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)		2017		2016		2015
Administrative service revenue	$	63	$	70	$	51
Operating expenses		(5)		(73)		(53)
Interest income		1		1		1
Interest expense		(11)		(10)		(10)
Other income		4		2		30
Equity in earnings of subsidiaries		1,667		1,388		852
Income before income taxes		1,719		1,378		871
Income tax provision (benefit)		73		(15)		(3)
Net income	$	1,646	$	1,393	$	874
Other Comprehensive Income
Pension and other postretirement benefit plans obligations (net of taxes of $0,
$1, and $0, at respective dates)	$	1	$	(2)	$	(1)
Net change in investments (net of taxes of $0, $0, and $12, at respective dates)		-		-		(17)
Total other comprehensive income (loss)		1		(2)		(18)
Comprehensive Income	$	1,647	$	1,391	$	856
Weighted Average Common Shares Outstanding, Basic		512		499		484
Weighted Average Common Shares Outstanding, Diluted		513		501		487
Net earnings per common share, basic	$	3.21	$	2.79	$	1.81
Net earnings per common share, diluted	$	3.21	$	2.78	$	1.79

PG&E CORPORATION

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

CONDENSED BALANCE SHEETS

	Balance at December 31,
(in millions)	2017		2016
ASSETS
Current Assets
Cash and cash equivalents	$	2		$	106
Advances to affiliates		24			24
Income taxes receivable		27			25
Total current assets		53			155
Noncurrent Assets
Equipment		3			2
Accumulated depreciation		(3)			(2)
Net equipment		-			-
Investments in subsidiaries		19,514			18,172
Other investments		144			133
Intercompany receivable		72			-
Deferred income taxes		123			267
Total noncurrent assets		19,853			18,572
Total Assets	$	19,906		$	18,727

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Short-term borrowings	$	132		$	-
Accounts payable – other		6			7
Other		23			274
Total current liabilities		161			281
Noncurrent Liabilities
Long-term debt		350			348
Other		175			158
Total noncurrent liabilities		525			506
Common Shareholders’ Equity
Common stock		12,632			12,198
Reinvested earnings		6,596			5,751
Accumulated other comprehensive income (loss)		(8)			(9)
Total common shareholders’ equity		19,220			17,940
Total Liabilities and Shareholders’ Equity	$	19,906		$	18,727

PG&E CORPORATION

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

CONDENSED STATEMENTS OF CASH FLOWS

(in millions)

	Year ended December 31,
	2017		2016		2015
Cash Flows from Operating Activities:
Net income	$	1,646	$	1,393	$	874
Adjustments to reconcile net income to net cash provided by
operating activities:
Stock-based compensation amortization		20		74		66
Equity in earnings of subsidiaries		(1,667)		(1,388)		(852)
Deferred income taxes and tax credits-net		139		11		10
Current income taxes receivable/payable		(2)		(1)		5
Other		(75)		(24)		(70)
Net cash provided by operating activities		61		65		33
Cash Flows From Investing Activities:
Investment in subsidiaries		(455)		(835)		(705)
Dividends received from subsidiaries (1)		784		911		716
Net cash provided by (used in) investing activities		329		76		11
Cash Flows From Financing Activities:
Borrowings (repayments) under revolving credit facilities		132		-		-
Common stock issued		395		822		780
Common stock dividends paid (2)		(1,021)		(921)		(856)
Net cash provided by (used in) financing activities		(494)		(99)		(76)
Net change in cash and cash equivalents		(104)		42		(32)
Cash and cash equivalents at January 1		106		64		96
Cash and cash equivalents at December 31	$	2	$	106	$	64
Supplemental disclosure of cash flow information
Cash received (paid) for:
Interest, net of amounts capitalized	$	(9)	$	(9)	$	(9)
Income taxes, net		-		(13)		-
Supplemental disclosure of noncash investing and financing activities
Noncash common stock issuances	$	21	$	20	$	21
Common stock dividends declared but not yet paid		-		248		224

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

(2) In July and October of 2017, respectively, PG&E Corporation paid quarterly common stock dividends of $0.53 per share.
In July and October of 2016 and January and April of 2017, respectively, PG&E Corporation paid quarterly common stock dividends of $0.49 per share.
In January, April, July, and October of 2015 and January and April of 2016, respectively, PG&E Corporation paid quarterly common stock dividends of $0.455 per share.