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WaMu Tj010Ii'lC WaMu Timeline

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2/28/0B
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WaMu Timeline
Redacted
CEO Killinger met with OTS Director 10 discuss the condition of the Bank, examination concerns, and
the ros eets of raisin ca ita!'
Redacted
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WaMu WaMu Timeline
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WaMu Timolillc
4/4/08
r'-"'=-lw'R-;;:;:;;;;;;fe< DC the revised liquidity stress analysis with additional stress conditions reCluested
by WR management including: a 9 billion deposit am offamong retail, custodial and commercial
accounts, pIllS a ill Funds capacity lind 400 bp increase ill the FHLB haircut. Also
included was new info on several such as the call do upon a
"material adverse change" indicating that potential a mllch worse event shollid the FHLB of
early amortization of olllstandingbalances or immediate upon default
1\ change. Management reports thnt the)' are very close 10 signing a
deal to additional capital approximating billio/l, OTS encourages and the Board
to raise all that is possible in this transaction. agrees with 01'8 to keep JP Morgan
4/4108
WliMu Timeline
Redacted
WR providesDC thej3ank's revised Hquidity stress analysis with additional stress conditions requested
by WR management including: a $19 billion deposit tun offamong retail, custodial and commercial
accounts, plus a reduction in Fed Funds capacity and 400 bp increase in the FHLB haircut. Also
included was new info on several items such as clarification of what the FHLB's can do upon a
"material adverse change" indicating that potential exists for a much worse event should the FHLB of
SF triggers an early amortization of outstanding'balances or immediate repayment upon default
stemming from a material adverse change. Management reports that they are very close to signing a
deal to raise additional capital approxjmating $4.9 billion. OTS encourages management and the Board
to raise all thaI is possible in this transaction. Management agrees with OTS to keep JP Morgan offer
open.
Redacted
Dochow . Darrel-00001338 . 027
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W"'VIII Timelillc
5116/08 Onsite examiners discontinued sending liquidity reports 10 D"Cbecalise oft-he recent capital infusion but
continued liquidity,
"xaminers they arc classifying all subprime loans--l
ofpa]{lTIIol1t status and as slich, would downgrade the Bank's asset quality
----"
DoclIow Darrel-00001338 028
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5/5/08
5/8/08
5/16/08
WaMu Timeline
Redacted
FDIC provides a revised .:;apital analysis indicating that the Bank needed an additional $5 - $7.0 billion
in capital
,[ernporarily discontinued weekly I iquidity reports to DC due to recent capital infusion
Redacted
Onsite examiners discontinued sending liquidity reports to DC because of the recent capital infusion but
'--___ liquidity,
5/29/08
... ", .
Redacted
Onsite FDIC examiner inform OTS examiners that they are classifying-all subprime loans
"substandard" regardless of payment status and as stich, would downgrade the Bank's asset quality
com anent from "3" to "4lt.
Redacted
Dochow Darrel-00001338 028
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WaMu Tilllclil,e WaMu Timeline
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WaMu Timeline
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FRB informed WR Director that they would be sending an examiI1er from their Credit monitoring
department to monitor Iiauidity and related credit/collateral.
Redacted
Dochow DarreI-00001338 032
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WaMu ",,,,,,,u,,,
WMJIWMBMOU as
9/1D/OS FHLE. SF presentation at WR managers meeting, it
assets would FHLE. managersmofe assurance to cOllltimJe I,,,,di,,,,
andinlhe
9/7/08
9/10/08
WaMu Timeline
Redacted
WMI!WMB MOU signed by directors, Alan Fishman approved as CEO by directors, and Kerry
Killin er resi ns as CEO.
Redacted
During FHLB. SF presentation at WR managers meeting, it was discussed whother a blank.et lien on
WMB's assets would give FHLB managers more assurance to continue lendiilg to the Bank. They
indicated that it would and in the followin week, this was accoln lisned.
Redacted
Return
9/11/08
9115108
WaMu
'1'''''0''' . liquidity noted:
-Anecdotal illformation from the brallchcstoday suggests that deposit withdrawals higher than
normal; most withdrawals were ill $50,000.
'Pos!-IndyMac plans been reillilialed ill the branches, which include: emphasis on FDIC
insurance education; waiver of if customers restructure deposits to insurance co'ver.age
(with multiple accollnt owners, etc); waiver back at II
and redeposit the distrihution of flyers outside of downtown Seattle branches advertising the
current 5% CD special
.An 8 month CD at 4.25% will CIIITell! 5% 13 month special beginning on Saturday
headlines not directly impacted other funding sources so
.Fishman, and McMurray are with S&P The meeting was SCfleaUICU for
lIoxt bul was of Ihis events,
.Management is considering a third quarter pre-earnings announcement next week to attempt 10 calm
the market. They are discussing this with S&P,
all earnings annOllllcement to causa to downgrade the credit' raling
bank rating is expected to stay unchanged (BBB), although Ihe likely change
to "Negative." This will be a challge 6'om prior practice by Fitch, which has given the bank
and He
..
Branches in the Midwest and west. eem',n,,""
closed today because of increased press and network news cOI(cragcQfr.cilman, AIG, elc.
9/11/08
9115108
WaMu Timeline
Redacted
Today's liquidity meeting noted:
-Anecdotal information from the branches today suggests that deposit withdrawals remain higher than
normal; most withdrawals were in increments greater than $50,000.
-Post-IndyMac plans" have been reinitiated in the branches, which include: emphasis on FDIC
insurance education; waiver of penalties if customers restructure deposits to increase insurance coverage
(with multiple account owners, etc); waiver of penalties if customers bring back official checks at a later
date and redeposit the funds; distribution of flyers outside of downtown Seattle branches advertising the
current 5% CD special
-An 8 month CD special at 4.25% will replace the current 5% 13 month special beginning on Saturday
-The negative headlines have not directly impacted other funding sources so far
-Fishman, Rotella, Casey and McMurray are meeting with S&P today. The meeting was scheduled for
next week, but was rescheduled because of this week's events.
-Management is considering a third quarter pre-earnings announcement next week to attempt to calm
the market. They are discussing this with S&P.
They expect an earnings announcement to cause Fitch to downgrade the holding comvany credit rating
to BBB-. The bank rating is expected to stay unchanged (BBB), although the outlook will likely change
to "Negative." This will be a change from prior practice by Fitch, which has generally given the bank
and the HC the same credit ratin .
Branches in the Midwest and west reported continued higher than normal activity after the market I
closed today because of increased press and network news coverage of Lehman, AlG, etc.
Redacted
Dochow Darrel-00001338 035 .
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9/18/08
9/19/08
"'"-"----1
WaMu Timeline
WMB reports high traffic in branches and cormnlmr'g
$33,3 billion.
repclrtcd available liqulidily at
WMB updated DC Management on Liquidity: Funding Plans the trajectory ;)fdeposit outflows looks
like it will IndyMac ($9.5B) + 70%, or a total outflow $16-$17B over three weeks (including what
has already They are borrowing FHLBs over next two weeks. FHLB SF
now has a blanket lien and has assured. WMB they willllot any cuts in capacity.
WMB will also be getting in proceeds discoullt note maturities and sales. Repo market is shut
down. Rapo collateral is being shifted tu SEA FHLB.
Treasury Manager thil1ks that liquidity at the end of the will ill e"cess
and $10B in FHLB capacity.
M&A - Fishman, and a rep from Goldman gave an update on M&A activity. JP Morgan
is expected to complete by or tomorrow. is expected 1Cl."complete
.diligence tomorrow. Also olle otlier the name) is looking into acquiring a minority
interest. Goldman thinks a deal
OTS downgra3es WMB's comoosite rating to
FHLB -SF reports that their accountants, to follow FAS 157 value
for the collateral of problem banks and that WAMU was a problem bank" That means tltey look to
observable sales of option arms and thoy found some at firo sale prices of35 cents on dollar that
they will have.to use. On that they arc out of collateral and gave advances yesterday only because
ofthe blanket lien. FHLB of SF told management this late last night. FIILB of SF told OTS that
might be able to lend $1 to $2 billion more was II bridge to II dcal dono. OTS management
cnc:ourag"d HILBs to Icnding.
036
WaMu Timeline
Redacted
9/18/08
WMB reports high traffic in branches and continuing branch closings and reported available liquidity at
$33.3 billion .
. WMB updated DC Management on Liquidity: Funding Plans - the trajectory of deposit outflows looks
like it will be IndyMac ($9.5B) + 70%, or a total outflow $16-$17B over three weeks (including what
has already happened). They are borrowing $8.5B from FHLBs over the next two weeks. FHLB SF
now has a blanket lien and has assured. WMB that they will not have any additional cuts in capacity.
WMB will also be getting $2H in proceeds froin discount note maturities and sales. Repo market is shut
down. Repo collateral is being shifted to SEA FHLB.

Treasury Manager thinks that liquidity at the end of the quarter will be $13B, 01'$38 in excess
cash and $IOB in FIlLB capacity.

M&A - Casey, Fishman, and a rep from Goldman gave an update on M&A activity. JP Morgan
is expected to complete due diligence by today or tomorrow. Citi is expected tq..complete due
.diligence tomorrow. Also one other party (missed the name) is looking into acquiring a minority
interest. Goldman thinks a deal could be done by Sunday.
OTS downgrades WMB's comDosite rating to "4" (343442).
9119/08
Redacted
Liquidity projected at $29.8
I
FDIC corresponds that Adviinces'stili avallablerrom the JiHLIisandthe situation is not dire.
FIlLB -SF reports that their accountants, PWC requires them to follow FAS 157 fair value accounting
for the collateral of problem banks and that W AMU was a problem bank. That means they look to
observable sales of option arms and they found some at fire sale prices of35 cents on the dollar that
they will have.to use. On that basis they are out of collateral and gave advances yesterday only because
of the blanket lien. FIlLB of SF told management this late last night. FIlLB of SF told OTS that they
might be able to lend $1 to $2 billion more ifit was a bridge to getting a deal done. OTS management
encouraged FHLBs to continue lending.
9/22/08
Redacted
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WaMu Timelille
. 9/23/08
Latest .FRH pro,jecltion
9/24/08
outflows arc declining thoy are not stabilized and that l'rtLD-':>"
9/25/08 report provided to WR and DC senior management. Available liquidity pn)je,;ted
suli'ect io continuing to fund.

Dochow_Dartel-00001338 037
-9123/08
9/24/08
9/25/08
,
WaMu Timeline
Redacted
WMB projected ending available liquidity to be $28.0 billion; however, they estimated $9.4 in FRB
availability or $2.0 billion more that estimated by the FRB. FDIC projected $20.8 billion in liquidity
because they reduced the amount ($8.5 billion) reportedly available fromFHLB-SF to $1.0 billion ..
Redacted
Latest FRB- projection indicates that WaMu liquidity would reach "0" by 1019/08 assuming
approximately $2.0 billion runoff per day.
WaMu projects available liquidity at $23.6 billion
Redacted
I
FDIC reports to OTS that while-deposit outflows are declining they are not stabillze(f,ifidthatFtILB-SF ,
is "day to day" with respect to future advances. .
Redacted
I
Daily Liquidity report provided to WR andDe senior management. Available liquidity projected at
$13.1 billion (subject io FHLB continuing to fund).
Redacted
Dochow_Darrel-00001338 037
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W!I1yfu Timeline
cateJ/;OfY,
At FOI C' s R eq u est, OTS eX!iffi!lllers di re:t:ted1iVlVITrm;;'allnm":;;g;;;en;;;,;en;;:ttittd oi,,,iT, , . ~ : ; ; T ; v , ,;;:, ~ "I>;:;;f,;;:;;J'F.:;;;dT;;;:;R (a
special purpose enlity). forfeit all apllw,dmalely $9:0 in loan collateral,
WIl1\1u Timeline
I The FRB of San Francisco moves the bank into the secondary credit
I
Redacted
At FDIC's Request, OTS examiners directed WMI management to dissolve Preferred Funding REIT (a
special purpose entity), forfeit all rights to the approximately $9:0 in loan COllateral, and assign the
collateral loans to WMB for inclusion in the receivership transaction.
Redacted
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WaMu Timeline
(2000/2001/2002/2003 /2004/20051,2006/2007/2008)
WaMu Timelioe
WAMUBANK
SUPERVISORY TIMELINE
(2000/2001/2002/2003 /2004/20051,2006/2007/2008)
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WaMu Tillleli.le
y,.'
2/28/0B
.. ,< ..
WaMu Timeline
Redacted
CEO Killinger met with OTS Director 10 discuss the condition of the Bank, examination concerns, and
the ros eets of raisin ca ita!'
Redacted
Dochow Darrel-00001338 025
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WaMu WaMu Timeline
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WaMu Timolillc
4/4/08
r'-"'=-lw'R-;;:;:;;;;;;fe< DC the revised liquidity stress analysis with additional stress conditions reCluested
by WR management including: a 9 billion deposit am offamong retail, custodial and commercial
accounts, pIllS a ill Funds capacity lind 400 bp increase ill the FHLB haircut. Also
included was new info on several such as the call do upon a
"material adverse change" indicating that potential a mllch worse event shollid the FHLB of
early amortization of olllstandingbalances or immediate upon default
1\ change. Management reports thnt the)' are very close 10 signing a
deal to additional capital approximating billio/l, OTS encourages and the Board
to raise all that is possible in this transaction. agrees with 01'8 to keep JP Morgan
4/4108
WliMu Timeline
Redacted
WR providesDC thej3ank's revised Hquidity stress analysis with additional stress conditions requested
by WR management including: a $19 billion deposit tun offamong retail, custodial and commercial
accounts, plus a reduction in Fed Funds capacity and 400 bp increase in the FHLB haircut. Also
included was new info on several items such as clarification of what the FHLB's can do upon a
"material adverse change" indicating that potential exists for a much worse event should the FHLB of
SF triggers an early amortization of outstanding'balances or immediate repayment upon default
stemming from a material adverse change. Management reports that they are very close to signing a
deal to raise additional capital approxjmating $4.9 billion. OTS encourages management and the Board
to raise all thaI is possible in this transaction. Management agrees with OTS to keep JP Morgan offer
open.
Redacted
Dochow . Darrel-00001338 . 027
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W"'VIII Timelillc
5116/08 Onsite examiners discontinued sending liquidity reports 10 D"Cbecalise oft-he recent capital infusion but
continued liquidity,
"xaminers they arc classifying all subprime loans--l
ofpa]{lTIIol1t status and as slich, would downgrade the Bank's asset quality
----"
DoclIow Darrel-00001338 028
- -
5/5/08
5/8/08
5/16/08
WaMu Timeline
Redacted
FDIC provides a revised .:;apital analysis indicating that the Bank needed an additional $5 - $7.0 billion
in capital
,[ernporarily discontinued weekly I iquidity reports to DC due to recent capital infusion
Redacted
Onsite examiners discontinued sending liquidity reports to DC because of the recent capital infusion but
'--___ liquidity,
5/29/08
... ", .
Redacted
Onsite FDIC examiner inform OTS examiners that they are classifying-all subprime loans
"substandard" regardless of payment status and as stich, would downgrade the Bank's asset quality
com anent from "3" to "4lt.
Redacted
Dochow Darrel-00001338 028
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WaMu Tilllclil,e WaMu Timeline
Redacted
.
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WaMu Timeline WaMu Timeline .
Redacted
DochowDarrcI-00001338 030
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Dochow Darrel00001338 031
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,"mung all 7125108
WaMu Timeline
Redacted
FRB informed WR Director that they would be sending an examiI1er from their Credit monitoring
department to monitor Iiauidity and related credit/collateral.
Redacted
Dochow DarreI-00001338 032
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WaMu Timelitle WaMu Timeline
Redacted
. :"' ,.
Dochow _ Darrel-00001338 _033
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WaMu ",,,,,,,u,,,
WMJIWMBMOU as
9/1D/OS FHLE. SF presentation at WR managers meeting, it
assets would FHLE. managersmofe assurance to cOllltimJe I,,,,di,,,,
andinlhe
9/7/08
9/10/08
WaMu Timeline
Redacted
WMI!WMB MOU signed by directors, Alan Fishman approved as CEO by directors, and Kerry
Killin er resi ns as CEO.
Redacted
During FHLB. SF presentation at WR managers meeting, it was discussed whother a blank.et lien on
WMB's assets would give FHLB managers more assurance to continue lendiilg to the Bank. They
indicated that it would and in the followin week, this was accoln lisned.
Redacted
Return
9/11/08
9115108
WaMu
'1'''''0''' . liquidity noted:
-Anecdotal illformation from the brallchcstoday suggests that deposit withdrawals higher than
normal; most withdrawals were ill $50,000.
'Pos!-IndyMac plans been reillilialed ill the branches, which include: emphasis on FDIC
insurance education; waiver of if customers restructure deposits to insurance co'ver.age
(with multiple accollnt owners, etc); waiver back at II
and redeposit the distrihution of flyers outside of downtown Seattle branches advertising the
current 5% CD special
.An 8 month CD at 4.25% will CIIITell! 5% 13 month special beginning on Saturday
headlines not directly impacted other funding sources so
.Fishman, and McMurray are with S&P The meeting was SCfleaUICU for
lIoxt bul was of Ihis events,
.Management is considering a third quarter pre-earnings announcement next week to attempt 10 calm
the market. They are discussing this with S&P,
all earnings annOllllcement to causa to downgrade the credit' raling
bank rating is expected to stay unchanged (BBB), although Ihe likely change
to "Negative." This will be a challge 6'om prior practice by Fitch, which has given the bank
and He
..
Branches in the Midwest and west. eem',n,,""
closed today because of increased press and network news cOI(cragcQfr.cilman, AIG, elc.
9/11/08
9115108
WaMu Timeline
Redacted
Today's liquidity meeting noted:
-Anecdotal information from the branches today suggests that deposit withdrawals remain higher than
normal; most withdrawals were in increments greater than $50,000.
-Post-IndyMac plans" have been reinitiated in the branches, which include: emphasis on FDIC
insurance education; waiver of penalties if customers restructure deposits to increase insurance coverage
(with multiple account owners, etc); waiver of penalties if customers bring back official checks at a later
date and redeposit the funds; distribution of flyers outside of downtown Seattle branches advertising the
current 5% CD special
-An 8 month CD special at 4.25% will replace the current 5% 13 month special beginning on Saturday
-The negative headlines have not directly impacted other funding sources so far
-Fishman, Rotella, Casey and McMurray are meeting with S&P today. The meeting was scheduled for
next week, but was rescheduled because of this week's events.
-Management is considering a third quarter pre-earnings announcement next week to attempt to calm
the market. They are discussing this with S&P.
They expect an earnings announcement to cause Fitch to downgrade the holding comvany credit rating
to BBB-. The bank rating is expected to stay unchanged (BBB), although the outlook will likely change
to "Negative." This will be a change from prior practice by Fitch, which has generally given the bank
and the HC the same credit ratin .
Branches in the Midwest and west reported continued higher than normal activity after the market I
closed today because of increased press and network news coverage of Lehman, AlG, etc.
Redacted
Dochow Darrel-00001338 035 .
Return
9/18/08
9/19/08
"'"-"----1
WaMu Timeline
WMB reports high traffic in branches and cormnlmr'g
$33,3 billion.
repclrtcd available liqulidily at
WMB updated DC Management on Liquidity: Funding Plans the trajectory ;)fdeposit outflows looks
like it will IndyMac ($9.5B) + 70%, or a total outflow $16-$17B over three weeks (including what
has already They are borrowing FHLBs over next two weeks. FHLB SF
now has a blanket lien and has assured. WMB they willllot any cuts in capacity.
WMB will also be getting in proceeds discoullt note maturities and sales. Repo market is shut
down. Rapo collateral is being shifted tu SEA FHLB.
Treasury Manager thil1ks that liquidity at the end of the will ill e"cess
and $10B in FHLB capacity.
M&A - Fishman, and a rep from Goldman gave an update on M&A activity. JP Morgan
is expected to complete by or tomorrow. is expected 1Cl."complete
.diligence tomorrow. Also olle otlier the name) is looking into acquiring a minority
interest. Goldman thinks a deal
OTS downgra3es WMB's comoosite rating to
FHLB -SF reports that their accountants, to follow FAS 157 value
for the collateral of problem banks and that WAMU was a problem bank" That means tltey look to
observable sales of option arms and thoy found some at firo sale prices of35 cents on dollar that
they will have.to use. On that they arc out of collateral and gave advances yesterday only because
ofthe blanket lien. FHLB of SF told management this late last night. FIILB of SF told OTS that
might be able to lend $1 to $2 billion more was II bridge to II dcal dono. OTS management
cnc:ourag"d HILBs to Icnding.
036
WaMu Timeline
Redacted
9/18/08
WMB reports high traffic in branches and continuing branch closings and reported available liquidity at
$33.3 billion .
. WMB updated DC Management on Liquidity: Funding Plans - the trajectory of deposit outflows looks
like it will be IndyMac ($9.5B) + 70%, or a total outflow $16-$17B over three weeks (including what
has already happened). They are borrowing $8.5B from FHLBs over the next two weeks. FHLB SF
now has a blanket lien and has assured. WMB that they will not have any additional cuts in capacity.
WMB will also be getting $2H in proceeds froin discount note maturities and sales. Repo market is shut
down. Repo collateral is being shifted to SEA FHLB.

Treasury Manager thinks that liquidity at the end of the quarter will be $13B, 01'$38 in excess
cash and $IOB in FIlLB capacity.

M&A - Casey, Fishman, and a rep from Goldman gave an update on M&A activity. JP Morgan
is expected to complete due diligence by today or tomorrow. Citi is expected tq..complete due
.diligence tomorrow. Also one other party (missed the name) is looking into acquiring a minority
interest. Goldman thinks a deal could be done by Sunday.
OTS downgrades WMB's comDosite rating to "4" (343442).
9119/08
Redacted
Liquidity projected at $29.8
I
FDIC corresponds that Adviinces'stili avallablerrom the JiHLIisandthe situation is not dire.
