitment Amount</font></div>
              <div style="line-height: 12.55pt;"><font style="line-height: 12.55pt;">&#160;</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 42.55%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div style="line-height: 12.55pt;"><font style="line-height: 12.55pt;">&#160;</font></div>
              <div style="text-align: center; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Great Hollow International, L.P.</font></div>
              <div style="line-height: 12.55pt;"><font style="line-height: 12.55pt;">&#160;</font></div>
            </td>
            <td style="width: 57.45%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div style="line-height: 12.55pt;"><font style="line-height: 12.55pt;">&#160;</font></div>
              <div style="text-align: center; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$9,802,000.00</font></div>
            </td>
          </tr>

      </table>
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      </div>
      <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
      </div>
      <div style="text-align: left; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Applicable




            Utility Index Multiple</font>&#8221; shall mean the average normalized 2021 estimated price-to-earnings ratio of the U.S. regulated utilities in the S&amp;P 500 Utilities (Sector) Index (after excluding AES, EIX, EXC, NRG, PEG, and PPL) over the
          20-day trading period before Effective Date per Capital IQ Consensus Estimates.</font></div>
      <div style="text-align: left; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> </font><br style="line-height: 12.55pt;">
      </div>
      <div style="text-align: left; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Backstop




            Commitment Fee</font>&#8221; shall mean a commitment fee equal to 1.0% of the total Backstop Commitment Amount as of the date on which the Debtors execute this Backstop Commitment Letter that shall be paid in New Common Stock, which amount shall be
          determined using the Backstop Price.</font></div>
      <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
      </div>
      <div style="text-align: left; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Backstop




            Funding Fee</font>&#8221; shall mean a funding fee of 2.0% of the amount of the Backstop Commitment actually funded by the Backstop Party that shall be paid in New Common Stock, which amount shall be determined using the Backstop Price.</font></div>
      <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
      </div>
      <div style="text-align: left; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Backstop




            Price</font>&#8221; will be calculated on a per share basis as 57.5% of the Baseline Share Price.</font></div>
      <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
      </div>
      <div style="text-align: left; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Baseline




            Share Price</font>&#8221; shall mean the (a) Applicable Utility Index Multiple, <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">multiplied</font> by (b) PG&amp;E 2021E Net Income, <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">divided</font> by (c)&#160;the fully diluted shares outstanding at the Effective Date, including the New Common Stock.</font></div>
      <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
      </div>
      <div style="text-align: left; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">PG&amp;E




