Evercore ISI Utility Conference: Presentation

Evercore ISI Utility Conference

January 9 -10, 2020

Table of Contents

Resolution of Key Issues	Slide iii

Upcoming Milestones

Slide iv

Appendix: 2019 Third Quarter Earnings Presentation dated	Slides 1-12
November 7, 2019 (without appendices)

ii

Resolution of Key Issues

Path to expeditious Chapter 11 exit through the fair settlement of wildfire claims and pending regulatory proceedings, progress with legislative initiatives, and establishment of a multi-year investment and rate roadmap.

Third-Party Claims

Ratemaking

Regulatory & Legislative

• Settlements reached with key

constituents

Settlements totaling $25.5b with:

• • Tort Claimants Committee and Representatives of Individual Fire Victim Claimants: $13.5b
  • Subrogation Claimants: $11b
  • Public Entities: $1b
• Settlement agreements resolve claims estimation and Tubbs Fire trial

Provides for an expedient confirmation and exit from Chapter 11 within the AB1054 deadline

• 2020 General Rate Case (GRC)

Settlement

Proposes revenue requirements through 2022:

• • Includestwo-way balancing account recovery for wildfire mitigation, vegetation management, and insurance costs
• 2019 Gas Transmission and Storage (GT&S) Final Decision
• • Adopted revenue requirements through 2022
• 2020 Cost of Capital Final Decision

Adopted capital structure through 2022:

• Maintains 10.25% return on equity (ROE)
• Maintains 52% equity structure, as requested
• Reduces preferred stock from 1.0% to 0.5%, as requested
• Approves cost oflong-term debt of 5.16%

• Wildfire OII Settlement(1)

Agreed not to seek recovery for $1.6b of wildfire related expenses, including:

• • ~$700m of inspections and repairs expense
  • ~$500m of Catastrophic Expense Memorandum Account (CEMA) expense
  • ~$400m in CEMA capital
• Locate & Mark OII Settlement(1)

Agreed to remedies of $65m, including:

• • $60m of system enhancements
  • $5m fine to the California General Fund
• Ex Parte OII Settlement - Final

Final Decisions in both Phases 1 and 2:

• • Phase 1 remedies of $97.5m
  • Phase 2 remedies of $10.0m
• AB 1054 Wildfire Fund

Creation of ~$21b fund subject to:

• $4.8b initial contribution and $193m annual contribution
• ~$2.3b liability cap(2)
• $3.2b of capital excluded from equity return
• Full participation in 2020(3)

1. Subject to CPUC and Bankruptcy Court approvals.
2. The liability cap is calculated as 20% of equity transmission and distribution rate base and applies over athree-year measurement period.
3. Assuming Plan of Reorganization (POR) is confirmed on or before June 30, 2020.

iii

Upcoming Milestones

Status as of 12/31/19	2020 Expected Milestones

Chapter 11

Ratemaking

Regulatory

Matters

Legislation

					Q1			Q2
	Wildfire, Trade		RSAs: TCC, Subros, Public Entities		Claimants			Hearing on TCC
			provide terms for			objection to
	Payables, and		Pending: FEMA, CalOES, Trade
			Fire Victims Trust			FEMA claims
	Other Claims		Payables
			on 1/20			on 2/11
			Ruling approving use of Federal		Hearing on
	Fixed-income		Judgment (FJR) Rate		make-whole
			Pending ruling on make-whole		on 1/14
	Plan of							Deadline for
		December POR filed with court					disclosure
	Reorganization						statement on
								3/30
	2019 GT&S		Final Decision
	Cost of Capital		Final Decision
	2020 GRC		Settlement pending CPUC decision		Decision Expected (3)
	TO19		Final Decision (2)
	TO18 / TO20		Pending FERC decisions (2)					Pending FERC Decisions
	Ex Parte OII		Settlement approved
	Wildfire OII		Settlement pending CPUC decision		Decision Expected (3)
	Locate & Mark OII		Settlement pending CPUC decision		Decision Expected (3)
	Plan of				Testimony and		Proposed
		In process			Decision
	Reorganization OII			Evidentiary Hearings
					Expected in April
	Safety Culture OII		In process					Pending CPUC Decision

Assembly Bill 1054		Law in effect
(AB 1054)