FIlLB -SF reports that their accountants, PWC requires them to follow FAS 157 fair value accounting
for the collateral of problem banks and that W AMU was a problem bank. That means they look to
observable sales of option arms and they found some at fire sale prices of35 cents on the dollar that
they will have.to use. On that basis they are out of collateral and gave advances yesterday only because
of the blanket lien. FIlLB of SF told management this late last night. FIlLB of SF told OTS that they
might be able to lend $1 to $2 billion more ifit was a bridge to getting a deal done. OTS management
encouraged FHLBs to continue lending.
9/22/08
Redacted
Dochow Darrel-00001338 036
Return
WaMu Timelille
. 9/23/08
Latest .FRH pro,jecltion
9/24/08
outflows arc declining thoy are not stabilized and that l'rtLD-':>"
9/25/08 report provided to WR and DC senior management. Available liquidity pn)je,;ted
suli'ect io continuing to fund.

Dochow_Dartel-00001338 037
-9123/08
9/24/08
9/25/08
,
WaMu Timeline
Redacted
WMB projected ending available liquidity to be $28.0 billion; however, they estimated $9.4 in FRB
availability or $2.0 billion more that estimated by the FRB. FDIC projected $20.8 billion in liquidity
because they reduced the amount ($8.5 billion) reportedly available fromFHLB-SF to $1.0 billion ..
Redacted
Latest FRB- projection indicates that WaMu liquidity would reach "0" by 1019/08 assuming
approximately $2.0 billion runoff per day.
WaMu projects available liquidity at $23.6 billion
Redacted
I
FDIC reports to OTS that while-deposit outflows are declining they are not stabillze(f,ifidthatFtILB-SF ,
is "day to day" with respect to future advances. .
Redacted
I
Daily Liquidity report provided to WR andDe senior management. Available liquidity projected at
$13.1 billion (subject io FHLB continuing to fund).
Redacted
Dochow_Darrel-00001338 037
Return
W!I1yfu Timeline
cateJ/;OfY,
At FOI C' s R eq u est, OTS eX!iffi!lllers di re:t:ted1iVlVITrm;;'allnm":;;g;;;en;;;,;en;;:ttittd oi,,,iT, , . ~ : ; ; T ; v , ,;;:, ~ "I>;:;;f,;;:;;J'F.:;;;dT;;;:;R (a
special purpose enlity). forfeit all apllw,dmalely $9:0 in loan collateral,
WIl1\1u Timeline
I The FRB of San Francisco moves the bank into the secondary credit
I
Redacted
At FDIC's Request, OTS examiners directed WMI management to dissolve Preferred Funding REIT (a
special purpose entity), forfeit all rights to the approximately $9:0 in loan COllateral, and assign the
collateral loans to WMB for inclusion in the receivership transaction.
Redacted
Dochow_ DarreI-00001338 _038
Return
18:52
'0604 P.002 1003
Highly Confidential
Highly Confidential
._----._-
J
. ,:?--::'C :" (),
o.;:c. . '" - . .. ------
, ------., ,
--.----..
Blincow. ' ,
Manager, Franchlse Marketing,
, Divisiori. of Resolutions and ReCeiverships,
. Corl-'oralioll.
1601 Brpll $!Il!::t.
Dal1:lS. Texas
Dear Mr. Blin.cow: '
, On behalf of JP?-. !orgilll Cha.-;e D,:tnk. Nil i\!,::>(\cbrjc;'n
('"Chase Bi:tllk''j pkaselinu. PW-:.uaul [uyow: a hid p'.1i:kilg;: fur ;l i-'t!rd::1:-."
and assumption transaction rclatingto Washington Mutual Bank.. Hf'.riderson NV (the '
lea-d tbrift>'). We ere vt:ry pleased to have the opportunity to wor}('with you and your
colleagues on this
'
For your informatiOn, we highlight the following points
reflected in our bid:'
.
We believe tbatthe authority for the acquisition of the lead t:brl:ttmust be
Seetion'13(k) of the DepoSit Insurance Act with a specific finding
'by the Board ofDirCctOI:SoftheFedoral DCposit lnJUranee Cotporation'
that the laws of any 'state now or hereafter ,enacted that wouId or
restrict Chase Bank from establishing. acquiring or reWning branches 6(
. the lead tIft acquired by Chase Bimk are orovc:rridden.' We
will continue to totcthcr with t&eJOffico of the of the '
. Cum:ncy whcther:t)us is correct. ,:
' ,
We that yOll may be corisidcrirlg revisions to the
jndemJiificationprovisions in Section We understand do
1?-otrclate'to Scction2.5,and we accept as drafted bytbe
FDIC.'
'
'
,
"
,. ' With.Iespect to the RElT preferred sccuritiesand the conditional excbangc
permitted by the tctms tbereo( the Office of the Thrift SuPervision Will '
dirm the exchaligo and the holding compaJ;Jr'immediately willcoIitribute
the trust p:rcfettCd it receiveS upOn exchange to the bank ' :,' ,
,
The OCC has asked us to speclfytbSt in eoDnection the transactiOn,
we plan to immediately transferthC 'acquired c.rCdit card bUsi.tieSs (melud,ingthe '
WociatM assctB and liabilities.) to Cbase :Sink ("Chase ,Delaware,,) ia order to
rcaiize' opcra!ional efficiencies bY having all of1hc credit card aceOunts ofthc firm in. the
same financial atChifccttire. We alSo plai1 to' imln,ediatcly merge the subsidiary thrift into'
Chase Bank to conSolidate the business in legal cnlily and operatiwal and , '
"07 M"-' NY 10172
212 %10 _ I'aatmII: li2 no 06.W
, ' ....... llSdl,IJpmchue..cDnl
FDIC 00032
FDIC 31886
18:52
'0604 P.002 1003
Highly Confidential
Highly Confidential
._----._-
J
. ,:?--::'C:" (),
o.;:c. . ' " - ;\:.::.A.o..m.: . .. ------
, - -----. '
--.----..
Blincow. ' ,
Manager, Franchlse Marketing,
, Division of Resolutions and ReCeiverships,
. Dcp;)sit Corl-'{\ralioll.
J Gu I Drpll $! Il!::t.
Dal1:lS, Texas
Dear Mr. Blin.cow: '
On bChalfofJP?o.forgilll Cha.-;e D,:tnk. i \!;:;).'lcbrjc;' n
('"Chase Bi:I,1lk''j pkaselinu. PUr:,UllUl [uyow: a hid p'.1i:kag;: fur ;l i-'t:rd::l :-."
and assumption transaction rclatingto Washington Mutual Bank.. Hf'.riderson NV (the '
<Clea-d tbrift>'). We ere very pleased to have the opportunity to work'with you and your
colleagues on this
'
For your informatiOn, we higbJight the fonowing points
reflected in our bid:'
.
We believe tbatthc authority for the acquisition of the lead tbri:.tt must be
Seetion'13(k) of the DepoSit Insurance Act with a specific finding
'by the Board ofDirCctOI:SoftheFedora1 DCposit lnJUranee Cotporation'
that the laws afany'state now or bereafter ,cnacted that would prohibit,or
restrict Chase Bank from establishing. acquiring or reWning branches 6(
the lead tJft acquired by Chase Biink are orovc:rridden.' We
will continue to consitier totcthcr with theJOfficc oftbe of the '
. Cum:ncy whcther:t)us is correct. ,:
' ,
We that yOll may be considering revisions to the
indemliificationprovisions in Section We understand do
relate 'to Section 2.5,and 12. 1 (bXxv) we accept as drafted by the
FDIC.'
'
'
,
"
,. ' With.Iespcct to the RElT prefexred sccuritiesand the conditional exchange
permitted by the tcIms tbereo( the Office of tho Thrift SuPemsion Will '
dirm the exchaligo and the holding compaJ;ly'imlncdiatcly willcorrtribuie
the trust ptcfencd it receiveS upOn exchange to the bank ' ,,' ,
,
The OCC has asked us to speclfytbSt in eoimection the transactiOn,
we plan to immediately transfer the 'acquired c.rCdit card, bUsiIiCSs (melud,ing the '
Wocia!ed assctB and liabilities.) to Cbase :Sink ("Chase ,Dela.ware,,) ill order to
reaiize' opcra!ional efficiencies bY having all ofthc credit card aceOunts ofthc firm in the
same financial atehifccttire. We alSo plai1 to' imln,ediatcly merge the subsidiary thrift into'
Chase Bank to conSolidate the business in legal emily and operatiODal and , '
"01 M"-' NY 10172
212 %10 _ I'aatmII: li2 no 06.W
, ' ....... llSdl,IJpmc:hue..eDnl
FDIC 00032
FDIC 31886
Return
SEP.24.2008 18:52
10601 P.003 /003
Highly Confidential
Highly Confidential
systcin efficiencies. In corinection with that, We" arc filing Bank Merger Act applications'
with the Office ofthc CoinptroUer of the CurrencY withtespect to (1) Chase nan}('
.
acquiring the assets'imd asswningtheliabilitics 'ofthe lead thrift; (2) Chase Bank ' .
mergingwitb the subsidiary thrift; and (3) Chase Bank trmisferring the credit ,card assetS
and liabilities to Cb8se DelaWare.
'
,"We mmy Qf.these issues with.your colleagues in the
of [he form
l,,;c:lIlst: uftl)t: iWPVIWIC"; u( ;a:::>tlUlptivlI.: tv :"11, 1)(0r(J.>.II, :wJ Ie I t1: ':
, final fOrIn of the we !;;!t it irnp.)ltrtIlI ro drl\\" Ih::sc II) your
attention.
Enclosm-es
cc
' .
. '
'Z17 PaItt A-lenir 1ft Yortc. MY 10172
211270 555l- FaatmIIc 112 DO 0659
,
FDIC 00033
I
I
( "
,
FDIC 31887
SEP.24.2008 18:52
'0601 P.003 /003
Highly Confidential
Highly Confidential
systcin efficiencies. In corinection with that, we "arc filing Bank Merger Act applications
with the Office ofthc ComptroUer of the CurrenCy with respect to (1) Chase I3ank
.
acquiring the assets'imd assumingtheliabilitics ofthe lead thrift; (2) Chase Bank ' .
mergingwitb the subsidiary thrift; and (3) Chase Bank trmisferIing the credl t .card assetS
and liabilities to Cb8se DelaWare.
.
. We mmy Qt.these issues with.your colleagUes in the
of the fNIIl
l,,;c:lIlst: uftl)t; iWPVIWIC"; vi ili.::'c ;a:::>llUiptivII.: lv : . .'IIr 1)(0rO.>.II, In t1: .:
. firm! fOrIn of the ... c li.:1t it imj..'I)lt:lll( ro drlw rh::sc I,) your
attention.
Enclosw-es
cc
.
. .
.1-, .
.J7
, .
9"
.....-;-,
" .
"".
a
L
I:' .
'Z17 PaItt 1ft YOftc. MY 10'172
211270 55Sl- FaafmIIc 112 270
.
FDIC 00033
,
,
I
I
( "
,
FDIC 31887
Return
FDIC Institution Sales
Frequently Asked Questions
A change was made to #8 to conform to the P&A Agreements
already posted to the Intralinks site.
1. How will FHLB Advances be treated in the proposed transaction?
Will the acquirer assume the advances at the existing rates without
penalty or adjustment, and take the corresponding assets?
Answer: Bids should be submitted assuming that all FHLB
advances will be assumed without penalty or adjustment. All
assets pledged to secure the advances will convey in the
transaction.
2. How will the Undrawn Lines be treated in the proposed
transaction? Will the FDIC use its powers to allow the acquirer to
cut off undrawn lines of credit in the home equity portfolio?
Answer: All assets and loan funding obligations will pass to the
acquirer in the transaction.
3. How will the REIT preferred and associated assets be treated in
the proposed transaction? Can the RE IT preferred be treated
sim ilarly with the trust preferred, and left behind with the
associated assets supporting the RE IT preferred?
Answer: The REIT preferred shares will not be assumed in the
transaction. However, the associated assets will pass to the
acquirer.
4. How will the Covered Bonds be treated in the proposed
transaction? Will the covered bonds and associated assets pass
to the acquirer, similar to the FHLB Advances?
Answer: All secured liabilities, including the covered bonds, and
associated assets will pass to the acquirer.
5. How will the Repurchase Agreements (Repos) be treated in the
proposed transaction? Will the repurchase obligations and
associated assets pass to the acquirer?
Highly Confidential
Highly Confidential
Page 1 of 4
FDIC 00034
FDIC 31888
FDIC Institution Sales
Frequently Asked Questions
A change was made to #8 to conform to the P&A Agreements
already posted to the Intralinks site.
1. How will FHLB Advances be treated in the proposed transaction?
Will the acquirer assume the advances at the existing rates without
penalty or adjustment, and take the corresponding assets?
Answer: Bids should be submitted assuming that all FHLB
advances will be assumed without penalty or adjustment. All
assets pledged to secure the advances will convey in the
transaction.
2. How will the Undrawn Lines be treated in the proposed
transaction? Will the FDIC use its powers to allow the acquirer to
cut off undrawn lines of credit in the home equity portfolio?
Answer: All assets and loan funding obligations will pass to the
acquirer in the transaction.
3. How will the REIT preferred and associated assets be treated in
the proposed transaction? Can the RE IT preferred be treated
sim ilarly with the trust preferred, and left behind with the
associated assets supporting the RE IT preferred?
Answer: The REIT preferred shares will not be assumed in the
transaction. However, the associated assets will pass to the
acquirer.
4. How will the Covered Bonds be treated in the proposed
transaction? Will the covered bonds and associated assets pass
to the acquirer, similar to the FHLB Advances?
Answer: All secured liabilities, including the covered bonds, and
associated assets will pass to the acquirer.
5. How will the Repurchase Agreements (Repos) be treated in the
proposed transaction? Will the repurchase obligations and
associated assets pass to the acquirer?
Highly Confidential
Highly Confidential
Page 1 of 4
FDIC 00034
FDIC 31888
Return
Answer: All Repos and associated assets will pass to the
acquirer.
6. How will the Utah subsidiary be treated in the proposed
transaction? Would the FDIC be willing to use the cross
guarantee liability or some other authority to place the Utah
subsidiary into receivership to eliminate contingent liabilities and
facilitate integration? Can the FDIC provide more information
regarding this institution, particularly on non deposit liabilities?
Answer: The Utah subsidiary will pass to the acquirer as a going
concern and will not be placed into receivership.
7. Will the FDIC provide additional time in order to accept or reject
leases and other contracts? Given the complexity of the target,
would the FDIC be willing to allow the acquirer to determine
whether to affirm or repudiate contracts closer to the 180 day
period the FDIC would enjoy for this power instead of 90 days?
Answer: Although we prefer that most agreements be reviewed
within 90 days, the FDIC as receiver will work with the acquirer on
a case-by-case basis for up to five months following the acquisition
to determine whether to affirm or repudiate leases and other
contracts retained in receivership.
8. What are your expectations about the treatment of employees in
connection with the transaction? What is the length of time during
which we would need to decide whether or not to hire employees?
Will there be an opportunity to use receivership powers to optimize
pension and other benefit plans?
Answer: Employees of the bank will pass to the acquirer. The
receivership will retain individual-specific employment contracts.
Any benefit plans to which the bank is a party will be retained
by the Receiver in transactions 4 and 5.
9. Are the off-balance sheet credit card portfolio and mortgage
securitizations included in the transaction? Do you expect the
acquirer to assume the servicing obligations? If there are pricing
issues associated with the contracts (e.g., the pricing is
disadvantageous to the assuming institution), can we take
advantage of the FDIC's repudiation powers to effect a repricing?
Highly Confidential
Highly Confidential
Page 2 of 4
FDIC 00035
FDIC 31889
Answer: All Repos and associated assets will pass to the
acquirer.
6. How will the Utah subsidiary be treated in the proposed
transaction? Would the FDIC be willing to use the cross
guarantee liability or some other authority to place the Utah
subsidiary into receivership to eliminate contingent liabilities and
facilitate integration? Can the FDIC provide more information
regarding this institution, particularly on non deposit liabilities?
Answer: The Utah subsidiary will pass to the acquirer as a going
concern and will not be placed into receivership.
7. Will the FDIC provide additional time in order to accept or reject
leases and other contracts? Given the complexity of the target,
would the FDIC be willing to allow the acquirer to determine
whether to affirm or repudiate contracts closer to the 180 day
period the FDIC would enjoy for this power instead of 90 days?
Answer: Although we prefer that most agreements be reviewed
within 90 days, the FDIC as receiver will work with the acquirer on
a case-by-case basis for up to five months following the acquisition
to determine whether to affirm or repudiate leases and other
contracts retained in receivership.
8. What are your expectations about the treatment of employees in
connection with the transaction? What is the length of time during
which we would need to decide whether or not to hire employees?
Will there be an opportunity to use receivership powers to optimize
pension and other benefit plans?
Answer: Employees of the bank will pass to the acquirer. The
receivership will retain individual-specific employment contracts.
Any benefit plans to which the bank is a party will be retained
by the Receiver in transactions 4 and 5.
9. Are the off-balance sheet credit card portfolio and mortgage
securitizations included in the transaction? Do you expect the
acquirer to assume the servicing obligations? If there are pricing
issues associated with the contracts (e.g., the pricing is
disadvantageous to the assuming institution), can we take
advantage of the FDIC's repudiation powers to effect a repricing?
Highly Confidential
Highly Confidential
Page 2 of 4
FDIC 00035
FDIC 31889
Return
Answer: The bank's interests and obligations associated with the
off-balance sheet credit card portfolio and mortgage securitizations
pass to the acquirer. Only contracts and obligations remaining in
the receivership are subject to repudiation powers.
10. Can you provide greater clarity on whether there is a deferred tax
asset at the thrift level, and if so, would it pass to the acquirer?
Answer: If there is a deferred tax asset at the thrift level , it relates
to the entity itself and can not pass in a purchase and assumption
transaction to the acquirer.
11. There is a number of class action and other lender liability matters
brought by borrowers or that may be asserted by borrowers
against Washington Mutual. Would the Assuming Bank be
required to assume these liabilities?
Answer: The Purchase and Assumption Agreement provides that
the Assuming Bank does not assume liability for claims for
payment or other monetary relief that have been or may in the
future be asserted by borrowers. Such liabilities are intended to
remain liabilities of the FDIC as receiver of Washington Mutual.
We recognize, however, that certain borrowers may attempt to
assert lender liability claims against the Assuming Bank. We
believe, based on the provisions of the Purchase and Assumption
Agreement, that such claims are likely to be found to be liabilities
of the receiver and not of the Assuming Bank. However, neither
the FDIC in its Corporate Capacity, nor as Receiver of the failed
institution, warrants such a result or indemnifies the Assuming
Bank against any losses it may suffer as a result of the assertion
of such claims against it.
12. How do I find out who won, how many bids were received and the
amount of the bids?
Highly Confidential
Highly Confidential
Answer: Information about the winning bid will be available in the
FDIC's press release immediately after closing. Any other bid
information is available through the Freedom of Information Act.
You can make a FOIA request from FDIC.gov.
Page 3 of 4
FDIC 00036
FDIC 31890
Answer: The bank's interests and obligations associated with the
off-balance sheet credit card portfolio and mortgage securitizations
pass to the acquirer. Only contracts and obligations remaining in
the receivership are subject to repudiation powers.
10. Can you provide greater clarity on whether there is a deferred tax
asset at the thrift level, and if so, would it pass to the acquirer?
Answer: If there is a deferred tax asset at the thrift level , it relates
to the entity itself and can not pass in a purchase and assumption
transaction to the acquirer.
11. There is a number of class action and other lender liability matters
brought by borrowers or that may be asserted by borrowers
against Washington Mutual. Would the Assuming Bank be
required to assume these liabilities?
Answer: The Purchase and Assumption Agreement provides that
the Assuming Bank does not assume liability for claims for
payment or other monetary relief that have been or may in the
future be asserted by borrowers. Such liabilities are intended to
remain liabilities of the FDIC as receiver of Washington Mutual.
We recognize, however, that certain borrowers may attempt to
assert lender liability claims against the Assuming Bank. We
believe, based on the provisions of the Purchase and Assumption
Agreement, that such claims are likely to be found to be liabilities
of the receiver and not of the Assuming Bank. However, neither
the FDIC in its Corporate Capacity, nor as Receiver of the failed
institution, warrants such a result or indemnifies the Assuming
Bank against any losses it may suffer as a result of the assertion
of such claims against it.
12. How do I find out who won, how many bids were received and the
amount of the bids?
Highly Confidential
Highly Confidential
Answer: Information about the winning bid will be available in the
FDIC's press release immediately after closing. Any other bid
information is available through the Freedom of Information Act.
You can make a FOIA request from FDIC.gov.
Page 3 of 4
FDIC 00036
FDIC 31890
Return
13. How are uninsured depositors treated in an insured deposit only
transaction?
Answer: The acquiring bank receives the insured portion of an
uninsured depositor's account. In some instances, the FDIC will
fund a percentage of the uninsured portion (advance dividend) to
the depositor as well. A Receivership Certificate will be issued to
any depositor for the unfunded amount of their deposit(s).
14. Are deposits valued in any way? Do they playa role in the FDIC's
cost test?
Answer: Deposits are not valued by the FDIC; however, the
uninsured portion does playa role in the cost test. The FDIC will
compare "all deposits" bids to the "insured deposits" bids and the
cost of a deposit payout. An "all deposits" bid will be more costly
than an insured deposits bid, because in the insured deposits bid
or the deposit payout, the uninsured depositors share (with the
FDIC) in the ultimate losses experienced on loans and other
assets liquidated by the FDIC as Receiver.
15. What are the specific bid evaluation mechanics of the FDIC's cost
test?
Answer: The FDIC's least cost test calculations are considered
proprietary and are not offered to bidders.
16. What if the assuming bank's attorneys are uncomfortable with the
language contained in the Purchase & Assumption Agreements?
Is the final agreement language negotiable?
Highly Confidential
Highly Confidential
Answer: No the Purchase & Assumption agreement language is
not negotiable.
Page 4 of 4
FDIC 00037
FDIC 31891
13. How are uninsured depositors treated in an insured deposit only
transaction?
