Washington Mutual (WMI) - Attachments/Exhibits To The Final Report of The Examiner (Part 5/10)

WAMUNYCS\Aug 11\WM 8.11.08 M&A Discussion_5.
doc vyaank 11 Aug 2008 16:51 17/67

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Overview of Selected Buyers
Selected Transaction Metrics Moodys Stress Case ($18.5 bn pre-tax mark)
($ in millions)
JPMorgan Wells Fargo TD US Bancorp Barclays Santander BBVA SMBC
0 0 0 0 0 0 0 0
Market Data: 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
Market Cap $ 141,104 $ 99,640 $ 47,523 $ 54,772 $ 57,253 $ 113,851 $ 67,099 $ 50,318
2009E P/E 12.3 x 12.8 x 9.9 x 12.8 x 6.7 x 7.6 x 6.7 x 11.3 x
0 0 0 0 0 0 0 0
Transaction Summary: 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
Run Rate Pre-Tax Synergies $ 3,211 $ 3,637 $ 1,539 $ 2,900 $ 925 $ 810 $ 1,285 $ 810
As a Percentage of NIE 37.8 % 42.8 % 18.1 % 34.1 % 10.9 % 9.5 % 15.1 % 9.5 %
0 0 0 0 0 0 0 0
Tier 1 (6/30/08) 9.11 % 8.24 % 9.10 % 8.50 % 9.13 % 7.88 % 7.70 % 6.73 %
Tier 1 Target (At Close) 8.50 8.24 8.50 8.50 8.50 7.75 7.70 6.73
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Equity Raised to Recapitalize $ 7,715 $ 14,146 $ 11,262 $ 14,357 $ 11,142 $ 10,209 $ 11,593 $ 9,944
As a Percentage of Market Cap 5.47 % 14.20 % 23.70 % 26.21 % 19.46 % 8.97 % 17.28 % 19.76 %
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
IRR 55.2 % 53.2 % 45.5 % 49.8 % 42.2 % 48.4 % 47.5 % 51.7 %
0 0 0 0 0 0 0 0
2009E Acc. / Dil. 29.1 % 36.5 % 34.4 % 52.5 % 14.6 % 15.7 % 14.9 % 44.2 %
2010E Acc. / Dil. 27.6 37.8 52.4 57.9 18.5 18.9 18.7 51.8

CONFIDENTIAL WAMUBKEXAM-GS-000036
Return
WAMUNYCS\Aug 11\WM 8.11.08 M&A Discussion_5.doc vyaank 11 Aug 2008 16:51 18/67
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Sensitivity Analyses
Equity Issued to Recapitalize Pro-Forma Entity
1

($ in millions)
JPMorgan Wells Fargo
Tier 1 Target at Close
7.50% 7.75% 8.00% 8.25% 8.50%
$ 10,000 $ 0 $ 0 $ 0 $ 0 $ 2,573
14,374 0 0 0 1,851 5,218
20,000 0 0 1,901 5,261 8,621
25,000 0 1,585 4,938 8,292 11,645
30,000 1,283 4,629 7,976 11,322 14,669
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7.50% 7.75% 8.00% 8.25% 8.50%
$ 10,000 $ 3,160 $ 5,130 $ 7,101 $ 9,071 $ 11,041
14,374 5,829 7,793 9,757 11,722 13,686
20,000 9,261 11,218 13,175 15,132 17,088
25,000 12,312 14,262 16,212 18,162 20,112
30,000 15,362 17,306 19,249 21,193 23,136
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US Bancorp TD
7.50% 7.75% 8.00% 8.25% 8.50%
$ 10,000 $ 4,603 $ 5,755 $ 6,908 $ 8,061 $ 9,214
14,374 7,271 8,418 9,565 10,712 11,860
20,000 10,704 11,843 12,983 14,122 15,262
25,000 13,754 14,887 16,020 17,153 18,286
30,000 16,805 17,931 19,057 20,184 21,310
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7.50% 7.75% 8.00% 8.25% 8.50%
$ 10,000 $ 2,250 $ 3,277 $ 4,303 $ 5,330 $ 6,357
14,374 4,795 5,816 6,838 7,859 8,880
20,000 8,069 9,083 10,097 11,112 12,126
25,000 10,979 11,987 12,995 14,002 15,010
30,000 13,889 14,890 15,892 16,893 17,894
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Assumes all-stock transaction and does not include capital raised for transaction or make-whole
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1

($ in millions)
Barclays Santander
7.50% 7.75% 8.00% 8.25% 8.50%
$ 10,000 $ 0 $ 0 $ 770 $ 3,108 $ 5,446
14,374 0 1,381 3,713 6,044 8,376
20,000 2,852 5,175 7,498 9,822 12,145
25,000 6,231 8,547 10,863 13,179 15,495
30,000 9,610 11,918 14,227 16,535 18,844
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7.50% 7.75% 8.00% 8.25% 8.50%
$ 10,000 $ 1,613 $ 3,997 $ 6,382 $ 8,766 $ 11,151
14,374 4,815 7,193 9,570 11,948 14,325
20,000 8,934 11,302 13,671 16,040 18,408
25,000 12,594 14,955 17,316 19,676 22,037
30,000 16,255 18,608 20,960 23,313 25,666
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BBVA SMBC
7.50% 7.75% 8.00% 8.25% 8.50%
$ 10,000 $ 4,434 $ 6,072 $ 7,711 $ 9,349 $ 10,987
14,374 7,447 9,079 10,711 12,343 13,974
20,000 11,323 12,947 14,570 16,193 17,816
25,000 14,768 16,384 18,000 19,615 21,231
30,000 18,213 19,821 21,429 23,038 24,646
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6.50% 6.75% 7.00% 7.25% 7.50%
$ 10,000 $ 11,020 $ 13,169 $ 15,319 $ 17,469 $ 19,618
14,374 13,853 15,996 18,139 20,283 22,426
20,000 17,496 19,632 21,767 23,903 26,038
25,000 20,734 22,863 24,991 27,120 29,248
30,000 23,973 26,094 28,215 30,337 32,458
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IV. Structural Alternatives
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Contingent Value Securities
Structural Overview

A bank holding company (Acquiror) is seeking to acquire another bank holding company (Target) which holds a
portfolio of higher risk assets (Assets) on its balance sheet
In addition to cash and other consideration the Acquiror can deliver to Target shareholders Contingent Value
Securities (CVS) which track the performance of the Assets and convert into common stock of the Acquiror based
on Asset performance
CVS return will be based on asset performance
post purchase accounting mark
Initial value of the CVS would be based on the
size of the Asset portfolio, and the purchase
accounting mark on the Assets
Dividends would be non-cumulative and paid
based on an arms length fixed annual rate
Conversion into Acquiror common stock would be
mandatory and occur upon the earlier of [5 yrs]
and the date on which [80%] of the assets have
paid off
Investors receive a variable number of shares
to return a fixed value within a range based on
(i) performance of the asset portfolio and (ii)
Acquiror stock price on the conversion date
Alternately, upside can be capped or shared
between Acquiror and Target shareholders
Core
Business
High Risk
Assets
Core
Business
High Risk
Assets
(marked)
Core
Business
High Loss
Core
Business
Low Loss
At Acquisition Upon Conversion (yr 5)

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Regulatory, Rating Agency & Accounting Considerations

Regulatory & Rating Agency
The securities will be non-cumulative perpetual preferred stock with a mandatory conversion feature, and will
qualify as Tier 1 and unrestricted core capital at the Federal Reserve
Rating Agencies will likely treat the security as a mandatory convertible preferred, which would achieve Basket E
(100%) at Moodys and 100% equity credit at S&P (up to 50% of ACE)
Accounting
The value of the CVS will vary based on the value of the underlying assets, and will therefore likely be viewed as a
derivative
FAS 133 requires that the derivative should be marked to market on an ongoing basis. Consistent with the
guidance on contingent consideration in FAS141R, the change in fair value would be recorded in current
earnings or OCI
Changes in value in the CVS may be offset by electing fair value accounting on the underlying assets
Size and timing of mark-to-market adjustments on the CVS may differ from adjustments on the underlying
assets due to different assumptions underlying the valuation of each
1

Since there is a requirement to deliver a variable number of shares within a range, the CVS will likely receive if-
converted accounting treatment
To avoid EITF 00-19 issues, the CVS will require a share cap to limit the amount of common shares that could
potentially be issued

1
Including volatility of the Acquirors share price, shifts in interest rates and shifts in credit spreads
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Summary Term Sheet

Issuer The Acquiror
Assets A portfolio of higher-risk mortgage related assets with starting aggregate face or principal amount of $ (the Starting Unpaid
Principal Balance)
Securities Offered Contingent Value Securities (The Securities)
Liquidation Preference Initially $ in the aggregate, or $ per share,
Conversion Date The earlier of (i) the date which is [5] yrs from the issue date, and (ii) the Asset Disposition Date
Asset Disposition Date means the last day of the first calendar quarter as of which the Unpaid Principal Balance is [20]% or less of
the Starting Unpaid Principal Balance
Unpaid Principal Balance means, on any date, the aggregate principal amount of the loans that are part of the Assets on such date
Conversion On the Conversion Date, the Securities will convert into a number of shares of Acquiror common stock equal to the Conversion Value
divided by the volume weighted average price of Acquiror common stock over the ten day period preceding the Conversion Date,
provided that the Acquiror shall in no event be obligated to deliver more shares than the Maximum Share Cap
The Conversion Value will equal the sum of (a) the Liquidation Preference minus (b) Aggregate Asset Gains and Losses minus (c)
Remaining Expected Losses
Aggregate Asset Gains and Losses means the aggregate sum of realized losses and realized gains minus the aggregate sum of
expected losses as reflected on the Acquirors consolidated balance sheet at inception of the transaction as calculated on the
Conversion Date by an independent investment banking firm of international standing (the Calculation Agent)
Remaining Expected Losses means, with respect to Assets still outstanding on the Conversion Date, the aggregate sum of
expected future losses as calculated on the Conversion Date by the Calculation Agent
Maximum Share Cap means [2 times] the Liquidation Preference divided by the volume weighted average price of Acquiror
common stock over the ten day period preceding the date of issuance
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Summary Term Sheet