1. The rate case timelines outlined above reflect expected filing and decision time frames; actual timing may differ.
2. TO18 pending FERC decision and TO20 is currently in settlement negotiations. The approved TO19 settlement will be 98.5% of TO18 rate case outcome.
3. Subject to CPUC approval.

iv

Appendix - Q3 2019 Earnings Presentation

2019 THIRD QUARTER EARNINGS

November 7, 2019

®

Forward Looking Statements

This presentation contains statements regarding management's expectations and objectives for future periods as well as forecasts and estimates regarding potential liability in connection with the 2018 Camp fire and 2017 Northern California wildfires, the AB 1054 Wildfire Fund, the 2019 Wildfire Mitigation Plan, 2019 assumptions, 2019 IIC guidance, 2019-2023 capital expenditures, 2019-2023 weighted average ratebase, capital expenditures and ratebase assumptions, and general earnings sensitivities for 2019. It also includes assumptions regarding capital expenditures, authorized rate base, key factors affecting earnings from operations and pending items with potential earnings from operations impact. These statements and other statements that are not purely historical constitute forward-looking statements that are necessarily subject to various risks and uncertainties. Actual results may differ materially from those described in forward-looking statements. PG&E Corporation and Pacific Gas and Electric Company (the "Utility") are not able to predict all the factors that may affect future results. Factors that could cause actual results to differ materially include, but are not limited to:

• the risks and uncertainties associated with PG&E Corporation's and the Utility's Chapter 11 cases, including, but not limited to, the ability to develop, consummate, and implement a plan of reorganization with respect to PG&E Corporation and the Utility, which could be adversely affected by the termination of the Exclusive Periods as to the TCC and the Ad Hoc Noteholder Committee, the ability to obtain applicable bankruptcy court, creditor or regulatory approvals, the effect of any alternative proposals, views or objections related to the plan of reorganization, potential complexities that may arise in connection with concurrent proceedings involving the bankruptcy court, the U.S. District Court, the California state court, the CPUC, and the FERC, increased costs related to the Chapter 11 cases, the ability to obtain sufficient financing sources for ongoing and future operations, the ability to satisfy the conditions precedent to financing under the debt and equity commitments to finance the Proposed Plan and the risk that such agreements may be terminated, disruptions to PG&E Corporation's and the Utility's business and operations and the potential impact on regulatory compliance;
• the impact of the 2018 Camp fire, 2017 Northern California wildfires, and 2015 Butte fire, including whether the Utility will be able to timely recover costs incurred in connection therewith in excess of the Utility's currently authorized revenue requirements; the timing and outcome of the remaining wildfire investigations and the extent to which the Utility will have liabilities associated with these fires; the timing and amount of insurance recoveries; the timing and outcome of the 2017 Northern California Wildfires OII and potential liabilities in connection with fines or penalties that could be imposed on the Utility if the CPUC or any other law enforcement agency were to bring an enforcement action, including a criminal proceeding, and determined that the Utility failed to comply with applicable laws and regulations;
• whether the Utility can obtain wildfire insurance at a reasonable cost in the future, or at all, and whether insurance coverage is adequate for future losses or claims;
• the risks and uncertainties associated with the 2019 Kincade fire;
• whether the Utility will be able to obtain full recovery of its significantly increased insurance premiums, and the timing of any such recovery;
• the timing and outcomes of the 2019 GT&S rate case, 2020 GRC, FERC TO18, TO19, and TO20 rate cases, 2018 CEMA, future applications for WEMA, FHPMA and FRMMA, future cost of capital proceeding, and other ratemaking and regulatory proceedings;
• the timing and outcome of future regulatory and legislative developments in connection with the potential financing of the Utility'swildfire-related liabilities, SB 901, future wildfire reforms, inverse condemnation reform, and other wildfire mitigation measures or other reforms targeted at the Utility;

• the occurrence, timing and extent of damages in connection with future wildfires, the associated financial impact on the Utility and the potential for AB 1054 to mitigate such impact (if at all);