Answer: The acquiring bank receives the insured portion of an
uninsured depositor's account. In some instances, the FDIC will
fund a percentage of the uninsured portion (advance dividend) to
the depositor as well. A Receivership Certificate will be issued to
any depositor for the unfunded amount of their deposit(s).
14. Are deposits valued in any way? Do they playa role in the FDIC's
cost test?
Answer: Deposits are not valued by the FDIC; however, the
uninsured portion does playa role in the cost test. The FDIC will
compare "all deposits" bids to the "insured deposits" bids and the
cost of a deposit payout. An "all deposits" bid will be more costly
than an insured deposits bid, because in the insured deposits bid
or the deposit payout, the uninsured depositors share (with the
FDIC) in the ultimate losses experienced on loans and other
assets liquidated by the FDIC as Receiver.
15. What are the specific bid evaluation mechanics of the FDIC's cost
test?
Answer: The FDIC's least cost test calculations are considered
proprietary and are not offered to bidders.
16. What if the assuming bank's attorneys are uncomfortable with the
language contained in the Purchase & Assumption Agreements?
Is the final agreement language negotiable?
Highly Confidential
Highly Confidential
Answer: No the Purchase & Assumption agreement language is
not negotiable.
Page 4 of 4
FDIC 00037
FDIC 31891
Return
FDIC Institution Sales
Frequently Asked Questions
A change was made to #8 to conform to the P&A Agreements
already posted to the Intralinks site.
1. How will FHLB Advances be treated in the proposed transaction?
Will the acquirer assume the advances at the existing rates without
penalty or adjustment, and take the corresponding assets?
Answer: Bids should be submitted assuming that all FHLB
advances will be assumed without penalty or adjustment. All
assets pledged to secure the advances will convey in the
transaction.
2. How will the Undrawn Lines be treated in the proposed
transaction? Will the FDIC use its powers to allow the acquirer to
cut off undrawn lines of credit in the home equity portfolio?
Answer: All assets and loan funding obligations will pass to the
acquirer in the transaction.
3. How will the REIT preferred and associated assets be treated in
the proposed transaction? Can the RE IT preferred be treated
sim ilarly with the trust preferred, and left behind with the
associated assets supporting the RE IT preferred?
Answer: The REIT preferred shares will not be assumed in the
transaction. However, the associated assets will pass to the
acquirer.
4. How will the Covered Bonds be treated in the proposed
transaction? Will the covered bonds and associated assets pass
to the acquirer, similar to the FHLB Advances?
Answer: All secured liabilities, including the covered bonds, and
associated assets will pass to the acquirer.
5. How will the Repurchase Agreements (Repos) be treated in the
proposed transaction? Will the repurchase obligations and
associated assets pass to the acquirer?
Highly Confidential
Highly Confidential
Page 1 of 4
FDIC 00034
FDIC 31888
FDIC Institution Sales
Frequently Asked Questions
A change was made to #8 to conform to the P&A Agreements
already posted to the Intralinks site.
1. How will FHLB Advances be treated in the proposed transaction?
Will the acquirer assume the advances at the existing rates without
penalty or adjustment, and take the corresponding assets?
Answer: Bids should be submitted assuming that all FHLB
advances will be assumed without penalty or adjustment. All
assets pledged to secure the advances will convey in the
transaction.
2. How will the Undrawn Lines be treated in the proposed
transaction? Will the FDIC use its powers to allow the acquirer to
cut off undrawn lines of credit in the home equity portfolio?
Answer: All assets and loan funding obligations will pass to the
acquirer in the transaction.
3. How will the REIT preferred and associated assets be treated in
the proposed transaction? Can the RE IT preferred be treated
sim ilarly with the trust preferred, and left behind with the
associated assets supporting the RE IT preferred?
Answer: The REIT preferred shares will not be assumed in the
transaction. However, the associated assets will pass to the
acquirer.
4. How will the Covered Bonds be treated in the proposed
transaction? Will the covered bonds and associated assets pass
to the acquirer, similar to the FHLB Advances?
Answer: All secured liabilities, including the covered bonds, and
associated assets will pass to the acquirer.
5. How will the Repurchase Agreements (Repos) be treated in the
proposed transaction? Will the repurchase obligations and
associated assets pass to the acquirer?
Highly Confidential
Highly Confidential
Page 1 of 4
FDIC 00034
FDIC 31888
Return
Answer: All Repos and associated assets will pass to the
acquirer.
6. How will the Utah subsidiary be treated in the proposed
transaction? Would the FDIC be willing to use the cross
guarantee liability or some other authority to place the Utah
subsidiary into receivership to eliminate contingent liabilities and
facilitate integration? Can the FDIC provide more information
regarding this institution, particularly on non deposit liabilities?
Answer: The Utah subsidiary will pass to the acquirer as a going
concern and will not be placed into receivership.
7. Will the FDIC provide additional time in order to accept or reject
leases and other contracts? Given the complexity of the target,
would the FDIC be willing to allow the acquirer to determine
whether to affirm or repudiate contracts closer to the 180 day
period the FDIC would enjoy for this power instead of 90 days?
Answer: Although we prefer that most agreements be reviewed
within 90 days, the FDIC as receiver will work with the acquirer on
a case-by-case basis for up to five months following the acquisition
to determine whether to affirm or repudiate leases and other
contracts retained in receivership.
8. What are your expectations about the treatment of employees in
connection with the transaction? What is the length of time during
which we would need to decide whether or not to hire employees?
Will there be an opportunity to use receivership powers to optimize
pension and other benefit plans?
Answer: Employees of the bank will pass to the acquirer. The
receivership will retain individual-specific employment contracts.
Any benefit plans to which the bank is a party will be retained
by the Receiver in transactions 4 and 5.
9. Are the off-balance sheet credit card portfolio and mortgage
securitizations included in the transaction? Do you expect the
acquirer to assume the servicing obligations? If there are pricing
issues associated with the contracts (e.g., the pricing is
disadvantageous to the assuming institution), can we take
advantage of the FDIC's repudiation powers to effect a repricing?
Highly Confidential
Highly Confidential
Page 2 of 4
FDIC 00035
FDIC 31889
Answer: All Repos and associated assets will pass to the
acquirer.
6. How will the Utah subsidiary be treated in the proposed
transaction? Would the FDIC be willing to use the cross
guarantee liability or some other authority to place the Utah
subsidiary into receivership to eliminate contingent liabilities and
facilitate integration? Can the FDIC provide more information
regarding this institution, particularly on non deposit liabilities?
Answer: The Utah subsidiary will pass to the acquirer as a going
concern and will not be placed into receivership.
7. Will the FDIC provide additional time in order to accept or reject
leases and other contracts? Given the complexity of the target,
would the FDIC be willing to allow the acquirer to determine
whether to affirm or repudiate contracts closer to the 180 day
period the FDIC would enjoy for this power instead of 90 days?
Answer: Although we prefer that most agreements be reviewed
within 90 days, the FDIC as receiver will work with the acquirer on
a case-by-case basis for up to five months following the acquisition
to determine whether to affirm or repudiate leases and other
contracts retained in receivership.
8. What are your expectations about the treatment of employees in
connection with the transaction? What is the length of time during
which we would need to decide whether or not to hire employees?
Will there be an opportunity to use receivership powers to optimize
pension and other benefit plans?
Answer: Employees of the bank will pass to the acquirer. The
receivership will retain individual-specific employment contracts.
Any benefit plans to which the bank is a party will be retained
by the Receiver in transactions 4 and 5.
9. Are the off-balance sheet credit card portfolio and mortgage
securitizations included in the transaction? Do you expect the
acquirer to assume the servicing obligations? If there are pricing
issues associated with the contracts (e.g., the pricing is
disadvantageous to the assuming institution), can we take
advantage of the FDIC's repudiation powers to effect a repricing?
Highly Confidential
Highly Confidential
Page 2 of 4
FDIC 00035
FDIC 31889
Return
Answer: The bank's interests and obligations associated with the
off-balance sheet credit card portfolio and mortgage securitizations
pass to the acquirer. Only contracts and obligations remaining in
the receivership are subject to repudiation powers.
10. Can you provide greater clarity on whether there is a deferred tax
asset at the thrift level, and if so, would it pass to the acquirer?
Answer: If there is a deferred tax asset at the thrift level , it relates
to the entity itself and can not pass in a purchase and assumption
transaction to the acquirer.
11. There is a number of class action and other lender liability matters
brought by borrowers or that may be asserted by borrowers
against Washington Mutual. Would the Assuming Bank be
required to assume these liabilities?
Answer: The Purchase and Assumption Agreement provides that
the Assuming Bank does not assume liability for claims for
payment or other monetary relief that have been or may in the
future be asserted by borrowers. Such liabilities are intended to
remain liabilities of the FDIC as receiver of Washington Mutual.
We recognize, however, that certain borrowers may attempt to
assert lender liability claims against the Assuming Bank. We
believe, based on the provisions of the Purchase and Assumption
Agreement, that such claims are likely to be found to be liabilities
of the receiver and not of the Assuming Bank. However, neither
the FDIC in its Corporate Capacity, nor as Receiver of the failed
institution, warrants such a result or indemnifies the Assuming
Bank against any losses it may suffer as a result of the assertion
of such claims against it.
12. How do I find out who won, how many bids were received and the
amount of the bids?
Highly Confidential
Highly Confidential
Answer: Information about the winning bid will be available in the
FDIC's press release immediately after closing. Any other bid
information is available through the Freedom of Information Act.
You can make a FOIA request from FDIC.gov.
Page 3 of 4
FDIC 00036
FDIC 31890
Answer: The bank's interests and obligations associated with the
off-balance sheet credit card portfolio and mortgage securitizations
pass to the acquirer. Only contracts and obligations remaining in
the receivership are subject to repudiation powers.
10. Can you provide greater clarity on whether there is a deferred tax
asset at the thrift level, and if so, would it pass to the acquirer?
Answer: If there is a deferred tax asset at the thrift level , it relates
to the entity itself and can not pass in a purchase and assumption
transaction to the acquirer.
11. There is a number of class action and other lender liability matters
brought by borrowers or that may be asserted by borrowers
against Washington Mutual. Would the Assuming Bank be
required to assume these liabilities?
Answer: The Purchase and Assumption Agreement provides that
the Assuming Bank does not assume liability for claims for
payment or other monetary relief that have been or may in the
future be asserted by borrowers. Such liabilities are intended to
remain liabilities of the FDIC as receiver of Washington Mutual.
We recognize, however, that certain borrowers may attempt to
assert lender liability claims against the Assuming Bank. We
believe, based on the provisions of the Purchase and Assumption
Agreement, that such claims are likely to be found to be liabilities
of the receiver and not of the Assuming Bank. However, neither
the FDIC in its Corporate Capacity, nor as Receiver of the failed
institution, warrants such a result or indemnifies the Assuming
Bank against any losses it may suffer as a result of the assertion
of such claims against it.
12. How do I find out who won, how many bids were received and the
amount of the bids?
Highly Confidential
Highly Confidential
Answer: Information about the winning bid will be available in the
FDIC's press release immediately after closing. Any other bid
information is available through the Freedom of Information Act.
You can make a FOIA request from FDIC.gov.
Page 3 of 4
FDIC 00036
FDIC 31890
Return
13. How are uninsured depositors treated in an insured deposit only
transaction?
Answer: The acquiring bank receives the insured portion of an
uninsured depositor's account. In some instances, the FDIC will
fund a percentage of the uninsured portion (advance dividend) to
the depositor as well. A Receivership Certificate will be issued to
any depositor for the unfunded amount of their deposit(s).
14. Are deposits valued in any way? Do they playa role in the FDIC's
cost test?
Answer: Deposits are not valued by the FDIC; however, the
uninsured portion does playa role in the cost test. The FDIC will
compare "all deposits" bids to the "insured deposits" bids and the
cost of a deposit payout. An "all deposits" bid will be more costly
than an insured deposits bid, because in the insured deposits bid
or the deposit payout, the uninsured depositors share (with the
FDIC) in the ultimate losses experienced on loans and other
assets liquidated by the FDIC as Receiver.
15. What are the specific bid evaluation mechanics of the FDIC's cost
test?
Answer: The FDIC's least cost test calculations are considered
proprietary and are not offered to bidders.
16. What if the assuming bank's attorneys are uncomfortable with the
language contained in the Purchase & Assumption Agreements?
Is the final agreement language negotiable?
Highly Confidential
Highly Confidential
Answer: No the Purchase & Assumption agreement language is
not negotiable.
Page 4 of 4
FDIC 00037
FDIC 31891
13. How are uninsured depositors treated in an insured deposit only
transaction?
Answer: The acquiring bank receives the insured portion of an
uninsured depositor's account. In some instances, the FDIC will
fund a percentage of the uninsured portion (advance dividend) to
the depositor as well. A Receivership Certificate will be issued to
any depositor for the unfunded amount of their deposit(s).
14. Are deposits valued in any way? Do they playa role in the FDIC's
cost test?
Answer: Deposits are not valued by the FDIC; however, the
uninsured portion does playa role in the cost test. The FDIC will
compare "all deposits" bids to the "insured deposits" bids and the
cost of a deposit payout. An "all deposits" bid will be more costly
than an insured deposits bid, because in the insured deposits bid
or the deposit payout, the uninsured depositors share (with the
FDIC) in the ultimate losses experienced on loans and other
assets liquidated by the FDIC as Receiver.
15. What are the specific bid evaluation mechanics of the FDIC's cost
test?
Answer: The FDIC's least cost test calculations are considered
proprietary and are not offered to bidders.
16. What if the assuming bank's attorneys are uncomfortable with the
language contained in the Purchase & Assumption Agreements?
Is the final agreement language negotiable?
Highly Confidential
Highly Confidential
Answer: No the Purchase & Assumption agreement language is
not negotiable.
Page 4 of 4
FDIC 00037
FDIC 31891
Return
FDIC Institution Sales
Frequently Asked Questions
A change was made to #8 to conform to the P&A Agreements
already posted to the Intralinks site.
1. How will FHLB Advances be treated in the proposed transaction?
Will the acquirer assume the advances at the existing rates without
penalty or adjustment, and take the corresponding assets?
Answer: Bids should be submitted assuming that all FHLB
advances will be assumed without penalty or adjustment. All
assets pledged to secure the advances will convey in the
transaction.
2. How will the Undrawn Lines be treated in the proposed
transaction? Will the FDIC use its powers to allow the acquirer to
cut off undrawn lines of credit in the home equity portfolio?
Answer: All assets and loan funding obligations will pass to the
acquirer in the transaction.
3. How will the REIT preferred and associated assets be treated in
the proposed transaction? Can the RE IT preferred be treated
sim ilarly with the trust preferred, and left behind with the
associated assets supporting the RE IT preferred?
Answer: The REIT preferred shares will not be assumed in the
transaction. However, the associated assets will pass to the
acquirer.
4. How will the Covered Bonds be treated in the proposed
transaction? Will the covered bonds and associated assets pass
to the acquirer, similar to the FHLB Advances?
Answer: All secured liabilities, including the covered bonds, and
associated assets will pass to the acquirer.
5. How will the Repurchase Agreements (Repos) be treated in the
proposed transaction? Will the repurchase obligations and
associated assets pass to the acquirer?
Highly Confidential
Highly Confidential
Page 1 of 4
FDIC 00034
FDIC 31888
FDIC Institution Sales
Frequently Asked Questions
A change was made to #8 to conform to the P&A Agreements
already posted to the Intralinks site.
1. How will FHLB Advances be treated in the proposed transaction?
Will the acquirer assume the advances at the existing rates without
penalty or adjustment, and take the corresponding assets?
Answer: Bids should be submitted assuming that all FHLB
advances will be assumed without penalty or adjustment. All
assets pledged to secure the advances will convey in the
transaction.
2. How will the Undrawn Lines be treated in the proposed
transaction? Will the FDIC use its powers to allow the acquirer to
cut off undrawn lines of credit in the home equity portfolio?
Answer: All assets and loan funding obligations will pass to the
acquirer in the transaction.
3. How will the REIT preferred and associated assets be treated in
the proposed transaction? Can the RE IT preferred be treated
sim ilarly with the trust preferred, and left behind with the
associated assets supporting the RE IT preferred?
Answer: The REIT preferred shares will not be assumed in the
transaction. However, the associated assets will pass to the
acquirer.
4. How will the Covered Bonds be treated in the proposed
transaction? Will the covered bonds and associated assets pass
to the acquirer, similar to the FHLB Advances?
Answer: All secured liabilities, including the covered bonds, and
associated assets will pass to the acquirer.
5. How will the Repurchase Agreements (Repos) be treated in the
proposed transaction? Will the repurchase obligations and
associated assets pass to the acquirer?
Highly Confidential
Highly Confidential
Page 1 of 4
FDIC 00034
FDIC 31888
Return
Answer: All Repos and associated assets will pass to the
acquirer.
6. How will the Utah subsidiary be treated in the proposed
transaction? Would the FDIC be willing to use the cross
guarantee liability or some other authority to place the Utah
subsidiary into receivership to eliminate contingent liabilities and
facilitate integration? Can the FDIC provide more information
regarding this institution, particularly on non deposit liabilities?
Answer: The Utah subsidiary will pass to the acquirer as a going
concern and will not be placed into receivership.
7. Will the FDIC provide additional time in order to accept or reject
leases and other contracts? Given the complexity of the target,
would the FDIC be willing to allow the acquirer to determine
whether to affirm or repudiate contracts closer to the 180 day
period the FDIC would enjoy for this power instead of 90 days?
Answer: Although we prefer that most agreements be reviewed
within 90 days, the FDIC as receiver will work with the acquirer on
a case-by-case basis for up to five months following the acquisition
to determine whether to affirm or repudiate leases and other
contracts retained in receivership.
8. What are your expectations about the treatment of employees in
connection with the transaction? What is the length of time during
which we would need to decide whether or not to hire employees?
Will there be an opportunity to use receivership powers to optimize
pension and other benefit plans?
Answer: Employees of the bank will pass to the acquirer. The
receivership will retain individual-specific employment contracts.
Any benefit plans to which the bank is a party will be retained
by the Receiver in transactions 4 and 5.
9. Are the off-balance sheet credit card portfolio and mortgage
securitizations included in the transaction? Do you expect the
acquirer to assume the servicing obligations? If there are pricing
issues associated with the contracts (e.g., the pricing is
disadvantageous to the assuming institution), can we take
advantage of the FDIC's repudiation powers to effect a repricing?
Highly Confidential
Highly Confidential
Page 2 of 4
FDIC 00035
FDIC 31889
Answer: All Repos and associated assets will pass to the
acquirer.
6. How will the Utah subsidiary be treated in the proposed
transaction? Would the FDIC be willing to use the cross
guarantee liability or some other authority to place the Utah
subsidiary into receivership to eliminate contingent liabilities and
facilitate integration? Can the FDIC provide more information
regarding this institution, particularly on non deposit liabilities?
Answer: The Utah subsidiary will pass to the acquirer as a going
concern and will not be placed into receivership.
7. Will the FDIC provide additional time in order to accept or reject
leases and other contracts? Given the complexity of the target,
would the FDIC be willing to allow the acquirer to determine
whether to affirm or repudiate contracts closer to the 180 day
period the FDIC would enjoy for this power instead of 90 days?
Answer: Although we prefer that most agreements be reviewed
within 90 days, the FDIC as receiver will work with the acquirer on
a case-by-case basis for up to five months following the acquisition
to determine whether to affirm or repudiate leases and other
contracts retained in receivership.
8. What are your expectations about the treatment of employees in
connection with the transaction? What is the length of time during
which we would need to decide whether or not to hire employees?
Will there be an opportunity to use receivership powers to optimize
pension and other benefit plans?
Answer: Employees of the bank will pass to the acquirer. The
receivership will retain individual-specific employment contracts.
Any benefit plans to which the bank is a party will be retained
by the Receiver in transactions 4 and 5.
9. Are the off-balance sheet credit card portfolio and mortgage
securitizations included in the transaction? Do you expect the
acquirer to assume the servicing obligations? If there are pricing
issues associated with the contracts (e.g., the pricing is
disadvantageous to the assuming institution), can we take
advantage of the FDIC's repudiation powers to effect a repricing?
Highly Confidential
Highly Confidential
Page 2 of 4
FDIC 00035
FDIC 31889
Return
Answer: The bank's interests and obligations associated with the
off-balance sheet credit card portfolio and mortgage securitizations
pass to the acquirer. Only contracts and obligations remaining in
the receivership are subject to repudiation powers.
10. Can you provide greater clarity on whether there is a deferred tax
asset at the thrift level, and if so, would it pass to the acquirer?
Answer: If there is a deferred tax asset at the thrift level , it relates
to the entity itself and can not pass in a purchase and assumption
transaction to the acquirer.
11. There is a number of class action and other lender liability matters
brought by borrowers or that may be asserted by borrowers
against Washington Mutual. Would the Assuming Bank be
required to assume these liabilities?
Answer: The Purchase and Assumption Agreement provides that
the Assuming Bank does not assume liability for claims for
payment or other monetary relief that have been or may in the
future be asserted by borrowers. Such liabilities are intended to
remain liabilities of the FDIC as receiver of Washington Mutual.
We recognize, however, that certain borrowers may attempt to
assert lender liability claims against the Assuming Bank. We
believe, based on the provisions of the Purchase and Assumption
Agreement, that such claims are likely to be found to be liabilities
of the receiver and not of the Assuming Bank. However, neither
the FDIC in its Corporate Capacity, nor as Receiver of the failed
institution, warrants such a result or indemnifies the Assuming
Bank against any losses it may suffer as a result of the assertion
of such claims against it.
12. How do I find out who won, how many bids were received and the
amount of the bids?
Highly Confidential
Highly Confidential
Answer: Information about the winning bid will be available in the
FDIC's press release immediately after closing. Any other bid
information is available through the Freedom of Information Act.
You can make a FOIA request from FDIC.gov.
Page 3 of 4
FDIC 00036
FDIC 31890
Answer: The bank's interests and obligations associated with the
off-balance sheet credit card portfolio and mortgage securitizations
pass to the acquirer. Only contracts and obligations remaining in
the receivership are subject to repudiation powers.
