PG&E Files Joint Chapter 11 Plan of Reorganization

PG&E Corporation and Pacific Gas and Electric Company (together "PG&E") today filed a joint Chapter 11 Plan of Reorganization (the "Plan") in the United States Bankruptcy Court for the Northern District of California (the "Bankruptcy Court"). This Plan is another step in a multi-step process as PG&E works to compensate wildfire victims and emerge from Chapter 11 while continuing to improve safety and operational performance for its customers. The Plan will be updated as developments require.

"Under the Plan we filed today, we will meet our commitment to fairly compensate wildfire victims and we will emerge from Chapter 11 financially sound and able to continue meeting California's clean energy goals," said Bill Johnson, PG&E Corporation's Chief Executive Officer and President. "Throughout this process, we remain focused on the guiding principles of safely and reliably delivering energy to our customers, further reducing the risk of wildfires, and continuing to support the state's clean energy goals. I am confident that we can, and will, provide better service to our customers and communities, and our Plan of Reorganization is another step in this process."

As contemplated by the Plan, PG&E is on track to achieve confirmation of the Plan in advance of the June 30, 2020, deadline set forth in Assembly Bill 1054 for participation in the newly-established state wildfire fund. The Plan filed today proposes a rate-neutral framework that fairly compensates wildfire victims and other stakeholders, prioritizes the interests of our customers and communities, and meets PG&E's legal obligations. It is comprised of, among other things, the following:

• Compensation of wildfire victims and certain limited public entities from a trust funded for their benefit in an amount to be determined by the Bankruptcy Court not to exceed $8.4 billion;
• Compensation of insurance subrogation claimants from a trust funded for their benefit in an amount to be determined by the Bankruptcy Court not to exceed $8.5 billion;
• Payment of $1 billion in full settlement of the claims of certain public entities relating to the wildfires, as previously announced;
• Payment in full, with interest, of all prepetition funded debt obligations, all prepetition trade claims and employee-related claims;
• Assumption of all power purchase agreements and community choice aggregation servicing agreements;
• Assumption of all pension obligations, other employee obligations, and collective bargaining agreements with labor;
• Future participation in the state wildfire fund established by Assembly Bill 1054; and
• Satisfaction of the requirements of Assembly Bill 1054.

PG&E's Chapter 11 emergence financing is expected to include a substantial equity financing component, which could include a rights offering to existing shareholders or one or more offerings in the capital markets. PG&E intends to work with financial institutions over the next several weeks to obtain up to $14 billion of total equity financing commitments. All proceeds of the equity commitments will be used to pay wildfire victims and help fund PG&E's contributions to the state wildfire fund.

The Plan filed today is subject to confirmation by the Bankruptcy Court in accordance with the provisions of the Bankruptcy Code, and to the occurrence of the effective date in accordance with the conditions set forth in the Plan.

PG&E's Plan of Reorganization is available here.

Public Dissemination of Certain Information

PG&E Corporation and Pacific Gas and Electric Company (the "Utility") routinely provide links to the Utility's principal regulatory proceedings with the CPUC and the Federal Energy Regulatory Commission (FERC) at http://investor.pgecorp.com, under the "Regulatory Filings" tab, so that such filings are available to investors upon filing with the relevant agency. PG&E Corporation and the Utility also routinely post, or provide direct links to, presentations, documents, and other information that may be of interest to investors at http://investor.pgecorp.com, under the "Chapter 11," "Wildfire Updates" and "News & Events: Events & Presentations" tabs, respectively, in order to publicly disseminate such information. It is possible that any of these filings or information included therein could be deemed to be material information.

About PG&E Corporation

PG&E Corporation (NYSE: PCG) is a holding company headquartered in San Francisco. It is the parent company of Pacific Gas and Electric Company, an energy company that serves 16 million Californians across a 70,000-square-mile service area in Northern and Central California. Each of PG&E Corporation and the Utility is a separate entity, with distinct creditors and claimants, and is subject to separate laws, rules and regulations. For more information, visit http://www.pgecorp.com.

Forward-Looking Statements

This press release contains forward-looking statements that are not historical facts, including statements about the beliefs, expectations, estimates, future plans and strategies of the Corporation and the Utility, including but not limited to their bankruptcy emergence plan and related financings. These statements are based on current expectations and assumptions, which management believes are reasonable, and on information currently available to management, but are necessarily subject to various risks and uncertainties, including the possibility that the conditions to emergence in the Plan or to funding under equity financing commitments will not be satisfied. In addition to the risk that these assumptions prove to be inaccurate, factors that could cause actual results to differ materially from those contemplated by the forward-looking statements include factors disclosed in the Corporation's and the Utility's Annual Report on Form 10-K for the year ended December 31, 2018, their Quarterly Reports on Form 10-Q for the quarters ended March 31, 2019 and June 30, 2019, and their subsequent reports filed with the Securities and Exchange Commission. Additional factors include, but are not limited to, those associated with the Chapter 11 cases of the Corporation and the Utility that commenced on January 29, 2019. The Corporation and the Utility undertake no obligation to publicly update or revise any forward-looking statements, whether due to new information, future events or otherwise, except to the extent required by law.

No Securities Offering

This is not an offering of securities and securities may not be offered or sold absent registration or an applicable exemption from the registration requirements.