Dividends Non-Cumulative Dividends will be payable on the Securities as and if declared by the Board of Directors at a rate equal to [8]% per
annum applied to the Liquidation Preference of the Securities quarterly on ,, and of each year, commencing on , 2008 (each,
a Dividend Payment Date). The period from, and including, a Dividend Payment Date to, but excluding, the next succeeding
Dividend Payment Date is referred to herein as a Dividend Period.
Dividends on the Securities are not cumulative. Accordingly, if for any reason the Acquiror does not declare a dividend on the
Securities before the Dividend Payment Date for a Dividend Period, that dividend will not accumulate and holders of the Securities
will have no right to receive, and the Acquiror will have no obligation to pay, a dividend for that period, whether or not dividends on
the Securities are paid in full or in part in the future.
If full dividends on the Securities are not paid for a particular Dividend Period, the Acquiror will not declare or pay dividends on or
redeem or purchase any common stock or other junior securities during the next succeeding Dividend Period.
Ranking The Securities will rank junior to all debt of the Acquiror, senior to common equity, and pari passu with all other preferred shares of
the Acquiror
Covenants In the charter document setting forth the terms of the Securities (the Issuance Document), the Acquiror will covenant as follows:
the Calculation Agent will calculate, for relevant periods and as of relevant dates, the Aggregate Gains and Losses and
Remaining Expected Losses (and related definitions used in computing defined amounts) in accordance with the definitions of
those terms set forth in the Issuance Document; and
at all relevant times, the Acquiror will have entered into and have in full force and effect a Servicing Agreement with an Eligible
Servicer. Eligible Servicer means ; each such Servicing Agreement shall have at least the following terms:
adopt a policy to manage the Assets with the objective of maximizing the gains on the Assets, and to adopt that standard as the
core servicing standard in the Servicing Agreement
Servicing Commencing upon issuance of the Securities and continuing through the Redemption Date, there shall at all times be a Servicer
who shall be an Eligible Servicer. The Servicer shall be responsible for collecting on and otherwise servicing the Assets including
assets that are or more days delinquent or are characterized as non-performing assets. The initial Servicer shall be jointly agreed
upon and appointed by the Acquiror and the Target.
Issuance
The Securities will be issued in registered, global form
The Securities will be registered under the Securities Act of 1933, as amended, and listed on NYSE

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Illustrative Impact Wells Fargo Acquires WaMu

CVS has original notional value $4,000 mm ($2.35 / share)
Initially calculated as ~40% of mark on Option ARM portfolio at closing (mark on portfolio is 19% of 12/31/08E
balance of $51.8 billion)
Value of security contingent upon performance of reference pool (Option ARM portfolio)
Full value if portfolio performs as marked
Value adjusts on linear basis based on portfolio performance
Overview of Payment Pro Forma Impact

2009 2010 2011
As Expected: Moody's Stress
Gain / (Loss) on Marked Portfolio $ 0.0 $ 0.0 $ 0.0
Gain / (Loss) on CVS 0.0 0.0 0.0
Value of CVS 4,000 4,000 4,000
Wells Fargo Stock Price $ 32.57 $ 42.02 $ 45.28
Number of Shares Issued 122.8 95.2 88.4
Accretion / Dilution 34.3 % 36.6 % 36.3 %
Stronger Performance: Company Stress
Gain / (Loss) on CVS (276.1) (276.1) (276.1)
Value of CVS 4,276 4,552 4,828

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Debt for Equity Exchange
Exchanging Extant Debt and/or Preferred for Common Equity

Washington Mutuals debt and preferred stock is trading at a significant discount to par
Similar to recent senior debt repurchases, a repurchase of discounted debt creates an after tax gain
A further extension to this strategy would be for WaMu to exchange equity for some of its existing subordinated
debt and / or preferred stock
An equity exchange increases equity by
The price paid for the debt or preferred redeemed, plus
The aggregate discount less tax leakage
Tax leakage only applies to debt and trust preferred there is no tax leakage on Series K DRD Preferred,
Series R Convertible Preferred, and REIT Preferred securities)
In addition, can re-balance capital structure by reducing hybrids outstanding, which could improve regulatory and
rating agency sentiment
The most likely route for an exchange would be through a Section 3(a)(9) exemption
A direct solicitation by Washington Mutual to investors can avoid SEC filing but must conform to tender rules
and may be subject to the same disclosure requirements as a public common equity raise
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Outstanding Debt and Hybrid Securities

Security Size
~Trading
Price
Repurchase
Price % Exchanged
Notional
Debt Retired
Equity
Issued
Discount
Captured Tax Leakage
Net Increase
in Equity
Capital
ADP I (Cayman) $ 750 33.5 % 43.5 % 50.0 % $ 375 $ 163 $ 212 $ 0 $ 375
ADP I (Delaware) 1,250 28.0 38.0 50.0 625 238 388 0 625
ADP II 500 31.0 41.0 50.0 250 103 148 0 250
ADP III 500 30.0 40.0 50.0 250 100 150 0 250
ADP IV 1,000 47.0 57.0 50.0 500 285 215 0 500
DRD Preferred (Series K) 500 32.0 42.0 50.0 250 105 145 0 250
Conv Preferred (Series R) 3,000 48.9 58.9 50.0 1,500 884 617 0 1,500
PIERS 1,150 40.0 50.0 50.0 575 288 288 101 474
Total $ 8,650 40.0 % 50.0 % 50.0 % $ 4,325 $ 2,164 $ 2,161 $ 101 $ 4,224
Holdco Senior
5.25% '17 $ 750 70.0 % 80.0 % 45.0 % $ 338 $ 270 $ 68 $ 24 $ 314
4.20% '10 600 75.0 85.0 30.0 180 153 27 9 171
L+14 '09 500 75.0 85.0 30.0 150 128 23 8 142
L+40 '12 500 75.0 85.0 35.0 175 149 26 9 166
L+30 '12 450 75.0 85.0 35.0 158 134 24 8 149
5.5% '11 400 75.0 85.0 35.0 140 119 21 7 133
5.0% '12 400 70.0 80.0 35.0 140 112 28 10 130
L+30 '10 250 80.0 90.0 30.0 75 68 8 3 72
4.0% '09 1,000 85.0 95.0 30.0 300 285 15 5 295
L+9 '09 1,000 85.0 95.0 30.0 300 285 15 5 295
Total $ 5,850 77.6 % 87.6 % 33.4 % $ 1,955 $ 1,702 $ 253 $ 89 $ 1,866
Bank Senior
L+15 '10 $ 750 75.0 % 85.0 % 30.0 % $ 225 $ 191 $ 34 $ 12 $ 213
5.55% '10 250 80.0 90.0 30.0 75 68 8 3 72
L+10 '08 1,000 95.0 105.0 30.0 300 315 (15) (5) 305
4.5% '08 250 95.0 105.0 30.0 75 79 (4) (1) 76
L+20 '11 1,000 80.0 90.0 35.0 350 315 35 12 338
6.75% '36 300 75.0 85.0 50.0 150 128 23 8 142
L+42 '13 600 70.0 80.0 35.0 210 168 42 15 195
5.95% '13 350 70.0 80.0 35.0 123 98 25 9 114
Total $ 4,500 80.9 % 90.9 % 33.5 % $ 1,508 $ 1,361 $ 147 $ 51 $ 1,456
Holdco Sub
4.625% '14 $ 750 45.0 % 55.0 % 40.0 % $ 300 $ 165 $ 135 $ 47 $ 253
7.25% '17 500 45.0 55.0 40.0 200 110 90 32 169
8.25% '10 500 45.0 55.0 30.0 150 83 68 24 126
Total $ 1,750 45.0 % 55.0 % 37.1 % $ 650 $ 358 $ 293 $ 102 $ 548
Bank Sub
5.65% '14 $ 1,000 45.0 % 55.0 % 35.0 % $ 350 $ 193 $ 158 $ 55 $ 295
5.50% '13 750 45.0 55.0 35.0 263 144 118 41 221
6.875% '11 1 45.0 55.0 30.0 0 0 0 0 0
5.125% '15 1,000 45.0 55.0 35.0 350 193 158 55 295
L+65 '15 500 45.0 55.0 35.0 175 96 79 28 147
Total $ 3,251 45.0 % 55.0 % 35.0 % $ 1,138 $ 626 $ 512 $ 179 $ 959
Aggregate $ 24,001 57.9 % 67.9 % 39.9 % $ 9,575 $ 6,210 $ 3,365 $ 522 $ 9,053

