Statements of Support

“Elliott and Bluescape pitch: we agree and see a VERY NT potential catalyst”

–Guggenheim, June 21, 2018

“Our experience following the evolution of the NRG and FE processes has been that engagement with Elliott / Bluescape, and the creation of a formal review process with no “sacred cows” has generally driven more robust, aggressive and potentially value enhancing strategic decisions than would have occurred in the alternative.”

–Evercore ISI, June 12, 2018

“It is very tough to see how Sempra can avoid meeting Elliott at least half way. In part, that’s because Elliott has been doing so well in the sector.”

–Liam Denning, Bloomberg Opinion, June 11, 2018

“Is SRE the Next NRG? Elliott Seems to Think So…Elliott/Bluescape executed a similar strategy at NRG. Beginning in 2017, the activists worked with management to replace board members and undertake a strategic review. The review resulted in asset sales and cash optimization. NRG shares are up 99% over the past 12 months. They have also been active in balance sheet restructuring at FE.”

UBS, June 11, 2018

“It sounds like what Elliott’s proposing is that they get rid of anything that’s not directly utility related. Generally, it’s a pretty good assumption that utilities are more valuable when they’re pure play utilities.”

Bloomberg Intelligence, June 11, 2018

“We believe that an activist investor-led review will benefit SRE [Sempra] shareholders and lead
to strong value creation.”

–Standard & Poor’s, June 11, 2018

“While our upside scenario utilizes differing assumptions and multiples, we arrive in the same zip code as Elliott’s proposal.”

–UBS, June 13, 2018

“Activists see large upside (38-57%) if successfully executed…We think engaging activists [Elliott and Bluescape] could present an additional upside opportunity for [SRE] shares.”

–Bank of America Merrill Lynch, June 12, 2018

“While we see some operating synergies in Sempra’s current structure, we do think shareholders would benefit if Sempra transitioned to a fully regulated U.S. utility with a steadier cash flow profile…we believe the divestiture of operations with higher cash flow uncertainty would lead to a U.S. utility that would trade in line with its peer groups."

–Morningstar, June 11, 2018

“The NRG situation is in the ballpark with what they [the Sempra Shareholder Group] would apparently be proposing here. The idea is to simplify down to the core business.”

Bloomberg Intelligence, June 11, 2018

“We view this event as a positive for the credit…the Elliott and Bluescape team has made credit-enhancing investments in both NRG and FE.”

J.P. Morgan, June 11, 2018

“An important rationale for this deal was that Sempra’s ambitious growth targets were underpinned to a large degree by unregulated ventures such as Cameron LNG. Buying Oncor’s regulated business was a way of rebalancing the mix toward safer profit streams and allaying concerns about Sempra’s credit rating. But Sempra paid a big price and bent over backwards to accommodate Texas’ regulators to clinch the deal. This strategy is what Elliott is targeting.”

Liam Denning, Bloomberg Opinion, June 11, 2018

“We believe SRE is indeed ready to collaborate [with the Sempra Shareholder Group] and think that SRE could be a strong parallel to NRG.”

–Guggenheim, June 21, 2018

“Our target price is now $130/share, which assumes some of the upside from the proposed Elliott / Bluescape plan is realized.”

–Evercore ISI, June 12, 2018

“It is clear there are no appreciable synergies.”

–Liam Denning, Bloomberg Opinion, June 11, 2018

“A successful execution of this strategy would go a long way in removing the conglomerate discount assigned to shares. At the end of the day, we would expect that Elliott Management and Bluescape could have a similar impact that it has had with NRG.”

Guggenheim, June 11, 2018

“Ultimately, we believe these measures, if enacted, would be credit positive as it would help mitigate holdco leverage concerns as well as simplify the portfolio and exit higher risk businesses.”

J.P. Morgan, June 11, 2018

“[Elliott’s] Singer is arguably helping Sempra again, though the target’s board may not feel that way.”

Lauren Silva Laughlin, Reuters Breakingviews, June 11, 2018

“Elliott has a track record good enough to warrant a hearing from Jeff Martin, who moved from finance director to [Sempra Energy] chief executive just a few weeks ago.”

Lauren Silva Laughlin, Reuters Breakingviews, June 11, 2018