PG&E Corp.

GFA's 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 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, the firm 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.

Anchorage Capital Group manages private investment funds across the credit, special situations and illiquid investment markets of North America and Europe using an active long and short basis, with particular focus on defaulted and leveraged issuers.

The Baupost Group employs a value-oriented, multi-strategy investment approach that seeks to invest their capital to achieve attractive risk-adjusted returns over an extended period of time. The firm seek to invest in assets which are undervalued relative to their market price. The Baupost Group invest, either directly or indirectly, in securities and other assets that have some or all of the following characteristics: (1) they are currently out-of-favor, but have good prospects (2) they sell at a significant discount to underlying economic value (3) they have catalysts in place for the realization of underlying value (4) they are highly complex (5) they are somewhat or highly illiquid and (6) they sell at prices below what would reasonably be expected due to market imperfections and inefficiencies, including but not limited to temporary supply demand imbalances, information gaps, and selling pressures. They invest across a range of financial instruments, asset classes and geographic regions. Investments may include securities and assets of all types, including, but not limited to, stock (common, preferred and convertible), warrants, options, swaps, trade claims, bank debt, bonds, other debt instruments including self-originated loans, currency, futures, derivatives, commodities, contract rights, royalty interests, non-US securities and other assets (including in emerging markets), structured investment vehicles, secured and unsecured instruments, ABS, CMBS, RMBS, real estate and related instruments, other complex financial instruments and rights and distressed assets. Securities may be listed or traded on domestic or non-US exchanges or other trading networks (including OTC markets), as well as securities that are unlisted and trade infrequently or not at all.