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Impact on Key Ratios

Repurchase Only Outstanding Debt Repurchase Only Outstanding Preferreds Repurchase All Outstanding Debt / Preferred
6/30/08
Actual Adj. 6/30/08 PF
6/30/08
6/30/08
TCE $ 15,096 $ 4,829 $ 19,925 TCE $ 15,096 $ 4,224 $ 19,320 TCE $ 15,096 $ 9,053 $ 24,149
TA 302,133 302,133 TA 302,133 302,133 TA 302,133 302,133
Shares 1,699 1,011 2,710 Shares 1,699 541 2,240 Shares 1,699 1,553 3,252
TCE / TA 5.00 % 6.59 % TCE / TA 5.00 % 6.39 % TCE / TA 5.00 % 7.99 %
TBVPS $ 8.89 $ 7.35 TBVPS $ 8.89 $ 8.63 TBVPS $ 8.89 $ 7.43
TCE $ 15,096 $ 4,829 $ 19,925 TCE $ 15,096 $ 4,224 $ 19,320 TCE $ 15,096 $ 9,053 $ 24,149
Preferred 7,306 7,306 Preferred 7,306 (4,325) 2,981 Preferred 7,306 (4,325) 2,981
AOCI 1,079 1,079 AOCI 1,079 1,079 AOCI 1,079 1,079
TE 23,481 28,310 TE 23,481 23,380 TE 23,481 28,209
TA $ 302,133 $ 302,133 TA $ 302,133 $ 302,133 TA $ 302,133 $ 302,133
TE / TA 7.77 % 9.37 % TE / TA 7.77 % 7.74 % TE / TA 7.77 % 9.34 %
Tier 1 $ 24,561 $ 4,829 $ 29,390 Tier 1 $ 24,561 $(101) $ 24,460 Tier 1 $ 24,561 $ 4,728 $ 29,289
RWA 247,273 247,273 RWA 247,273 247,273 RWA 247,273 247,273
Tier 1 RBC 9.93 % 11.89 % Tier 1 RBC 9.93 % 9.89 % Tier 1 RBC 9.93 % 11.84 %
Tier 1 $ 24,561 $ 4,829 $ 29,390 Tier 1 $ 24,561 $(101) $ 24,460 Tier 1 $ 24,561 $ 4,728 $ 29,289
Avg Assets 314,882 314,882 Avg Assets 314,882 314,882 Avg Assets 314,882 314,882
Tier 1 Leverage 7.80 % 9.33 % Tier 1 Leverage 7.80 % 7.77 % Tier 1 Leverage 7.80 % 9.30 %
Note: Assumes shares issued at $4.00 / share
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Partial Sale Structures
Strawman

Ownership [9.9 24.9]% fully diluted ownership
Form Convertible Preferred / Senior Common (unrestricted Tier 1 qualifying security)
Dividend Common equivalent dividend
Conversion price Current market
Regulatory Control Rebutted; Investor not regarded as a source of strength
Future Sale Investor holds right of first refusal or similar mechanism

Benefits Considerations

To WM

Gain strategic support of stronger financial
institution
Increased capital levels
Potential to combine with liquidity facility
Potential to structure around anti-dilution
considerations
Dilution of existing shareholders
Impact of triggering anti-dilution provision
Right of first refusal significantly limits future
options
Potential to structure a call and buyback security
at [25%] IRR at [3-5] years
To Investors
Achieve path to full control
Limited downside

Must be certain that it would not be considered a
source of strength by regulators

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Capital Stacks
12/31/2008E
($ in millions)
64%
78%
79%
15%
6%
6%
4%
9%
6%
6%
7%
2%
18%
0%
20%
40%
60%
80%
100%
120%
WM JPM WFC
Unrestricted Equity Capital Minority Interest Cumulative Perpetual Preferred
Non Cumulative Perpetual Preferred REIT APEX
Mandatory Converts TPS ETPS
$ 101,043
$ 44,672 $ 22,285
WM JPM WFC
15% Restricted Elements Limit
(remaining capacity) $(1,637) $(831) $(234)
(remaining capacity) 2,753 13,362 2,614

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Pro Forma Capital Stacks
12/31/2008E
($ in millions)
74%
72%
8%
5%
3%
6%
9%
6%
6% 5%
4%
0%
20%
40%
60%
80%
100%
120%
JPM / WM WFC / WM
$ 117,184 $ 63,594
JPM / WM WFC / WM
(remaining capacity) $(3,552) $(2,464)
(remaining capacity) 15,151 4,840

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Appendix A: Merger Analysis: Company Stress Loss
Scenario
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Overview of Mark-to-Market Purchase Accounting
Assumes $14.4bn Mark at Close (Company Stress Case)

Purchase Price
Consideration for WM (at $5.00 per share) $ 8,497
(+) Investors Make-Whole 1,422
Total Consideration $ 9,919
Implied Per Share Consideration for WM $ 5.84
Goodwill Created:
(-) Tangible Book Value At Close (12,996)
(+) After-Tax Writedown 9,343
(-) Identifiable Intangibles Created (3,232)
(+) DTL Created 854
(-) Incremental Writedown of Other Assets 0
Goodwill $ 3,888
Equity Issued To Recapitalize Entity $ 5,218
As a Percentage of Acquiror Market Cap 3.7 %

Purchase Price
Goodwill Created:
(+) DTL Created 854
Goodwill $ 3,913

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JPMorgan Acquires Washington Mutual
($ in millions)
Pro Forma Capital Position Pro Forma Profitability
2008 2009 2010
JPMorgan Beginning Tangible Common Equity $ 77,508 $ 86,736 $ 89,410
(+) Equity Issued to Finance Purchase 8,497
(+) Equity Issued to Make-Whole Investors 1,422
(+) Equity Issued to Recapitalize Entity 5,218
(-) Equity Repurchased (415) (7,065) (9,441)
(-) Restructuring Charges (1,044) (1,044) (1,044)
(-) Transaction Identifiable Intangibles (3,232) 0 0
(-) Transaction Goodwill (3,888) 0 0
(+) Amortization 616 1,290 1,139
(+) Net Income 4,594 15,821 21,165
(-) Dividends (2,541) (6,328) (8,466)
JPMorgan Ending Tangible Common Equity $ 86,736 $ 89,410 $ 92,764
Standalone JPMorgan Beginning Tangible Assets $ 1,726,002 $ 1,769,422 $ 1,835,775
(+) Asset Growth 43,420 66,353 68,842
Standalone JPMorgan Ending Tangible Assets $ 1,769,422 $ 1,835,775 $ 1,904,617
Standalone Olympic Beginning Tangible Assets $ 302,123 $ 288,890 $ 276,449
(+) Asset Growth (13,233) (12,441) (4,578)
Standalone Olympic Ending Tangible Assets $ 288,890 $ 276,449 $ 271,871
Pro Forma JPMorgan Ending Tangible Assets $ 2,058,312 $ 2,112,224 $ 2,176,488
Pro Forma TE / TA 4.86 % 4.86 % 4.87 %
Pro Forma TCE / TA 4.21 4.23 4.26
Pro-Forma Tier 1 RBC Ratio 8.50 % 8.50 % 8.50 %
Pro-Forma Tier 1 Leverage Ratio 5.64 5.70 5.69

2008 2009 2010 2011
JPMorgan Net Income $ 8,970 $ 11,341 $ 15,913 $ 17,084
Olympic Standalone Net Income (685) 628 2,778 2,430
(+) Post-Tax Provision Benefit 0 2,289 839 1,109
(+) Accretion of Interest-Rate Mark 0 785 687 587
Olympic Pro Forma Net Income (685) 3,701 4,304 4,125
(-) Debt Interest Expense 0 0 0 0
(+) Olympic Amortization Expense 0 68 57 48
(-) Additional Amortization Expense 0 (210) (210) (210)
(+) Return on Cash From New Equity Issuance 0 188 188 188
(-) Lost Investment Income on Share Repurchases 0 (243) (550) (888)
(-) Lost Yield on Restructuring Charge 0 (68) (102) (102)
(+) Net Synergies 0 1,044 1,565 1,722
Pro Forma Operating Net Income $ 8,970 $ 15,821 $ 21,165 $ 21,968
JPMorgan Beginning Diluted Shares Outstanding 3,436 3,801 3,638 3,483
New Shares Issued to Finance Purchase 203
New Shares Issued to Make-Whole Investors 34
New Shares Issed to Recapitalize Entity 138
Shares Repurchased (10) (162) (155) (158)
Total Pro Forma Shares Outstanding 3,801 3,638 3,483 3,325
JPMorgan Standalone EPS $ 2.56 $ 3.33 $ 4.70 $ 5.08
Pro Forma EPS 2.56 4.35 6.08 6.61
Accretion / Dilution ($) $ 0.00 $ 1.02 $ 1.38 $ 1.53
Accretion / Dilution (%) 0.0% 30.6% 29.3% 30.1%

1
Assumes restructuring charges excluded from operating EPS.
Return
DRAFT

35
Analysis at Various Prices, Assuming $14.4bn Mark at Close (Company Stress Case)
($ in millions)
Price Per Share $ 3.00 $ 4.00 $ 5.00 $ 6.00 $ 7.00
Implied Price Per Share (Inc. Make-Whole) 4.28 5.06 5.84 6.61 7.39
Purchase Price $ 7,279 $ 8,599 $ 9,919 $ 11,239 $ 12,559
Equity Issued to Recapitalize Entity 5,218 5,218 5,218 5,218 5,218
Aggregate Deal Value $ 12,497 $ 13,817 $ 15,137 $ 16,457 $ 17,777
% Premium / Discount (Excluding Make-Whole) (43.4)% (24.5)% (5.7)% 13.2 % 32.1 %
% Premium / Discount (Including Make-Whole) (19.2)% (4.5)% 10.1 % 24.8 % 39.4 %
Deal Multiples Value
P / 2010E EPS $ 1.76 4.2 x 4.6 x 5.1 x 5.5 x 5.9 x
P / 2009E Adjusted EPS
2.18 3.4 3.7 4.1 4.4 4.8
2.53 2.9 3.2 3.5 3.8 4.1
P / TBVPS
8.88 0.8 0.9 1.0 1.1 1.2
P / Adjusted TBVPS (at closing)
2.15 3.4 3.8 4.1 4.5 4.9
Transaction IRR (8.0x Terminal)
75.3 % 68.7 % 63.1 % 58.2 % 53.9 %
Core Deposit Premium
(0.3) 0.5 1.3 2.1 2.9
Accretion / Dilution
2009 EPS
32.8 % 31.7 % 30.6 % 29.5 % 28.5 %
2010 EPS 31.5 30.4 29.3 28.2 27.2
Return
DRAFT