            2021E Net Income</font>&#8221; shall mean PG&amp;E&#8217;s forecasted 2021 net income, excluding the impact of restructuring expenses, financing fees, changes in reserves for fire claims, and any other projected amounts that are not normally incurred by a
          utility.</font></div>
      <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
      </div>
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        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">55</font></div>
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            <div style="line-height: 12.55pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;"><font style="font-weight: normal;">CUSIP No. </font></font><font style="font-size:
                10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: normal;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">69331C108</font></font> </div>
          </div>
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    <div style="line-height: 12.55pt; margin-bottom: 12pt;">
      <div style="text-align: right; line-height: 12.55pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-style: normal; font-weight: bold;">Exhibit 99.6</div>
      <div style="text-align: right; line-height: 12.55pt; font-style: italic;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">EXECUTION VERSION</font></div>
    </div>
    <div style="line-height: 12.55pt; margin-bottom: 12pt;">
      <div style="line-height: 12.55pt; margin-bottom: 12pt;"><br style="line-height: 12.55pt;">
      </div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">August 7, 2019</div>
      <div style="text-align: justify; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">PG&amp;E Corporation</font></div>
      <div style="text-align: justify; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">77 Beale Street</font></div>
      <div style="text-align: justify; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">P.O. Box 770000</font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">San Francisco, California 94177</font></div>
      <div style="text-align: justify; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Re: <font style="font-size: 10pt; font-family: 'Times New Roman', Times,
            serif;"><u>Chapter 11 Plan Backstop Commitment Letter</u></font></font></div>
      <div style="text-align: left; line-height: 12.55pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Ladies and Gentlemen:</font></div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Reference is hereby made to the chapter&#160;11 bankruptcy cases, lead case
          no.&#160;19-30088 (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Chapter&#160;11 Cases</font>&#8221;), currently pending before the United States Bankruptcy Court for the District of
          Northern California (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Bankruptcy Court</font>&#8221;), in which PG&amp;E Corporation (&#8220;<font style="font-size: 10pt; font-family:
            'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">PG&amp;E</font>&#8221; or the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Company</font>&#8221;) and Pacific
          Gas and Electric Company (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Utility</font>&#8221; and together with PG&amp;E, the &#8220;<font style="font-size: 10pt; font-family: 'Times
            New Roman', Times, serif; font-weight: bold; font-style: italic;">Debtors</font>&#8221;) are debtors in possession.&#160; Reference is further made to (i)&#160;a Chapter&#160;11 plan of reorganization (the &#8220;<font style="font-size: 10pt; font-family: 'Times New
            Roman', Times, serif; font-weight: bold; font-style: italic;">Plan</font>&#8221;) to be filed with the Bankruptcy Court to implement the terms and conditions of the reorganization of the Debtors contemplated by a plan term sheet that is approved in
          writing by the undersigned Backstop Party in its sole discretion (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Backstop Party</font>&#8221;) that contemplates that all
          subrogation claims and wildfire claims shall not exceed $16 billion in the aggregate (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Plan Term Sheet</font>&#8221;) and (ii)&#160;a
          disclosure statement that will accompany the Plan (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Disclosure Statement</font>&#8221;).&#160; Capitalized terms used in this backstop
          commitment letter (this &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Backstop Commitment Letter</font>&#8221;) but not otherwise defined shall have the meanings ascribed to them in
          the Plan Term Sheet.</font></div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Plan, among other things, shall provide that PG&amp;E shall distribute
          transferable rights (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Rights</font>&#8221;) to existing holders of PG&amp;E common stock (&#8220;<font style="font-size: 10pt;
            font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Existing Shareholders</font>&#8221;) to purchase shares of common stock (&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight:
            bold; font-style: italic;">New Common Stock</font>&#8221;) issued by Reorganized PG&amp;E on the Effective Date (as defined in the Plan Term Sheet) with cash, for aggregate maximum proceeds to Reorganized PG&amp;E of $15 billion (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Rights Offering</font>&#8221;).</font></div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In order to facilitate the Rights Offering, pursuant to this Backstop
          Commitment Letter, and subject to the terms, conditions and limitations set forth herein and in consideration for the Backstop Commitment Payment, the Backstop Party is willing to purchase, on the Effective Date, an amount of New Common Stock up
          to its Backstop Commitment Amount (as defined herein) at the Backstop Price (as defined herein).</font></div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size:
          5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Rights Offering</u></font>.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size:
          5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">PG&amp;E shall make the Rights Offering pursuant to the Plan, subject to such terms and conditions as may be included in the documents
          governing the Rights Offering that are acceptable to the Backstop Party in its sole discretion.&#160; The $15 billion aggregate size of the Rights Offering shall be reduced on a dollar-for-dollar basis by the sum of (i) the amount of proceeds in
          excess of $5 billion that PG&amp;E receives from PG&amp;E&#8217;s issuance of debt in connection with the Plan; (ii) the aggregate liquidation preference of preferred stock (&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
            font-weight: bold; font-style: italic;">Mandatory Convertible Preferred Stock</font>&#8221;) that is distributed to holders of wildfire claims or subrogation claims, on the terms and conditions set forth on <font style="font-size: 10pt; font-family:
            'Times New Roman', Times, serif;"><u>Exhibit A</u></font> pursuant to the Plan; and (iii)&#160;the principal amount of any other debt that is issued by the Debtors to fund obligations to wildfire claimants, subrogation claimants, and/or the Debtors&#8217;
          initial contribution to the insurance fund created pursuant to Cal. Gov&#8217;t Code Sec. 3292(b)(3) pursuant to the Plan (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Additional
            Capital Sources</font>&#8221;).</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size:
          5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Rights Offering shall be structured such that the Rights must be offered at a price above the applicable Rights Offering Price
          Threshold.&#160; &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Rights Offering Price Threshold</font>&#8221; means (i)&#160;72.5% of the Baseline Share Price (as defined on <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Exhibit B</u></font>) if the Debtors receive between $15 billion and $10 billion in proceeds from the exercise of Rights and Additional Capital Sources; (ii)&#160;70.0% of the
          Baseline Share Price if the Debtors receive less than $10 billion and more than or equal to $5 billion in proceeds from the exercise of Rights and Additional Capital Sources; and (iii)&#160;67.5% of the Baseline Share Price if the Debtors receive less
          than $5 billion in proceeds from the exercise of Rights and Additional Capital Sources.</font></div>
    </div>
    <div style="line-height: 12.55pt; margin-bottom: 12pt;"><br style="line-height: 12.55pt;">
    </div>
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    </div>
    <div style="line-height: 12.55pt; margin-bottom: 12pt;"><br style="line-height: 12.55pt;">
    </div>
    <div style="line-height: 12.55pt; margin-bottom: 12pt;"><br style="line-height: 12.55pt;">
    </div>
    <div style="line-height: 12.55pt; margin-bottom: 12pt;"><br style="line-height: 12.55pt;">
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">56</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
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    <div style="line-height: 12.55pt; margin-bottom: 12pt;">
      <div style="line-height: 12.55pt; margin-bottom: 12pt;">
        <div style="line-height: 12.55pt;">
          <div style="line-height: 12.55pt;">
            <div style="line-height: 12.55pt; margin-bottom: 5pt;">
              <div style="line-height: 12.55pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;"><font style="font-weight: normal;">CUSIP No. </font></font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: normal;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">69331C108</font></font> </div>
            </div>
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      <div><br>
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      <div>
        <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size:
            5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The consummation of the Rights Offering will occur pursuant to definitive written agreements consistent with the Plan Term Sheet and
            approved by Backstop Party, in the sole discretion of the Backstop Party, and will be subject to, among other things, (x)&#160;the negotiation, execution and delivery of such definitive agreements for the Rights Offering and the Plan, including,
            without limitation, all Backstop Commitment agreements, purchase agreements, investor rights agreements, registration rights agreements, revised certificates of incorporation and bylaws of Reorganized PG&amp;E (which shall contain customary
            terms and conditions and customary ownership limitations in order to preserve the tax attributes of the Debtors after the Effective Date) and other similar agreements and documentation required to be entered into on the Effective Date under the
            terms of the Plan (collectively, the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Plan Documents</font>&#8221;), in form and substance satisfactory to the Backstop Party, in its
            sole discretion, and (y)&#160;receipt of any necessary or advisable governmental, contractual, regulatory or other requisite consents or approvals in connection with the Rights Offering and the other transactions contemplated by the Plan.</font></div>
        <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size:
            5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Debtors shall give the Backstop Party, as soon as reasonably practicable, but in no event later than two (2) Business Days, after the