10. Can you provide greater clarity on whether there is a deferred tax
asset at the thrift level, and if so, would it pass to the acquirer?
Answer: If there is a deferred tax asset at the thrift level , it relates
to the entity itself and can not pass in a purchase and assumption
transaction to the acquirer.
11. There is a number of class action and other lender liability matters
brought by borrowers or that may be asserted by borrowers
against Washington Mutual. Would the Assuming Bank be
required to assume these liabilities?
Answer: The Purchase and Assumption Agreement provides that
the Assuming Bank does not assume liability for claims for
payment or other monetary relief that have been or may in the
future be asserted by borrowers. Such liabilities are intended to
remain liabilities of the FDIC as receiver of Washington Mutual.
We recognize, however, that certain borrowers may attempt to
assert lender liability claims against the Assuming Bank. We
believe, based on the provisions of the Purchase and Assumption
Agreement, that such claims are likely to be found to be liabilities
of the receiver and not of the Assuming Bank. However, neither
the FDIC in its Corporate Capacity, nor as Receiver of the failed
institution, warrants such a result or indemnifies the Assuming
Bank against any losses it may suffer as a result of the assertion
of such claims against it.
12. How do I find out who won, how many bids were received and the
amount of the bids?
Highly Confidential
Highly Confidential
Answer: Information about the winning bid will be available in the
FDIC's press release immediately after closing. Any other bid
information is available through the Freedom of Information Act.
You can make a FOIA request from FDIC.gov.
Page 3 of 4
FDIC 00036
FDIC 31890
Return
13. How are uninsured depositors treated in an insured deposit only
transaction?
Answer: The acquiring bank receives the insured portion of an
uninsured depositor's account. In some instances, the FDIC will
fund a percentage of the uninsured portion (advance dividend) to
the depositor as well. A Receivership Certificate will be issued to
any depositor for the unfunded amount of their deposit(s).
14. Are deposits valued in any way? Do they playa role in the FDIC's
cost test?
Answer: Deposits are not valued by the FDIC; however, the
uninsured portion does playa role in the cost test. The FDIC will
compare "all deposits" bids to the "insured deposits" bids and the
cost of a deposit payout. An "all deposits" bid will be more costly
than an insured deposits bid, because in the insured deposits bid
or the deposit payout, the uninsured depositors share (with the
FDIC) in the ultimate losses experienced on loans and other
assets liquidated by the FDIC as Receiver.
15. What are the specific bid evaluation mechanics of the FDIC's cost
test?
Answer: The FDIC's least cost test calculations are considered
proprietary and are not offered to bidders.
16. What if the assuming bank's attorneys are uncomfortable with the
language contained in the Purchase & Assumption Agreements?
Is the final agreement language negotiable?
Highly Confidential
Highly Confidential
Answer: No the Purchase & Assumption agreement language is
not negotiable.
Page 4 of 4
FDIC 00037
FDIC 31891
13. How are uninsured depositors treated in an insured deposit only
transaction?
Answer: The acquiring bank receives the insured portion of an
uninsured depositor's account. In some instances, the FDIC will
fund a percentage of the uninsured portion (advance dividend) to
the depositor as well. A Receivership Certificate will be issued to
any depositor for the unfunded amount of their deposit(s).
14. Are deposits valued in any way? Do they playa role in the FDIC's
cost test?
Answer: Deposits are not valued by the FDIC; however, the
uninsured portion does playa role in the cost test. The FDIC will
compare "all deposits" bids to the "insured deposits" bids and the
cost of a deposit payout. An "all deposits" bid will be more costly
than an insured deposits bid, because in the insured deposits bid
or the deposit payout, the uninsured depositors share (with the
FDIC) in the ultimate losses experienced on loans and other
assets liquidated by the FDIC as Receiver.
15. What are the specific bid evaluation mechanics of the FDIC's cost
test?
Answer: The FDIC's least cost test calculations are considered
proprietary and are not offered to bidders.
16. What if the assuming bank's attorneys are uncomfortable with the
language contained in the Purchase & Assumption Agreements?
Is the final agreement language negotiable?
Highly Confidential
Highly Confidential
Answer: No the Purchase & Assumption agreement language is
not negotiable.
Page 4 of 4
FDIC 00037
FDIC 31891
Return
Confidential Treatment
Requested by
JPMC
HIGHLY CONFIDENTIAL
Restricted For Use in Connection with Plan Confirmation Only
Confidcntial TrcatmclII Requcstcd b)' JPMC JPM EX00006878 Confidcntial TrcatmclII Requcstcd b)' JPMC JPM EX00006878
Return
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4
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2
5
66
2
Net
M
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8
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2
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3
71
58
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3
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s
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n
1
2
8
4
1
2
6
1
1
1
6
0
1
2
5
9
99
1
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1
1
2
4
%
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For
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s
62
6
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9
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N
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5
N
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1
2
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163
1
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1
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3
8
%
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35
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7
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s
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s
60
63
61
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p
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2
9
M
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$
1
4
M
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d
8
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Mig
Inc
28
19
18
22
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10
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1
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M
9
N
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751
8
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20
38
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1
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2
4
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2
6
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260
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12
13
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9
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6
15
Net
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a
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9
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I
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3
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39
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17
17
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5
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1
2
12
F
4
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1
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7
18
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C
7
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3
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1
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1
3
6
3
3
9
3
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2
1
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4
7
5
1
9
R
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I
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3
2
2
4
1
5
5
2
0
9
8
0
6
5
1
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3
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1
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5
1
3
3
2
2
20
O
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f
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R
a
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o
5
2
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5
5
5
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0
b
p
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j
1
1
7
b
p
s
6
4
3
b
p
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21
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v
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r
a
g
e
F
T
E
2
4
6
9
4
2
6
3
9
3
2
6
3
2
5
2
5
0
2
5
1
3
0
0
6
3
1
1
1
M
HIGHLY CONFIDENTIAL
Restricted For Use in Connection with Plan Confirmation Only
Return
R
B
A
v
g
B
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S
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$
in
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Confidcntial TrcatmclII Requcstcd b)' JPMC JPM EX00006885 Confidcntial TrcatmclII Requcstcd b)' JPMC JPM EX00006885
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1
HIGHLY CONFIDENTIAL
Restricted For Use in Connection with Plan Confirmation Only
Return
LRF Reconciliation to the 2008 Plan
Income Statement
Net Interest Income
Provision
Noninterest Income
Non Interest
Expense
Minority Interest
Expense
Net Income Before Tax
Tax
Net Income
Preferred Dividends
Net Income Attrib to Common
EPS
Balance Sheet
2008 a Loan 2008
Plan Actions
Adjusted
9020
10500
6263
8500
305
4022
1774
2 248
260
2508
288
95 a
260
b
280 c
2000 d
8925
12500
6003
8220
305
75 2000 6097
2557
3540
260
3800
436
Assets
Cash 4336 4336
Investments
33703 33703
Comml Non Res and other 46361 46361
SFR and HE
185488 7578
a 177910
Card+5 7497 7497
ALLL
7500 450
d
7950
Other Assets 37105 37105
Total Assets
306990 298962
Liabilities
Deposits 197855 197855
Borrowed Funds 75331 6742 e 68590
Other Liabilities 8052
8052
Total Liabilities 281239
274497
Minority
Interest 3917
3917
Total Shareholders Equity 21841
1292
f
20549
Total Liabilities and Equity 306996 298962
Assumptions
Home Loan Details
a $75B Lower Volume $38B lower
average
balance 250bps spread
b $304B Lower Saleable Volume due to HL actions 86bps blended rate
c Approx12 year impact net of
restructuring
for
exiting wholesale lending and Home Loans retail lendinc
and associated support groups
Other Details
d Higher
than
plan credit costs
e Balancing change for lower assets and lower
deposits
f Equity change
for lower
earnings and change i
n dividend
policy
Confidential Treatment
Requested by
JPMC
JPMEX00006921
HIGHLY CONFIDENTIAL
Restricted For Use in Connection with Plan Confirmation Only
Return
Long Range Forecast Assumptions 2009 through 2012
NIM Net Interest Income
Fed Funds
Low
Mid
High
Earning Assets
Provision
Non Interest Income
Gain on Sale
Rate
Sold Volume
Non Interest
Expense
Base
Home Loans Actions
REO
Expenses Low Case
Balance Sheet
Assets
Cash
Investments
CommI Non Res Other
SFR and HE Balances
CPR
RE Volume portfolio
Card Balances
ALLL
Other Assets
Liabilities
Deposits
Borrowed Funds
Other Liabilities
Minority
Interest
Shareholders
Equity
225 300 350 350 350
225 263 288 325 350
225 225 225 300 350
<See Balance Sheet
Assumptions
below>
<Consistent with Cum Loss assumptions>
<Assume Card Securitization of Return 2nd 12 09>
497 364 399 436 474
124 140 140 140 140
40000 26000 28500 31125 33881
280 Net
<Grow Balances at 3>
<$650M off Run Rate>
255 135
<Percent of Assets >
<Percent of Assets >
<Grow Balances at 5>
015 015 015 015
25600 16500 17325 18711 19647
<Securitization level flat at 70>
<Grow Balances at 5>
<Based on Cum Loss Provision and CO
assumptions>
<Percent of Assets >
<Grow Balances at 3>
<Balancing
Account>
<Percent of Assets >
<Flat >
<Earnings Dividends Buybacks Equity
Issued >
Confidential Treatment
Requested by
JPMC
JPMEX00006922
HIGHLY CONFIDENTIAL
Restricted For Use in Connection with Plan Confirmation Only
Return
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n
t
f
u
n
d
i
n
g
o
b
l
i
g
a
t
i
o
n
s
o
n
a
n
d
o
f
f
b
a
l
a
n
c
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s
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e
e
t
HIGHLY CONFIDENTIAL
Restricted For Use in Connection with Plan Confirmation Only
Return
Fernando To Brian A
BesseyILONE
Rivas
cc
Subject
FW
07252008
1100 AM
From Fernando Rivas
Sent Monday July 21 2008 925 AM
To Mike Cavanagh
Cc Tim Main Gregg B Gunselman Charlie Scharf
Subject Fw
Mike apologies we sent out Thursday and didnt include
you
see email below
Let us know
i
f wld like to setup a time to discuss
Sorry again
Fernando
From
Gregg
B Gunselman
To Charlie Scharf
Cc Tim
Main Fernando Rivas
Sent Thu Jul 17 184304 2008
Subject RE
CharlieAttached
i
s the analysis of the Wamu capital alternatives including
1 The
original $14bn common equity
scenario base case
2a Aggressive hybrid issuance scenario $14bn fixed income and convertible
markets
2b Maximum market capacity scenario all $14bn done i
n fixed income market
We have also modeled the
impact
of two made
up assistance alternatives a permanent DTA relief and b
2year RWA relief on Option ARMS and
subprime portfolios under each of the three issuance scenarios We will continue to work on assistance alternatives
Pages 5 and 6 contain the financial and capital impacts
Confidential Treatment
Requested by
JPMC
JPMEX00000322
HIGHLY CONFIDENTIAL
Restricted For Use in Connection with Plan Confirmation Only
Return
From Fernando Rivas
Sent Thursday July 17 2008 1101 AM
To Charlie Scharf
Cc Gregg B Gunselman Tim Main
Subject Re
Gregg sending first two scenarios today
We are thinking through
how to make
up
the assisted scenario we may get more color tomorrow with the
regulators i
f
not will make
something up
From Charlie Scharf
To Fernando Rivas
Sent Thu Jul 17 083707 2008
Subject
when will we have wamu stuff done
West
capital
alternatives
71708ppt
Type applicationvndmspowerpoint
Name West
capital
alternatives
71708ppt
Confidential Treatment
Requested by
JPMC
JPMEX00000323
HIGHLY CONFIDENTIAL
Restricted For Use in Connection with Plan Confirmation Only
Return
Benjamin
To Jamie
DimonILONEJPMCHASE
Lopata
cc Mike
CavanaghILONEJPMCHASE
Charlie
ScharfILONEJPMCHASE
Brian A
BesseyILONEJPMCHASE
Fernando
RivasJPMCHASEJPMCHASE Sally
E
03272008
DurdanJPMCHASEJPMCHASE
Allen FriedmanJPMCHASE
0152 PM
Subject
Jamie
The firsr $72B of
preacquisition
losses
recognized by
West in the 2008
premerger
tax
year
can be used to
offset its tax liability
in06
and07
for a cash tax benefit of $252B and perhaps slightly greater depending on
the state tax impact
Note that weve assumed that
1
losses
triggered on sales of loans are on sales of loans to third
parties that
i
s
not to JPMC and 2 any
such sales are of loans held today by West itself rather than its REITs and we
understand that the bulk of the loss assets are in fact NOT in the REITs
Ben Allen
IRS Circular 230 Disclosure
JPMorgan
Chase Co and its affiliates do not provide tax advice
Accordingly any
discussion of U S tax
matters contained herein including any attachments i
s not intended or written to be used and cannot be used
in connection with the
promotion marketing or recommendation
by anyone
unaffiliated with
JPMorgan
Chase
Co
of
any
of the matters addressed herein or for the
purpose
of avoiding US taxrelated penalties
Confidential Treatment
Requested by
JPMC
JPMEX00000664
HIGHLY CONFIDENTIAL
Restricted For Use in Connection with Plan Confirmation Only
Return
Benjamin
To Brian A
BesseyILONEJPMCHASE
Lopata
cc
Subject
Fw West tax
analysis
03272008
1233 PM
FYI
IRS Circular 230 Disclosure
JPMorgan
Chase Co and its affiliates do not provide tax advice
Accordingly any
discussion of U S tax
matters contained herein including any attachments i
s not intended or written to be used and cannot be used
in connection with the
promotion marketing or recommendation
by anyone
unaffiliated with
JPMorgan
Chase
Co
of
any
of the matters addressed herein or for the
purpose
of avoiding US taxrelated penalties
Forwarded
by Benjamin LopataJPMCHASE on 03272008 1232 PM
Allen
FriedmanJPMCHASE
03272008 1206 PM
Tocharlie
scharfilonejpmchase
ccBenjamin LopataJPMCHASEJPMCHASE
fredianimarkjpmorgancomPMCHASE
Michael
AlvinoJPMCHASEJPMCHASE
SubjectFw
West tax
analysis
Forwarded
by
Allen FriedmanJPMCHASE on 03272008 1205 PM
Allen
ToSally
E
DurdanJPMCHASEJPMCHASE
Fernando
FriedmanJPMCHASE RivasJPMCHASEJPMCHASE
ccJamie
DimonILONEPMCHASE
Mike
03272008 1205 PM
CavanaghILONEJPMCHASE
SubjectWest
tax
analysis
The 34 effective tax rate for West was arrived at by 1 combining
the factors used to apportion
each of
Wests and JPMCs taxable income
among
the different
states 2 making
certain
assumptions
about the relative
levels of
profitability
of each of the two firms
as profitability
relative to
apportionment
factors
i
s
a critical
input
in
determining the state tax rate and 3 making certain assumptions about levels of
taxexempt
income
generally assumptions consistent with those that exist today The 34 rate
i
s a withwithout rate and
includes the incremental tax
or
tax
reduction
that results when for state tax
purposes
Wests income
i
s
combined with that of JPMC
The calculation of the
ability
to taxeffect the losses
see below was based on assumptions
about
1
the
purchase price we will
pay
for West and
2
the amount of net unrealized builtin loss
a
technical tax
term
on Wests books This second number was derived from a review of Wests financials and conversations with
Wests Treasurer and Tax Director
Our best estimate based on available information i
s that 1 the first $45 billion of chargeoffs on Wests loans
could be deducted for tax
purposes
at the rate of
approximately
$370 MM
pa
and
2 any chargeoffs
in excess
of that amount could be deducted for tax
purposes immediately
The above assumes a $107 B
purchase price
for West
if the purchase price i
s
higher the chargeoffs could be taken more quickly
Confidential Treatment
Requested by
JPMC
JPMEX00000666
HIGHLY CONFIDENTIAL
Restricted For Use in Connection with Plan Confirmation Only
Return
Dan To: Brian A Bessey/IL/ONE
Cooney CC:
Subject: Fw: Information Request
Daniel P. Cooney
Dan.Cooney@Chase.com
(312) 732-3171 (Chicago voice)
(312) 732-5976 (Chicago fax)
(212) 270-7094 (New York voice)
(212) 270-9643 (New York fax)
----- Original Message -----
From: "Wigand, James" [JWigandeFDIC. g o ~ ]
Sent: 09/22/2008 10:42 PM AST
To: Dan Cooney
Subject: Re: Information Request
We will try to get the information. Let me know if you have any more data room access
problems.
Jrw
Sent from my BlackBerry Wireless Handheld
----- Original Message-----
From: dan.cooney@chase.com <dan.cooney@chase.com>
To : Wigand, James
Sent: Mon Sep 22 22:08:45 2008
Subject: Fw: Information Request
Jim - one point of clarification: the person denying us the information was
not their investment banker but an internal WaMu corporate development
person.
Dan
Daniel P. Cooney
Dan.Cooney@Chase.com
(312) 732-3171 (Chicago voice)
(312) 732-5976 (Chicago fax)
(212) 270-7094 (New York voice)
(212) 270-9643 (New York fax)
----- Original Message -----
From: Dan Cooney
Confidential Treatment Requested by JPMC
Dan To: Brian A
cc:
Fvv: lnfonnation i " ~ " U ~ c "
Dan.
(312)
(312) 732 5976
( 12) 70-709
( 12) 70- 643
From:
Sent.
To: Dan
.com
(New
09/2212008
I044PM
voice)
York fax)
Message
James" [ FDIC.
PM AST
ect: Re: Information Request
TiiTe will get the information
Jrw
Let me
Sent my reless Handheld
Message-----
From: dan. .com <dan.
To' James
Sent: Mon Sep 2 2 :08: 5 008
ect: Fw: Information Request
if
. com>
have more data
Jim - one f clarification: the person us the information was
not their investment banker but an internal TiiTaMu corporate
person.
Dan
Daniel P. Cooney
Dan. .com
(312)
( 12) 7
( 12) 70-7094 (New York voice)
(212) 270-964 (New York fax)
Message
From: Dan Cooney
Confidential Treatment JPMC
access
Daniel P. Cooney
Dan.Cooney@Chase.com
Dan
Cooney
0912212008
10:44 PM
To: Brian A Bessey/ILIONE
cc:
Subject: Fw: Information Request
(312) 732-3171 (Chicago voice)
(312) 732-5976 (Chicago fax)
(212) 270-7094 (New York voice)
(212) 270-9643 (New York fax)
Original Message -----
From: "Wigand, James" [JWigand@FDIC.gov]
Sent: 09/22/2008 10:42 PM AST
To: Dan Cooney
Subject: Re: Information Request
We will try to get the information.
problems.
Let me know if you have any more data room access
Jrw
Sent from my BlackBerry Wireless Handheld
-----Original Message-----
From: dan.cooney@chase.com <dan.cooney@chase.com>
To: Wigand, James
Sent: Mon Sep 22 22:08:45 2008
Subject: Fw: Information Request
Jim - one point of clarification: the person denying us the information was
not their investment banker but an internal WaMu corporate development
person.
Dan
Daniel P. Cooney
Dan.Cooney@Chase.com
(312) 732-3171 (Chicago voice)
(312) 732-5976 (Chicago fax)
(212) 270-7094 (New York voice)
(212) 270-9643 (New York fax)
Original Message
From: Dan Cooney
Confidential Treatment Requested by JPMC JPM EX00000077
Return
Sent: 09/22/2008 08:56 PM CDT
To : "James Wigand" < j wigandefdic . gov>
Subject: Information Request
Jim - Sorry to bother you but we have asked the target for the following
information and have been advised by their investment bankers that they
will not provide any further information unless Charlie Scharf calls Alan
Fishman and personally explains why it is necessary. This process seems
counterproductive to an efficient resolution of this situation and we were
wondering if there were anything the FDIC could do to expedite this
request.
Specifically, we have asked for the following information:
"What is the deferred tax asset at the Bank and Holdco level as of Aug 31,
2008 and what is it projected to be at the end of September."
This request is a focused one and one which we need to help us properly
allocate value between the bank and the holding company.
Feel free to call my cell if you have any questions - 847-477-6825 - or my
NY # below in the morning.
Thank you in advance for your help
Dan
Daniel P. Cooney
Dan.Cooney@Chase.com
(312) 732-3171 (Chicago voice)
(312) 732-5976 (Chicago fax)
(212) 270-7094 (New York voice)
(212) 270-9643 (New York fax)
This transmission may contain information that is privileged,
confidential, legally privileged, and/or exempt from disclosure
under applicable law. If you are not the intended recipient, you
are hereby notified that any disclosure, copying, distribution, or
use of the information contained herein (including any reliance
thereon) is STRICTLY PROHIBITED. Although this transmission and
any attachments are believed to be free of any virus or other
defect that might affect any computer system into which it is
received and opened, it is the responsibility of the recipient to
ensure that it is virus free and no responsibility is accepted by
JPMorgan Chase & Co., its subsidiaries and affiliates, as
applicable, for any loss or damage arising in any way from its use.
If you received this transmission in error, please immediately
contact the sender and destroy the material in its entirety,
whether in electronic or hard copy format. Thank you.
Confidential Treatment Requested by JPMC
Sent: 09/22/2008 08:56 PM eDT
To: "James j fdic.
ect Information Request
Jim Sorry bother you but we asked the target for the
information and have been advi r investment bankers that
will not any further information unless Charlie Scharf calls Alan
it is necessary. This process seems
efficient resolution of this situation and we were
the FDI could do to this
request.
as for the information have
"What is the deferred
2008 and what is it
tax asset at the Bank and Holdco level as of Aug 31,
ected to be at the end f
This request is focused one and one which
allocate value between the bank and the
Feel free to call my cell if you have any
NY # below in the
Thank in advance for
Dan
Daniel P. Cooney
Dan.
( 12) voice)
( 12) 732 fax)
(212 ) 270-7094 (New York voice)
(212) 270-964 ( York fax)
This transmission may contain information that is
us
847 477
and/or exempt from disclosure
are disclosure,
use f the information contained herein
thereon) is STRICTLY PROHIBITED.
attachments are believed
intended
, distribution,
any reliance
defect that affect any computer system
received and it is the
ensure that it is
JPMorgan Chase & Co., its subsidiaries and
825
for any loss or ari
is
affiliates, as
in any way from its use.