36
IRR Analysis, Assuming $14.4bn Mark at Close (Company Stress Case)
($ in millions)
2008E 2009E 2010E 2011E 2012E 2013E
WM Earnings
Standalone Net Income $ 628 $ 2,778 $ 2,430 $ 3,174 $ 3,492
(+) Post-Tax Provision Benefit 2,289 839 1,109 521 0
Accretion of Interest Rate Mark 785 687 587 549 389
Pro-forma Net Income $ 3,701 $ 4,304 $ 4,125 $ 4,244 $ 3,881
Add-Back Existing Intangible Amortization $ 68 $ 57 $ 48 $ 38 $ 38
Cash Net Income 3,769 4,361 4,173 4,282 3,919
Transaction Adjustments (AT)
(+) Cost Synergies $ 1,044 $ 1,565 $ 1,722 $ 1,894 $ 2,083
(+) Cost of Funds (Restructuring Reserve) (68) (102) (102) (102) (102)
(+) Return on Cash From New Equity Issuance 188 188 188 188 188
(+) Transaction Intangible Amortization (210) (210) (210) (210) (210)
Total Adjustments $ 954 $ 1,442 $ 1,598 $ 1,771 $ 1,960
Pro Forma Net Income $ 4,723 $ 5,802 $ 5,772 $ 6,053 $ 5,879
WM Capital
Beginning Tier 1 $ 26,646 $ 19,232 $ 18,914 $ 18,901
(+) Net Income 4,723 5,802 5,772 6,053
(-) Post-Tax Writedown (9,343)
(+) Amortization 1,290 1,139 1,028 952
(-) Restructuring Charge (1,044) (1,044) (1,044)
(Excess) / Infusion (3,041) (6,217) (6,812) (6,112)
Ending Tier 1 $ 26,646 $ 19,232 $ 18,914 $ 18,901 $ 19,794
Risk-Weighted Assets $ 236,442 $ 226,260 $ 222,513 $ 222,368 $ 232,876
Tier 1 Ratio 11.27 % 8.50 % 8.50 % 8.50 % 8.50 %
Cash Flows
Purchase Price $ (9,919)
Additional Equity Issued (5,218)
Excess / (Infusion) $ 3,041 $ 6,217 $ 6,812 $ 6,112
Terminal Value (8.0 x) Earnings 47,031
Cash flow to JPMorgan $ (15,137) $ 3,041 $ 6,217 $ 6,812 $ 53,142
Internal Rate of Return (@ 31-Dec-08) 63.1 %

Note: Assumes WM targets same Tier 1 target as acquiror.
1
Pro forma for equity raised to recapitalize entity and restructuring charge
Return
DRAFT

37
Wells Fargo Acquires Washington Mutual
($ in millions)
2008 2009 2010
Wells Fargo Beginning Tangible Common Equity $ 30,159 $ 44,657 $ 46,194
(+) Amortization 128 547 521
(+) Net Income 3,361 12,592 15,591
(-) Dividends (1,947) (5,037) (6,237)
Wells Fargo Ending Tangible Common Equity $ 44,657 $ 46,194 $ 48,386
Standalone Wells Fargo Beginning Tangible Assets $ 591,992 $ 612,893 $ 645,070
(+) Asset Growth 20,901 32,177 33,866
Standalone Wells Fargo Ending Tangible Assets $ 612,893 $ 645,070 $ 678,936
(+) Asset Growth (13,233) (12,441) (4,578)
Pro Forma Wells Fargo Ending Tangible Assets $ 901,783 $ 921,519 $ 950,807
Pro Forma TE / TA 5.84 % 5.88 % 5.93 %
Pro Forma TCE / TA 4.95 5.01 5.09

2008 2009 2010 2011
Wells Fargo Net Income $ 7,113 $ 7,691 $ 9,758 $ 10,474
(+) Net Synergies 0 1,182 1,773 1,950
Wells Fargo Beginning Diluted Shares Outstanding 3,303 4,031 3,866 3,711
Wells Fargo Standalone EPS $ 2.15 $ 2.35 $ 3.00 $ 3.24
Pro Forma EPS 2.15 3.26 4.20 4.53

1
Return
DRAFT

38
($ in millions)
Price Per Share $ 3.00 $ 4.00 $ 5.00 $ 6.00 $ 7.00
Purchase Price $ 7,139 $ 8,459 $ 9,779 $ 11,099 $ 12,419
P / 2010E EPS $ 1.76 6.3 x 6.7 x 7.2 x 7.6 x 8.0 x
2.18 5.1 5.4 5.8 6.1 6.5
2.53 4.4 4.7 5.0 5.3 5.6
P / TBVPS
8.88 1.2 1.3 1.4 1.5 1.6
2.15 5.1 5.5 5.9 6.2 6.6
69.7 % 64.4 % 59.8 % 55.7 % 52.0 %
3.6 4.4 5.2 6.0 6.8
2009 EPS
41.6 % 40.1 % 38.6 % 37.2 % 35.7 %
2010 EPS 43.1 41.6 40.1 38.6 37.1
Return
DRAFT

39
($ in millions)
2008E 2009E 2010E 2011E 2012E 2013E
WM Earnings
Cash Net Income 3,769 4,361 4,173 4,282 3,919
(+) Cost Synergies $ 1,182 $ 1,773 $ 1,950 $ 2,145 $ 2,360
Total Adjustments $ 1,317 $ 1,869 $ 2,047 $ 2,242 $ 2,456
WM Capital
Beginning Tier 1 $ 32,932 $ 18,644 $ 18,335 $ 18,323
(+) Net Income 5,086 6,230 6,220 6,523
(+) Amortization 547 521 448 417
(Excess) / Infusion (9,396) (5,877) (6,680) (6,074)
Ending Tier 1 $ 32,932 $ 18,644 $ 18,335 $ 18,323 $ 19,189
Tier 1 Ratio 13.93 % 8.24 % 8.24 % 8.24 % 8.24 %
Cash Flows
Excess / (Infusion) $ 9,396 $ 5,877 $ 6,680 $ 6,074
Cash flow to Wells Fargo $ (21,422) $ 9,396 $ 5,877 $ 6,680 $ 57,073

1
Return
DRAFT

40
TD Acquires Washington Mutual
($ in millions)
Pro Forma Capital Position
2008 2009 2010
TD Beginning Tangible Common Equity $ 10,764 $ 23,717 $ 23,399
(-) Equity Repurchased 0 (5,540) (5,473)
(-) Restructuring Charges (477) (477) (477)
(+) Net Income 2,204 8,756 9,621
(-) Dividends (891) (3,502) (3,848)
TD Ending Tangible Common Equity $ 23,717 $ 23,399 $ 23,648
Standalone TD Beginning Tangible Assets $ 455,205 $ 466,656 $ 484,155
(+) Asset Growth 11,451 17,500 18,156
Standalone TD Ending Tangible Assets $ 466,656 $ 484,155 $ 502,311
(+) Asset Growth (12,802) (12,441) (4,578)
Pro Forma TD Ending Tangible Assets $ 755,977 $ 761,036 $ 774,613
Pro Forma TE / TA 4.42 % 4.35 % 4.31 %
Pro Forma TCE / TA 3.14 3.07 3.05

2008 2009 2010 2011
TD Net Income $ 4,093 $ 4,778 $ 4,895 $ 5,350
(+) Net Synergies 0 477 716 787
TD Beginning Diluted Shares Outstanding 805 1,133 1,066 1,008
Shares Repurchased 0 (67) (57) (56)
Total Pro Forma Shares Outstanding 1,133 1,066 1,008 953
TD Standalone EPS $ 5.33 $ 5.93 $ 6.08 $ 6.64
Pro Forma EPS 5.33 8.22 9.54 10.26

1
Return
DRAFT

41
($ in millions)
Price Per Share $ 3.00 $ 4.00 $ 5.00 $ 6.00 $ 7.00
Purchase Price $ 7,279 $ 8,599 $ 9,919 $ 11,239 $ 12,559
P / 2010E EPS $ 1.76 5.4 x 5.8 x 6.3 x 6.7 x 7.2 x
2.09 4.5 4.9 5.3 5.7 6.0
2.49 3.8 4.1 4.4 4.8 5.1
P / TBVPS
8.88 1.1 1.2 1.2 1.3 1.4
2.15 4.4 4.8 5.1 5.5 5.9
62.0 % 56.5 % 51.8 % 47.6 % 43.9 %
1.9 2.8 3.6 4.4 5.2
2009 EPS
44.1 % 41.2 % 38.5 % 35.9 % 33.3 %
2010 EPS 63.3 60.1 57.0 54.0 51.2
Return
DRAFT

42
($ in millions)
2008E 2009E 2010E 2011E 2012E 2013E
WM Earnings
Cash Net Income 3,627 4,290 4,095 4,233 3,901
(+) Cost Synergies $ 477 $ 716 $ 787 $ 866 $ 953
Total Adjustments $ 553 $ 777 $ 848 $ 927 $ 1,014
WM Capital
Beginning Tier 1 $ 30,874 $ 19,262 $ 18,944 $ 18,931
(+) Net Income 4,180 5,067 4,944 5,160
(+) Amortization 446 427 413 403
(-) Restructuring Charge (477) (477) (477)
(Excess) / Infusion (6,850) (5,335) (5,369) (4,670)
Ending Tier 1 $ 30,874 $ 19,262 $ 18,944 $ 18,931 $ 19,824
Tier 1 Ratio 13.04 % 8.50 % 8.50 % 8.50 % 8.50 %
Cash Flows
Excess / (Infusion) $ 6,850 $ 5,335 $ 5,369 $ 4,670
Cash flow to TD $ (18,799) $ 6,850 $ 5,335 $ 5,369 $ 43,986

1
Return
DRAFT

43
USB Acquires Washington Mutual
($ in millions)
2008 2009 2010
US Bancorp Beginning Tangible Common Equity $ 10,895 $ 24,745 $ 24,305
(+) Net Income 1,937 8,833 10,421
(-) Dividends (1,494) (3,533) (4,168)
US Bancorp Ending Tangible Common Equity $ 24,745 $ 24,305 $ 24,421
Standalone US Bancorp Beginning Tangible Assets $ 232,788 $ 236,293 $ 241,610
(+) Asset Growth 3,505 5,317 5,436
Standalone US Bancorp Ending Tangible Assets $ 236,293 $ 241,610 $ 247,046
(+) Asset Growth (13,233) (12,441) (4,578)
Pro Forma US Bancorp Ending Tangible Assets $ 525,183 $ 518,058 $ 518,917
Pro Forma TE / TA 6.39 % 6.39 % 6.40 %
Pro Forma TCE / TA 4.71 4.69 4.71