• the outcome of the Utility's CWSP to help reduce wildfire threats and improve safety as a result ofclimate-driven wildfires and extreme weather, including the Utility's ability to comply with the targets and metrics set forth in the 2019 Wildfire Mitigation Plan; the cost of the program, including any costs in connection with PSPS events; and the timing and outcome of any proceeding to recover such cost through rates;
• the impact of wildfires, droughts, floods, or otherweather-related conditions or events, climate change, natural disasters, acts of terrorism, war, vandalism (including cyber-attacks), downed power lines, and other events, that can cause unplanned outages, reduce generating output, disrupt the Utility's service to customers, or damage or disrupt the facilities, operations, or information technology and systems owned by the Utility, its customers, or third parties on which the Utility relies, and the reparation and other costs that the Utility may incur in connection with such conditions or events; the impact of the adequacy of the Utility's emergency preparedness; whether the Utility incurs liability to third parties for property damage or personal injury caused by such events; whether the Utility is subject to civil, criminal, or regulatory penalties in connection with such events; and whether the Utility's insurance coverage is available for these types of claims and sufficient to cover the Utility's liability;
• the timing and outcomes of phase two of the ex parte order instituting investigation (OII), of the safety culture OII, and the locate and mark OII;
• the Utility's ability to efficiently manage capital expenditures and its operating and maintenance expenses within the authorized levels of spending and timely recover its costs through rates, and the extent to which the Utility incurs unrecoverable costs that are higher than the forecasts of such costs;
• the outcome of the probation and the monitorship and other investigations that have been or may be commenced in the future, and the ultimate amount of fines, penalties, and remedial and other costs that the Utility may incur as a result;
• the ability of PG&E Corporation and the Utility to continue as going concerns (as to which management and their auditors have expressed substantial doubt); and
• the other factors disclosed in PG&E Corporation and the Utility's joint annual report on Form10-K for the year ended December 31, 2018, joint quarterly reports on Form 10-Q for the quarters ended March 31, 2019, June 30, 2019, and September 30, 2019 and other reports filed with the SEC, which are available on PG&E Corporation's website at www.pgecorp.com and on the SEC website at www.sec.gov.

Unless otherwise indicated, the statements in this presentation are made as of November 7, 2019. PG&E Corporation and the Utility undertake no obligation to update information contained herein. This presentation, including Appendices, and the accompanying press release were attached to PG&E Corporation's Current Report on Form 8-K that was furnished to the SEC on November 7, 2019 and is also available on PG&E Corporation's website at www.pgecorp.com.

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®

AB 1054 Wildfire Fund (1)

Wildfire Fund Contribution Treatment

• Contribution amounts expected to be amortized based on an assumed~10-year life (3)
• Tax treatment pending private letter ruling from the IRS

PG&E Pre-Emergence Wildfire Liabilities

• For fires occurring after July 12, 2019 and prior to exiting Chapter 11
• Claims in excess of $1B are eligible for recovery and the fund will pay no more than 40% of allowed claims
• Balance of claims addressed through Chapter 11 process
• May seek payment for claims after funding initial contribution

PG&E Investments and Liability Cap

• $3.2B of wildfire investments excluded from earning a ROE
• $2.3B liability cap (20% of Equity T&D Rate base for 2019)

$21B Wildfire Fund

$4.8B

$10.5B

$2.7B

$193M/

year

$107M/

year

Initial Contribution: PG&E

Initial Contribution: Other IOUs

Annual Contribution: PG&E(2)

Annual Contribution: Other IOUs(2)

Non-bypassable Charge

1. Participation in the AB 1054 Wildfire Fund is subject to numerous terms and conditions. As a result ofpost-petition wildfires, including the 2019 Kincade Fire, PG&E's ability to satisfy such conditions could be impaired.
2. Assumes annual IOU contributions will be made for a10-year period.
3. The useful life of the Wildfire Fund is estimated based on various assumptions, including the number and severity of catastrophic fires within the participating electric utilities' service territories during the term of the Wildfire Fund, historicalfire-loss data, the estimated cost of wildfires caused by other electric utilities, the amount at which wildfire claims will be settled, the likely adjudication of the CPUC in cases of electric

utility-caused wildfires, the level of future insurance coverage held by the electric utilities, and the future transmission and distribution equity rate base growth of other electric utilities. Significant changes in any
of these estimates could materially impact the amortization period.	3
See the Forward Looking Statements for factors that could cause actual results to differ materially from the guidance presented and underlying assumptions.