If received this transmission
contact the sender and
whether in electronic
Confidential Treatment JPMC
in error,
material in
format Thank
entirety,
or my
Sent: 09/22/2008 08:56 PM CDT
To: "James Wigand" <jwigand@fdic.gov>
Subject: Information Request
Jim - Sorry to bother you but we have asked the target for the following
information and have been advised by their investment bankers that they
will not provide any further information unless Charlie Scharf calls Alan
Fishman and personally explains why it is necessary. This process seems
counterproductive to an efficient resolution of this situation and we were
wondering if there were anything the FDIC could do to expedite this
request.
Specifically, we have asked for the following information:
"What is the deferred tax asset at the Bank and Holdco level as of Aug 31,
2008 and what is it projected to be at the end of September."
This request is a focused one and one which we need to help us properly
allocate value between the bank and the holding company.
Feel free to call my cell if you have any questions - 847-477-6825 - or my
NY # below in the morning.
Thank you in advance for your help.
Dan
Daniel P. Cooney
Dan.Cooney@Chase.com
(312) 732-3171 (Chicago voice)
(312) 732-5976 (Chicago fax)
(212) 270-7094 (New York voice)
(212) 270-9643 (New York fax)
This transmission may contain information that is privileged,
confidential, legally privileged, and/or exempt from disclosure
under applicable law. If you are not the intended recipient, you
are hereby notified that any disclosure, copying, distribution, or
use of the information contained herein (including any reliance
thereon) is STRICTLY PROHIBITED. Although this transmission and
any attachments are believed to be free of any virus or other
defect that might affect any computer system into which it is
received and opened, it is the responsibility of the recipient to
ensure that it is virus free and no responsibility is accepted by
JPMorgan Chase & Co., its subsidiaries and affiliates, as
applicable, for any loss or damage arising in any way from its use.
If you received this transmission in error, please immediately
contact the sender and destroy the material in its entirety,
whether in electronic or hard copy format. Thank you.
Confidential Treatment Requested by JPMC JPM EX00000078
Return
Dan To: Brian A Bessey/IL/ONE
Cooney CC:
Subject: Fw: Information Request
Daniel P. Cooney
Dan.Cooney@Chase.com
(312) 732-3171 (Chicago voice)
(312) 732-5976 (Chicago fax)
(212) 270-7094 (New York voice)
(212) 270-9643 (New York fax)
----- Original Message -----
From: "Wigand, James" [JWigandeFDIC. g o ~ ]
Sent: 09/22/2008 10:42 PM AST
To: Dan Cooney
Subject: Re: Information Request
We will try to get the information. Let me know if you have any more data room access
problems.
Jrw
Sent from my BlackBerry Wireless Handheld
----- Original Message-----
From: dan.cooney@chase.com <dan.cooney@chase.com>
To : Wigand, James
Sent: Mon Sep 22 22:08:45 2008
Subject: Fw: Information Request
Jim - one point of clarification: the person denying us the information was
not their investment banker but an internal WaMu corporate development
person.
Dan
Daniel P. Cooney
Dan.Cooney@Chase.com
(312) 732-3171 (Chicago voice)
(312) 732-5976 (Chicago fax)
(212) 270-7094 (New York voice)
(212) 270-9643 (New York fax)
----- Original Message -----
From: Dan Cooney
Confidential Treatment Requested by JPMC
Dan To: Brian A
cc:
Fvv: lnfonnation i " ~ " U ~ c "
Dan.
(312)
(312) 732 5976
( 12) 70-709
( 12) 70- 643
From:
Sent.
To: Dan
.com
(New
09/2212008
I044PM
voice)
York fax)
Message
James" [ FDIC.
PM AST
ect: Re: Information Request
TiiTe will get the information
Jrw
Let me
Sent my reless Handheld
Message-----
From: dan. .com <dan.
To' James
Sent: Mon Sep 2 2 :08: 5 008
ect: Fw: Information Request
if
. com>
have more data
Jim - one f clarification: the person us the information was
not their investment banker but an internal TiiTaMu corporate
person.
Dan
Daniel P. Cooney
Dan. .com
(312)
( 12) 7
( 12) 70-7094 (New York voice)
(212) 270-964 (New York fax)
Message
From: Dan Cooney
Confidential Treatment JPMC
access
Daniel P. Cooney
Dan.Cooney@Chase.com
Dan
Cooney
0912212008
10:44 PM
To: Brian A Bessey/ILIONE
cc:
Subject: Fw: Information Request
(312) 732-3171 (Chicago voice)
(312) 732-5976 (Chicago fax)
(212) 270-7094 (New York voice)
(212) 270-9643 (New York fax)
Original Message -----
From: "Wigand, James" [JWigand@FDIC.gov]
Sent: 09/22/2008 10:42 PM AST
To: Dan Cooney
Subject: Re: Information Request
We will try to get the information.
problems.
Let me know if you have any more data room access
Jrw
Sent from my BlackBerry Wireless Handheld
-----Original Message-----
From: dan.cooney@chase.com <dan.cooney@chase.com>
To: Wigand, James
Sent: Mon Sep 22 22:08:45 2008
Subject: Fw: Information Request
Jim - one point of clarification: the person denying us the information was
not their investment banker but an internal WaMu corporate development
person.
Dan
Daniel P. Cooney
Dan.Cooney@Chase.com
(312) 732-3171 (Chicago voice)
(312) 732-5976 (Chicago fax)
(212) 270-7094 (New York voice)
(212) 270-9643 (New York fax)
Original Message
From: Dan Cooney
Confidential Treatment Requested by JPMC JPM EX00000077
Return
Sent: 09/22/2008 08:56 PM CDT
To : "James Wigand" < j wigandefdic . gov>
Subject: Information Request
Jim - Sorry to bother you but we have asked the target for the following
information and have been advised by their investment bankers that they
will not provide any further information unless Charlie Scharf calls Alan
Fishman and personally explains why it is necessary. This process seems
counterproductive to an efficient resolution of this situation and we were
wondering if there were anything the FDIC could do to expedite this
request.
Specifically, we have asked for the following information:
"What is the deferred tax asset at the Bank and Holdco level as of Aug 31,
2008 and what is it projected to be at the end of September."
This request is a focused one and one which we need to help us properly
allocate value between the bank and the holding company.
Feel free to call my cell if you have any questions - 847-477-6825 - or my
NY # below in the morning.
Thank you in advance for your help
Dan
Daniel P. Cooney
Dan.Cooney@Chase.com
(312) 732-3171 (Chicago voice)
(312) 732-5976 (Chicago fax)
(212) 270-7094 (New York voice)
(212) 270-9643 (New York fax)
This transmission may contain information that is privileged,
confidential, legally privileged, and/or exempt from disclosure
under applicable law. If you are not the intended recipient, you
are hereby notified that any disclosure, copying, distribution, or
use of the information contained herein (including any reliance
thereon) is STRICTLY PROHIBITED. Although this transmission and
any attachments are believed to be free of any virus or other
defect that might affect any computer system into which it is
received and opened, it is the responsibility of the recipient to
ensure that it is virus free and no responsibility is accepted by
JPMorgan Chase & Co., its subsidiaries and affiliates, as
applicable, for any loss or damage arising in any way from its use.
If you received this transmission in error, please immediately
contact the sender and destroy the material in its entirety,
whether in electronic or hard copy format. Thank you.
Confidential Treatment Requested by JPMC
Sent: 09/22/2008 08:56 PM eDT
To: "James j fdic.
ect Information Request
Jim Sorry bother you but we asked the target for the
information and have been advi r investment bankers that
will not any further information unless Charlie Scharf calls Alan
it is necessary. This process seems
efficient resolution of this situation and we were
the FDI could do to this
request.
as for the information have
"What is the deferred
2008 and what is it
tax asset at the Bank and Holdco level as of Aug 31,
ected to be at the end f
This request is focused one and one which
allocate value between the bank and the
Feel free to call my cell if you have any
NY # below in the
Thank in advance for
Dan
Daniel P. Cooney
Dan.
( 12) voice)
( 12) 732 fax)
(212 ) 270-7094 (New York voice)
(212) 270-964 ( York fax)
This transmission may contain information that is
us
847 477
and/or exempt from disclosure
are disclosure,
use f the information contained herein
thereon) is STRICTLY PROHIBITED.
attachments are believed
intended
, distribution,
any reliance
defect that affect any computer system
received and it is the
ensure that it is
JPMorgan Chase & Co., its subsidiaries and
825
for any loss or ari
is
affiliates, as
in any way from its use.
If received this transmission
contact the sender and
whether in electronic
Confidential Treatment JPMC
in error,
material in
format Thank
entirety,
or my
Sent: 09/22/2008 08:56 PM CDT
To: "James Wigand" <jwigand@fdic.gov>
Subject: Information Request
Jim - Sorry to bother you but we have asked the target for the following
information and have been advised by their investment bankers that they
will not provide any further information unless Charlie Scharf calls Alan
Fishman and personally explains why it is necessary. This process seems
counterproductive to an efficient resolution of this situation and we were
wondering if there were anything the FDIC could do to expedite this
request.
Specifically, we have asked for the following information:
"What is the deferred tax asset at the Bank and Holdco level as of Aug 31,
2008 and what is it projected to be at the end of September."
This request is a focused one and one which we need to help us properly
allocate value between the bank and the holding company.
Feel free to call my cell if you have any questions - 847-477-6825 - or my
NY # below in the morning.
Thank you in advance for your help.
Dan
Daniel P. Cooney
Dan.Cooney@Chase.com
(312) 732-3171 (Chicago voice)
(312) 732-5976 (Chicago fax)
(212) 270-7094 (New York voice)
(212) 270-9643 (New York fax)
This transmission may contain information that is privileged,
confidential, legally privileged, and/or exempt from disclosure
under applicable law. If you are not the intended recipient, you
are hereby notified that any disclosure, copying, distribution, or
use of the information contained herein (including any reliance
thereon) is STRICTLY PROHIBITED. Although this transmission and
any attachments are believed to be free of any virus or other
defect that might affect any computer system into which it is
received and opened, it is the responsibility of the recipient to
ensure that it is virus free and no responsibility is accepted by
JPMorgan Chase & Co., its subsidiaries and affiliates, as
applicable, for any loss or damage arising in any way from its use.
If you received this transmission in error, please immediately
contact the sender and destroy the material in its entirety,
whether in electronic or hard copy format. Thank you.
Confidential Treatment Requested by JPMC JPM EX00000078
Return
Dan To: Brian A Bessey/IL/ONE
Cooney CC:
Subject: Fw: Information Request
Daniel P. Cooney
Dan.Cooney@Chase.com
(312) 732-3171 (Chicago voice)
(312) 732-5976 (Chicago fax)
(212) 270-7094 (New York voice)
(212) 270-9643 (New York fax)
----- Original Message -----
From: "Wigand, James" [JWigandeFDIC. g o ~ ]
Sent: 09/22/2008 10:42 PM AST
To: Dan Cooney
Subject: Re: Information Request
We will try to get the information. Let me know if you have any more data room access
problems.
Jrw
Sent from my BlackBerry Wireless Handheld
----- Original Message-----
From: dan.cooney@chase.com <dan.cooney@chase.com>
To : Wigand, James
Sent: Mon Sep 22 22:08:45 2008
Subject: Fw: Information Request
Jim - one point of clarification: the person denying us the information was
not their investment banker but an internal WaMu corporate development
person.
Dan
Daniel P. Cooney
Dan.Cooney@Chase.com
(312) 732-3171 (Chicago voice)
(312) 732-5976 (Chicago fax)
(212) 270-7094 (New York voice)
(212) 270-9643 (New York fax)
----- Original Message -----
From: Dan Cooney
Confidential Treatment Requested by JPMC
Dan To: Brian A
cc:
Fvv: lnfonnation i " ~ " U ~ c "
Dan.
(312)
(312) 732 5976
( 12) 70-709
( 12) 70- 643
From:
Sent.
To: Dan
.com
(New
09/2212008
I044PM
voice)
York fax)
Message
James" [ FDIC.
PM AST
ect: Re: Information Request
TiiTe will get the information
Jrw
Let me
Sent my reless Handheld
Message-----
From: dan. .com <dan.
To' James
Sent: Mon Sep 2 2 :08: 5 008
ect: Fw: Information Request
if
. com>
have more data
Jim - one f clarification: the person us the information was
not their investment banker but an internal TiiTaMu corporate
person.
Dan
Daniel P. Cooney
Dan. .com
(312)
( 12) 7
( 12) 70-7094 (New York voice)
(212) 270-964 (New York fax)
Message
From: Dan Cooney
Confidential Treatment JPMC
access
Daniel P. Cooney
Dan.Cooney@Chase.com
Dan
Cooney
0912212008
10:44 PM
To: Brian A Bessey/ILIONE
cc:
Subject: Fw: Information Request
(312) 732-3171 (Chicago voice)
(312) 732-5976 (Chicago fax)
(212) 270-7094 (New York voice)
(212) 270-9643 (New York fax)
Original Message -----
From: "Wigand, James" [JWigand@FDIC.gov]
Sent: 09/22/2008 10:42 PM AST
To: Dan Cooney
Subject: Re: Information Request
We will try to get the information.
problems.
Let me know if you have any more data room access
Jrw
Sent from my BlackBerry Wireless Handheld
-----Original Message-----
From: dan.cooney@chase.com <dan.cooney@chase.com>
To: Wigand, James
Sent: Mon Sep 22 22:08:45 2008
Subject: Fw: Information Request
Jim - one point of clarification: the person denying us the information was
not their investment banker but an internal WaMu corporate development
person.
Dan
Daniel P. Cooney
Dan.Cooney@Chase.com
(312) 732-3171 (Chicago voice)
(312) 732-5976 (Chicago fax)
(212) 270-7094 (New York voice)
(212) 270-9643 (New York fax)
Original Message
From: Dan Cooney
Confidential Treatment Requested by JPMC JPM EX00000077
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Sent: 09/22/2008 08:56 PM CDT
To : "James Wigand" < j wigandefdic . gov>
Subject: Information Request
Jim - Sorry to bother you but we have asked the target for the following
information and have been advised by their investment bankers that they
will not provide any further information unless Charlie Scharf calls Alan
Fishman and personally explains why it is necessary. This process seems
counterproductive to an efficient resolution of this situation and we were
wondering if there were anything the FDIC could do to expedite this
request.
Specifically, we have asked for the following information:
"What is the deferred tax asset at the Bank and Holdco level as of Aug 31,
2008 and what is it projected to be at the end of September."
This request is a focused one and one which we need to help us properly
allocate value between the bank and the holding company.
Feel free to call my cell if you have any questions - 847-477-6825 - or my
NY # below in the morning.
Thank you in advance for your help
Dan
Daniel P. Cooney
Dan.Cooney@Chase.com
(312) 732-3171 (Chicago voice)
(312) 732-5976 (Chicago fax)
(212) 270-7094 (New York voice)
(212) 270-9643 (New York fax)
This transmission may contain information that is privileged,
confidential, legally privileged, and/or exempt from disclosure
under applicable law. If you are not the intended recipient, you
are hereby notified that any disclosure, copying, distribution, or
use of the information contained herein (including any reliance
thereon) is STRICTLY PROHIBITED. Although this transmission and
any attachments are believed to be free of any virus or other
defect that might affect any computer system into which it is
received and opened, it is the responsibility of the recipient to
ensure that it is virus free and no responsibility is accepted by
JPMorgan Chase & Co., its subsidiaries and affiliates, as
applicable, for any loss or damage arising in any way from its use.
If you received this transmission in error, please immediately
contact the sender and destroy the material in its entirety,
whether in electronic or hard copy format. Thank you.
Confidential Treatment Requested by JPMC
Sent: 09/22/2008 08:56 PM eDT
To: "James j fdic.
ect Information Request
Jim Sorry bother you but we asked the target for the
information and have been advi r investment bankers that
will not any further information unless Charlie Scharf calls Alan
it is necessary. This process seems
efficient resolution of this situation and we were
the FDI could do to this
request.
as for the information have
"What is the deferred
2008 and what is it
tax asset at the Bank and Holdco level as of Aug 31,
ected to be at the end f
This request is focused one and one which
allocate value between the bank and the
Feel free to call my cell if you have any
NY # below in the
Thank in advance for
Dan
Daniel P. Cooney
Dan.
( 12) voice)
( 12) 732 fax)
(212 ) 270-7094 (New York voice)
(212) 270-964 ( York fax)
This transmission may contain information that is
us
847 477
and/or exempt from disclosure
are disclosure,
use f the information contained herein
thereon) is STRICTLY PROHIBITED.
attachments are believed
intended
, distribution,
any reliance
defect that affect any computer system
received and it is the
ensure that it is
JPMorgan Chase & Co., its subsidiaries and
825
for any loss or ari
is
affiliates, as
in any way from its use.
If received this transmission
contact the sender and
whether in electronic
Confidential Treatment JPMC
in error,
material in
format Thank
entirety,
or my
Sent: 09/22/2008 08:56 PM CDT
To: "James Wigand" <jwigand@fdic.gov>
Subject: Information Request
Jim - Sorry to bother you but we have asked the target for the following
information and have been advised by their investment bankers that they
will not provide any further information unless Charlie Scharf calls Alan
Fishman and personally explains why it is necessary. This process seems
counterproductive to an efficient resolution of this situation and we were
wondering if there were anything the FDIC could do to expedite this
request.
Specifically, we have asked for the following information:
"What is the deferred tax asset at the Bank and Holdco level as of Aug 31,
2008 and what is it projected to be at the end of September."
This request is a focused one and one which we need to help us properly
allocate value between the bank and the holding company.
Feel free to call my cell if you have any questions - 847-477-6825 - or my
NY # below in the morning.
Thank you in advance for your help.
Dan
Daniel P. Cooney
Dan.Cooney@Chase.com
(312) 732-3171 (Chicago voice)
(312) 732-5976 (Chicago fax)
(212) 270-7094 (New York voice)
(212) 270-9643 (New York fax)
This transmission may contain information that is privileged,
confidential, legally privileged, and/or exempt from disclosure
under applicable law. If you are not the intended recipient, you
are hereby notified that any disclosure, copying, distribution, or
use of the information contained herein (including any reliance
thereon) is STRICTLY PROHIBITED. Although this transmission and
any attachments are believed to be free of any virus or other
defect that might affect any computer system into which it is
received and opened, it is the responsibility of the recipient to
ensure that it is virus free and no responsibility is accepted by
JPMorgan Chase & Co., its subsidiaries and affiliates, as
applicable, for any loss or damage arising in any way from its use.
If you received this transmission in error, please immediately
contact the sender and destroy the material in its entirety,
whether in electronic or hard copy format. Thank you.