2008 2009 2010 2011
US Bancorp Net Income $ 3,943 $ 4,155 $ 4,898 $ 5,147
(+) Net Synergies 0 943 1,414 1,555
US Bancorp Beginning Diluted Shares Outstanding 1,741 2,448 2,306 2,186
US Bancorp Standalone EPS $ 2.27 $ 2.45 $ 2.94 $ 3.15
Pro Forma EPS 2.27 3.83 4.77 5.06

1
Return
DRAFT

44
($ in millions)
Price Per Share $ 3.00 $ 4.00 $ 5.00 $ 6.00 $ 7.00
Purchase Price $ 7,279 $ 8,599 $ 9,919 $ 11,239 $ 12,559
P / 2010E EPS $ 1.76 6.4 x 6.8 x 7.3 x 7.7 x 8.2 x
2.18 5.2 5.5 5.9 6.2 6.6
2.53 4.4 4.8 5.1 5.4 5.7
P / TBVPS
8.88 1.3 1.4 1.4 1.5 1.6
2.15 5.2 5.6 6.0 6.3 6.7
65.4 % 60.4 % 56.0 % 52.1 % 48.6 %
3.8 4.6 5.4 6.2 7.0
2009 EPS
61.8 % 59.0 % 56.3 % 53.7 % 51.2 %
2010 EPS 67.8 64.9 62.2 59.5 56.9
Return
DRAFT

45
($ in millions)
2008E 2009E 2010E 2011E 2012E 2013E
WM Earnings
Cash Net Income 3,769 4,361 4,173 4,282 3,919
(+) Cost Synergies $ 943 $ 1,414 $ 1,555 $ 1,711 $ 1,882
WM Capital
Beginning Tier 1 $ 33,388 $ 19,232 $ 18,914 $ 18,901
(+) Net Income 4,869 5,901 5,855 6,119
(+) Amortization 610 547 495 451
(Excess) / Infusion (9,349) (5,824) (6,363) (5,677)
Ending Tier 1 $ 33,388 $ 19,232 $ 18,914 $ 18,901 $ 19,794
Tier 1 Ratio 14.12 % 8.50 % 8.50 % 8.50 % 8.50 %
Cash Flows
Excess / (Infusion) $ 9,349 $ 5,824 $ 6,363 $ 5,677
Cash flow to US Bancorp $ (21,779) $ 9,349 $ 5,824 $ 6,363 $ 53,094

1
Return
DRAFT

46
Barclays Acquires Washington Mutual
($ in millions)
2008 2009 2010
Barclays Beginning Tangible Common Equity $ 35,786 $ 46,771 $ 48,572
(+) Net Income 3,593 12,888 14,185
(-) Dividends (2,656) (5,155) (5,674)
Barclays Ending Tangible Common Equity $ 46,771 $ 48,572 $ 51,039
Standalone Barclays Beginning Tangible Assets $ 2,603,859 $ 2,682,561 $ 2,803,276
(+) Asset Growth 78,702 120,715 126,147
Standalone Barclays Ending Tangible Assets $ 2,682,561 $ 2,803,276 $ 2,929,424
(+) Asset Growth (14,239) (12,441) (4,578)
Pro Forma Barclays Ending Tangible Assets $ 2,970,445 $ 3,078,719 $ 3,200,288
Pro Forma TE / TA 1.82 % 1.81 % 1.82 %
Pro Forma TCE / TA 1.57 1.58 1.59

2008 2009 2010 2011
Barclays Net Income $ 6,888 $ 8,592 $ 9,529 $ 10,292
(+) Net Synergies 0 333 499 549
Barclays Beginning Diluted Shares Outstanding 8,144 10,826 10,345 9,919
New Shares Issued to Finance Purchase 1,185
New Shares Issed to Recapitalize Entity 1,298
Barclays Standalone EPS $ 0.96 $ 1.05 $ 1.17 $ 1.26
Pro Forma EPS 0.96 1.25 1.43 1.54

1
Return
DRAFT

47
($ in millions)
Price Per Share $ 3.00 $ 4.00 $ 5.00 $ 6.00 $ 7.00
Purchase Price $ 7,279 $ 8,599 $ 9,919 $ 11,239 $ 12,559
P / 2010E EPS $ 1.76 5.2 x 5.7 x 6.1 x 6.6 x 7.0 x
2.37 3.9 4.2 4.5 4.9 5.2
2.63 3.5 3.8 4.1 4.4 4.7
P / TBVPS
8.88 1.0 1.1 1.2 1.3 1.4
2.15 4.3 4.6 5.0 5.4 5.7
58.7 % 53.5 % 49.0 % 44.9 % 41.4 %
1.6 2.4 3.3 4.1 4.9
2009 EPS
22.2 % 20.1 % 18.1 % 16.1 % 14.2 %
2010 EPS 26.5 24.3 22.2 20.2 18.2
Return
DRAFT

48
($ in millions)
2008E 2009E 2010E 2011E 2012E 2013E
WM Earnings
Cash Net Income 4,100 4,525 4,356 4,397 3,961
(+) Cost Synergies $ 333 $ 499 $ 549 $ 604 $ 665
Total Adjustments $ 411 $ 566 $ 616 $ 671 $ 731
WM Capital
Beginning Tier 1 $ 30,514 $ 19,162 $ 18,844 $ 18,831
(+) Net Income 4,512 5,091 4,972 5,068
(+) Amortization 386 377 369 364
(Excess) / Infusion (5,568) (5,453) (5,353) (4,539)
Ending Tier 1 $ 30,514 $ 19,162 $ 18,844 $ 18,831 $ 19,724
Tier 1 Ratio 12.95 % 8.50 % 8.50 % 8.50 % 8.50 %
Cash Flows
Excess / (Infusion) $ 5,568 $ 5,453 $ 5,353 $ 4,539
Cash flow to Barclays $ (18,295) $ 5,568 $ 5,453 $ 5,353 $ 42,074

1
Return
DRAFT

49
Santander Acquires Washington Mutual
($ in millions)
2008 2009 2010
Santander Beginning Tangible Common Equity $ 63,744 $ 75,740 $ 76,824
(+) Amortization 486 1,087 967
(+) Net Income 6,769 19,337 21,187
(-) Dividends (3,385) (7,735) (8,475)
Santander Ending Tangible Common Equity $ 75,740 $ 76,824 $ 78,470
Standalone Santander Beginning Tangible Assets $ 1,360,682 $ 1,391,470 $ 1,438,432
(+) Asset Growth 30,788 46,962 48,547
Standalone Santander Ending Tangible Assets $ 1,391,470 $ 1,438,432 $ 1,486,979
(+) Asset Growth (15,102) (12,441) (4,578)
Pro Forma Santander Ending Tangible Assets $ 1,678,491 $ 1,713,012 $ 1,756,981
Pro Forma TE / TA 4.99 % 4.95 % 4.92 %
Pro Forma TCE / TA 4.51 4.48 4.47

2008 2009 2010 2011
Santander Net Income $ 13,875 $ 15,042 $ 16,923 $ 18,214
(+) Post-Tax Provision Benefit 0 2,746 1,006 1,331
(-) Lost Investment Income on Share Repurchases 0 (440) (897) (1,367)
(+) Net Synergies 0 316 474 521
Santander Beginning Diluted Shares Outstanding 6,254 7,220 6,822 6,464
Santander Standalone EPS $ 2.21 $ 2.41 $ 2.71 $ 2.91
Pro Forma EPS 2.21 2.83 3.28 3.57

1
Return
DRAFT

50
($ in millions)
Price Per Share $ 3.00 $ 4.00 $ 5.00 $ 6.00 $ 7.00
Purchase Price $ 7,279 $ 8,599 $ 9,919 $ 11,239 $ 12,559
P / 2010E EPS $ 1.76 4.8 x 5.3 x 5.7 x 6.2 x 6.6 x
2.54 3.4 3.7 4.0 4.3 4.6
2.71 3.1 3.4 3.7 4.0 4.3
P / TBVPS
8.88 1.0 1.0 1.1 1.2 1.3
2.15 4.0 4.3 4.7 5.0 5.4
69.4 % 62.9 % 57.3 % 52.4 % 48.1 %
0.9 1.7 2.5 3.3 4.2
2009 EPS
20.2 % 19.0 % 17.9 % 16.7 % 15.6 %
2010 EPS 23.6 22.3 21.1 20.0 18.8
Return
DRAFT

51
($ in millions)
2008E 2009E 2010E 2011E 2012E 2013E
WM Earnings
(+) Post-Tax Provision Benefit 2,746 1,006 1,331 626 0
Cash Net Income 4,384 4,666 4,513 4,496 3,997
(+) Cost Synergies $ 316 $ 474 $ 521 $ 573 $ 631
WM Capital
Beginning Tier 1 $ 29,348 $ 17,417 $ 17,126 $ 17,115
(+) Net Income 4,735 5,162 5,056 5,092
(+) Amortization 1,087 967 880 820
(Excess) / Infusion (6,225) (6,104) (5,948) (5,097)
Ending Tier 1 $ 29,348 $ 17,417 $ 17,126 $ 17,115 $ 17,929
Tier 1 Ratio 12.49 % 7.75 % 7.75 % 7.75 % 7.75 %
Cash Flows
Excess / (Infusion) $ 6,225 $ 6,104 $ 5,948 $ 5,097
Cash flow to Santander $ (17,112) $ 6,225 $ 6,104 $ 5,948 $ 42,297

