PG&E CORPORATION

SCHEDULE I — CONDENSED FINANCIAL INFORMATION OF PARENT

CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

		Years Ended December 31,
(in millions, except per share amounts)		2015		2014		2013
Administrative service revenue	$	51	$	51	$	41
Operating expenses		(53)		(53)		(42)
Interest income		1		1		1
Interest expense		(10)		(14)		(25)
Other income (expense)		30		(1)		(57)
Equity in earnings of subsidiaries		852		1,413		848
Income before income taxes		871		1,397		766
Income tax benefit		3		39		48
Net income	$	874	$	1,436	$	814
Other Comprehensive Income
Pension and other postretirement benefit plans obligations (net of taxes of $0,
$10, and $80, at respective dates)	$	(1)	$	(14)	$	113
Net change in investments (net of taxes of $12, $17, and $26, at respective dates)		(17)		(25)		38
Total other comprehensive income (loss)		(18)		(39)		151
Comprehensive Income	$	856	$	1,397	$	965
Weighted Average Common Shares Outstanding, Basic		484		468		444
Weighted Average Common Shares Outstanding, Diluted		487		470		445
Net earnings per common share, basic	$	1.81	$	3.07	$	1.83
Net earnings per common share, diluted	$	1.79	$	3.06	$	1.83

PG&E CORPORATION

SCHEDULE I — CONDENSED FINANCIAL INFORMATION OF PARENT – (Continued)

CONDENSED BALANCE SHEETS

	Balance at December 31,
(in millions)	2015		2014
ASSETS
Current Assets
Cash and cash equivalents	$	64	$	96
Advances to affiliates		22		31
Income taxes receivable		24		29
Other		1		38
Total current assets		111		194
Noncurrent Assets
Equipment		2		2
Accumulated depreciation		(2)		(1)
Net equipment		-		1
Investments in subsidiaries		16,837		16,003
Other investments		130		117
Deferred income taxes		250		260
Total noncurrent assets		17,217		16,381
Total Assets	$	17,328	$	16,575

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Accounts payable – other		3		67
Other		246		269
Total current liabilities		249		336
Noncurrent Liabilities
Long-term debt		350		350
Other		153		141
Total noncurrent liabilities		503		491
Common Shareholders’ Equity
Common stock		11,282		10,421
Reinvested earnings		5,301		5,316
Accumulated other comprehensive income (loss)		(7)		11
Total common shareholders’ equity		16,576		15,748
Total Liabilities and Shareholders’ Equity	$	17,328	$	16,575

PG&E CORPORATION

SCHEDULE I – CONDENSED FINANCIAL INFORMATION OF PARENT – (Continued)

CONDENSED STATEMENTS OF CASH FLOWS

(in millions)

	Year ended December 31,
	2015		2014		2013
Cash Flows from Operating Activities:
Net income	$	874	$	1,436	$	814
Adjustments to reconcile net income to net cash provided by
operating activities:
Stock-based compensation amortization		66		65		54
Equity in earnings of subsidiaries		(852)		(1,413)		(848)
Deferred income taxes and tax credits-net		10		(72)		(10)
Noncurrent income taxes receivable/payable		-		5		-
Current income taxes receivable/payable		5		(16)		20
Other		(70)		43		(20)
Net cash provided by operating activities		33		48		10
Cash Flows From Investing Activities:
Investment in subsidiaries		(705)		(978)		(1,371)
Dividends received from subsidiaries (1)		716		716		716
Proceeds from tax equity investments		-		368		275
Other		-		-		(8)
Net cash provided by (used in) investing activities		11		106		(388)
Cash Flows From Financing Activities:
Borrowings (repayments) under revolving credit facilities		-		(260)		140
Proceeds from issuance of long-term debt, net of discount and
issuance costs of $3 million		-		347		-
Repayments of long-term debt		-		(350)		-
Common stock issued		780		802		1,045
Common stock dividends paid (2)		(856)		(828)		(782)
Other		-		-		(1)
Net cash provided by (used in) financing activities		(76)		(289)		402
Net change in cash and cash equivalents		(32)		(135)		24
Cash and cash equivalents at January 1		96		231		207
Cash and cash equivalents at December 31	$	64	$	96	$	231

Supplemental disclosure of cash flow information
Cash received (paid) for:
Interest, net of amounts capitalized	$	(9)	$	(15)	$	(23)
Income taxes, net		-		1		21
Supplemental disclosure of noncash investing and financing activities
Noncash common stock issuances	$	21	$	21	$	22
Common stock dividends declared but not yet paid		224		217		208

(1) Because of its nature as a holding company, PG&E Corporation classifies dividends received from subsidiaries an investing cash flow.

(2) In January, April, July, and October of 2015, 2014, and 2013, respectively, PG&E Corporation paid quarterly common stock dividends of $0.455 per share.