Confidential Treatment Requested by JPMC JPM EX00000078
Return
MARCH 2008
Project West
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CONFIDENTIAL
Table of contents
1
JPMorgan
1
2 Sullivan
F
t
Cromwell 10
3
Goldman
Sachs
F
t
Co 11
4 Lehman Brothers 12
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1
JPMorgan
Name Position
Michael Cavanagh
EVP CFO
Contact details
Tel +2122702288
Mobile to be provided
email mikecavanaghjpmchasecom
Jay Mandelbaum Tel +2122701049
EVPStrategy
8 Development Exec
Charles Scharf
EVPICEO Retail Financial Services
Mobile to be provided
email jaymandelbaumjpmchasecom
Tel +2122705447
Mobile to be provided
email charliescharfchasecom
Name Position
Scott Powell
SVP CEO Consumer Banking
Chad Borton
SVP LOB CFO
Keith Budzynski
1st VP Marketing analysis Sr Manager
Tom Cartwright
EVP LOB Business Manager
Charles Heiden
SVP Senior Business Manager
Contact details
Tel +2122704531
Mobile to be provided
email scottepowellchasecom
Tel +6142139439
Mobile 6145301191
email chadmbortonjpmchasecom
Tel +6142441858
Mobile to be provided
email keithbudzynskichasecom
Tel +6142137563
Mobile to be provided
email tomhcartwrightchasecom
Tel +6142131237
Mobile to be provided
email chucktheidenchasecom
Anne Leyden Tel +3123363853
SVP HR Bus Partner Executive Mobile 8472172825
email anneleydenchasecom
Ryan McInerney Tel +3127325445
SVP Head of Retail Marketing Mobile 2027445789
email ryanmmcinerneychasecom
Christopher Sieve Tel +6142136177
SVP CTOLOB Mobile to be provided
Art Weston
SVP Marketing Director
I
a
7
J
Name Position
Kevin Watters
SVP Business Banking Executive
email christopherlsievechasecom
Tel +6142131687
Mobile 6144413226
email artwestonchasecom
Contact details
Tel +2122703928
Mobile to be provided
email kevinwatterschasecom
1
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Name Position Contact details
Mark Sheehan Tel +6142179643
SVP Product Executive Mobile to be provided
email markrsheehanchasecom
Michael Weinbach
SVP Sales Executive
Tel +3127324492
Mobile to be provided
email michaelweinbachchasecom
Kent Ziegler
SVP LOB CFO
Tel +2125529118
Mobile to be provided
email kentwzieglerchasecom
Name Position Contact details
Ina Drew Tel +2128345000
Chief Investment Officer Mobile 9175187287
email inadrewjpmorgancom
Althea Duersten Tel +2128345002
Managing Director Mobile to be provided
email althealduerstenjpmchasecom
Joseph Bonocore Tel +2128349311
Managing Director Mobile 9174466285
email josephsbonocorejpmorgancom
Joan Rogers Tel +2128344460
Executive Director Mobile to be provided
email joanrogersjpmorgancom
mom
Name Position Contact details
S Todd Maclin Tel +2149652387
Head Commercial Banking Mobile to be provided
email toddmaclinchasecom
Glen Davis
PA Director
Tel +3123255159
Mobile to be provided
email glenpdavischasecom
Christian Desavino Tel +6022211368
Head REB Housing Credit Mobile 6026148448
email chrisadesavinochasecom
Jim Hibbert Tel +7132165364
Head REB Commercial Credit Mobile 7138266213
Karen Parkhill
LOB CFO
Name Position
Gordon A Smith
CEO Card Services
email jameshibbertchasecom
Tel +3127325743
Mobile 3129618039
email KarenIparkhilljpmorgancom
Contact details
Tel +3022823100
Mobile to be provided
email gordonsmithchasecom
2
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Name Position Contact details
Jay C Astle Tel +3022822919
Senior Financial Associate Mobile to be provided
email jayastlechasecom
Jeff Courtney Tel +3022826173
Operations Director Sr Mobile to be provided
email jeffcourtneychasecom
Raymond Fischer Tel +3022824303
CFO LOB Mobile to be provided
email raymondfischerchasecom
David Hoyt Tel +3022824175
Card Finance Senior Director Mobile to be provided
Michael
Looney
Operations Executive
email davidhoytchasecom
Tel +3022823916
Mobile to be provided
email michaellooneychasecom
Michael Zbranak Tel +3022824090
CTO LOB Mobile 3025459353
email michaelazbranakchasecom
Name Position Contact details
David Lowman Tel +6367352121
CEO Home Lending Mobile to be provided
email davidblowmanjpmchasecom
Brad Conner Tel +6022212855
EVPHome Lending Sr Executive Mobile to be provided
email bradconnerchasecom
Kim Greaves Tel +6144225748
SVPIHome Lending Sr Executive Mobile to be provided
email kimgreaveschasecom
Chris C Henry Tel +6022213465
SVPFinancial Analysis Director Mobile to be provided
email christopherjhenrychasecom
Ramesh Lakshminarayanan Tel +7324528278
SVP Consumer Risk
Mgmt
Executive Mobile to be provided
email Ixrameshjpmchasecom
Jim Miller Tel +9725843203
SVPIHome Lending Sr Executive Mobile to be provided
email jimamillerchasecom
William J Murray Tel +7324528696
SVPFinancial Analysis Director Mobile 2013232864
email williamjmurrayjpmchasecom
David Nunn Tel +7324528799
SVPIHome Lending Executive Mobile to be provided
email davidnnunnchasecom
Chuck Pursh Tel +6022214627
SVPICredit Risk Director Mobile to be provided
email chuckpurshchasecom
Pablo Sanchez Tel +7324526655
SVPIHome Lending Sr Executive Mobile to be provided
email pablozsanchezchasecom
3
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Name Position Contact details
Robert Segnini Tel +6144222646
SVP Business Unit CFO Mobile 6149756201
RaviShankar
SVPLOB CFO
Patrick Sheehy
EVPHome Lending Sr Executive
email robertasegninichasecom
Tel +7324528220
Mobile to be provided
email ravinshankarjpmchasecom
Tel +7034865630
Mobile to be provided
email patrickmsheehyjpmchasecom
Name Position Contact details
David
Brigstocke Tel +2126481815
Managing Director Mobile to be provided
email davidhcbrigstockejpmorgancom
Name Position
Sally Durdan
EVPCorporate Finance Executive
Contact details
Tel +2122708805
Mobile 9175743314
email sallyedurdanjpmchasecom
Corrine Burger Tel +6142446067
SVP Senior Controller Mobile to be provided
M Shane Tilson
MD Treasury
email corrinemburgerchasecom
Tel +2122706857
Mobile to be provided
email mshanetilsonjpmchasecom
Name Position Contact details
Melissa Moore Tel +2125524611
EVPCEO LOB Mobile 8478588680
email melissajmoorejpmchasecom
Name Position Contact details
Lou Rauchenberger Tel +2122703632
MD 8 Corporate Controller Mobile to be provided
Gina ManganoCandy
Managing Director
Shannon Warren
Managing Director
email Louisrauchenbergerjpmorgancom
Tel +2126482009
Mobile 4845575624
email Ginamanganocandyjpmorgancom
Tel +2126480906
Mobile to be provided
email warrenshannonjpmorgancom
4
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CONFIDENTIAL
Name I Position Contact details
Martha
Gallo Tel +2122703202
EVP General Auditor Mobile to be provided
email gallomjpmorgancom
Jan Wilson Tel +6142134544
SVP Client Service Partner Mobile 6149373727
email janiceawilsonjpmchasecom
Name Position
Barry Zubrow
EVP Chief Risk Officer
Contact details
Tel +2122700593
Mobile to be provided
email barrylzubrowjpmchasecom
Stephen Bauer Business Banking Tel +9374338632
SVP Risk Executive Mobile to be provided
email steveabauerchasecom
Christina Davies Tel +2153234249
SVP Risk Manager 1
1
Mobile to be provided
email chrisdavieschasecom
Jose De La Vina Tel +6022213384
VP Credit Risk
Manager
Mobile to be provided
email joseedelavinachasecom
Marge
Hannum Credit Card Tel +3022827567
Credit Executive Mobile to be provided
email margehannumchasecom
Robert Izzo Commercial Tel +3123362066
Head Commercial Credit Mobile to be provided
email robertjizzochasecom
Greg Johnson Tel +6144221412
VP Portfolio Monitoring Mgr Mobile 2164014064
email gregorysjohnsonjpmchasecom
Jeff Schmidt Tel +6144221233
SVP Business Unit CFO Mobile to be provided
email jeffreyaschmidtchasecom
Paul Thompson Tel +6142442353
VP Risk Officer 111 Mobile to be provided
email paulxthompsonchasecom
John Watkins Retail Tel +2122704055
SVP Consumer Risk Mgmt Executive Mobile to be provided
Bob Wiederecht
SVP Risk Manager 1
1
go=
Name Position
Stephen Cutler
EVP General Counsel
email johnwwatkinsjpmchasecom
Tel +5167453102
Mobile 5165826673
email bobwiederechtchasecom
Contact details
Tel +2122703220
Mobile 2022710650
email stephenmcutlerjpmorgancom
5
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CONFIDENTIAL
NameI Position Contact details
Dan Cooney Tel +3127323171
SVP General Counsel Mobile 8474776825
email dancooneychasecom
Neila Radin Tel +2122700938
SVP General Counsel Mobile 9177346252
email neilaradinchasecom
Nancy Lindsay Tel +3127328111
SVP General Counsel Mobile to be provided
email nancylindsayjpmchasecom
Michael Lipsitz Tel +3127324223
SVP General Counsel Mobile 8473023563
Laura OHara
SVP General Counsel
email michaellipsitzchasecom
Tel +7324528355
Mobile to be provided
email lauraoharachasecom
Mark Segall Tel +2125523042
SVP General Counsel Mobile 6463344039
email marksegallchasecom
+
f
i =
RPA
Name Position Contact details
Frank
Bisignano Tel +2122707732
Chief Administrative Officer Mobile to be provided
email frankjbisignanojpmchasecom
John Bradley Tel +2122702935
Director of Human Resources Mobile 9179129117
email bradleyjohnjpmorgancom
Brad Fusco Tel +2125526111
SVP Compensation Executive Mobile to be provided
email bradleyfuscojpmchasecom
William Kager Tel +2122703313
Managing Director Mobile to be provided
email williamrkagerjpmchasecom
Kenneth OGara Tel +2122703322
Managing Director Mobile to be provided
email kennethjogarajpmchasecom
Bernadette Ulissi Tel +2125523372
SVP Benefits Executive Mobile 2018054717
email ulissibernadettej pmorgancom
Name Position Contact details
William King IB Tel +2128345542
Managing Director Mobile to be provided
Head of Securitized Products email williamkingjpmorgancom
Gregory Boester Tel +2128342499
Managing
Director Mobile 9174994001
email gregboesterchasecom
6
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Name Position Contact details
Paul White Tel +2128345440
Executive Director Mobile to be provided
email paulhwhitejpmorgancom
David B Lawrence Tel +2128344246
Mobile 9083475478
email davidblawrencejpmorgancom
Eric C Norquist Tel +2128342499
Executive Director Mobile to be provided
email ericcnorquistjpmorgancom
Poomarintr Sasinin Tel +2128345841
Mobile to be provided
email poomarintrsasininjpmchasecom
John J Sim Tel +2128343124
Executive Director Mobile 9739603467
email johnsimchasecom
Eric Wiedelman Tel +2128345658
Executive Director Mobile 3124208606
email ericwiedelmanjpmorgancom
Limin Zhang Tel +2128342605
Executive Director Mobile 6099023403
email liminxzhangjpmchasecom
Name Position
Ben Lopata
Managing
Director
Contact details
Tel +2125521040
Mobile to be provided
email Lopatabenjaminjpmorgancom
Mark Frediani Tel +2125521124
Managing Director Mobile to be provided
Allen Friedman
Managing Director
email fredianimarkj pmorgancom
Tel +2125521039
Mobile to be provided
email friedmanallenjpmorgancom
Michael Alvino Tel +2125520130
Vice President Mobile to be provided
email michaelalvinochasecom
Thom Wilson Tel +2125524893
Financial Director Mobile to be provided
email thomascwilsonchasecom
Ned Wood Tel +2125524894
Financial Director Mobile to be provided
email nedwoodchasecom
Name Position
Mark Kleinman
SVP
Contact details
Tel +2122706562
Mobile 9143309366
email markikleinmanjpmchasecom
7
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Name Position Contact details
Tod Gordon Tel +2122706575
Managing Director Mobile 9148747180
email todgordonjpmchasecom
Brent Barton Tel +2122703254
Vice President Mobile to be provided
email brentbartonjpmchasecom
Anthony Rose Tel +2122701571
Vice President Mobile 9176849459
Darren Gebler
1st VP
Stephen Krol
SVP
Name Position
Brian Bessey
Sr Vice President
email anthonyjrosejpmchasecom
Tel +2122706359
Mobile 9145641237
email darrendgeblerjpmchasecom
Tel +2126233268
Mobile 2012476601
email stephenjkrolchasecom
Contact details
Tel +2122705553
Mobile 2039400943
email brianabesseyjpmchasecom
Alice Lin Tel +2122709037
Vice President Mobile to be provided
email alicelinjpmorgancom
Giuseppe Incitti Tel +2122708313
Analyst Mobile 9174567360
email giuseppexincittijpmchasecom
8
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EMPIRE
MName
Position Contact details
Doug Braunstein Tel +2126221020
Head of Americas IBC and MA Mobile 9178376775
email douglasbraunsteinjpmorgancom
Tim Main Tel +2126227272
Head of NA FIG Mobile 9175936069
John Chrin
Managing Director
email timmainjpmorgancom
Tel +2126226030
Mobile 9177472931
email johnrchrinjpmorgancom
Tom Novack Tel +2126226094
Managing Director Mobile 2014177890
email thomasdnovackjpmorgancom
Fernando Rivas Tel +2126226115
Managing
Director Mobile 9175969378
email fernandorivasjpmorgancom
Steve Wolf Tel +2128343226
Managing Director Mobile 6466481131
email stevewolfjpmorgancom
Gregg Gunselman Tel +2126222431
Executive Director Mobile 7733433226
email greggbgunselmanjpmchasecom
Frode Riksfjord Tel +2126226321
Vice President Mobile 6462848926
email frodexriksfjordjpmorgancom
Michelle Liang Tel +2126226078
Associate Mobile 7345071298
email michellealiangjpmorgancom
Josh Choi Tel +2126226126
Analyst Mobile 2152923380
email joshuadchoijpmorgancom
Vishal Idnani Tel +2126226981
Analyst Mobile 9192609374
email vishalxidnanijpmorgancom
Genevieve Hovde Tel +2126228535
Analyst Mobile 8477077982
email genevieveehovdejpmorgancom
9
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2 Sullivan
8
t
Cromwell
Name I Position
H Rodgin Cohen
Partner
Contact details
Tel +2125584000
Mobile to be provided
email cohenhrsullcromcom
Mitchell S Eitel Tel +2125584000
Partner Mobile to be provided
email eitelmsullcromcom
Camille L Orme Tel +2125584000
Associate Mobile to be provided
email ormecsullcromcom
10
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3
Goldman
Sachs
8
t
Co
Name I Position
John Mahoney
Managing
Director
Contact details
Tel +2129029963
Mobile 9142606470
email johnmahoneygscom
Todd Owens Tel +3104075759
Managing Director Mobile 3105608044
email toddowensgscom
Huntley Garriott Tel +212 9026314
Managing Director Mobile 9173742518
email huntleygarriottgscom
Samir Shah Tel +3104075891
Vice President Mobile 9178465782
email samirshahgscom
Ankur Vyas Tel +2129025944
Associate Mobile 7046492693
email ankurvyasgscom
David Bloch Tel +3104075614
Analyst Mobile 6503870093
email davidblochgscom
Anand Krishnamurthy Tel +2129025818
Analyst Mobile 7326167235
email anandkrishnamurthygscom
11
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4 Lehman Brothers
Name I Position Contact details
Jeffrey Weiss Tel +2125266171
Managing
Director Mobile 9173010764
Global Head of FIG email jweisslehmancom
Frank Cicero Tel +2125264425
Managing Director Mobile 9178647372
email fcicerolehmancom
Bill Curley Tel +2125266565
Managing Director Mobile 9144147559
email williamcurleylehmancom
Nancy McAllister Tel +2125262301
Managing
Director Mobile 9179230413
email nmcallislehmancom
Steve Wolitzer Tel +2125262345
Managing Director Mobile 9179751108
email swolitzelehmancom
Tony Viscardi Tel +2125266631
Managing Director Mobile 9142619863
email tonyviscardilehmancom
Jacob Gaffey Tel +401 245 4838
Senior Vice President Mobile to be provided
email jacobgaffeylehmancom
Michael Reilly Tel +2125267867
Vice President Mobile 6468316744
email michaelreillylehmancom
Jason Trock Tel +2125263912
Vice President Mobile 9179414180
email jasontrocklehmancom
Nicholas Rieser Tel +2125265969
Associate Mobile 3472812639
email nicholasrieserlehmancom
Javier Alvarez Tel +2125261621
Associate Mobile 4348063213
email javalvarlehmancom
Avinash Reddy Tel +2125264782
Analyst Mobile 6467344944
email avinashreddylehmancom
Ishaan Pohoomul Tel +2125261954
Analyst Mobile 3479969646
email ispohoomlehmancom
12
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Analysis at various prices
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Brian A
Bessey
03152008
1008 PM
To David
Brigstocke <davidhcbrigstockejpmorgancom>
cc
Subject
Fw Material for our 500 Call
today
Thanks for
checkingin
See note below that I sent out earlier
today
I have kept you
off the distributions until we know what if
any
info we
may
have for
you
Happy to add
you
sooner rather than later if
you
like
BAB
Brian A
Bessey
Original Message
From
Brian A Bessey
Sent 03152008 0232 PM EDT
To Project West Leaders
Subject Material for our 500 Call today
See below for info to be discussed
duiring our 500
today a
Word version
i
s also attached
below
Same dialin details as before
8668708212 domestic 6175975026
global
82323821
participant
code
BAB
Project
West
Daily
Team Leaders Call
Saturday March 15
2008
Data room timing
Remains TBD latest
report
was by Monday maybe Saturday
and more likely Sunday
Names requiring access have been provided to Wests bankers
Onsite Due
diligence meeting
scheduled for next week
Dates and times remain TBD other than a start at 100 Monday and completion by Wednesday
Current list of onsite
meetings
and attendees
Retail
Scharf Powell Watters McInerney Sieve Durdan
Home Lending Scharf Lowman Shankar Sanchez Sheehy Conner Durdan
Consumer Real Estate Credit Scharf Powell Lowman Shankar Durdan
Funding
and
Capital Scharf Durdan Tilson
Investment Portfolio ALCO
Scharf Durdan Tilson
Accounting Durdan Burger
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Card
Mandelbaum Smith Fischer
Card Credit
Mandelbaum Smith Fischer
Hannum
by phone
Commercial Mandelbaum Maclin Desavino Hibbert
Corporate
Tech and
Ops Mandelbaum Sieve Kager
Corporate
Staff
Mandelbaum Kager
Corporate Real Estate Mandelbaum Kager
Legal Compliance Regulatory Litigation
Contracts
Cooney Lipsitz
2008
Budget and LT Forecast Review Scharf Mandelbaum Durdan
Current List of
telephonic meetings
and attendees
MSR and MSR Hedging Lowman Shankar Nunn Tilson Duerston
Tax
Lopata
and
team
Audit
Gallo
and
Wilson
HR
Bradley Leyden
The due
diligence
location
i
s the Red Lion Hotel
11211
Main
Street Bellevue
WA
98004
Tel
4254555240
Please note that this
i
s not the Red Lion Hotel near the Seattle
Airport
You do
NOT need to make room reservations for Monday or Tuesday This will be done by West
Dress
i
s business casual
Anyone
who will arrive
Sunday night
and be
staying
at the Red Lion must contact Gen Hovde
by
Sunday
at noon
Traveling Corporate from NY
Charlie Scharf Gordon Smith
Brian
Bessey
Bill
Kager
Fernando Rivas Gen Hovde
Ravi Shankar Kevin Watters
Sally
Durdan Scott Powell
Tim Main Shane Tilson
Tom Novack
Arrive at White Plains
Hanger D1
b
y 7
45AMfor
an 8 00AA11
departure
Ground
transportation on the other end will be
Providedfor
those
using Corporate
travel
Those scheduled to make their own travel
arrangements are as follows
assumes they
will not be
coming
from the New York
area
Brad Conner
Chris Sieve
Corrine
Burger
Chris Desavino
Dan
Cooney
Dave Lowman
Jay
Mandelbaum
Jim Hibbert
Pablo Sanchez
Patrick
Sheehy
Ray
Fischer
Ryan McInerney
Tod Maclin
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This
group
will need to make its own
arrangements for
Ground
transportation
on the
other end
A reminder of other
upcoming meetings
Sunday March 16
500PM
Daily
Team Leaders call
TBD Financial Model call
only
if access to data room has been
provided
Monday March 17
Wednesday March 19
TBD Daily Team Leaders call
TBD Financial Model Call
Thursday
March 20
800AM Due diligence reports
due for all areas
To be based on all
meetings
and review of all information in data room
Template
to be
provided expect
all
groups
to follow this format
830AM Financial Model call
500PM
Daily
Team Leaders call
Thereafter
830AM Financial Model call
500PM Daily Team Leaders call
Other
meetingsreviews
TBD
Other due
diligence
reminders
%
Avoid
any
business discussions eg valuation business issues your perspective on the business the
process etc
in
public places including
hotel lobbies and elevators
% Avoid
any logo bags etc
%
Limit the amount of time if
any
that
you disengage
from the
diligence
sessions for other business
try
to use the allotted breaks for
checkingin
with the office
%
Do not use blackberries or cell phones while in
diligence presentations or breakout sessions
%
Present a sincere interest in the
target business to do that
effectively you
should
express a positive
view of the
company
in their
presence
%
Reserve discussion of areas of concern for internal team debrief meetings
%
We
encourage you
to ask the sellers
questions
about their business in a manner that allows
you
to
get
the answers
you need
but in a manner that could not be construed to be
negative or condescending
%
Although the diligence meetings are designed to allow us to gain knowledge of West the seller will
also be
using
this time to
develop opinions on the
suitability
and fit of us as a buyer
%
Any problemsissues
should be recorded and raised for discussion
during daily
debrief
meetings
%
Do not provide negative opinions about people processes
or West
%
Do not criticize the
strategy direction operating
model and
management
of West even if we believe
we would
approach
the business
differently
%
Focus on factbased
questions
but feel free to ask the sellers their
opinions on business issues
%
Do not
speculate or respond
to
questions
about the future
performance
of us or West
% Do not speculate or respond to questions
about what we
may
do if we do or do not buy
the business
Daily Call 31508doczip
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Brian A
Bessey
To Kevin WattersJPMCHASE
cc
Subject
Re West Document Destruction
04082008
0505 PM
the numbers in the model but not the model itself
BAB
Kevin WattersJPMCHASE
Kevin ToBrian A BesseyILONEJPMCHASE
WattersJPMCHASE cc
SubjectRe West Document Destructionf1
04082008 0504 PM
does that include our internal models we built
Thanks
Kevin Watters
Chase Business Banking
2122703928
kevinwatterschasecom
``Brian A
BesseyILONE
Brian A
ToProject
West ALL
BesseyILONE cc
SubjectWest Document Destruction
04082008 0500 PM
Given the
capital
raise transaction announced
today by West we are asking
that
you promptly destroy any
confidential West information that
you may
have in
your possession This includes
any
such information that
you may
have in electronic form
Further as I indicated in
my
note to
you yesterday we remind
you
of our ongoing confidentiality obligations
with
regard
to all information related to this transaction including
the fact that we considered a potential
transaction