1
Return
DRAFT

52
BBVA Acquires Washington Mutual
($ in millions)
2008 2009 2010
BBVA Beginning Tangible Common Equity $ 26,130 $ 38,797 $ 39,651
(+) Net Income 4,789 14,466 16,073
(-) Dividends (2,254) (5,787) (6,429)
BBVA Ending Tangible Common Equity $ 38,797 $ 39,651 $ 41,085
Standalone BBVA Beginning Tangible Assets $ 747,507 $ 773,138 $ 812,568
(+) Asset Growth 25,631 39,430 41,441
Standalone BBVA Ending Tangible Assets $ 773,138 $ 812,568 $ 854,009
(+) Asset Growth (14,441) (12,441) (4,578)
Pro Forma BBVA Ending Tangible Assets $ 1,060,821 $ 1,087,810 $ 1,124,673
Pro Forma TE / TA 4.35 % 4.32 % 4.30 %
Pro Forma TCE / TA 3.66 3.65 3.65

2008 2009 2010 2011
BBVA Net Income $ 9,190 $ 10,028 $ 11,324 $ 12,287
(+) Net Synergies 0 471 707 778
BBVA Beginning Diluted Shares Outstanding 3,748 4,822 4,577 4,356
BBVA Standalone EPS $ 2.47 $ 2.68 $ 3.02 $ 3.28
Pro Forma EPS 2.47 3.16 3.69 4.01

1
Return
DRAFT

53
($ in millions)
Price Per Share $ 3.00 $ 4.00 $ 5.00 $ 6.00 $ 7.00
Purchase Price $ 7,279 $ 8,599 $ 9,919 $ 11,239 $ 12,559
P / 2010E EPS $ 1.76 5.4 x 5.8 x 6.2 x 6.7 x 7.1 x
2.41 3.9 4.2 4.6 4.9 5.2
2.65 3.6 3.9 4.1 4.4 4.7
P / TBVPS
8.88 1.1 1.2 1.2 1.3 1.4
2.15 4.4 4.7 5.1 5.5 5.8
66.3 % 60.4 % 55.3 % 50.9 % 46.9 %
1.9 2.7 3.5 4.3 5.1
2009 EPS
21.8 % 19.9 % 18.1 % 16.4 % 14.7 %
2010 EPS 25.9 24.0 22.1 20.3 18.6
Return
DRAFT

54
($ in millions)
2008E 2009E 2010E 2011E 2012E 2013E
WM Earnings
Cash Net Income 4,166 4,558 4,393 4,420 3,969
(+) Cost Synergies $ 471 $ 707 $ 778 $ 856 $ 941
WM Capital
Beginning Tier 1 $ 30,753 $ 17,346 $ 17,057 $ 17,046
(+) Net Income 4,723 5,333 5,238 5,344
(+) Amortization 407 394 384 378
(Excess) / Infusion (7,514) (5,543) (5,634) (4,912)
Ending Tier 1 $ 30,753 $ 17,346 $ 17,057 $ 17,046 $ 17,855
Tier 1 Ratio 13.06 % 7.70 % 7.70 % 7.70 % 7.70 %
Cash Flows
Excess / (Infusion) $ 7,514 $ 5,543 $ 5,634 $ 4,912
Cash flow to BBVA $ (18,672) $ 7,514 $ 5,543 $ 5,634 $ 44,739

1
Return
DRAFT

55
SMBC Acquires Washington Mutual
($ in millions)
2008 2009 2010
SMBC Beginning Tangible Common Equity $ 24,970 $ 36,338 $ 38,789
(+) Net Income 2,575 8,635 9,487
(-) Dividends (502) (3,454) (3,795)
SMBC Ending Tangible Common Equity $ 36,338 $ 38,789 $ 41,909
Standalone SMBC Beginning Tangible Assets $ 1,045,934 $ 1,098,884 $ 1,181,300
(+) Asset Growth 52,950 82,416 88,598
Standalone SMBC Ending Tangible Assets $ 1,098,884 $ 1,181,300 $ 1,269,898
(+) Asset Growth (13,808) (12,441) (4,578)
Pro Forma SMBC Ending Tangible Assets $ 1,387,199 $ 1,457,174 $ 1,541,194
Pro Forma TE / TA 3.15 % 3.16 % 3.19 %
Pro Forma TCE / TA 2.62 2.66 2.72

2008 2009 2010 2011
SMBC Net Income $ 4,394 $ 4,457 $ 4,774 $ 5,394
(+) Net Synergies 0 279 419 461
SMBC Beginning Diluted Shares Outstanding 7,890 10,620 10,290 10,013
SMBC Standalone EPS $ 0.56 $ 0.56 $ 0.61 $ 0.68
Pro Forma EPS 0.56 0.84 0.95 1.01

1
Return
DRAFT

56
($ in millions)
Price Per Share $ 3.00 $ 4.00 $ 5.00 $ 6.00 $ 7.00
Purchase Price $ 7,279 $ 8,599 $ 9,919 $ 11,239 $ 12,559
P / 2010E EPS $ 1.76 4.9 x 5.3 x 5.7 x 6.2 x 6.6 x
2.29 3.7 4.1 4.4 4.8 5.1
2.59 3.3 3.6 3.9 4.2 4.5
P / TBVPS
8.88 1.0 1.1 1.1 1.2 1.3
2.15 4.0 4.3 4.7 5.1 5.4
75.1 % 67.4 % 61.0 % 55.4 % 50.6 %
0.9 1.8 2.6 3.4 4.2
2009 EPS
54.4 % 51.4 % 48.6 % 45.8 % 43.1 %
2010 EPS 62.7 59.6 56.6 53.7 50.9
Return
DRAFT

57
($ in millions)
2008E 2009E 2010E 2011E 2012E 2013E
WM Earnings
Cash Net Income 3,958 4,454 4,278 4,348 3,943
(+) Cost Synergies $ 279 $ 419 $ 461 $ 507 $ 558
WM Capital
Beginning Tier 1 $ 29,443 $ 15,196 $ 14,944 $ 14,934
(+) Net Income 4,273 4,900 4,765 4,881
(+) Amortization 323 323 323 323
(Excess) / Infusion (8,647) (5,196) (5,098) (4,497)
Ending Tier 1 $ 29,443 $ 15,196 $ 14,944 $ 14,934 $ 15,641
Tier 1 Ratio 12.48 % 6.73 % 6.73 % 6.73 % 6.73 %
Cash Flows
Excess / (Infusion) $ 8,647 $ 5,196 $ 5,098 $ 4,497
Cash flow to SMBC $ (17,171) $ 8,647 $ 5,196 $ 5,098 $ 40,711

1
Return
DRAFT

58
Appendix B: Selected Merger Analysis: Moodys Stress
Loss Scenario
Return
DRAFT

59
Assumes $18.6bn Mark at Close (Moodys Stress Loss)
($ in millions)
Purchase Price
Goodwill Created:
(+) DTL Created 854
Goodwill $ 6,572

Purchase Price
Goodwill Created:
(+) DTL Created 854
Goodwill $ 6,597

Return
DRAFT

60
($ in millions)
2008 2009 2010
(+) Amortization 616 1,290 1,139
(+) Net Income 4,594 15,909 21,252
(-) Dividends (2,541) (6,364) (8,501)
(+) Asset Growth 43,420 66,353 68,842
(+) Asset Growth (15,917) (12,441) (4,578)
Pro Forma TE / TA 4.86 % 4.86 % 4.87 %
Pro Forma TCE / TA 4.21 4.23 4.26

2008 2009 2010 2011
(+) Net Synergies 0 1,044 1,565 1,722
Pro Forma EPS 2.56 4.30 6.00 6.52

1
Return
DRAFT

61
Analysis at Various Prices, Assuming $18.6bn Mark at Close (Moodys Stress Case)
($ in millions)
Price Per Share $ 3.00 $ 4.00 $ 5.00 $ 6.00 $ 7.00
Purchase Price $ 7,279 $ 8,599 $ 9,919 $ 11,239 $ 12,559
P / 2010E EPS $ 1.76 5.0 x 5.5 x 5.9 x 6.3 x 6.8 x
2.18 4.1 4.4 4.8 5.1 5.5
2.53 3.5 3.8 4.1 4.4 4.7
P / TBVPS
8.88 1.0 1.1 1.2 1.3 1.3
0.57 15.5 16.8 18.2 19.6 20.9
64.7 % 59.6 % 55.2 % 51.3 % 47.8 %
1.2 2.0 2.9 3.7 4.5
2009 EPS
31.2 % 30.1 % 29.1 % 28.0 % 27.0 %
2010 EPS 29.7 28.7 27.6 26.6 25.6
Return
DRAFT

62
($ in millions)
2008 2009 2010
(+) Net Income 3,361 12,680 15,678
(-) Dividends (1,947) (5,072) (6,271)
(+) Asset Growth 20,901 32,177 33,866
(+) Asset Growth (15,917) (12,441) (4,578)
Pro Forma TE / TA 5.84 % 5.88 % 5.93 %
Pro Forma TCE / TA 4.95 5.01 5.08

2008 2009 2010 2011
(+) Net Synergies 0 1,182 1,773 1,950
Pro Forma EPS 2.15 3.21 4.13 4.45

1
Return
DRAFT

63
($ in millions)
Price Per Share $ 3.00 $ 4.00 $ 5.00 $ 6.00 $ 7.00
Purchase Price $ 7,139 $ 8,459 $ 9,779 $ 11,099 $ 12,419
P / 2010E EPS $ 1.76 7.1 x 7.6 x 8.0 x 8.4 x 8.9 x
2.18 5.8 6.1 6.5 6.8 7.2
2.53 4.9 5.3 5.6 5.9 6.2
P / TBVPS
8.88 1.4 1.5 1.6 1.7 1.8
0.57 22.0 23.3 24.7 26.0 27.4
61.2 % 57.0 % 53.2 % 49.8 % 46.7 %
5.1 5.9 6.7 7.5 8.3
2009 EPS
39.4 % 38.0 % 36.5 % 35.1 % 33.8 %
2010 EPS 40.7 39.2 37.8 36.4 35.0

