The common stock is, and the preferred stock will be, listed on the NYSE

Davis Polk advised the representatives of the several underwriters in connection with the $1.15 billion SEC-registered offering of 55,961,070 shares of common stock as well as the $1.61 billion SEC-registered offering of 32,200,000 shares of 6.000% Series A mandatory convertible preferred stock by PG&E Corporation, including the full exercise by the underwriters of their options to purchase 7,299,269 additional shares of common stock and 4,200,000 additional shares of 6.000% Series A mandatory convertible preferred stock. The proceeds from the offerings will be used for general corporate purposes, which may include, among other things, to fund PG&E’s five-year capital investment plan.

PG&E is a holding company whose primary operating subsidiary is Pacific Gas and Electric Company, a public utility operating in Northern and Central California. Pacific Gas is one of the largest combination natural gas and electric utilities in the United States. Pacific Gas provides natural gas and electric service to approximately 16 million people throughout a 70,000-square-mile service area in Northern and Central California.

The Davis Polk capital markets team included partners Michael Kaplan and Marcel Fausten and associate Kerim K. Aksoy. The equity derivatives team included partner Mark J. DiFiore and counsel Hanbing Zhang. Partner Lara Samet Buchwald and associate Grace Lee provided litigation advice. Partner Mario J. Verdolini and associate Nancy B. Regan provided tax advice. Counsel David A. Zilberberg provided environmental advice. Members of the Davis Polk team are based in the New York and Washington DC offices.

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