Thank
you again for all the effort and please do not hesitate to contact me should
you
have
any questions
BAB
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Brian A To Alice Lin
<alicelinjpmorgancom>
Bessey
cc
Subject
Fw West
update
06132008
0436 AM
`
Gregg
B Gunselman
Original Message
From
Gregg
B Gunselman
Sent 06122008 0913 PM EDT
To Charlie Scharf Sally Durdan
Cc Douglas Braunstein Tim Main Fernando Rivas Brian
Bessey
Subject West update
Attached
i
s the
updated analysis
of West
The first
page
summarizes the impact of significant changes versus the 33108 analysis also attached $500
offer
price
and makewhole on Wests $72bn
capital
raise
The second
page
of the deck provides a snapshot of what
you
need to know about the transaction
The last
page
of the deck
i
s
a list of
open
items and items that were implemented
in this version
Gregg
Project West Merger Package 6122006pptzip Project West Merger Package 3312008 v4pptzip
Gregg
B Gunselman
Investment
Banking Coverage
FIG
JPMorgan Securities
Inc
Phone
212
6222431
Mobile
773
3433226
Fax
917
5462565
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JUNE 12, 2008
[DRAFT]
Merger Package
JPMorgant)
Confidential Treatment Requested by JPMC JPM EX00003912
JUNE 12, 2008
[DRAFT]
Merger Package
JPMorgant)
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Return
Summary
of material changes from 3312008
AmlYZii3131O S
Impact of
Pak stack phca 4 $5
Pak natlncoma 1+$11 bn In 10 $005 $004
5017
$004
NA
15 $0 00
36 $5227 00
109 1$72001 00
NA $0 01
07 $994 01
DTA daducti fmm Tlat V 5015
Wart$7bn apltaaPsa Pth $31bn make'hola $003
PakPm forma for BSC N $60bn 080 NA
SFAS 141 R adjustments for loans acquired $003
0t bar $011
Currenf analyzer 5W1SZ008 $031 9 W4 $000 $Y564
Caplbl required to ntaln80Tlari f uming hybrld
$404d
to15f Tlari
cge In IBES median 200110 0 PEPS of $454 33120080081 Ii to $44 161220081 at
p
tlon of han
Sae page I fordebll
IncWdes other opeatlng model changes
JPMorgan c
PROJECT WEST I
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Key
transaction facts
Credit related marks and PM adj is
R Cturing charge
+ Qua fng hybrldYY
PF tai
$17022
$15164
daat aid ammo q aisa
JPMorgan
PROJECT WEST 2
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Analysis
at various
prices
2001
12 S21112 S21121
s201
1
JPMOIgani
Nom Market d ss of1one ii zone
TTresearm
PROJECT WEST 3
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Accretiondilution sensitivity
to
key
drivers
a C
S 100 27 02 001 42
income 1000 64 08 P04 139
1000 66 06 P03 114
bx resructuring charge 5000 31 1014 544
Source pfgs
N Ma dab as of June 11 2008
JPMorgan
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Capital adequacy analysis
P
i
Parl
Transaction Pro form
P re ca pi tal rase
C I
impact
Pro forma
capital me
Tier 1 capital 822 7313 740 824
Leverage 583 577 529 589
TCE MRWA Moodys 705 484 659 733
Source Cpf hgs Fac IBES Equlry researcM1 Pak Wes erts
JPMorgan
PROJECT WEST 5
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Agenda
JPMorgan 3
Page
PROJECT WEST 6
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Capital need after PAA
WWSt TCE 123108
TOtsl PAA adjust into equlry aftWrt<
Conforrning a I W
Adlurted TCE
$16
10
dRWA 123108
Total PAA adlusVnenK
Asset saIWS f$102bn
Adlurted RWA
Tc I caul at 800 Tc I k based t31 atlo
West capital components
Add TCE $4
Ca
Park stand alone rid al capacity at 1231081
RWStrlCted aPltal lnscruments 15 FWd
RWStrlCted aPltal lnrtru menu 25 FWd
WITS and ORS Preferred 33 SOPS
i0
Mandatary ar blW Into common 50 SOPS
Park rid capital caoacit pro forma o ital rir t raise let 1231081
20073
RWrtdcted appal Instruments 15Fed 0
RWrtrlcted aPltal Inrtrumens 25Fed 16688
WITS and ORS Preferred 33 SOPS 3320
Mandate
Source
18126
JPMO
Loans
TmdA
S Sec
OWPsts
FHLB Borr gs
Loan to
114
$16530 $10$051
At close
NTM pretax earnings $5004
Less NTM NCO 3891
Taxable income less NCOs $1113
Tax effect 390
Deferred tax assets $5617
Less Tax effect 390
Deduction from Tier 1 capital $5227
PROJECT WEST 7
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Assumptions
COnsldeltl0n mlx
Earnln gz on tbIlse prebs
Shares Issued ro West mm
Shares Issued for makewhole mm
Shareslssued for t Ilse mm
Park tas Ice
Wes tas Ib
100st k
Based on forward Fed Funds curve
230 mm
83 mm
408 mm
350
340
TPG Inrtltutlonal Investors makewhole I f purchase price < $875 pay dlfferen Ce between $875 and purchase I n 823mm shares
Pro forma net Income not adusted for poten ti Impact of neu Vallzing duatlon and Convexlry risk
Park $3713
GAAP EPS
Cash EPS
Avg 0lwted share count mm
Nec lnoome$mm
LTG
West $606
GAAP EPS
108
$096
$14250
i
o
$
1
6
1
Cash EPS $044 $163
Avg 0lwted share count mm 1727 1883
Memo Newshares Issued during 823 823
Ill $1657 $3037
Note dab as of June 11 2008 Assumes IBES erts for Pak and management ertsfor West
JPMorgan
PROJECT WEST 8
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Accretiondilution
mgs
P g
Cost of ash balance=
I from proceeds of equltyake
Sg on dudd hybrids
ding gcharge
Pro forma Con Vlbt from West
Pro forma PNet Income
Exlrting Park amortlzatlon
New amortlzatlon
Pro forma ash net Income
Park fully dll ted shares
Shares Issued to West aplbl alse
Share repurchases
Pro forma fully diluted shares
Stand alone Park 6APP EPS
Std alone Park ash EPS
Pro forma PEPS
336 344
0 0 8
$2078 $3375 S3858
$15186 $17625
$461
21
178 284
4074 3908 3785
$385 $424 $466
$404 $439 $480
PMorgan C Note Market dab as of J112008COSt synergies and ftt flnCble assets lncoryoated In West eamings
PROJECT WEST 9
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Pro forma
summary
balance sheet
JPMorgan
S a Cpsry f hgs Fst IBES Ery saar<n Pak sd Wasc asnrnacas
Make dab ss of June 11 2008 PROJECT WEST 10
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IRR and ROIC calculations
l=a rah=a c
Cash neIn come h
Tertnlnal value
Incremen bl cash How
542
4354
438
444 5 1130 30
4512
$26 9 4897 490 55125
I
M
Invested capital for acquisition
Purchase price $11613 $11613 $11613 $11613
Capital raise 15164 15164 15164 15164
Capital release cumulative 0 2 258 3 459 4 001
Inested capital $26 $24519 $23318 23331188
2
$22776 6
Return
Cash net income 2686 3929 4354
WIf21 lIM 76 104
JPMorgan PROJECT WEST 11
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Model updates open
issues
% Operating model not implemented
% $5bn incremental credit losses TBDShaneSallyCharlie
% Update portfolio marktomarkets to reflect current wider new volume spreads
% Updated liquidating portfolio projectionstemplate operating modelShane
% $100mm incremental indirect expense saves SallyBill Kager
% Retail banking update to employee benefit expenses Chad Borton
% Increase i
n
projected card credit losses Gordon Smith
% Inclusion of Commercial aggressive build case Karen Parkhill
% Updated BOLL assumptionsprojected income CIO analysis with Cavanagh approval
% Update of CIO investment portfolio forecast Joe Bonocore
% ALCO overlay TBDGebler
% Merger Operating model changes implemented 612
% CDI increase from $37bn to $47bn
% SFAS 141R adjustments for loans acquired
% Update earnings on capitalcost of financing to reflect forward rate curve merger modelFIG
% Update marginal tax rate to 35 from 34 for use on PAA and deal adjustments operatingmerger modelBen
LopataFIG
% DTA amortization and impact valuereflect imbedded basis calculation and amortization operating modelBen
LopataFIG
JPMorgan
PROJECT WEST 12
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MARCH 31, 2008
Merger Package
JPMorgant)
Confidential Treatment Requested by JPMC JPM EX00003925
MARCH 31, 2008
Merger Package
JPMorgant)
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Key
transaction facts
C08ditr8Aated marks
Other PMadj o0o
+ Quallfng hybrids
Toll dtl
PF aol i
RM $215596
201
e p
p e $046
Capital required
Capital 0808
$17248
$18224
$m
0
$
1
1
e s are $0 66 10
neIncom
e
11 ne Income
$3444
$3941
$m
oic 1
5
11 00 mulatlve excess capital $13149
JPMorga
8Si 821 n of mmmon
8 888 ml nom vary cmama aa Isso6mml nom msa aa omar
PROJECT WEST I
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Purchase accounting adjustment details
M
716 8703
lol 3249
1404
1340
24
475
p0
867
104
1342
13oo
25998
oCMM 11111 RE 615
5
0
519 5
1
4
0 91
T5244 306 5229 206 000 521 4$23 523 494 5204 474
HIInre r IOZn I
$2571 $7950 $6632 2414 $4218 $332
TotalI recagnlzed S14 $2414 IS16S $200742
PurhmgMerger res
Sev rtls $852
Lease b o fiusewrl to ffB 598
gcost 35
H Sts 15H
t camaa0 axvasa 10
Other rertructuring 85
Total $1730
JPMorgan
3
PROJECT WEST 2
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Summary
balance sheet
adjustments
$0
010== 5403
Gd11 7287
CDI 63
CC 321 248 572 0
11h 4 4 4
01 27924 34045 480 0 34725
1otal1 zdlust $9553 $1593
DIIIIIII $181926 513149 $114 0 513483
g 34758
m0 2119 16912 2544 1593
Total IObilitO and e9uity dj1 $9553 51593
TCE $13513 $1377 IS1i8811 151 5951
JPMorgan
PROJECT WEST 3
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Capital raising alternatives
CEWa RWA
Hyb of VTCE
i ieiweom m
$5657 $4686
$619 $o $o $o $o
$17222 $1048 $5481 $281 5 $14249
122 122 122
o 21465 31 31436 1 922
$o
$
$
4
1 $o $ss $2518
29 $9879 $6279 $5926 $13498
6 5
$10
5
13 5
PROJECT WEST 4
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Analysis
at various
prices
JPMargan N Pmm ns1 P aamaa P vP aaas 01 11 111
Pff
Ill o
I
P111111
PROJECT WEST
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Accretiondilution sensitivity
to
key
drivers
1000 61 106 003 111
1000 83 1061 1003 114
1001kIssuance 111 of base case caplbl mise 38 1019 698
Increase In prebx rartructuring cbarge 5000 28 014 515
Source pfllingz
N das of M 28 2008
JPMorgan
PROJECT WEST 6
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Earnings
cushion to breakeven accretion
2009 2010 2011
West GAAPnet income contribution $1627 $j444 $3941
GAAP EPS accretion diWtion $
GAAP EPS accretion I dilution
GAAP EPS accretion diWtion $mm
West GAAP net income to breakeven
Pretax cushion
source Cp fgs
N Ma dab as of March 28 2008
JPMorgan
$041 $059
90 119
$1547 $2181
$2006 $1833
$2179 $3194
PROJECT WEST 7
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Accretiondilution
Pearninge
Cost pf ash balance=
co me from proceeds of plty
Savings on excluded hybrids
dg restncturing charge
Pro forma Contrlbutlon from West
Pro forma PNet Income
Exlrting Park amortlzatlon
New amortlzatlon
Pro forma ash net Income
Share Issued to West aplbl alse
Share repurchases
Ollutlve effect of cont ble preferred MEOs
Sbnd alone Park SAAP EPS
Std alone Park ash EPS
EPS
GIWPERSaretion IEilutianl
Proected tk p
0 0
$16D $3444 $3941
$15744 $18752 $20464
3786o3674
JPMorgan C Npte Madre dab as pf March 28 2008 Cost synergies and t pf InCble assets Incprypated In West eamings
PROJECT WEST 8
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Pro forma
summary
balance sheet
PMorgan
sourcecornvary fwES FacrsecveiEis Equity rasaar<n Pad and west esnmates
Note Market dab as of Mh 28 2008 PROJECT WEST 9
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Capital adequacy analysis
Part
pojected123108 Transaction
Park West
Pro forma
Pre capitalraise
Pro form
c ptal raice
Tier 1 capital 844 856 837 7283 722 843
Leverage 602 684 593 587 518 605
TCE MRWA Moody 694 650 701 483 597 699
Source Cp flllnES Fac IBES Equlry researcM1 Pak sess
JPMorgan
PROJECT WEST 10
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IRR and ROIC calculations
S222237 552414
313
$6631 44448 5112 4831 4183 55135
Ihteidal rate
Invested capital for acquisition
Purchase price $4413 $4413 $4413 $4413
Capital raise 18224 18224 18224 18224
Capital release cumulative 0 2 334 3 556 4 046
Inested capital $2222637 $22312 $21091 2109091
12
$20602 02
Return
Cash net income 2114 3890 4341
RDIC j 4 5 18 4 H
JPMorgan PROJECT WEST 11
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Consolidated income statement
o adj f fon=t
aoneni< inIMareeeai
JPMorgan 2
PROJECT WEST 12
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Consolidated balance sheet
ash a
s Funds s
sea
Loa
AFS
Loan he
Loan M1eId In portfolio
lUlmv for loan and lease losses
nt In Home Loan Banks
Mortgage g Cht
Lt
ToHIM
8 Et
Total deposits
I Home Loan Banks
Tot
To
110
1btaI R Oilkies 8 qY $344288 $3279l 3 5306748 $299935 $268 185$233845 5214284 $241502
Total 62600144 B egwty Plusint0giblaz 4cre2i
JPMorgan
$261 409$236405 3221245 $208929
PROJECT WEST 13
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Assumptions
Shas
Pro forma net Incom e n of adjusted for potenti Impactof neu t fring duati and lryrisk
Park$4271
MP EPS
Avg owted snare t mm
Nec hoome $mm
LTd
West $1012
GIP EPS
Cash EPS
Arg owted snare t mm
Net hoome $mm
Note Market dab as of Ma
JPMorgan 3
IS ert1S for Park and managemen
$14117
$125
$130
904
$1127
$454
$469
PROJECT WEST 14
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Assumptions
Plain vanilla TP $813 850 355 $29
Equity enhanced TRUP CENtf 1330 850 499 66
ORD 3392 800 711 241
RSIT preferred 0 850 523 0
WITS 0 825 507 0
Mandatnrycorve tble MESS 0 825 507 0 200 3years $5125 00
Corvetiible preferred 0 533 533 0 325 5 years $5659 00
Common equity 18224
268 S336 Total aplal alse $112689 $336
Note Market data aS of March 28 2008
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JUNE 12, 2008
[DRAFT]
Merger Package
JPMorgant)
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JPMorgant)
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Summary
of material changes from 3312008
AmlYZii3131O S
Impact of
Pak stack phca 4 $5
Pak natlncoma 1+$11 bn In 10 $005 $004
5017
$004
NA
15 $0 00
36 $5227 00
109 1$72001 00
NA $0 01
07 $994 01
DTA daducti fmm Tlat V 5015
Wart$7bn apltaaPsa Pth $31bn make'hola $003
PakPm forma for BSC N $60bn 080 NA
SFAS 141 R adjustments for loans acquired $003
0t bar $011
Currenf analyzer 5W1SZ008 $031 9 W4 $000 $Y564
Caplbl required to ntaln80Tlari f uming hybrld
$404d
to15f Tlari
cge In IBES median 200110 0 PEPS of $454 33120080081 Ii to $44 161220081 at
p
tlon of han
Sae page I fordebll
IncWdes other opeatlng model changes
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Key
transaction facts
Credit related marks and PM adj is
R Cturing charge
+ Qua fng hybrldYY
PF tai
$17022
$15164
daat aid ammo q aisa
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Analysis
at various
prices
2001
12 S21112 S21121
s201
1
JPMOIgani
Nom Market d ss of1one ii zone
TTresearm
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Accretiondilution sensitivity
to
key
drivers
a C
S 100 27 02 001 42
income 1000 64 08 P04 139
1000 66 06 P03 114
bx resructuring charge 5000 31 1014 544
Source pfgs
N Ma dab as of June 11 2008
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Capital adequacy analysis
P
i
Parl
Transaction Pro form
P re ca pi tal rase
C I
impact
Pro forma
capital me
Tier 1 capital 822 7313 740 824
Leverage 583 577 529 589
TCE MRWA Moodys 705 484 659 733
Source Cpf hgs Fac IBES Equlry researcM1 Pak Wes erts
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Agenda
JPMorgan 3
Page
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Capital need after PAA
WWSt TCE 123108
TOtsl PAA adjust into equlry aftWrt<
Conforrning a I W
Adlurted TCE
$16
10
dRWA 123108
Total PAA adlusVnenK
Asset saIWS f$102bn
Adlurted RWA
Tc I caul at 800 Tc I k based t31 atlo
West capital components
Add TCE $4
Ca
Park stand alone rid al capacity at 1231081
RWStrlCted aPltal lnscruments 15 FWd
RWStrlCted aPltal lnrtru menu 25 FWd
WITS and ORS Preferred 33 SOPS
i0
Mandatary ar blW Into common 50 SOPS
Park rid capital caoacit pro forma o ital rir t raise let 1231081
20073
RWrtdcted appal Instruments 15Fed 0
RWrtrlcted aPltal Inrtrumens 25Fed 16688
WITS and ORS Preferred 33 SOPS 3320
Mandate
Source
18126
JPMO
Loans
TmdA
S Sec
OWPsts
FHLB Borr gs
Loan to
114
$16530 $10$051
At close
NTM pretax earnings $5004
Less NTM NCO 3891
Taxable income less NCOs $1113
Tax effect 390
Deferred tax assets $5617
Less Tax effect 390
Deduction from Tier 1 capital $5227
PROJECT WEST 7
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Assumptions
COnsldeltl0n mlx
Earnln gz on tbIlse prebs
Shares Issued ro West mm
Shares Issued for makewhole mm
Shareslssued for t Ilse mm
Park tas Ice
Wes tas Ib
100st k
Based on forward Fed Funds curve
230 mm
83 mm
408 mm
350
340
TPG Inrtltutlonal Investors makewhole I f purchase price < $875 pay dlfferen Ce between $875 and purchase I n 823mm shares
Pro forma net Income not adusted for poten ti Impact of neu Vallzing duatlon and Convexlry risk
Park $3713
GAAP EPS
Cash EPS
Avg 0lwted share count mm
Nec lnoome$mm
LTG
West $606
GAAP EPS
108
$096
$14250
i
o
$
1
6
1
Cash EPS $044 $163
Avg 0lwted share count mm 1727 1883
Memo Newshares Issued during 823 823
Ill $1657 $3037
Note dab as of June 11 2008 Assumes IBES erts for Pak and management ertsfor West
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Accretiondilution
mgs
P g
Cost of ash balance=
I from proceeds of equltyake
Sg on dudd hybrids
ding gcharge
Pro forma Con Vlbt from West
Pro forma PNet Income
Exlrting Park amortlzatlon
New amortlzatlon
Pro forma ash net Income
Park fully dll ted shares
Shares Issued to West aplbl alse
Share repurchases
Pro forma fully diluted shares
Stand alone Park 6APP EPS
Std alone Park ash EPS
Pro forma PEPS
336 344
0 0 8
$2078 $3375 S3858
$15186 $17625
$461
21
178 284
4074 3908 3785
$385 $424 $466
$404 $439 $480
PMorgan C Note Market dab as of J112008COSt synergies and ftt flnCble assets lncoryoated In West eamings
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Pro forma
summary
balance sheet
JPMorgan
S a Cpsry f hgs Fst IBES Ery saar<n Pak sd Wasc asnrnacas
Make dab ss of June 11 2008 PROJECT WEST 10
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IRR and ROIC calculations
l=a rah=a c
Cash neIn come h
Tertnlnal value
Incremen bl cash How
542
4354
438
444 5 1130 30
4512
$26 9 4897 490 55125
I
M
Invested capital for acquisition
Purchase price $11613 $11613 $11613 $11613
Capital raise 15164 15164 15164 15164
Capital release cumulative 0 2 258 3 459 4 001
Inested capital $26 $24519 $23318 23331188
2
$22776 6
Return
Cash net income 2686 3929 4354
WIf21 lIM 76 104
JPMorgan PROJECT WEST 11
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Model updates open
issues
% Operating model not implemented
% $5bn incremental credit losses TBDShaneSallyCharlie
% Update portfolio marktomarkets to reflect current wider new volume spreads
% Updated liquidating portfolio projectionstemplate operating modelShane
% $100mm incremental indirect expense saves SallyBill Kager
% Retail banking update to employee benefit expenses Chad Borton
% Increase i
n
projected card credit losses Gordon Smith
% Inclusion of Commercial aggressive build case Karen Parkhill
% Updated BOLL assumptionsprojected income CIO analysis with Cavanagh approval
% Update of CIO investment portfolio forecast Joe Bonocore
% ALCO overlay TBDGebler
% Merger Operating model changes implemented 612
% CDI increase from $37bn to $47bn
% SFAS 141R adjustments for loans acquired
% Update earnings on capitalcost of financing to reflect forward rate curve merger modelFIG
% Update marginal tax rate to 35 from 34 for use on PAA and deal adjustments operatingmerger modelBen
LopataFIG
% DTA amortization and impact valuereflect imbedded basis calculation and amortization operating modelBen
LopataFIG
JPMorgan
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MARCH
13
2008
I
Z
uJ
Z
0
U
Z
I
>
J
I
U
I
P
r
o
j
e
c
t
West
NoteShadeditnsre esenthi tiriaritieuestsv Mere
JPMorganChase Q
accessin advance o themeetirgswoulbeusefa
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CON F I D E N T I A L
Table of contents
1 Lines of Business 1
Branch Banking 1
Business Banking 5
Credit Risk 8
Home
Lending
13
Card 18
Commercial 21
Investments E
t
MSR Hedging 22
Other Business Activities 23
2 Functions 24
Accounting
24
Audit
Finance
Administrative
TEtO
and
Corporate Sector
Real Estate
E
t
ProcurementContracts
Human Resources
E
t
Corporate
Benefits
Legal E
t
Compliance
Tax
Treasury E
t
Insurance
Balance Sheet Detail
Real Estate Credit
Credit Card
uJ flotesSljadedItemsre>resentf i1 r i r
i
r nestsu here aec ss r a var ceoftl eeti wouldt eusefI
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CON F I D E N T I A L
uJ
1 Lines of Business
Branch
Banking
Our
preferred
definition of Retail
Banking
would include the
following components
Consumer
Banking
Small Business
Banking
Investment
Advisory
and
Brokerage
Services
Excluding Home Equity Loans and Lines
Information
Request
PElt s20052007AnriualMonthlyfor2007
an d 2008 Budet
y g forRetaitBanl ingandatany
tower
Levelsthatareava
fablee Consumer
Banking
onl 5n aft Business
Deposit Balance Metrics For allrequests betow
Home E u
i
t
product type breakdownis defined
a
s
followsoratthe
lowesitlevelyou
have available
% Total Personal
Checking
a
b
Personal Noninterest
eg
Free
Checking
Personal Interest
eg Platinum
% Total Personal
Savings
a
b
c
Regular savings eg
Statement Savings
Money
market
savings eg
Guaranteed Great Rate
Other Savings
% Total Time
deposits
a Traditional CDs
Liquid CDs
Broker CDs
% Total Personal Deposits
% NOTE Provide the same breakdown as above for NonPersonalSmall Business
For eachroductt `e
foilowing
>rovidea5 ear annual trend with last 18 Months by month for
% Total balances by product type provide any
stratification
you
have available breaking
i
t down
by tier eg Savings
balances $01 OK $1025K $2550K etc
% Number of accounts
%
Average
balance
per
account
% Funds Transfer Rate $ and
%
Average Customer Rate $ and
% Net
Spread
earned
$
and
FeeOtl er I one >
B
y
f t` e i 5 ear annual trendlast 18
product YP
bave lat i
s
t
h eY
r
r
onthsb month for fee income for
v
% Personal service charges by account type
E tet hadedi e1i3sreresenthigh rlorit >requestshereaccess inadvanceofthemeetin swouldbeuseful
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CON F I D E N T I A L
% Business
nonanalyzed
service
charges
% Business analyzed service charges
% Total service
charges
% Debit
interchange by
account
type
% Total NSF OD fees
a Gross NSFOD fees by type of occurrence eg Debit card at POS ATM Check