Return
DRAFT

64
Appendix C: BAC / CFC Mark Case Study
Return
DRAFT

65
Overview of Countrywide Mark to Market
WM vs. CFC Asset Quality Comparison
($ in billions)
BofA announced a total mark to market on their Countrywide assets of $14.3bn, or 15.6% of the $91bn HTM loan portfolio
BofA officials said marks range across asset classes from single digits to mid-20s
Underlying assumptions on these marks is peak-to-trough nationwide HPD of 25-30%, with ~38-40% in FL and CA resulting in 17.3%
cumulative loss on Countrywide Financial loans
Comparing loan portfolios suggests WMs performance is dramatically better than CFCs, although higher proportion of subprime loans
increases loss content
WM 2Q08 Asset Quality Statistics CFC 2Q08 Asset Quality Statistics
Balance NCO Rate NPA / Loans Balance NCO Rate NPA / Loans
Loans Secured by Real Estate
Prime First $ 52.1 1.2 % 3.0 % $ 29.6 1.5 % 6.3 %
Prime Pay Option ARM 52.9 3.9 6.2 26.4 3.9 12.7
Home Loans $ 105.0 2.6 % 4.5 % $ 56.0 2.6 % 9.3 %
Home Equity Loans & Lines of Credit 60.4 4.7 2.5 33.4 5.7 2.7
Subprime Mortgage Channel 16.1 13.4 18.7 2.4 15.0 26.7
Home Construction 1.9 0.4 4.2
Multi-family 33.1 0.0 0.5
Other Real Estate 10.5 0.0 0.8
Other
Consumer 0.0
Credit Card 10.6 6.5
Other 0.2 4.4
Commercial 1.9 9.2 3.0
Total $ 239.6 3.6 % 4.7 % $ 91.8 4.1 % 7.4 %

Return
DRAFT

66
Overview of CFC Mark
BAC-CFC Purchase Accounting Case Study
($ in billions)
Preliminary Countrywide Balance Sheet ($ in billions)
Preliminary Countrywide Purchase Accounting Estimates
($ in billions, except per share amounts)

June 30,
2008
March 31,
2008
Loans:
Held for sale $11.8 $15.7
Held for investment 99.3 98.6
Total Loans 111.1 114.3

Allowance for loan losses (5.1) (3.4)
Securities purchased under agreement to resell,
securities borrowed and fed funds sold 6.6 7.8
Investments in other financial instruments 18.8 20.9
MSR, at estimated fair value 18.4 17.2
Other assets 22.3 42.2
Total Assets $172.1 $199.0

Deposits $62.8 $63.3
Securities sold under agreement to repurchase 3.5 17.9
Notes payable 82.3 87.7
Other liabilities 13.1 16.9
Total liabilities 161.7 185.8
Shareholders' equity 10.4 13.2
Total Liabilities and Shareholders' Equity $172.1 $199.0

Purchase Price
Countrywide common stock exchanged (in millions) 583
Exchange ratio 0.1822
Corporation's common stock exchanged (in millions) 106
Purchase price per share of the corporation's common stock
1
$38.73
Total Purchase Price $4.1

Preliminary Allocation of the Purchase Price
Countrywide stockholder's equity
2
8.4
Pretax adjustments to reflect assets acquired and liabilities
assumed at fair value
3

Loans
4
(8.1)
Mortgage servicing rights (1.7)
Deferred costs and currency adjustments on loans and debt 1.6
All other (4.6)
Pretax total adjustments (12.8)
Deferred income taxes 4.5
After tax total adjustments (8.3)
Fair value of net assets acquired 0.1
Preliminary Goodwill Resulting from the Countrywide Merger $4.0

1
The value of the shares of common stock exchanged with Countrywide shareholders was based upon the average of the closing prices of the corporation's common stock for the period commencing two
trading days before, and ending two trading days after January 11, 2008, the date of the Countrywide merger agreement.
2
The value of the remaining Countrywide shareholder's equity after the cancellation of the Series B convertible preferred shares owned by the corporation prior to the merger.
3
Adjustments shown in the preliminary purchase price allocation are based on values within current estimated ranges.
4
Loan portfolio credit adjustment of $14.3 billion less the allowance for loan and lease losses of $5.1 billion less $1.1 billion of loss exposure for non-impaired loans that will flow through consolidated
earnings over time, if incurred.
Return
DRAFT

67
Mark-to-Market Valuation
Comparison to CFC Mark
($ in billions)
Countrywide
Mark-to-Market
Balance NPL (%) (%) ($)
Prime First $ 29.6 6.3 % 7.0 % $ 2.1
Prime Pay Option 26.4 12.7 15.0 4.0
HELOC 14.5 3.5 23.0 3.3
Fixed Rate Second 18.9 2.1 23.0 4.3
Subprime 2.4 26.2 25.0 0.6
Total $ 91.8 15.6 % $ 14.3
Washington Mutual
Mark-to-Market
Prime First $ 52.1 3.0 % 5.0 % $ 2.6
HELOC / Fixed-Rate Second 61.4 7.0 20.0 12.3
Subprime 16.1 18.0 25.0 4.0
Total $ 182.5 13.3 % $ 24.2
Total Mark-To-Market $ 24.2
(-) 12/31 Reserve (9.7)
(-) Estimated 2H 2008 NCOs (5.7)
Estimated Pre-Tax Mark at 12/31 $ 8.8

1
Bank of America indicated a range from single digits to mid twenties for the mark on the Prime First and Subprime. Mark for Prime Pay Option, HELOC and Fixed Rate Second are GS estimates.
2
GS estimates.
Return
WAMUNYCS\Aug 14\WM 8.14.08 Discussion_4.doc vyaank 13 Aug 2008 18:42 1/10
DRAFT

1
Discussion Materials for

Goldman, Sachs & Co.
August 14, 2008

QUP Washington Mutual
Return

1
DRAFT
Discussion Materials

September 23, 2008

Return

2
DRAFT
I. Situation Overview
Return

3
DRAFT
Current Environment

Current market anxiety limits access to capital markets
Strategic investors frozen by market and regulatory developments
Sufficient liquidity to withstand short-term pressure on deposits
Customers repositioning FDIC insurance
Uninsured consumer deposits (>$100k) approximately $10bn
20 million customers; not seeing erosion of customer base
Currently have approximately $20 bn of near-term available liquidity and incremental collateral available to
pledge
Credit costs in-line with expectations
September charge-off trends improving for all products
Delinquencies showing signs of moderating
Aggressive loss mitigation and loan modification programs in place
New CEO committed to reducing company risk profile and balance sheet size
Proposed stand-alone recapitalization plan provides alternative approach without policy intervention
Return

4
DRAFT
Deposit Balance and Mix

Deposit balances are down 7% from year-end
Cost of deposits down 73bps; CD costs down 110bps
Retail deposits as a % of assets grows to 46.6% from 43.8% at 12/31/07
Ending Balance ($ in B)
76.3
86.5
79.6 78.3
69.4
49.4
43.1
41.1
46.1
47.9
17.8
18.6
17.7
18.6
16.5
143.6
148.3
138.4
142.9
133.9
4Q'07 2Q'08 Jul 08 Aug '08 9/19
Consumer Noninterest-Bearing
CD
Interest-Bearing Transaction
Retail Cost of Deposits 2.82% 2.23% 2.00% 2.09
CD Cost of Deposit 4.56 3.94 3.37 3.46
CD as % of Total Deposits 34.4 29.1 29.7 32.3 35.8
Retail Dep as % of Total Assets 43.8 47.9 45.0 46.6

Return

5
DRAFT
Large Deposit Accounts

Current deposit base more stable than before IndyMac
Mix of accounts improves from July 11th shifting to lower balance mix. Overall, 98% of accounts are under
$500K
Accounts over $500K experienced almost 2x the decrease of accounts $100 -500K (75% vs. 45%)
Roughly two-thirds of losses over last several days from uninsured deposits

Balance > $100K ($250K for IRA) (Single-Account Methodology)
$16.3
$12.8 $12.5
$11.8
$8.9
$7.7
$4.5
$4.2
$3.4
$2.0
$24.0
$17.4
$16.6
$15.3
$10.9
07/11/08 08/01/08 08/29/08 09/12/08 09/19/08
$500K +
$100K - $500K
75% Decrease
since 07/11
45% Decrease
since 07/11
Return

6
DRAFT
High Balance Households Bringing Deposits Back

In July only 1% of all large balance HHs ended their WaMu relationship
14% withdrew more than $100K, but kept their relationship
As of 9/11 41% of these customers brought back $10K+ (24% brought $100K+)

High Balance
Households (>$100k) Total HHLDs % of Total
HHLDs ending WaMu
relationship
5,594 1.7%
Withdrawing $100k+ but
retaining relationship
44,760 13.7
All Other 275,189 84.5
TOTAL 325,543 100.0%