            entry of the Confirmation Order, by overnight mail, email or by electronic facsimile transmission, (i) written notification setting forth (A) the total number of shares of New Common Stock to be offered to Existing Shareholders in the Rights
            Offering pursuant to the exercise of Rights and the expected aggregate cash proceeds to be received by the Debtors therefor, (B) a calculation of the Backstop Price as of the targeted Effective Date,<font style="font-size: 10pt; font-family:
              'Times New Roman', Times, serif; font-weight: bold;">&#160;</font>and (C) the targeted Effective Date and (ii) a subscription form to be completed by the Backstop Party, or other instructions, to facilitate the Backstop Party&#8217;s subscription for
            the New Common Stock.</font></div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size:
            5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Backstop</u></font>.</font></div>
        <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size:
            5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Subject to the terms and conditions herein and the Plan Term Sheet (including without limitation the payment of fees to the Backstop Party
            described therein), the Backstop Party, solely on behalf of itself hereby, commits to purchase on the Effective Date an amount of New Common Stock at the Backstop Price (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
              serif; font-weight: bold; font-style: italic;">Backstop Commitment</font>&#8221;) up to the dollar amounts set forth on <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Exhibit&#160;B</u></font> hereto (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Backstop Commitment Amount</font>&#8221;). </font></div>
        <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size:
            5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Backstop Party will satisfy its Backstop Commitment by funding its Backstop Commitment obligations in accordance with the terms and
            subject to the conditions to be set forth in the Plan Documents governing the Rights Offering.</font></div>
        <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size:
            5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Debtors agree to pay the Backstop Party the Backstop Commitment Fee and any Backstop Funding Fee as set forth on Exhibit B.&#160; The
            provisions for the payment of the Backstop Commitment Fee, Backstop Funding Fee, and the other provisions provided herein are an integral part of the transactions contemplated by this Backstop Commitment Letter and without these provisions the
            Backstop Party would not have entered into this Backstop Commitment Letter, and the Backstop Commitment Fee and Backstop Funding Fee shall, pursuant to an order approving this Backstop Commitment Letter, constitute allowed administrative
            expenses of the Debtors&#8217; estate under sections 503(b) and 507 of the Bankruptcy Code.</font></div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size:
            5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Backstop Party Representations</u></font>.&#160; The Backstop
            Party hereby represents and warrants, solely as to itself, that (a)&#160;it has all limited partnership, corporate or other power and authority necessary to execute, deliver and perform this Backstop Commitment Letter, (b)&#160;the execution, delivery
            and performance of this Backstop Commitment Letter by it has been duly and validly authorized and approved by all necessary limited partnership, corporate or other organizational action by it, (c)&#160;this Backstop Commitment Letter has been duly
            and validly executed and delivered by it and, assuming due execution and delivery by the other parties hereto, constitutes a valid and legally binding obligation of it, enforceable against it in accordance with the terms of this Backstop
            Commitment Letter, (d)&#160;the execution, delivery and performance by the Backstop Party of this Backstop Commitment Letter does not (i)&#160;violate the organizational documents of the Backstop Party or (ii)&#160;violate any applicable law or judgment,
            (e)&#160;as of the Effective Date, its Backstop Commitment will be less than the maximum amount that it or any of its affiliates that may provide the Backstop Commitment is permitted to invest in any one portfolio investment pursuant to the terms of
            its constituent documents or otherwise, and (f)&#160;it will have, in the aggregate, as of the Effective Date, available funds at least in the sum of its Backstop Commitment hereunder.</font></div>
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              <div style="line-height: 12.55pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;"><font style="font-weight: normal;">CUSIP No. </font></font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: normal;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">69331C108</font></font> </div>
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        <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size:
            5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Conditions to Backstop Party Commitment</u></font>.&#160; The
            agreements and obligations of the Backstop Party pursuant to this Backstop Commitment Letter, including its Backstop Commitment, are further expressly conditioned upon and subject to the satisfaction or written waiver by the Backstop Party, in
            its sole discretion, at or prior to the Effective Date of each of the following conditions:</font></div>
        <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size:
            5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Debtors shall have received valid and enforceable additional Backstop Commitments from Existing Shareholders on the same terms and
            conditions as set forth in this Backstop Commitment Letter that in the aggregate result in total backstop commitments equal to the size of the Rights Offering less the total amount of Additional Capital Sources;</font></div>
        <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size:
            5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Backstop Party shall have completed, and be satisfied with the results of, diligence regarding the Debtors rate base and capital
            structure;</font></div>
        <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size:
            5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the satisfaction of the other conditions set forth in the Plan Term Sheet and, other than the funding of the Rights Offering, the
            satisfaction of all of the other conditions to the Effective Date provided for in the Plan and the Plan Documents;</font></div>
        <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size:
            5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">all of the covenants and obligations that the Debtors are required to comply with or to perform pursuant to the Plan Documents at or prior
            to the Effective Date shall have been complied with and performed in all material respects, including the payment by the Debtors of all fees contemplated therein;</font></div>
        <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">e.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size:
            5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Plan Documents shall have been executed and delivered by each of the parties thereto in forms approved by the Backstop Party;</font></div>
        <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">f.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size:
            5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Bankruptcy Court shall have entered the Confirmation Order, such Confirmation Order shall be a final order, and such Confirmation Order
            shall authorize and approve the transactions contemplated herein and in the Plan Term Sheet and all other consideration and fees contemplated herein and in the Plan Term Sheet;</font></div>
        <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">g.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size:
            5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">no result, occurrence, fact, change, event, effect, violation, inaccuracy, or circumstance (whether or not constituting a breach of a
            representation, warranty or covenant set forth in the Plan or any Plan Document) that, individually or in the aggregate with any such other results, occurrences, facts, changes, events, effects, violations, inaccuracies, or circumstances,
            (i)&#160;would have or would reasonably be expected to have a material adverse effect on the business, operations, assets, liabilities, capitalization, financial performance, condition (financial or otherwise) or results of operations, in each case,
            of the Debtors as a whole, or (ii)&#160;would reasonably be expected to prevent or materially impair or delay the ability of the Debtors, the Backstop Party or the applicable parties thereto or referred to therein to consummate the transactions
            contemplated by this Backstop Commitment Letter, the Plan Term Sheet, the Plan or the other Plan Documents or perform their obligations hereunder or thereunder (each a &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
              font-weight: bold; font-style: italic;">Material Adverse Effect</font>&#8221;) shall have occurred; <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">provided</font>, <font style="font-size: 10pt;
              font-family: 'Times New Roman', Times, serif; font-style: italic;">however</font>, that the filing of the Chapter&#160;11 Cases, and the fact that the Debtors are operating in bankruptcy and the effects reasonably expected to result therefrom,
            shall not constitute a Material Adverse Effect;</font></div>
        <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">h.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size:
            5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Debtors shall have each operated its business in the ordinary course of business and consistent with its historical practices, other
            than any deviations from operations in the ordinary course of business pursuant to an order issued by the Bankruptcy Court; and</font></div>
        <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size:
            5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Debtors shall have maintained and held in good standing all of their operating licenses, certificates and other regulatory
            authorizations and approvals necessary to operate the Utility&#8217;s business with no pending revocations of any such license, certificate, approval or authorization or open proceedings contemplating such revocation.</font></div>
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              <div style="line-height: 12.55pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;"><font style="font-weight: normal;">CUSIP No. </font></font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: normal;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">69331C108</font></font> </div>
              <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"> <br>
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              <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;
                  font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Termination</u></font>.&#160; The Backstop
                  Party may terminate this Backstop Commitment Letter, solely as to itself, by written notice to the general counsel of the Debtors, on or after the occurrence of any of the following:</font></div>
              <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;
                  font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Backstop Party has not approved, in its sole discretion, the Plan Term Sheet;</font></div>