®

Wildfire Mitigation Highlights

Ÿ6 PSPS Events Ÿ1.0M+ Customer Impacts (1)Ÿ300+ Damages and Hazards

Data-Driven Decision Making

Enhanced data gathering and analytics provides for:

• Highlighting areas of greatest fire spread risk and asset health
• Greater precision for refining outage impacts
• Prioritizing enhanced vegetation management and system hardening

Weather and Fuel Data (billions)

200

100		180
80
0
2019	2020

Fire Risk Forecasting Precision

12 km
	3 km	2 km
12 km	3 km	2 km
Pre-2016(3)	2019	2020

PSPS Restoration and Repair

2019 PSPS Key Facts

Line Miles Patrolled	56,800 miles
Outage Duration (avg)	44 hours
Peak Wind Gusts	50 to 100+ mph

Oct 26 - Nov 1 PSPS Event (2)

150+ instances of damages and hazards

Recent Enhancements

Minimize Impact on Customers

• System Sectionalization: Up to 30% reduction in impacted customers
• Power Continuity: Four temporary microgrids to support impacted communities
• Temporary Generation: Provided 80 temporary generation deployments peaking at ~65MW for the October26-29 PSPS event

Minimize Risk of Catastrophic Fires

• Satellite Fire Detection:State-of-the-art satellite fire detection and alert tool providing 1-5 min rapid insights
• Fire Spread Model: Leverages weather forecast models and satellite GIS data to run millions of fire spread simulations daily
• Alternative Technologies: Rapid Earth Fault Current Limiter Pilot, Enhanced Wires Down Detection Project, and other emerging technologies

1. Number of customer impacts reflects unique customers across the 2019 PSPS events.

2.	PSPS Reports to the CPUC can be found at www.pge.com/PSPS.	4
3.	PG&E's PSPS Program began in 2018. The pre-2016 modeling resolution refers to PG&E's previous meteorological modeling systems.

®

2019 Wildfire Mitigation Plan Progress(1) (2)

	2019 Forecast Spend	Year-To-Date Spend
Expense	~$1.4B	~$1.1B
Capital	~$1.1B(3)	~$0.6B

Completed Programs	Ongoing Programs
Enhanced Situational Awareness	Enhanced Inspections	System Hardening & Resiliency
		Stronger and more resilient poles and
Cameras)
132%		Vegetation Management
completed
Enhanced Operational Practices	100%	Enhanced vegetation management

inspected

YTD Progress

Remaining

1. Reflects 2019 Wildfire Mitigation Plan progress in Tier 2 and Tier 3 high fire threat districtsas of October 5, 2019.
2. Wildfire mitigation cost recovery related to transmission are contingent on FERC approval, and all other costs are contingent on CPUC approval.2019 spend reflects themid-pointof proposed range of costs as outlined in the February 6, 2019 Wildfire Mitigation Plan submitted to the CPUC with the exception of the Enhanced Inspection program, which hasmid-pointforecasts of~$800M (OpEx) and ~$700M (CapEx), and the Expanded PSPS and Enhanced Vegetation Management programs, which have updated mid-point forecasts of ~$70M (OpEx) and ~$450M (OpEx), respectively.
3. Pursuant to AB 1054, PG&E Corporation and the Utility will not earn an equity return on approximately $3.2B of fire risk mitigation capital expenditures included in the Utility's approved wildfire mitigation plans.

See the Forward Looking Statements for factors that could cause actual results to differ materially from the guidance presented and underlying assumptions.

5

®

Q3 2019 Earnings Results

				Q3				YTD 2019
(in millions, except per share amounts)	Earnings		EPS	Earnings		EPS
PG&E Corporation's Loss on a GAAP basis	$	(1,619)	$	(3.06)	$	(4,039)	$	(7.65)
Items Impacting Comparability:
2017 Northern California wildfire-related costs		1,465			2.77		2,935		5.56
2018 Camp fire-related costs		408			0.77		1,979		3.75
2019 GT&S capital disallowance		193			0.37		193		0.37
Electric asset inspection costs		88			0.17		437		0.83
Chapter 11-related costs		55			0.10		210		0.40
PG&E Corporation's Non-GAAP Earnings from Operations	$	590	$		1.11	$	1,715	$	3.25
	Items Impacting Comparability (in millions, pre-tax)		Q3			YTD 2019
	2017 Northern California wildfire-related costs		$		2,034	$		4,075
	2018 Camp fire-related costs				567			2,748
	2019 GT&S capital disallowance				237			237
	Electric asset inspection costs				121			606
	Chapter 11-related costs				73			256

Note: Amounts may not sum due to rounding.

