PG&E Corp.

Gallagher Fiduciary Advisors' (GFA) asset allocation and investment manager evaluation efforts involve quantitative, as well as qualitative considerations, including traditional modeling, economic conditions and scenarios, and an interrelated set of cash flow, operational, and other considerations. The firm works with clients to establish a long-term, strategic asset allocation at the \"total portfolio level\" that is based on a each client's unique investment objectives and risk tolerance. Investments may include equities, fixed income, and alternative strategies (such as hedge fund-of-funds, real estate, commodities, and private equity). As the markets evolve over time and other asset classes present compelling opportunities, GFA reviews clients' strategic asset allocations to make sure they remain efficient and appropriate. GFA utilizes proprietary asset allocation modeling software which enables them to stress test portfolios and model how different asset allocations would likely react to interest rate changes, severe market swings and dislocations which cause a high degree of correlation across typically non-correlated asset classes.

Abrams Capital Management provides investment advisory services to privately-offered alternative investment funds. The funds' primary investment objective is to maximize long-term total returns in variable market and economic conditions, while emphasizing preservation of capital. Abrams Capital's investment strategy is opportunistic and follows a fundamental, value-oriented approach. Investments generally are made with a long-term time horizon and are generally unlevered and long-biased. Abrams Capital and their affiliates have acquired and liquidated investments across a wide spectrum of asset types, investment strategies, market sectors, market cycles and industries. This spectrum includes, but is not limited to, distressed securities, private and/or illiquid securities, investments in pooled investment vehicles managed by unaffiliated investment advisers, and domestic and foreign equity and debt securities.

Lazard Asset Management is known for its global perspective on investing and years of experience with global, regional and domestic portfolios. With more than 280 investment personnel worldwide, we offer investors of all types an array of equity, fixed income, and alternative investment solutions from our network of local offices in ten different countries. Our team-based approach to portfolio management helps us to deliver robust and consistent performance over time, and strong client relationships allow us to understand how to employ our capabilities to our clients' advantage. With over $146.0 billion in assets under management, we have offices located throughout the world in Bahrain, Boston, Chicago, Frankfurt, Hong Kong, London, Milan, Montreal, New York, San Francisco, Seoul, Sydney, Tokyo, Toronto, and Zurich. Lazard Asset Management’s business is a diversified, global investment platform that focuses on managing assets for our clients. As a result, throughout all market environments, we maintain a disciplined approach to investing with a research-driven investment process focusing on financial productivity and valuation. We believe there are substantial opportunities for value driven investors and continue to seek out and invest in companies with healthy balance sheets and sustainability of returns