              <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;
                  font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">if, at any time after the execution of this Backstop Commitment Letter by the Debtors, the Debtors shall not have valid
                  and enforceable Backstop Commitments from Existing Shareholders on the same terms and conditions as set forth in this Backstop Commitment Letter that in the aggregate result in total backstop commitments equal to the size of the Rights
                  Offering less the total amount of Additional Capital Sources;</font></div>
              <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;
                  font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Plan, on terms and conditions consistent with the Plan Term Sheet, and the Disclosure Statement shall not have been
                  filed on or before the later of (i)&#160;August 31, 2019 or (ii) if the Debtors have executed this Backstop Commitment Letter prior to August 31, 2019, September 30, 2019;</font></div>
              <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;
                  font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Plan or any Plan Document filed with the Bankruptcy Court at any time is inconsistent with the Plan Term Sheet or not
                  approved by the Backstop Party;</font></div>
              <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">e.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;
                  font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Confirmation Order, in form and substance reasonably acceptable to the Backstop Party, has not been entered by the
                  Bankruptcy Court on or before June 30, 2020;</font></div>
              <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">f.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;
                  font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Effective Date shall not have occurred on or before 60 days after entry of the Confirmation Order;</font></div>
              <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">g.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;
                  font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the failure of any condition set forth in Section 4 that has not been waived by the Backstop Party;</font></div>
              <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">h.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;
                  font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the occurrence of any material postpetition fires in the Debtors&#8217; service area;</font></div>
              <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;
                  font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the occurrence of a Material Adverse Effect;</font></div>
              <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">j.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;
                  font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the failure of either of the Debtors to operate their business in the ordinary course of business and consistent with
                  their historical practices;</font></div>
              <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">k.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;
                  font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">there is in effect an order (whether permanent or preliminary) of a governmental authority of competent jurisdiction
                  restraining, enjoining or otherwise prohibiting the consummation of any of the transactions contemplated by the Plan Term Sheet or the Plan, or any law, statute, rule, regulation or ordinance is adopted that makes consummation of the
                  transactions contemplated by the Plan Term Sheet or the Plan illegal or otherwise prohibited; or</font></div>
              <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">l.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;
                  font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the occurrence or discovery of any state of facts, change, event, development, circumstance or condition that causes any
                  of the conditions precedent set forth in the Plan Term Sheet, the Plan or the Plan Documents to not be capable of being satisfied.</font></div>
              <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 5pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Upon termination of this Backstop Commitment Letter by the Backstop Party (such terminating Backstop
                Party, a &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Terminating Backstop Party</font>&#8221;) pursuant to any of <font style="font-size: 10pt; font-family: 'Times New
                  Roman', Times, serif;"><u>Section 5(a)</u></font> through <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>(l)</u></font>, this Backstop Commitment Letter shall be void and of no further force or effect
                solely with respect to such Terminating Backstop Party, such Terminating Backstop Party shall be released from its Backstop Commitments, undertakings and agreements under or related to this Backstop Commitment Letter, including its Backstop
                Commitment, except as explicitly provided herein and there shall be no liability or obligation on the party of such Terminating Backstop Party hereunder, except as expressly provided herein.</div>
              <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">This Backstop Commitment Letter shall automatically terminate in the event that the
                  Debtors have not returned a counter-signed copy of this Backstop Commitment Letter agreeing to its terms on or before August 31, 2019.</font></div>
              <div style="line-height: 12.55pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: normal;"><font style="font-size: 10pt; font-family: &quot;Times New
                    Roman&quot;,Times,serif;"> <br>
                  </font></font></div>
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                    Roman&quot;,Times,serif;"> <br>
                  </font></font></div>
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                    Roman&quot;,Times,serif;"> <br>
                  </font></font></div>
              <div style="line-height: 12.55pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: normal;"><font style="font-size: 10pt; font-family: &quot;Times New
                    Roman&quot;,Times,serif;"> <br>
                  </font></font></div>
              <div style="line-height: 12.55pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: normal;"><font style="font-size: 10pt; font-family: &quot;Times New
                    Roman&quot;,Times,serif;"> <br>
                  </font></font></div>
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                <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">59</font></div>
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                      <div style="line-height: 12.55pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;"><font style="font-weight: normal;">CUSIP No. </font></font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: normal;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">69331C108</font></font> </div>
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                  <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">6.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;
                      font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Assignment</u></font>.&#160; This Backstop
                      Commitment Letter (a)&#160;is not assignable by the Backstop Party, and any purported assignment shall be null and void <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">ab initio</font>; <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">provided</font>, <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">however</font>, Backstop
                      Party may assign its Backstop Commitment, in whole or in part, to (i) another Backstop Party, (ii) an affiliate of the Backstop Party or (iii) an investment fund or separately managed account the primary investment advisor or sub
                      advisor to which is a Backstop Party or an affiliate thereof, to the extent such assignee Backstop Party agrees in writing to assume all obligations hereunder of such Backstop Party in connection with such Backstop Commitment, and
                      (b)&#160;is intended to be solely for the benefit of the parties hereto and is not intended to confer any benefits upon, or create any rights in favor of, any person or entity other than the parties hereto.&#160; Notwithstanding the foregoing,
                      a Backstop Party may assign all or any portion of its obligations hereunder to a &#8220;qualified institutional buyer&#8221; (as defined in Rule&#160;144A under the Securities Act of 1933, as amended), without the consent of any party, <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">provided</font>, <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">however</font>, that such
                      assignee shall not own, on a pro forma basis, more than the amount of common stock of PG&amp;E that would limit the Debtors&#8217; ability to utilize their net operating losses.</font></div>
                  <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;
                      font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Entire Agreement</u></font>.&#160; This
                      Backstop Commitment Letter, including all exhibits and schedules hereto, constitutes the entire understanding among the parties hereto with respect to the subject matter hereof and replaces and supersedes all prior agreements and
                      understandings, both written and oral, between the parties hereto with respect to the subject matter hereof and shall become effective and binding upon the mutual exchange of fully executed counterparts by each of the parties hereto.</font></div>
                  <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">8.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;
                      font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Governing Law; Consent to
                          Jurisdiction; Waiver of Jury Trial</u></font>.&#160; This Backstop Commitment Letter shall be governed by, and construed in accordance with, the internal laws of the State of New York, without giving effect to the principles of
                      conflict of laws that would require the application of the law of any other jurisdiction.&#160; By its execution and delivery of this Backstop Commitment Letter, each of the parties hereto irrevocably and unconditionally agrees for itself
                      that any legal action, suit or proceeding against it with respect to any matter under or arising out of or in connection with this Backstop Commitment Letter or for recognition or enforcement of any judgment rendered in any such
                      action, suit or proceeding, may be brought in the Bankruptcy Court.&#160; By execution and delivery of this Backstop Commitment Letter, each of the parties hereto irrevocably accepts and submits itself to the exclusive jurisdiction of the
                      Bankruptcy Court with respect to any such action, suit or proceeding.&#160; EACH PARTY HERETO UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING REFERRED TO ABOVE.</font></div>
                  <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">9.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;
                      font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Amendment; Waiver; Counterparts</u></font>.&#160;