Non-GAAP earnings from Operations is not calculated in accordance with GAAP and excludes items impacting comparability. See Appendix 1, Exhibit A for a reconciliation

of Earnings per Share ("EPS") on a GAAP basis to Non-GAAP Earnings per Share from Operations and Exhibit G for the use of non-GAAP financial measures.	6

®

Q3 2019 Quarter over Quarter Comparison

				Non-GAAP Earnings per Share from Operations
$1.25
($0.09)							$0.05
				($0.03)	($0.03)	($0.01)	$0.13
$1.00						($0.04)

$0.75

$1.13	$1.11

$0.50

$0.25

$0.00

Q3 2018	Vegetation	Resolution of	Increase in	Timing of	Miscellaneous Growth in rate	Liability	Q3 2019
Earnings from	management	2018	shares	taxes	base	insurance	Earnings from
Operations	costs	regulatory	outstanding		earnings	premiums	Operations
		items

Non-GAAP earnings from Operations is not calculated in accordance with GAAP and excludes items impacting comparability. See Appendix 1, Exhibit A for a reconciliation

of Earnings per Share ("EPS") on a GAAP basis to Non-GAAP Earnings per Share from Operations and Exhibit G for the use of non-GAAP financial measures.	7

®

2019 Assumptions

Capital Expenditures			Authorized Ratebase* (weighted average)
($ millions)					($ billions)
					Equity Ratio: 52% (1)	Return on Equity: 10.25%
	2019						2019
General Rate Case	$4,700				General Rate Case	$27.7
Gas Transmission and Storage	800				Gas Transmission and Storage (2)	4.5
Transmission Owner	1,700				Transmission Owner		8.1
Total Cap Ex	~$7.2 billion		Total Ratebase		$40.3 billion
					* Base earnings plan assumes CPUC-currently authorized return on equity across enterprise

Key Factors Affecting Earnings from Operations

• Higher financing costs including DIP andpre-petition trade payables
• Incremental wildfire risk mitigation costs
• Insurance premiums, net of regulatory cost recovery

• Incentive revenues, efficiencies and other benefits
  2019 Expected Earnings below Authorized of ~200M (after-tax)(3)

If interest on pre-petition financing debt and trade payables is not recorded in 2019

Then:2019 Expected Earnings below Authorized of ~50M (after-tax)(4)

Changes from prior quarter noted in blue
Note 1: Due to the net changes recorded in connection with the 2018 Camp fire and the 2017 Northern California wildfires as of December 31, 2018, the Utility submitted to the CPUC an
application for a waiver of the capital structure condition on February 28, 2019. The waiver is subject to CPUC approval.
Note 2: GT&S authorized ratebase updated to reflect the CPUC final decision in the 2019 GT&S rate case.
Note 3: Assumes pre-petition interest expense is recorded at the contractual rate in 2019, net of AFUDC.
Note 4: Reflects the Utility not to meeting the requirement to record pre-petition interest expense, net of AFUDC, in 2019.	8
See the Forward Looking Statements for factors that could cause actual results to differ materially from the guidance presented and underlying assumptions.

®

2019 Items Impacting Comparability Guidance

($ millions, pre-tax)

2017	Northern California wildfire-related costs (1)	$	~	4,110
2018	Camp fire-related costs(2)		~	2,780
Electric asset inspection costs(3)			700	-900
Chapter 11-related costs (4)		~	550	- 600
2019	GT&S capital disallowance (5)		~		240
PSPS customer bill credit (6)		~		90
Estimated 2019 Items Impacting Comparability Guidance Total	$	~	8,470	- 8,720

1. 2017 Northern Californiawildfire-related costs reflect estimated third-party claims, legal, and other costs associated with the 2017 Northern California wildfires.
2. 2018 Campfire-related costs reflect estimated third-party claims, Utility clean-up and repair, legal, and other costs associated with the 2018 Camp fire.
3. Electric asset inspection costs represent estimated incremental costs to complete enhanced and accelerated inspections of electric transmission and distribution assets and certain resulting repairs that are not probable of recovery.
4. Chapter11-related costs include estimated external legal, financing and other fees, net of interest income, directly associated with PG&E Corporation's and the Utility's Chapter 11 cases. Exit financing is subject to bankruptcy court approval.
5. 2019 GT&S capital disallowance reflectspipeline-replacement costs disallowed in the 2019 GT&S rate case as a result of spending above amounts authorized in the 2015-2018 GT&S rate case period.
6. PSPS customer bill credit represents aone-time bill credit for customers impacted by the October 9, 2019 Public Safety Power Shutoff (PSPS) event.