b of accounts that have an occurrence average
number of items
per
occurrence
c $ and refunded to customer
d $ and
charged
off
both principal amount and
fees
e Description
of how internal overdraft
policy
works
eg large
to small
transactions tiering what transactions can take a customer into
overdraft
% Other deposit and or branch based noninterest income
eg foreign ATM fees
noncustomer
ATM
surcharge
check orders wires safe
deposit box check
cashing money
orders etc
% Investment Sales revenue and
by product eg annuities mutual funds etc
% Crosssell of
nondeposit products eg
Home
equity mortgage
credit
card etc
what
i
s the revenue sharing policy
5
Key
Per Branch and Per Banker Sales Metrics Trend over the
past
24 months
for
units
and dollar
volume
on both a
per
branch and
per
sales banker basis for the
following
products
% New
personal checking accounts
% New business
checking
accounts
% New
Savings
accounts
% New CD production
% Home Equity
Lines
Originated Closed
Home
Equity
Lines
Applications
% Home
Equity
Loans
Originated
Closed
% Home Equity Loans Applications
%
Mortgages OriginatedClosed
%
Mortgages Applications
% Credit Cards
% Investment Sales
a Annuities
b Mutual Funds
c Managed Money
d Other
% Also provide copy
of
any key performance metricsbranch management dashboard
reporting that
you
use to
manage
the field
Branch Netork Met CS
E tie
S
l
tided item s represent h
i
l rlurit>requests i here access in advance of t e meetings would be useful
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CON F I D E N T I A L
% Number of branches
by regionstatecity
and
by
format
type
a Freestanding
b Inline
c Instore
d Outline the number of branches
by regionstatecity
that are Occasio format
utilize teller towers no teller windows versus NonOccasio Nationally and by
State
%
Average deposits per
branch
by
format
type by regionstatecity
% Branch
Expense
Detail Schedule of the branch level
operating expenses by category
eg
branch
employee
salaries and benefits occupancy expense technology
telecom etc List
any
nondirect
expenses
like allocations from corporate etc
Provide breakdown of how this varies
by geography eg
California vs Arizona vs
Florida Where
possible
define the
expense category eg Occupancy Expense
= rent
or allocation cost taxes utilities cleaning depreciation other etc
% Percent of branches that are owned vs leased by regionstatecity
7 BranchJob
Family
Structure
% Branch
Staffing
a List of all Job Families Job Families include specialists like Financial Advisors
Loan Officers etc that
support
branches in additional to traditional branch
employees eg Bankers Tellers
Branch
Managers
b Description of Job Family roles and responsibilities
c Outline
average
branch
staffing
model
d
High
level organizational chart of Branch
job family reporting Both
direct and
dotted line
e Headcount and FTE by Job Family and in Total
% Compensation
Average Salary E
t
Benefits per employee for each Job Family FT and PT
Average Incentive per employee for each Job Family
c Copy of Branch production incentive plan
d
Copy
of other Branch incentive
plans eg
Branch
Manager
% Job
Family
Trends and Turnover
a Branch headcount and FTE
by
Job
Family
24 month trend FTPT mix where
applicable eg
Tellers
b Overtime hours as a percentage of total hours
c Turnover
by
Job
Family
24 month trend
d Branch Production incentive
plan payout
trend for last 24 months
e Other incentive
plans payout trends
for last 24 months
Home Of fice X> er se Croratie erl ead eE
% List the total number of headcountFTE and total
operating expenses
for the
following
functions
or
how
you define
Note Sladed items represent h
i
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CON F I D E N T I A L
a Telephone Banking provide additional metrics eg
total call volume
per month
through IVR vs handled by agent average
handle time
per
call
b Finance
c Human Resources
d
Marketing Split
out
Marketing
staff
expense vs Marketing spend eg
direct
mail agency media acquisition campaigns
e Technology
f ATM
operations Split out ATM costs to operate eg depreciation maintenance
telecom vs ATM
ops
staff
g Deposit
RiskFraud
Operations
h Brokerage Investment Operations
i Other
% Provide total
expense by category
of
Corporate
Overhead that
gets
allocated down to
the Retail
Banking
PILL
% Provide 5
year
trend last 18 months by month of FraudNet
Operating
Losses
by type
eg Check Fraud Debit Fraud internal fraud money movement fraud etc
9
Technology
Overview of branch IT
systems eg
total number of
unique deposit systems
large development
initiatives
underway current outsourcing arrangements
list of
key
platform types
see
technology section below
10 Management Repc rung Any
c
I
S
reports mor hly or quarterly used l y management for
reviewiin the business
Note Sladed items represent h l rlerit requests i here access in advance of t e meetings would be useful
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CON F I D E N T I A L
Business
Banking
Information
Request
General
1 Business overview
% 7 actuals by month 08 actuas YTD by month
08
Budget versus actual
Strategic pLarlincluding xQ8w 9 I udget
History
on number of
accountrelationships
neludn number a ene numbe
% Detail on
deposit pricing planphilosophy
%
2year monthly trend in deposits by product Average balance Number of accounts
% Channel
specific capabilities
for Business
Banking RMBranchATMPhoneInternet
% Channel
usage
statistics branch online phone
internet volumes
% L st of
tip 25 commercial customers
aril related revenues List of
top
25
Loans arid
e
cposures Listiof
top25 nor performing loans
2 Customer Information
% Number and
percent balances
of those
checking with checking only
% Number and
percent balances
of those
checking with
checking
and
savings
Number
and percent balances of those
savings
with
savings only
% Number and percent balances of those CDs with CDs only
35reortsrr oritiitor uarterl usedb
management
for revieU in t he business
4
Policy
and trend of new and existing account fee waiversrefunds
5 Provide details of AMLKYC
procedures policies
6 Provide a schedule of legal reserves
for
Banking
Credit Risk
a
t
r uer cy definitionlrr eth odo1o
t ollections f olicies Procedures
%
Timing of collection calls and letters
% Collection
systems
used
%
Curing reage
extension and rewrite
policies
% Non accrua and write off
policy
%
Bankruptcy cases loss recognition and other relevant policies
2
Servicing
l i %
per t i Model for gerV c i > dedicated 1 Trite ratted with other roducts rtc U n p g g g I g
f` nia ofsitelocationsandheadcotirtbservcn unctions
y
%
Description of loan documentation preparation
NoteiShadeditemsreresenthil rlorit >requests hereaccessinadvanceoftle meetinswouldbeuseful
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CON F I D E N T I A L
% Unit cost trends on core servicing transactions expense vs
average
accounts serviced
and trendsmetrics on
per
unit basis headcount etc
% Contact Center activities specialist generalist model
%
Key
Call Center
performance
metrics IVR utilization
rate
Service Level Average
Speed
of Answer Average
Handle Time etc
% Policies and
procedures
for General
Servicing
3 Credit
Origination
% A
chronology
of the credit
product policies
under which the
portfolio was
underwritten
% f kgex sk orrritte e t na a and minutes f r theLast6 months
R
i
% Details of all CRA lending initiatives
% Use of credit
scoring
in the decision
making process
4 Portfolio Indicators
% Risk limits
descriptions
and
reports
% MIS fir the t tat rtfo andeach rWUC Rd r3 ears and ear to d 1 p Y
%
Application volumes and approval rates
% Utilization rates for line
products
%
Delinquency
MIS for the last 36 months with Channel
5 Losses
% Writeoffs for the past 36 months
I
N
I
N
and losses
Luss bud etfor OtiBanal tod resutts> tuats< fs<foreCasted>for 07b y y
rigorithuarter
Any
e lar atior on method
i
f ossibl
1o Curren amounti cif oanloss reserve and recent pro s or $ and for each of the fast 3
years
% Quarterly Loan Loss Reserve documentation for the last 4
quarters
% How
i
s the need for a reserve determined including
the
methodology
and the time
period
covered
note any changes in the methodology over the last 3 years
% Are there
any
other credit related reserves
Marketing
1 Provide current
year marketing plan
and
budget i
f available for the
upcoming year
2 Provide 2007 historical marketing campaigns blitzes and product promotions
3 Provide
descriptions terms and conditions of each
product deposits
and
loans
in the
portfolio
to be reviewed
4 Provide
pricing policies
and
procedures
5 Provide
prior year advertising copy
6 Provide the marketing plan risk profile pricing underwriting terms and conditions and
documentation
requirements
for
any
new products
Note Sladed items represer t
h
i
l rlorit requests t here access in advance of
t
l e meetings would be useful
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CON F I D E N T I A L
Sales
1 Amoverview of sales stmt and structure inelud r corn en ton plans f r th sales
force and the centers
2
Copy
of all
policies procedures
and workflows
3
Copy
of
key performance
metrics and results
4 Sales plans for ethnic markets CPAs womenowned businesses attorneys physicians
Note i
S
l
tided items re resent hi l
r
i iit requests where acre s in advance of t e meetings could e useful
7
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CON F I D E N T I A L
uJ
Credit Risk
Applies to both Retail and Business Banking
Information
Request
All Consumer
noncard
assets
please provide
the
following
information as
appropriate
Front End
1 A
chronology
of the credit l
product
ollcie under which the
portfolio
was underw
or R omtteebeetisn`
Package
ar d minutesf helast
g
6 m nt s
tten
Broker Arid
Correspondent monitoring
eetir acka e w th minutes MIS of brokers ar d
r r Correspondents t rnnaedn07 with ea u o rayon fo t20e rte ninatioi
4 Details of all
minority lending
initiatives
setection ofappraisers
i
t A>>raisal >rocessnellin rtfoise >gat t check
process pp n a rasats and criteria for
P p g
6 Use of credit scoring in the decision making process
i<
r
i
seif an oarfc3ntell encetonderwate allorpQrtonloanseFraud U y
esefic
8
Underwriting
functions contracted out or performance internally
Portfolio
Indicators
1 Risk limits
descriptions
and
reports
2 MIS for the total portfolio and for each
product prior 3 years
and
yeartodate
3 Application volumes and approval rates
4 Volume
approved by score range
5 Volume of
exceptions approved
6 Volume
by acquisition
channel
7 Utilization rates for line products
8 Distribution by significant segments
9 Distribution by LTV
ranges
the last 3 months j th
relevant
s
e
r
e
n
11 Curing and rewrite volume and performance
er since 2002 and month an
16 Collections metrics to track collection center effectiveness
1 b 1 > Deti aeic and osses V nta e b Qar q Y g Y
13
Aging
of loans in foreclosure
process
14 OREO
aging
15 Performance of exceptions
any otF r
book tracking
Notei laded iteri s represent h
i
l rlorit requests i here access in advance of
t
l e meetings would be useful
g
8
ChannelLTV>Oeogra
h and
gPY
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CON F I D E N T I A L
Collections Policies Procedures
1 > Delin ue definit or I methodolo
Timm ofotltin calls
a
i
lel ers
g
otte tion
y
s
r
t
users
i fur ng r age
extension
and reurt ppt c s
Non accrual andwrite
f
f
policy
pestM00 ffresta e pres
lnctudrr tmn to obtain title
g g
Bankruptcycases Loss recognition and other relevant policies
Foreclosure writedownWalk policy artd methodology
Foreclosure Inventory Ageing and Valuation
1a ORMv WrIt down policy
11 OREO Inventory Ageng and Vatuation including bidding strategy
CollectionsServicing
1 Collections
% Collections
procedures
and documentation
% Collections
a 30 60 90 120+
day delinquency trends $ units
b Full balance chargeoff trends
c Delinquency
movement matrix
d
Average days to repossession
Average days past
due at time of
repossession
Loss components full balance charge off deficiency balance charge off etc
Bankruptcy filing trends 7s 13s
h
Filing trends bankruptcys as a $ of
outstanding
i Bankruptcy filings per day
j Bankruptcy days delinquent
at time of
filing
k Bankruptcy losses
1
Bankruptcy
losses as a of
charge
offs
m Chargeoff by type
n
Recovery agents
o Recovery attorneys
2
Servicing
%
Operating
Model for
Servicing dedicated integrated
with other
products including
map
of site locations and headcount
by servicing
functions
%
Description
of loan documentation
preparation
Note Sladediiems represent h
i
l rlurit>reuests i here access in advance of t e meetings would be useful
5I g
9
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CON F I D E N T I A L
% Unit cost trends on core servicing transactions expense vs
average
accounts serviced
and trendsmetrics on
per
unit basis headcount etc
% Contact Center activities specialist generalist model
%
Key
Call Center
performance
metrics IVR utilization
rate
Service Level Average
Speed
of Answer Average
Handle Time etc
% Web
Servicing capabilities email online transactions
% Policies and
procedures
for General
Servicing research activities payment processing
titles
credit
extensions
due date
changes refinance etc
% Process for subvention reconciliation i
f
any
% Process for general ledger reconciliation unapplied payments miscellaneous
receivables etc
% Credit balance refund timeliness
% Procedures for
payment application
and
backdating
%
Privacy
information
sharing policies
%
Dispute
resolution turn time including
credit bureau
updates
% Lien Title perfection E
t
custody process
% Title Collection activities and rate of titles not found
% Validation of contracts and titles on file I in house
Losses
r WriteOff rossrecovenet f UtksnE thers se arate yLforthe st 36 g
a p
months
raid
asses>
>incudir
g g an aiii of items dis <
pted
b
Ycustomers
here fra
i
t
i
s claimed
g
Bankruptcyosses
r Loss loud `et f 2
g
8 and ear t0 date realts ActualVs forecasted for 2447b
Y
rnOnth7q rte> Arty expl natipn nmethedfposs bte
Current amount of loan toss reserve
a
r
d recent
provisions
and for each of
t
t el
uarterl >Loari toss Reserve docamen atien
Howistheneedforareservedetermined
covered ate
for the last 40garters
ast ears Y
including the methodology dthe tin eip riod
ari chary es r the rriethodoto overt hie Last 3 Years g
Are there
any
other credit related reserves
any
Account Management Data Integrity
1 Helot line
management process
yy
i N d w th 2O 7nurnber ofl rtes re ace 5 TB reduced Custom er ex erienc on line
management
isn terms of ser de dom>laints MS et
3 Reconciliation of
portfolio outstanding
with the General
Ledger
Note Shaded items represer t
h
i
l rlorit >requests t here access in advance of t e meetings would be useful
5I g
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CON F I D E N T I A L
uJ
Other
1 Underwriting
%
Copy
of
underwriting procedures
and workflow documents
%
Copy
of
key performance
metrics and results
%
Description of the credit authority approval process exception approval process
what
positions are granted credit authority use of
any
credit committee to
approve loans
and what credit functions are centralized vs decentralized
% Funds disbursement
policies
and
process how disbursed control
procedures
how
funds are accessed or made available to clients for consumer revolving products
% Account management process periodic review annual quarterly credit line
increasesdecreases other monitoring and crossselling consumer vs commercial
% Internal rate lock extension relock loan
registration procedures
% Construction
lending programs
i
f any
% Credit training programs
for underwriters and production personnel
2 Broker
Correspondent
%
Approval policy
%
Sample QC reports
% Performance
tracking capability
and
sample reports
%
Organizational
location of investor
accounting
for
servicingretained business
including area to which this function
reports
%
Monthly pullthrough reports
of locked
pipeline by brokercorrespondent
for
period
% Documentation of performance tracking by brokercorrespondent ie delinquency
early payment default FICOor OMNI score tracking
%
Correspondent recourse process and aging of recourse
% Documentation and
sample reports on profitability by
broker
3 A chronology of the default
chargeoff policies
under which the loan
portfolio
has been
serviced including
%
Chargeoff timing including FFIEC partial writedown treatment
% Extensions
% Rewrites
%
Bankruptcy handling
% Due date
changes
% Asset remarketing
4
Samples
of credit product
and default
policy monitoring reports policy exception
reporting
5 An overview of collections
recovery strategy
6 An overview of
any
title followup process including any reporting that tracks titling
exception
levels
7
Vintage
loss
performance reporting
RoteSlad edistel7 s represent h
i
h not it>Cequests where access in advance of the
1
1
eetin s would be useful
>sI g
11
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CON F I D E N T I A L
8 Portfolio
performance reporting Delinquency Losses Liquidation Rates Repossession
Rates etc
9 Fraud Losses and Prevention
%
Copy
of fraud detection
policies
and
procedures
% Recent fraud
experience
and trends
% Current
investigations
10 A
randomly
selected
sample
of 100 loan files for a full file review
11 An overview of credit
origination
scorecards
including
but not limited to
% Scorecard
segmentation
list of characteristics description
of
any adjustments
made
to the
scoring
models since their
development
and
summary
information about the
development sample
12
Reporting
of
operational
metrics for assessment of collections performance
13 A
copy
of
any policy regarding
force
placed
insurance and details
regarding
14 Accounts
Outstanding
balance in the
portfolio with force
placed
insurance
15 Premium billing method monthly payment EOT addon etc
16 An overview of the
policy
for the
granting
of
lending authority
17 Rate Variance
authority
and
exception reporting
18 Portfolio electronic file of
key
data
19
Originations
electronic file of application data
20 Origination Trend Reporting showing over a period of time 13 months ideal weighted
averages
for booked deals in such areas as advance LTV PTI DTI
bureau score and
custom score
21
Description
of
pricing how pricing
tiers are determined
ie empirically
model driven
how are loss and expense level assumptions included in the pricing process
22
Management
MIS
%
Copies
of credit related
monthly or quarterly portfolio reports prepared
for
management for December 2007 and
January
2008
23 Dollar amount and number of loans sold with recourse back to the Company i
f
any
24
I
s there a Captive MI company and details of capital and the expected losses for the last of
0507
production
25 Uninsured government loans in the
Companyowned portfolio
i
f any
dollar
amount
number credit score
distribution and LTV distribution
26 Exposurelimit violations dealer sales limits
27
Description
of
linkages
between risk
management
and
inventory
control
systems
Note Sladeditems represent h
i
l rlorit requests t here access in advance of
t
l a meetings would be useful
g
12
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CON F I D E N T I A L
Home
Lending
Information
Request
General
1 Organization sinessand people
7Tact 3als 8
planand>tdresl
lts
P
3
Strategic repositioning underway
4
Key
issues
Finance
1 Provide Organization chart for finance accounting Capital Markets andMSR risk
management organizations
Income stater ent alarace sheet grid cash flo statement for ear
e
i
ded 2 1
Y
including audited financial stat ments where available
items
S
e
f mar a9
t
i er ormancea0
nana re ortsfo
p Q
3
07 and 407 I
ate
i
s and fir ancial > lans 2008 bud`et and `datesth ereto
isi Bud et detiajl
including pro
forecasts and > roftab l t channel
Channel PEtI for last 4 Quarters
vicing PL for last 4 Quarters
Cstto service i
n
core sere cmg
and defadl fr last 4 quarters
i i uct P Ica for riinatdn
r
r x b rrta r rod e fir the Last A Y J P
r
a onhs
17007
10 Portfolio
Management
PL
by product segments along
with current
year
forecast
Covering
prime HE sub prime and Option Arm portfolio separately
Secondary
and
Capital
Markets
1
Secondary
market PEtL for last 6
quarters including
last two months
2 Warehouse
ageing report
distributed
by product
Please cover
ageing by
<90
days
and
more than 90 days
3 Trends of loans submitted for
repurchase
and loans
bought
back with 12 months trend and
also cover valuation and
disposition practice
4 Detailed discussions on structures used for Non
Agency MBS Option arms
and home
equity
securities
5 Please provide the name of
any Captive Insurance Companies ownedutilized including the
type year organized domiciled name of
mgt company capital structure and
coverages
i
t
provides
6 Contingent liability unrecorded assignments for securities issued and recourse obligations
7 A listing by transaction of loss triggers
Note Shad ed Ms represent h
i
h to it requests where access in advance of the meetings would be useful
>sI g
13
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CON F I D E N T I A L
MSR Risk
management
1 Detailed discussion on Valuation methodology separately covering Prime Option arms and
sub
prime servicing
books
2 Product distribution of serviced assets with valuation of each
product
at
year
ended
12312007 Please cover High
level
product categorization by key product
serviced with
appropriate servicing
values
assigned
Or share
thirdparty compares
used for the
year
end
like OCC
survey
PWC
survey
of others
i
f
any
3 Discus
option cost modeling hedging philosophy Hedging
results over last 4
quarters
and
adjustments
carried out to models in last 6 months
including
valuation
Accounting Estimates
1 Year end valuation of the warehouse
Methodology
2 Year end valuation of OREO asset
3 Review of other assets in
particular servicing
advances and how we model provisions
4 Description of Fair value accounting and SAB 109
i
f applicable
Production
Wholesale
l at aiZ1t 3 nano nmidrnaorroduct
f artheas aa sand YTD200 dolLars
y P iy yP
and lints
Re uebreakout L neitem with defin tion foreac line
n