                      This Backstop Commitment Letter may not be amended or waived except in writing signed by the Backstop Party hereto, and confirmed in writing by the Company.&#160; This Backstop Commitment Letter may be executed in any number of
                      counterparts, each of which will be an original, and all of which, when taken together, will constitute one agreement.&#160; Delivery of an executed counterpart of this Backstop Commitment Letter by e-mail or portable document format (PDF)
                      will be effective as delivery of a manually executed counterpart of this Backstop Commitment Letter.</font></div>
                  <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">10.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;
                      font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Notices</u></font>.&#160; All notices
                      required or permitted to be given under this Backstop Commitment Letter, unless otherwise stated herein, shall be given at the addresses specified below, or at such other address or addresses as a party may designate for itself in
                      writing:</font></div>
                  <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 5pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">If to the Backstop Party, to the name and address located on the Backstop
                    Party&#8217;s signature page to this Backstop Commitment Letter.</div>
                  <div style="line-height: 12.55pt; margin-bottom: 5pt;"><br style="line-height: 12.55pt;">
                  </div>
                  <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If to the Debtors:</font></div>
                  <div style="text-align: justify; margin-left: 144pt; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">PG&amp;E Corporation</font></div>
                  <div style="text-align: justify; margin-left: 144pt; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">77 Beale Street</font></div>
                  <div style="text-align: justify; margin-left: 144pt; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">P.O. Box 770000</font></div>
                  <div style="text-align: justify; margin-left: 144pt; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">San Francisco, California 94177</font></div>
                  <div style="text-align: justify; margin-left: 144pt; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Attention: Mr. John Simon, General Counsel</font></div>
                  <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
                  </div>
                  <div style="text-align: justify; margin-left: 144pt; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">with a copy to:</font></div>
                  <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
                  </div>
                  <div style="text-align: justify; margin-left: 144pt; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Weil, Gotshal &amp; Manges LLP</font></div>
                  <div style="text-align: justify; margin-left: 144pt; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">767 Fifth Avenue</font></div>
                  <div style="text-align: justify; margin-left: 144pt; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">New York, New York&#160; 10153</font></div>
                  <div style="text-align: justify; margin-left: 144pt; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Attention:&#160; Stephen Karotkin</font></div>
                </div>
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            <div style="line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"> <br>
              </font></div>
          </div>
          <div style="line-height: 12.55pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"> <br>
            </font></div>
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            <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">60</font></div>
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                  <div style="line-height: 12.55pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;"><font style="font-weight: normal;">CUSIP No. </font></font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: normal;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">69331C108</font></font> </div>
                </div>
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              <div style="line-height: 12.55pt; margin-bottom: 5pt;"><br style="line-height: 12.55pt;">
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              <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">11.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;
                  font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>No Liability</u></font>.&#160; Notwithstanding
                  anything that may be expressed or implied in this Backstop Commitment Letter, each party hereto acknowledges and agrees that no person other than the Backstop Party (and it permitted assigns) shall have any obligation hereunder (subject
                  to the limitations provided herein) or in connection with the transactions contemplated hereby and that (a)&#160;notwithstanding that any Backstop Party may be a partnership, limited partnership or limited liability company, no recourse
                  (whether at law, in equity, in contract, in tort or otherwise) hereunder or under any document or instrument delivered in connection herewith, or in respect of any oral representations made or alleged to be made in connection herewith or
                  therewith, shall be had against any former, current or future direct or indirect equity holder, controlling person, general or limited partner, shareholder, member, investment manager or adviser, manager, director, officer, employee,
                  agent, affiliate, assignee, representative or financing source of any of the foregoing) (any such person or entity, other than such Backstop Party, a &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
                    font-weight: bold; font-style: italic;">Related Party</font>&#8221;) or any Related Party of any such Related Party, including, without limitation, any liabilities arising under, or in connection with, the Plan Term Sheet, the Plan or this
                  Backstop Commitment Letter and the transactions contemplated thereby and hereby, or in respect of any oral representations made or alleged to be made in connection therewith or herewith), whether by the enforcement of any judgment or
                  assessment or by any legal or equitable proceeding, or by virtue of any statute, regulation or other applicable law and (b)&#160;no personal liability whatsoever will attach to, be imposed on or otherwise be incurred by any Related Party of
                  the Backstop Party or any Related Party of any such Related Party under this Backstop Commitment Letter or any document or instrument delivered in connection herewith or with the Plan Term Sheet or the Plan (or in respect of any oral
                  representation made or alleged to be made in connection herewith or therewith) or for any action (whether at law, in equity, in contract, in tort or otherwise) based on, in respect of, or by reason of such obligations hereunder or by
                  their creation.</font></div>
              <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">12.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;
                  font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Backstop Party shall not be required, pursuant to the terms of this Backstop Commitment Letter, to acquire or purchase
                  any securities or indebtedness in connection with the Rights Offering that, pursuant to the terms of a Backstop Commitment Letter or other agreement, are to be acquired or subscribed for by any other party, nor shall the Backstop Party be
                  required, pursuant to the terms of this Backstop Commitment Letter, to pay any money or other consideration, or exchange any claims whatsoever, which are owing from, or to be transferred from or by, any other party pursuant to the terms
                  of another Backstop Commitment Letter or other agreement.&#160; Nothing in this Backstop Commitment Letter shall be deemed to constitute a joint venture or partnership between any other person or entity nor constitute any party as the agent of
                  any other person or entity for any purpose.&#160; For the avoidance of doubt, no Backstop Party shall, nor shall any action taken by a Backstop Party hereunder, be deemed to be acting in concert or as any group with any other person or entity
                  with respect to the Backstop Commitment nor shall the Backstop Commitments hereunder create a presumption that the Backstop Party is in any way acting in concert or as a group with any other person or entity whether as a result of this
                  commitment or otherwise.</font></div>
              <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">13.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;
                  font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each party hereto confirms that it has made its own decision to execute this Backstop Commitment Letter based upon its own
                  independent assessment of documents and information available to it, as it has deemed appropriate.</font></div>
              <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">14.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;
                  font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Except as expressly provided in this Backstop Commitment Letter, (a)&#160;nothing herein is intended to, or does, in any manner
                  waive, limit, impair or restrict the ability of each party hereto to protect and preserve its rights, remedies and interests, including, without limitation, any claims against or interests in any of the Debtors or other parties, or its
                  full participation in any bankruptcy proceeding, and (b)&#160;the parties hereto each fully preserve any and all of their respective rights, remedies, claims and interests as of the date hereof and upon a termination of this Backstop
                  Commitment Letter.&#160; Further, nothing in this Backstop Commitment Letter shall be construed to prohibit any party hereto from appearing as a party-in-interest in any matter to be adjudicated in the Chapter&#160;11 Cases, so long as such
                  appearance and the positions advocated in connection therewith are consistent with this Backstop Commitment Letter, the Plan Term Sheet and the Plan, and are not for the purpose of, and could not reasonably be expected to have the effect
                  of, hindering, delaying or preventing the consummation of the transactions contemplated by the Plan Term Sheet and the Plan.</font></div>
              <div style="line-height: 12.55pt; margin-bottom: 5pt;"><br style="line-height: 12.55pt;">
              </div>
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              <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">61</font></div>
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                      <div style="line-height: 12.55pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;"><font style="font-weight: normal;">CUSIP No. </font></font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: normal;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">69331C108</font></font> </div>
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              <div>
                <div style="text-align: justify; margin-left: 252pt; line-height: 12.55pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Sincerely,</div>
                <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
                </div>
                <div style="text-align: justify; margin-left: 252pt; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Backstop Party:</font></div>
                <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
                </div>
                <br>
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                <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