Changes from prior quarter noted in blue

See Appendix 1, Exhibit E for PG&E Corporation's 2019 Items Impacting Comparability Guidance and Exhibit G for Use of Non-GAAP Financial Measures.

See the Forward Looking Statements for factors that could cause actual results to differ materially from the guidance presented and underlying assumptions.

9

®

Capital Expenditures Forecast

	2018-2023 Capital Expenditures(1)
~$7.2B	~$1.1B	$0.2B	~$7B
$6.6B
	~$5.7B
	Wildfire Mitigation Plan:
	~$900M
	Other GRC and Separately
	Funded: ~$200M

2018 Recorded	2019	Currently Authorized	Incremental GRC		Incremental TO	Authorized Plus
		CapEx (3)	Requests and Other	(4)	Request	Requested CapEx

Range of ~$5.7B to ~$7B

annually from 2020-2023

General Rate Case (2)

Gas Transmission & Storage

Electric Transmission Owner

System Hardening

Range

Changes from prior quarter noted in blue

1. PG&E is in the process of preparing afive-year financial forecast, including projected capital expenditure assumptions, in connection with the Chapter 11 proceedings. While PG&E is currently evaluating capital expenditure assumptions, amounts may materially increase from the current forecast.
2. General Rate Case spend includes transportation electrification.
3. PG&E is planning to spend, primarily through its wildfire mitigation plan, at levels that are higher than currently authorized in its approved rate cases.
4. Reflects updates to capital spend consistent with the Joint Comparison Exhibit in the 2020 GRC that PG&E filed on November 1, 2019.

See the Forward Looking Statements for factors that could cause actual results to differ materially from the guidance presented and underlying assumptions.

10

®

Expected Ratebase Growth

2018-2023 Weighted Average Ratebase(1) (2)

~7 - 8.5 %
CAGR	~$52.0-56.0B
	~$49.5-52.5B

$36.6B

~$44.5-45.5B

~$40.3B

~$47.0-49.0B

2018	2019 (5)	2020(4)	2021	2022	2023
			General Rate Case (3)		Gas Transmission & Storage				Electric Transmission Owner		Range

Changes from prior quarter noted in blue

1. Weighted average ratebase reflects the estimated impacts from the Tax Cuts and Jobs Actand the $240M disallowance by the CPUC in its final decision for the 2019 GT&S rate case.
2. PG&E is in the process of preparing afive-year financial forecast, including projected capital expenditure assumptions, in connection with the Chapter 11 proceedings. While PG&E is currently evaluating capital expenditure assumptions, amounts may materially increase from the current forecast. Ratebase does not reflect the reduction of $3.2B of fire risk mitigation excluded from earning a ROE, pursuant to AB 1054.
3. General Rate Case spend includes transportation electrification.
4. Includes $400M for2011-2014 spend subject to audit added in 2020.
5. Includes ~$600M related to enhanced inspections and restoration work in 2019 that have not been authorized by the CPUC or FERC. The Utility is not currently earning a return on these

amounts.	11
See the Forward Looking Statements for factors that could cause actual results to differ materially from the guidance presented and underlying assumptions.

®

Cap Ex and Ratebase Assumptions

Base Case Assumptions

	2020	2021	2022	2023
General Rate Case	L	2017 GRC Decision

• 2020 GRC Filing (including Wildfire Mitigation Plan)(1)

Gas Transmission & Storage	L		2019 GT&S Decision
	H		2019 GT&S Decision
Transmission Owner	L		TO17 Settlement
	H		TO20 Filing
Light-Duty EV Infrastructure	L&H	EV Phase 1	EV Phase 2
SB350	L&H		SB350
		Approved	Pending and future filings

Potential Future Updates

1. • 2020 and 2023 GRC rate cases
   • 2022 Gas Transmission & Storage rate case
   • 2018, 2019, 2020 and future Transmission Owner rate cases
   • Wildfire mitigation investments
   • Future transportation electrification
   • Future storage opportunities
   • Plan of Reorganization
2. Represents Wildfire Mitigation Plan system hardening at proposed spending levels.

See the Forward Looking Statements for factors that could cause actual results to differ materially from the guidance presented and underlying assumptions.

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