GEISHA WILLIAMS

CEO and President

April 19, 2018

Forward Looking Statements

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This slide presentation contains statements regarding management’s current expectations, objectives and assumptions for future periods, including planned grid

modernization investments, electric vehicle growth opportunities, and other clean energy goals. 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 current expectations.

Important factors that could cause actual results to differ materially include, but are not limited to:

• the impact of the Northern California wildfires, including the costs of restoration of service to customers and repairs to Pacific Gas and Electric Company’s (Utility)

facilities, and whether the Utility is able to recover such costs through its Catastrophic Event Memorandum Account (CEMA); the timing and outcome of the

wildfire investigations; whether the Utility may have liability associated with these fires; if liable for one or more fires, whether the Utility would be able to recover

all or part of such costs through insurance or through regulatory mechanisms, to the extent insurance is not available or exhausted; and potential liabilities in

connection with fines or penalties that could be imposed on the Utility if the California Public Utilities Commission (CPUC) or any other law enforcement agency

brought an enforcement action and determined that the Utility failed to comply with applicable laws and regulations;

• the impact of the Tax Cuts and Jobs Act of 2017, and the timing and outcome of the CPUC decision related to the Utility’s submissions to the CPUC in

connection with the impact of the Tax Cuts and Jobs Act of 2017 on the Utility’s rate cases, and its implementation plan;

• the Utility’s ability to efficiently manage capital expenditures and its operating and maintenance expenses within the authorized levels of spending and timely

recovery of its costs through rates, and the extent to which the Utility incurs unrecoverable costs that are higher than the forecasts of such costs;

• the timing and outcomes of the TO18 and TO19 rate cases and other ratemaking and regulatory proceedings;

• the timing and outcomes of the ex parte order instituting investigation (OII) and the safety culture OII;

• the timing and outcome of the Butte fire litigation; the timing and outcome of any proceeding to recover costs in excess of insurance from customers, if any; the

effect, if any, that the Safety and Enforcement Division’s (SED) of the CPUCs $8.3 million citations issued in connection with the Butte fire may have on the Butte

fire litigation; and whether additional investigations and proceedings in connection with the Butte fire will be opened and any additional fines or penalties imposed

on the Utility;

• whether the CPUC approves the Utility’s application to establish a Wildfire Expense Memorandum Account (WEMA) to track wildfire expenses and to preserve

the opportunity for the Utility to request recovery of wildfire costs in excess of insurance at a future date, and the outcome of any potential request to recover such

costs;

• whether the Utility can continue to obtain insurance and whether insurance coverage is adequate for future losses or claims;

• the outcome of the probation and the monitorship, the timing and outcomes of the debarment proceeding, the SED’s unresolved enforcement matters relating to

the Utility’s compliance with natural gas-related laws and regulations, and other investigations that have been or may be commenced, 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 access capital markets and other sources of debt and equity financing in a timely manner on acceptable terms;

• changes in credit ratings which could, among other things, result in higher borrowing costs and fewer financing options, especially if PG&E Corporation or the

Utility were to lose their investment grade credit ratings; and

• the other factors disclosed in PG&E Corporation and the Utility’s joint annual report on Form 10-K for the year ended December 31, 2017 and other reports filed

with the SEC, which are available on PG&E Corporation’s website at www.pgecorp.com and on the Securities and Exchange Commission website at

www.sec.gov.

Forward-looking statements included herein represent management’s expectations only as of the date of this presentation, and PG&E Corporation assumes no duty

to update them to reflect new information, events or circumstances.

.

A Different Kind of Energy Company

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One of the greenest investor-owned utilities in the country

Positioned for growth in a fast-changing environment

Confronting climate change and its effects head-on

California clean-energy policies drive capital investment

Owner and operator of a key enabling asset in the electric grid

Strong focus on customer affordability

Leading the way to a low-carbon economy

Focused on Sustainability

About PG&E

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PG&E is focused on providing safe, reliable, affordable

and clean energy to nearly 16 million Californians

23,000employees

5.4 millionelectric

customers

4.5 milliongas distribution

customers

70,000square mile

service area

more than

~$34.4

billionof ratebase

in 2017

~7,700MW of owned

electric generation

capacity

79% GHG-free energy

delivered to

bundled customers

~$17.1

billionIn revenue in

2017

Electric Power Mix*

Renewables

Nuclear

Large Hydro

Natural Gas

MarketPurchases

33%

27%

18%

20%

1%

*Source figures do not add up to 100% due to rounding.

PG&E’s Guiding Principles

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PG&E is Critical to California’s Climate Goals

0

100

200

300

400

500

600

2000 2005 2010

California is Targeting:

50%renewables by 2030

5Mzero emission vehicles by 2030

2Xenergy efficiencyin existing buildings by 2030

California Greenhouse Gas Reduction Goals

and Historic Emissions*

Million metrictons CO2e

*Source: California Air Resources Board

2020 20302015 2025

AB 32 requires

California to return to

1990 levels by 2020

SB 32 requires at

least 40% below 1990

levels by 2030

Historic Emissions

Ag. & Forestry

Res. & Comm.

Transportation

Electricity

Generation

Industrial

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Sustainability is Our North Star

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PG&E U.S. Avg

RPS GHG Free

79%

38%

2X More Carbon-Free and Renewable Energy

Than The U.S. Average Shaping California Model for Energy Efficiency

~20% of all U.S. rooftop solar

>340,000 solar customers

PG&E Customers Lead the Nation in Clean Technology Adoption

~800 GWh/yr of efficiency

savings in 2016

~20% of all U.S. vehicles Ranked #2 among

U.S. utilities

More than 150,000 electric

vehicles

*Source: US Energy Information Administration

Grid Modernization Will Require Significant Investment

8See the Forward Looking Statements for factors that could cause actual results to differ materially from the guidance presented and underlying assumptions.