                    <tr>
                      <td style="width: 37%; vertical-align: top; background-color: rgb(255, 255, 255);">
                        <div style="text-align: right; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                          </font><font style="line-height: 11.4pt;">&#160;</font></div>
                      </td>
                      <td colspan="2" style="vertical-align: top; background-color: rgb(255, 255, 255);"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">RIVA CAPITAL PARTNERS V, L.P.</font></td>
                      <td style="width: 28%; vertical-align: top; background-color: rgb(255, 255, 255);">
                        <div style="text-align: right; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
                      </td>
                    </tr>
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                      <td style="width: 37%; vertical-align: top; background-color: rgb(255, 255, 255);">
                        <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
                      </td>
                      <td style="width: 5%; vertical-align: top; background-color: rgb(255, 255, 255);"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">By:</font><font style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160; <br>
                        </font></td>
                      <td style="width: 30%; vertical-align: top; background-color: rgb(255, 255, 255);"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Abrams Capital Management, L.P.,</font></td>
                      <td style="width: 28%; vertical-align: top; background-color: rgb(255, 255, 255);">
                        <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 37%; vertical-align: top; background-color: rgb(255, 255, 255);">
                        <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
                      </td>
                      <td style="width: 5%; vertical-align: top; background-color: rgb(255, 255, 255);"><br>
                      </td>
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                        <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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                        <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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                      <td style="width: 28%; vertical-align: top; background-color: rgb(255, 255, 255);">
                        <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
                      </td>
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                      <td style="width: 37%; vertical-align: top; background-color: rgb(255, 255, 255);">
                        <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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                      <td style="width: 5%; vertical-align: top; background-color: rgb(255, 255, 255);"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">By:</font><font style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160; <br>
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                      <td style="width: 30%; vertical-align: top; background-color: rgb(255, 255, 255);"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Abrams Capital Management, LLC,</font></td>
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                        <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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                      <td style="width: 37%; vertical-align: top; background-color: rgb(255, 255, 255);">
                        <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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                      <td style="width: 28%; vertical-align: top; background-color: rgb(255, 255, 255);">
                        <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
                      </td>
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                      <td style="width: 37%; vertical-align: top; background-color: rgb(255, 255, 255);">
                        <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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                      <td style="width: 28%; vertical-align: top; background-color: rgb(255, 255, 255);">
                        <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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                    <tr>
                      <td style="width: 37%; vertical-align: top; background-color: rgb(255, 255, 255); padding-bottom: 2px;">
                        <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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                      <td style="width: 5%; vertical-align: top; background-color: rgb(255, 255, 255); padding-bottom: 2px;">By:<br>
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                        <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
                      </td>
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                      <td style="width: 37%; vertical-align: top; background-color: rgb(255, 255, 255);">
                        <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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                      <td style="width: 28%; vertical-align: top; background-color: rgb(255, 255, 255);">
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                      <td style="width: 37%; vertical-align: top; background-color: rgb(255, 255, 255);">
                        <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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                      <td style="width: 28%; vertical-align: top; background-color: rgb(255, 255, 255);">
                        <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
                      </td>
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                    <tr>
                      <td style="width: 37%; vertical-align: top; background-color: rgb(255, 255, 255);">
                        <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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                        <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Notice Information:</font></div>
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                          <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Alison Bomberg</font></div>
                          <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">222 Berkeley Street, 21<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> Floor</font></div>
                          <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Boston, MA 02116</font><br>
                          <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">abomberg@abramscapital.com</font><br>
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                        <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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                      <td style="width: 37%; vertical-align: top;">
                        <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
                      </td>
                      <td style="width: 5%; vertical-align: top;"><br>
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                      <td style="width: 30%; vertical-align: top;"><br>
                      </td>
                      <td style="width: 28%; vertical-align: middle;">&#160;</td>
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                      <td style="width: 37%; vertical-align: top;">&#160;</td>
                      <td style="width: 5%; vertical-align: top;">&#160;</td>
                      <td style="width: 30%; vertical-align: top;">&#160;</td>
                      <td style="width: 28%; vertical-align: middle;">&#160;</td>
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                      <td style="width: 37%; vertical-align: top;" rowspan="1">&#160;</td>
                      <td style="width: 5%; vertical-align: top;" rowspan="1">&#160;</td>
                      <td style="width: 30%; vertical-align: top;" rowspan="1">&#160;</td>
                      <td style="width: 28%; vertical-align: middle;" rowspan="1">&#160;</td>
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              <div><br>
              </div>
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            </div>
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              <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">62</font></div>
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                      <div style="line-height: 12.55pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;"><font style="font-weight: normal;">CUSIP No. </font></font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: normal;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">69331C108</font></font> </div>
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              <div><br>
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              <div>
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                </div>
                <div style="text-align: left; line-height: 12.55pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Accepted and agreed this ____ day of ___________, 2019, by:</div>
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                <div style="text-align: left; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">PG&amp;E CORPORATION</font></div>
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              <div><br>
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              <div><br>
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        <div style="line-height: 12.55pt; margin-bottom: 12pt;">
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              <div style="line-height: 12.55pt; margin-bottom: 5pt;">
                <div style="line-height: 12.55pt; margin-bottom: 12pt; text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;"><font style="font-weight: normal;">CUSIP No. </font></font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: normal;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">69331C108</font></font><br>
                  <div style="line-height: 12.55pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: bold; text-align: right;">EXECUTION VERSION</div>
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                  <div style="text-align: center; line-height: 12.55pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Exhibit A</div>
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                      Roman&quot;,Times,serif;"> <br>
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                <div style="line-height: 12.55pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: normal;"><font style="font-size: 10pt; font-family: &quot;Times New
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                <div style="line-height: 12.55pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: normal;"><font style="font-size: 10pt; font-family: &quot;Times New
                      Roman&quot;,Times,serif;"> <br>
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                <div style="line-height: 12.55pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: normal;"><font style="font-size: 10pt; font-family: &quot;Times New
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                <div style="line-height: 12.55pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: normal;"><font style="font-size: 10pt; font-family: &quot;Times New
                      Roman&quot;,Times,serif;"> <br>
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                  <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">64</font></div>
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                        <div style="line-height: 12.55pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;"><font style="font-weight: normal;">CUSIP No. </font></font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: normal;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">69331C108</font></font> </div>
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                    <div style="text-align: center; line-height: 11.4pt; margin-top: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Term Sheet for<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
                        serif;"><br>
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                    <div style="text-align: left; line-height: 13.7pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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                          <td style="width: 37%; vertical-align: middle;">&#160;</td>
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                          <td style="width: 61%; vertical-align: middle;">&#160;</td>
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                          <td style="width: 37%; vertical-align: top;">
                            <div style="text-align: left; text-indent: -12pt; margin-left: 12pt; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Issuer:</font></div>
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                            <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;</font></div>
                          </td>
                          <td style="width: 61%; vertical-align: top;">
                            <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">PG&amp;E Corporation (&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
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                          <td style="width: 37%; vertical-align: middle;">&#160;</td>
                          <td style="width: 63%; vertical-align: middle;" colspan="2">&#160;</td>
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                            <div style="text-align: left; text-indent: -12pt; margin-left: 12pt; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Title of Securities:</font></div>
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                          <td style="width: 2%; vertical-align: bottom;">
                            <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;</font></div>
                          </td>
                          <td style="width: 61%; vertical-align: top;">
                            <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5.00% Mandatory Convertible Preferred Stock of PG&amp;E (the &#8220;<font style="font-size: 10pt;
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                          <td style="width: 37%; vertical-align: middle;">&#160;</td>
                          <td style="width: 63%; vertical-align: middle;" colspan="2">&#160;</td>
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                          <td style="width: 2%; vertical-align: bottom;">
                            <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;</font></div>
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                            <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Up to [&#9679;]&#160;shares</font></div>
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                          <td style="width: 37%; vertical-align: middle;">&#160;</td>
                          <td style="width: 63%; vertical-align: middle;" colspan="2">&#160;</td>
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                          <td style="width: 37%; vertical-align: middle;">&#160;</td>
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                            <div style="text-align: left; text-indent: -12pt; margin-left: 12pt; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Issue Date:</font></div>
                          </td>
                          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 61%; vertical-align: top;">
                            <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$1,000 per share of the Mandatory Convertible Preferred Stock</font></div>
                            <div style="line-height: 11.4pt;"><font style="line-height: 11.4pt;">&#160;</font></div>
                            <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Effective Date of the Plan</font></div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 37%; vertical-align: middle;">&#160;</td>
                          <td style="width: 63%; vertical-align: middle;" colspan="2">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 37%; vertical-align: middle;">&#160;</td>
                          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 61%; vertical-align: middle;">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 37%; vertical-align: top;">
                            <div style="text-align: left; text-indent: -12pt; margin-left: 12pt; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Liquidation Preference:</font></div>
                          </td>
                          <td style="width: 2%; vertical-align: bottom;">
                            <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;</font></div>
                          </td>
                          <td style="width: 61%; vertical-align: bottom;">
                            <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$1,000 per share</font></div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 37%; vertical-align: middle;">&#160;</td>
                          <td style="width: 63%; vertical-align: middle;" colspan="2">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 37%; vertical-align: top;">
                            <div style="text-align: left; text-indent: -12pt; margin-left: 12pt; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Dividends:</font></div>
                          </td>
                          <td style="width: 2%; vertical-align: bottom;">
                            <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;</font></div>
                          </td>
                          <td style="width: 61%; vertical-align: bottom;">
                            <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5.00% of the Liquidation Preference of $1,000 per share of the Mandatory Convertible Preferred
                                Stock per year (equivalent to $50 per annum per share), when, as and if declared by PG&amp;E&#8217;s board of directors or an authorized committee thereof, payable in cash or, by delivery of additional shares of Mandatory
                                Convertible Preferred Stock or any combination of cash and shares of Mandatory Convertible Preferred Stock, as determined by PG&amp;E in its sole discretion</font></div>
                            <div style="text-align: left; line-height: 13.7pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 37%; vertical-align: middle;">&#160;</td>
                          <td style="width: 63%; vertical-align: middle;" colspan="2">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 37%; vertical-align: top;">
                            <div style="text-align: left; text-indent: -12pt; margin-left: 12pt; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Floor Price:</font></div>
                          </td>
                          <td style="width: 2%; vertical-align: bottom;">
                            <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;</font></div>
                          </td>
                          <td style="width: 61%; vertical-align: bottom;">
                            <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">95% of the Initial Price, subject to standard ant-dilution adjustments</font></div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 37%; vertical-align: middle;">&#160;</td>
                          <td style="width: 63%; vertical-align: middle;" colspan="2">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 37%; vertical-align: top;">
                            <div style="text-align: left; text-indent: -12pt; margin-left: 12pt; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Dividend Payment Dates:</font></div>
                          </td>
                          <td style="width: 2%; vertical-align: bottom;">
                            <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;</font></div>
                          </td>
                          <td style="width: 61%; vertical-align: bottom;">
                            <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If declared, January&#160;1, April&#160;1, July&#160;1 and October&#160;1 of each year, commencing on (TBD)</font></div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 37%; vertical-align: middle;">&#160;</td>
                          <td style="width: 63%; vertical-align: middle;" colspan="2">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 37%; vertical-align: top;">
                            <div style="text-align: left; text-indent: -12pt; margin-left: 12pt; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Dividend Record Dates:</font></div>
                          </td>
                          <td style="width: 2%; vertical-align: bottom;">
                            <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;</font></div>
                          </td>
                          <td style="width: 61%; vertical-align: bottom;">
                            <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The March&#160;15, June&#160;15, September&#160;15 and December&#160;15 immediately preceding the next dividend payment
                                date</font></div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 37%; vertical-align: middle;">&#160;</td>
                          <td style="width: 63%; vertical-align: middle;" colspan="2">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 37%; vertical-align: top;">
                            <div style="text-align: left; text-indent: -12pt; margin-left: 12pt; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Redemption:</font></div>
                          </td>
                          <td style="width: 2%; vertical-align: bottom;">
                            <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;</font></div>
                          </td>
                          <td style="width: 61%; vertical-align: bottom;">
                            <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Mandatory Convertible Preferred Stock will not be redeemable</font></div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 37%; vertical-align: middle;">&#160;</td>
                          <td style="width: 63%; vertical-align: middle;" colspan="2">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 37%; vertical-align: top;">
                            <div style="text-align: left; text-indent: -12pt; margin-left: 12pt; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Initial Price:</font></div>
                          </td>
                          <td style="width: 2%; vertical-align: bottom;">
                            <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;</font></div>
                          </td>
                          <td style="width: 61%; vertical-align: bottom;">
                            <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">80% of the Baseline Share Price (as defined in Exhibit B)</font></div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 37%; vertical-align: middle;">&#160;</td>
                          <td style="width: 63%; vertical-align: middle;" colspan="2">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 37%; vertical-align: top;">
                            <div style="text-align: left; text-indent: -12pt; margin-left: 12pt; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Threshold Appreciation Price:</font></div>
                          </td>
                          <td style="width: 2%; vertical-align: bottom;">
                            <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;</font></div>
                          </td>
                          <td style="width: 61%; vertical-align: bottom;">
                            <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">110% of the Initial Price, subject to standard ant-dilution adjustments</font></div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 37%; vertical-align: middle;">&#160;</td>
                          <td style="width: 63%; vertical-align: middle;" colspan="2">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 37%; vertical-align: top;">
                            <div style="text-align: left; text-indent: -12pt; margin-left: 12pt; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Mandatory Conversion Date:</font></div>
                          </td>
                          <td style="width: 2%; vertical-align: bottom;">
                            <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;</font></div>
                          </td>
                          <td style="width: 61%; vertical-align: bottom;">
                            <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1/8<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> of the Mandatory Convertible Preferred Stock will convert into PG&amp;E Common
                                Stock 90, 180, 270, 360, 450, 540, 630, and 720 days from Issue Date</font></div>
                            <div style="line-height: 11.4pt;"><font style="line-height: 11.4pt;">&#160;</font></div>
                          </td>
                        </tr>
                        <tr>
                          <td style="width: 37%; vertical-align: middle;">&#160;</td>
                          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 61%; vertical-align: middle;">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 37%; vertical-align: top;">
                            <div style="text-align: left; text-indent: -12pt; margin-left: 12pt; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Conversion Rate:</font></div>
                          </td>
                          <td style="width: 2%; vertical-align: bottom;">
                            <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;</font></div>
                          </td>
                          <td style="width: 61%; vertical-align: bottom;">
                            <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Upon conversion on the Mandatory Conversion Date, the conversion rate for each share of the
                                Mandatory Convertible Preferred Stock will be not more than [&#9679;] shares of Common Stock (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Maximum
                                  Conversion Rate</font>&#8221;) and not less than [&#9679;] shares of Common Stock (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Minimum Conversion Rate</font>&#8221;),




                                depending on the Applicable Market Value of the Common Stock subject to standard anti-dilution adjustments.&#160; The following table illustrates the conversion rate per share of the Mandatory Convertible Preferred Stock:</font></div>
                          </td>
                        </tr>

                    </table>
                  </div>
                  <div><br>
                  </div>
                  <div><br>
                  </div>
                  <div><br>
                  </div>
                  <div><br>
                  </div>
                  <div><br>
                  </div>
                  <div><br>
                  </div>
                  <div><br>
                  </div>
                  <div><br>
                  </div>
                  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">65</font></div>
                    <div style="page-break-after: always;" id="DSPFPageBreak">
                      <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
                  </div>
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                <div style="line-height: 0pt;">
                  <div style="line-height: 12.55pt;">
                    <div style="line-height: 12.55pt;">
                      <div style="line-height: 12.55pt; margin-bottom: 5pt;">
                        <div style="line-height: 12.55pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;"><font style="font-weight: normal;">CUSIP No. </font></font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: normal;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">69331C108</font></font> </div>
                      </div>
                    </div>
                  </div>
                  <div><br>
                  </div>
                  <div>
                    <table cellspacing="0" cellpadding="0" id="z331608a9334e456a986594c282a50749" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

                        <tr>
                          <td style="width: 38.93%; vertical-align: top;" colspan="2">&#160;</td>
                          <td style="width: 29.9%; vertical-align: middle;" colspan="2">&#160;</td>
                          <td style="width: 2.44%; vertical-align: bottom;">&#160;</td>
                          <td style="width: 28.66%; vertical-align: middle;">&#160;</td>
                          <td style="width: 0.06%; vertical-align: top;">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 38.93%; vertical-align: top;" colspan="2">&#160;</td>
                          <td style="width: 29.9%; vertical-align: middle;" colspan="2">&#160;</td>
                          <td style="width: 31.1%; vertical-align: middle;" colspan="2">&#160;</td>
                          <td style="width: 0.06%; vertical-align: top;">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 38.93%; vertical-align: top; padding-bottom: 2px;" colspan="2">&#160;</td>
                          <td style="width: 29.9%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                            <div style="text-align: center; line-height: 9.1pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Applicable Market Value of</div>
                            <div style="text-align: center; line-height: 9.1pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">the Common Stock</font></div>
                          </td>
                          <td style="width: 2.44%; vertical-align: bottom; padding-bottom: 2px;">
                            <div style="text-align: left; line-height: 9.1pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;</font></div>
                          </td>
                          <td style="width: 28.66%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                            <div style="text-align: center; line-height: 9.1pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Conversion rate (number of shares of Common Stock to be received upon<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                                </font>conversion of each share of the Mandatory Convertible Preferred Stock)</font></div>
                          </td>
                          <td style="width: 0.06%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 38.93%; vertical-align: top;" colspan="2">&#160;</td>
                          <td style="width: 29.9%; vertical-align: middle;" colspan="2">&#160;</td>
                          <td style="width: 31.1%; vertical-align: middle;" colspan="2">&#160;</td>
                          <td style="width: 0.06%; vertical-align: top;">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 38.93%; vertical-align: top;" colspan="2">&#160;</td>
                          <td style="width: 29.9%; vertical-align: top;" colspan="2">
                            <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Greater than 110% of the Initial Price (which is the Threshold Appreciation Price)</font></div>
                          </td>
                          <td style="width: 2.44%; vertical-align: bottom;">
                            <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;</font></div>
                          </td>
                          <td style="width: 28.66%; vertical-align: bottom;">
                            <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[&#9679;] shares (approximately equal to $1,000 divided by the Threshold Appreciation Price)</font></div>
                          </td>
                          <td style="width: 0.06%; vertical-align: top;">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 38.93%; vertical-align: top;" colspan="2">&#160;</td>
                          <td style="width: 29.9%; vertical-align: middle;" colspan="2">&#160;</td>
                          <td style="width: 31.1%; vertical-align: middle;" colspan="2">&#160;</td>
                          <td style="width: 0.06%; vertical-align: top;">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 38.93%; vertical-align: top;" colspan="2">&#160;</td>
                          <td style="width: 29.9%; vertical-align: top;" colspan="2">
                            <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Equal to or less than the Threshold Appreciation Price but greater than or equal to the Floor Price</font></div>
                          </td>
                          <td style="width: 2.44%; vertical-align: bottom;">
                            <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;</font></div>
                          </td>
                          <td style="width: 28.66%; vertical-align: bottom;">
                            <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Between [&#9679;] and [&#9679;] shares, determined by dividing $1,000 by the applicable market value of the
                                Common Stock</font></div>
                          </td>
                          <td style="width: 0.06%; vertical-align: top;">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 38.93%; vertical-align: top;" colspan="2">&#160;</td>
                          <td style="width: 29.9%; vertical-align: middle;" colspan="2">&#160;</td>
                          <td style="width: 31.1%; vertical-align: middle;" colspan="2">&#160;</td>
                          <td style="width: 0.06%; vertical-align: top;">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 38.93%; vertical-align: top;" colspan="2">&#160;</td>
                          <td style="width: 29.9%; vertical-align: top;" colspan="2">
                            <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Less than 95% of the Initial Price (which is the Floor Price)</font></div>
                          </td>
                          <td style="width: 2.44%; vertical-align: bottom;">
                            <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;</font></div>
                          </td>
                          <td style="width: 28.66%; vertical-align: bottom;">
                            <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[&#9679;] shares (approximately equal to $1,000 divided by the Floor Price)</font></div>
                          </td>
                          <td style="width: 0.06%; vertical-align: top;">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 37%; vertical-align: middle;">&#160;</td>
                          <td style="width: 2%; vertical-align: bottom;" colspan="2">&#160;</td>
                          <td style="width: 61%; vertical-align: middle;" colspan="4">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 37%; vertical-align: middle;">&#160;</td>
                          <td style="width: 63%; vertical-align: middle;" colspan="6">&#160;</td>
                        </tr>
                        <tr>
                          <td style="width: 37%; vertical-align: top;">
                            <div style="text-align: left; text-indent: -12pt; margin-left: 12pt; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Applicable Market Value:</font></div>
                            <div style="line-height: 11.4pt;"><font style="line-height: 11.4pt;">&#160;</font></div>
                            <div style="line-height: 11.4pt;"><font style="line-height: 11.4pt;">&#160;</font></div>
                            <div style="text-align: left; text-indent: -12pt; margin-left: 12pt; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Conversion at the Option of the Holder:</font></div>
                          </td>
                          <td style="width: 2%; vertical-align: bottom;" colspan="2">
                            <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;</font></div>
                          </td>
                          <td style="width: 61%; vertical-align: bottom;" colspan="4">
                            <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;
                                  font-style: italic;">Applicable Market Value</font>&#8221; shall be the 10-trading day VWAP immediately preceding the applicable Mandatory Conversion Date</font></div>
                            <div style="line-height: 11.4pt;"><font style="line-height: 11.4pt;">&#160;</font></div>
                            <div style="text-align: left; line-height: 11.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">At any time prior to final Mandatory Conversion Date, holders of the Mandatory Convertible
                                Preferred Stock have the option to elect to convert their shares of the Mandatory Convertible Preferred Stock in whole or in part (but in no event less than one share of the Mandatory Convertible Preferred Stock), into
                                shares of Common Stock at the Minimum Conversion Rate of shares of Common Stock per share of the Mandatory Convertible Preferred. This Minimum Conversion Rate is subject to certain anti-dilution adjustments</font></div>
                          </td>
                        </tr>