We are making purposeful investments in the grid…

… To meet our customers’ changing needs and expectations

Transportation Electrification

Adding ~3,300 EVs to the

grid each month

Distributed Generation

Interconnecting ~4,000

solar rooftops each month

Increasing Renewable Portfolio

Voluntary commitment to

reach 55% RPS by 2031

Grid Visibility & Monitoring

Grid Data Analytics

Grid Optimization & Automation

Grid Management & Control of DERs

Overhead Conductor and Transformer Replacements

Substation and Circuit Capacity Upgrades

Energy Storage

Technology advancements

and cost declines leading

to greater opportunities

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Traditional solutions present challengesEnsuring Grid Reliability in Oakland

Fossil-fueled Power Plant

Additional transmission could be built, but would run

through the heart of downtown Oakland at great cost

Additional Transmission

New conventional generation facility would need to run

more often than the current plant and is out of step with CA

clean energy goals

Oakland Clean Energy Initiative can meet reliability needs with local clean power

PG&E’s innovative solution leverages an integrated grid platform and distributed energy resources to…

✓ Support CA clean energy goals

✓ Improve system reliability

• Oakland power plant is

approaching retirement age

• CAISO identified a long-term

local reliability concern

• Impacted area represents an economic

core of commercial and industrial

customers

Integrated Grid Platform

Pioneering the New Energy Landscape

Electric Vehicles Present Growth Opportunities

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EV investment opportunity will help to achieve CA’s clean energy goals

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

Impact to LoadContribution to Carbon Reduction

~10%Tailpipe emissions reduction in PG&E’s service territory

~2MClean Vehicles on PG&E’s grid by

2030

~ 1M homes

The average EV consumes about half the electricity of a typical home each year

Investment Opportunities

~80% ~20%

≈

Central Focus on Safety Culture and Operations

Strengthened Operating Culture &

Safety Procedures

Achievements in Emergency Response and Safety

Since 2010

✓ Investing billions of dollars in gas

and electric safety improvements

✓ Testing and replacing hundreds of

miles of natural gas pipelines

✓ Installing emergency shut off valves

✓ Establishing a state-of-the-art gas

safety operations center

✓ Opened three state-of-the-art

electric distribution control

centers

✓ Installed self-healing “Smart Grid”

technology able to command

equipment remotely

✓ One of the only utilities globally to

hold certifications for best-in-class

operational standards

~50%

~99%

~45%

Improvement in electric

emergency response time

Improvement in gas emergency

response time

Reduction in gas leak backlog

Reduction in gas dig-ins

~40%

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Maintaining Customer Affordability

Balancing Strong Investment Profile while Driving Sustainable Efficiencies

Customer

Affordability

ComplianceSafety &

Reliability

Process Improvements

Technology Investments

Procurement Efficiencies

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Northern California Wildfires Response

Regulatory

Legal

Legislative

Collaborating to update compliance requirements in high-risk wildfire zones

Engaged in multiple trial court-level cases to challenge the application of inverse condemnation

Actively working with lawmakers on impacts of climate change and the need for comprehensive solutions

OperationsExecuting numerous operations programs as precautionary measures intended to reduce the risk of future wildfires

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We Are Taking Action

Bolstering wildfire

prevention and

emergency

response

Working with our

communities on

new, enhanced

safety measures

Longer term,

hardening our

electric system and

integrating new

technologies

• Establishing a Wildfire

Safety Operations Center

to monitor wildfire risks in

real-time

• Expanding our network of

PG&E weather stations to

enhance forecasting and

modeling

• Increasing PG&E fire

safety resources to protect

infrastructure, assist utility

crews, and support first

responders as needed

• Executing more rigorous

vegetation management in

high-fire threat areas

• Expanding our disabling

of reclosers and circuit

breakers

• Refining protocols to

proactively turn off

electric power where

extreme fire conditions are

occurring

• Investing in stronger,

coated power lines

• Replacing wood poles

with non-wood poles in

some cases

• Spacing lines farther apart

• Working with communities

to develop microgrids

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Note: Some of the changes and updates included in this presentation are contemplated as precautionary measures intended to reduce

future wildfire risk.

Corporate Governance Overview

Effective Board

Leadership and

Independent

Oversight

External

Sustainability

Advisory Council

• 91% independent directors

• 55% diverse Board representing current and future stakeholders

• Non-executive independent Chair

• Policy to consider diversity in director nomination selection process

• Key Board Committees comprised exclusively of independent Directors

• Track record of board responsiveness to shareholder interests

• Governance structures incorporate both climate and clean energy opportunity

management

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• Formed external Sustainability Advisory Council, whose members include:

• Mindy Lubber, President of Ceres

• Heather Zichal, climate and energy adviser to President Obama

• David Hayes, U.S. Dept. of Interior deputy secretary & Chief Operating

Officer, Presidents Obama and Clinton

• Jonathan Foley, environmental scientist and Executive Director, California

Academy of Sciences

Strategic Planning Process & Risk Management

Risk Management Practices Integrated Throughout Strategic Planning Process

Top Risk and Compliance Management

5-Year Operational Strategy Plan and

Risk Mitigation

Succession Plan and Talent

Development

2-Year Work Execution Plan

Annual Risk-

informed

Resource

Allocation

Planning Horizons Align with Company Strategy

15-year Strategic Scenarios to Set Vision

5-year Executive Guidance with Strategic Focus Areas

Monthly Business Performance Review and Metrics Measurement

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