                    </table>
                  </div>
                  <br>
                  <div><br>
                  </div>
                  <div><br>
                  </div>
                  <div><br>
                  </div>
                  <div><br>
                  </div>
                  <div><br>
                  </div>
                  <div><br>
                  </div>
                  <div><br>
                  </div>
                  <div><br>
                  </div>
                  <br>
                  <div>
                    <div style="line-height: 12.55pt; margin-bottom: 12pt;">
                      <div style="line-height: 12.55pt;">
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                                </font></font></div>
                            <div style="line-height: 12.55pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;"><font style="font-weight: normal;"> <br>
                                </font></font></div>
                            <div style="line-height: 12.55pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;"><font style="font-weight: normal;"> <br>
                                </font></font></div>
                            <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                              <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">66</font></div>
                              <div style="page-break-after: always;" id="DSPFPageBreak">
                                <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
                            </div>
                            <div style="line-height: 12.55pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;"><font style="font-weight: normal;">CUSIP No. </font></font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: normal;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">69331C108</font></font> </div>
                          </div>
                        </div>
                      </div>
                    </div>
                    <div>
                      <div style="text-align: center; line-height: 12.55pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Exhibit B</div>
                      <div style="text-align: center; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Backstop Terms</font></div>
                      <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
                      </div>
                      <table cellspacing="0" cellpadding="0" id="z5303043757be442b94bfaa8c10321626" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

                          <tr>
                            <td style="width: 42.45%; vertical-align: top; border-bottom: #000000 2px solid;">
                              <div style="text-align: center; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Backstop Party</font></div>
                            </td>
                            <td style="width: 57.55%; vertical-align: top; border-bottom: #000000 2px solid;">
                              <div style="text-align: center; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Backstop Commitment Amount</font></div>
                              <div style="line-height: 12.55pt;"><font style="line-height: 12.55pt;">&#160;</font></div>
                            </td>
                          </tr>
                          <tr>
                            <td style="width: 42.45%; vertical-align: top; border-bottom: #000000 2px solid;">
                              <div style="line-height: 12.55pt;"><font style="line-height: 12.55pt;">&#160;</font></div>
                              <div style="text-align: center; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Riva Capital Partners V, L.P.</font></div>
                              <div style="line-height: 12.55pt;"><font style="line-height: 12.55pt;">&#160;</font></div>
                            </td>
                            <td style="width: 57.55%; vertical-align: top; border-bottom: #000000 2px solid;">
                              <div style="line-height: 12.55pt;"><font style="line-height: 12.55pt;">&#160;</font></div>
                              <div style="text-align: center; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$150,000,000.00</font></div>
                            </td>
                          </tr>

                      </table>
                      <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
                      </div>
                      <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
                      </div>
                      <div style="text-align: left; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;
                            font-style: italic;">Applicable Utility Index Multiple</font>&#8221; shall mean the average normalized 2021 estimated price-to-earnings ratio of the U.S. regulated utilities in the S&amp;P 500 Utilities (Sector) Index (after excluding
                          AES, EIX, EXC, NRG, PEG, and PPL) over the 20-day trading period before Effective Date per Capital IQ Consensus Estimates.</font></div>
                      <div style="text-align: left; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> </font><br style="line-height: 12.55pt;">
                      </div>
                      <div style="text-align: left; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;
                            font-style: italic;">Backstop Commitment Fee</font>&#8221; shall mean a commitment fee equal to 1.0% of the total Backstop Commitment Amount as of the date on which the Debtors execute this Backstop Commitment Letter that shall be
                          paid in New Common Stock, which amount shall be determined using the Backstop Price.</font></div>
                      <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
                      </div>
                      <div style="text-align: left; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;
                            font-style: italic;">Backstop Funding Fee</font>&#8221; shall mean a funding fee of 2.0% of the amount of the Backstop Commitment actually funded by the Backstop Party that shall be paid in New Common Stock, which amount shall be
                          determined using the Backstop Price.</font></div>
                      <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
                      </div>
                      <div style="text-align: left; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;
                            font-style: italic;">Backstop Price</font>&#8221; will be calculated on a per share basis as 57.5% of the Baseline Share Price.</font></div>
                      <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
                      </div>
                      <div style="text-align: left; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;
                            font-style: italic;">Baseline Share Price</font>&#8221; shall mean the (a) Applicable Utility Index Multiple, <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">multiplied</font> by (b)
                          PG&amp;E 2021E Net Income, <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">divided</font> by (c)&#160;the fully diluted shares outstanding at the Effective Date, including the New
                          Common Stock.</font></div>
                      <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
                      </div>
                      <div style="text-align: left; line-height: 12.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;
                            font-style: italic;">PG&amp;E 2021E Net Income</font>&#8221; shall mean PG&amp;E&#8217;s forecasted 2021 net income, excluding the impact of restructuring expenses, financing fees, changes in reserves for fire claims, and any other
                          projected amounts that are not normally incurred by a utility.</font></div>
                      <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
                      </div>
                      <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
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                      <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
                      </div>
                      <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
                      </div>
                    </div>
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                  <br>
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  <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">67</font></div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