Actions between 7/25 and 9/11
Total
HHLDs % of Total
Brought Back $100k+ 8.2k

24%
Brought Back $10k-$100k 5.8

17
Brought Back $10k+ 14.0 41
Other 20.2 59
TOTAL 34.2K 100%

Return

7
DRAFT
Deposit Trends Summer 2008
Consumer IBD + Small Business Daily Balance Net Change

WaMu demonstrated the ability to raise deposits post-IndyMac
$1. 00
$2. 00
$3. 00
$4. 00
$5. 00
$6. 00
7/ 11 7/ 14 7/ 17 7/ 20 7/ 23 7/ 26 7/ 29 8/ 1 8/ 4 8/ 7 8/ 10 8/ 13 8/ 16 8/ 19 8/ 22 8/ 25 8/ 28 8/ 31 9/ 3 9/ 6 9/ 9 9/ 12 9/ 15 9/ 18
(1,455)
(1,764)
(1,340)
(852)
(407)
(738)
(180)
(625)
595
(100)
333
29
467
103
182 161
1,311
91
219 234
28
(158)
(616)
(472)
(1,843)
(2,367)
(2,022)
(2,757)
(1,349)
($3, 000)
($2, 500)
($2, 000)
($1, 500)
($1, 000)
($500)
-
$500
$1, 000
$1, 500
$2, 000
7/ 14 7/ 17 7/ 20 7/ 23 7/ 26 7/ 29 8/ 1 8/ 4 8/ 7 8/ 10 8/ 13 8/ 16 8/ 19 8/ 22 8/ 25 8/ 28 8/ 31 9/ 3 9/ 6 9/ 9 9/ 12 9/ 15 9/ 18
WaMu Shar e Pri ce
7/ 15 Deposits decline $1.8B on day 2 post
I ndyMac, worst one-day decline in 3Q08
8/ 22 First day of
first 5% CD
promotion
8/ 22 First day of
first 5% CD
promotion
8/ 29 Last day of first 5%
CD promotion, largest
one-day increase of
$1.3B
8/ 29 Last day of first 5%
CD promotion, largest
one-day increase of
$1.3B
9/ 5 First day of second
5% CD promotion
9/ 5 First day of second
5% CD promotion
7/ 11 I ndyMac
seized by the
Fed
7/ 14 Deposits decline $1.5B on day 1
post I ndyMac;
WaMu shares fall 35% to $3.23
7/ 14 Deposits decline $1.5B on day 1
post I ndyMac;
9/ 9 Lehman negat ive news
pressures financial market;
9/ 9 Lehman negat ive news
pressures financial market;
9/ 10 WaMu shares declines
30% to $2.32
9/ 10 WaMu shares declines
30% to $2.32
9/ 15 Lehman files for
bankruptcy; WaMu shares
declines 27% to $2.00
9/ 15 Lehman files for
bankruptcy; WaMu shares
declines 27% to $2.00
9/ 17 WaMu
rumored
for sale

Return

8
DRAFT
Early Delinquency Performance

Total Residential Mortgage 30 89 Day Delinquencies Prime Loans 30 89 Day Delinquencies
q y y g q
$0
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
M
a
r-
0
7
A
p
r
-
0
7
M
a
y
-0
7
J
u
n
-
0
7
J
u
l-
0
7
A
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g
-
0
7
S
e
p
-
0
7
O
c
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0
7
N
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v
-
0
7
D
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c
-
0
7
J
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-
0
8
F
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b
-
0
8
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0
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A
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-
0
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-
0
8
J
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-
0
8
J
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0
8
A
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-
0
8
(
i
n

$

M
i
l
l
i
o
n
s
)
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
(
%

o
f

P
o
r
t
f
o
l
i
o
)
$ Early Stage Delinquency (30-89)
Delinquency Rate (30-89)
q y y g q
$0
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
M
a
r-
0
7
A
p
r
-
0
7
M
a
y
-0
7
J
u
n
-
0
7
J
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0
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A
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g
-
0
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S
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p
-
0
7
O
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0
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N
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-
0
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D
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-
0
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J
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-
0
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F
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b
-
0
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M
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0
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A
p
r
-
0
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M
a
y
-
0
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J
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-
0
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J
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0
8
A
u
g
-
0
8
(
i
n

$

M
i
l
l
i
o
n
s
)
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
(
%

o
f

P
o
r
t
f
o
l
i
o
)
$ Early Stage Delinquency (30-89)

$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
F
e
b
-0
7
M
a
r-0
7
A
p
r
-
0
7
M
a
y
-
0
7
J
u
n
-
0
7
J
u
l-
0
7
A
u
g
-
0
7
S
e
p
-
0
7
O
c
t-
0
7
N
o
v
-
0
7
D
e
c
-
0
7
J
a
n
-
0
8
F
e
b
-0
8
M
a
r-0
8
A
p
r-
0
8
M
a
y
-
0
8
J
u
n
-
0
8
J
u
l-
0
8
A
u
g
-
0
8
(
i
n

$

M
i
l
l
i
o
n
s
)
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
(
%

o
f

P
o
r
t
f
o
l
i
o
)
$ Early-Stage Delinquency (30-89)
y q
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
F
e
b
-0
7
M
a
r-0
7
A
p
r
-
0
7
M
a
y
-
0
7
J
u
n
-
0
7
J
u
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0
7
A
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g
-
0
7
S
e
p
-
0
7
O
c
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0
7
N
o
v
-
0
7
D
e
c
-
0
7
J
a
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-
0
8
F
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b
-0
8
M
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r-0
8
A
p
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0
8
M
a
y
-
0
8
J
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-
0
8
J
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0
8
A
u
g
-
0
8
(
i
n

$

M
i
l
l
i
o
n
s
)
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
(
%

o
f

P
o
r
t
f
o
l
i
o
)
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
F
e
b
-0
7
M
a
r-0
7
A
p
r
-
0
7
M
a
y
-
0
7
J
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n
-
0
7
J
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0
7
A
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g
-
0
7
S
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p
-
0
7
O
c
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0
7
N
o
v
-
0
7
D
e
c
-
0
7
J
a
n
-
0
8
F
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b
-0
8
M
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A
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0
8
M
a
y
-
0
8
J
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n
-
0
8
J
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0
8
A
u
g
-
0
8
(
i
n

$

M
i
l
l
i
o
n
s
)
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
(
%

o
f

P
o
r
t
f
o
l
i
o
)
y q

Subprime 30 89 Day Delinquencies Home Equity Loans 30 89 Day Delinquencies
y g q
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
F
e
b
-
0
7
M
a
r-
0
7
A
p
r
-
0
7
M
a
y
-
0
7
J
u
n
-
0
7
J
u
l-
0
7
A
u
g
-
0
7
S
e
p
-
0
7
O
c
t-
0
7
N
o
v
-
0
7
D
e
c
-0
7
J
a
n
-
0
8
F
e
b
-
0
8
M
a
r-
0
8
A
p
r
-
0
8
M
a
y
-
0
8
J
u
n
-
0
8
J
u
l-
0
8
A
u
g
-
0
8
(
i
n

$

M
i
l
l
i
o
n
s
)
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
(
%

o
f

P
o
r
t
f
o
l
i
o
)
y g q
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
F
e
b
-
0
7
M
a
r-
0
7
A
p
r
-
0
7
M
a
y
-
0
7
J
u
n
-
0
7
J
u
l-
0
7
A
u
g
-
0
7
S
e
p
-
0
7
O
c
t-
0
7
N
o
v
-
0
7
D
e
c
-0
7
J
a
n
-
0
8
F
e
b
-
0
8
M
a
r-
0
8
A
p
r
-
0
8
M
a
y
-
0
8
J
u
n
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These statistics are not adjusted for the effects of loan modification programs that result in Troubled Debt Restructuring (TDR) classifications of loans as non-
performing. By skipping some loans forward to that later-stage, non-performing status, such activity can reduce the amounts recorded as early-stage
delinquencies.
Return

9
DRAFT
II. Selected Alternatives
Return

10
DRAFT
Overview of Selected Alternatives

n
Internal Capital /
Liquidity
Generation

Downstream $4bn cash from holding company to bank
Conversion of REIT Preferred to Holding Company Preferred, frees up pledge-able collateral
Restructuring of bank and holdco debt with lower notional and / or preferred instruments
Sale of non-performing loans to reduce risk and enhance liquidity
Additional liquidity sourced through collateral initiatives

o
Strategic Branch
Sale / Partner

Same actions as n plus
Sale of East coast (NY / FL) deposit franchise with selected assets
$500mm to $1bn investment sourced from acquirer with additional equity possible from
other investors
Potential to source liquidity from acquiror to replace lost deposits

p
Government
Lending Facility /
Ownership

Same actions as n plus
Treasury provides $20bn secured loan facility
Treasury receives [79.9%] ownership

q
Use of TARF to
Sell High Risk
Assets

Washington Mutual sells significant portion of high risk assets to new treasury facility
Recent indications suggest pricing will be based on intrinsic value of assets
Resulting pro forma company has adequate capital, significant liquidity and would be very
attractive for potential acquirors
Return

11
DRAFT
1) Internal Capital / Liquidity Generation
Overview

Execute public tender to exchange existing debt / preferred for more subordinated or reduced
notional security
Downstream $4bn cash from WMI to WMB
Exchange WMB REIT Preferred for preferred stock in WMI based on the occurrence of an
exchange event
Sell $[15]bn in NPLs and other residential mortgages loans at price of [40]%
Return

12
DRAFT
Additional Detail

Description Bank Liquidity Impact Bank Capital Impact
Downstream
Cash
Downstream approximately
$4bn of cash from WMI to
WMB
-- Common Equity

+ $4bn
Conversion of REIT
Preferred
REIT Preferred converts to
Holding Company preferred
with occurrence of exchange
event
Collateral $6bn --
Debt / Preferred
Restructuring
Public tender to exchange
existing debt/preferred into
more subordinated or reduced
notional securities
Reduced debt
maturities
$1.5bn
in 2009 maturities
Preferred Stock + $10bn
Asset
Sale
Given capital generation from
previous strategies, sell high
risk loans to reduce overall
portfolio exposure
Cash $5-10bn Depending on price Likely negative
Total Restructured Company has
significantly more capital, an
increased liquidity profile, a
more focused business model,
and a de-risked portfolio
$13-$18bn Up to $14 bn

Return

13
DRAFT
Liability Restructuring
Debt / Preferred for Preferred Equity
($ in millions)
Public exchange offer to holders of debt and preferred
2 weeks to document
4 weeks (20 business days) to execute
Holders offered an exchange for a reduced notional value of preferred stock
Holders also granted common stock representing a significant portion of the company
Shares allocated proportional to discount surrendered by holder
Offer contingent on 80% success rate
Assuming Estimated Allocation
Common
Security Restructure Estimated Notional Discount Tax Net Equity Shares
Current Security Received Price Allocation Restructured Captured Leakage Increase Issued
HoldCo Subdebt Holdco Preferred 25 80 % $1,299 $975 $341 $958 85
HoldCo Senior Holdco Preferred 30 80 3,297 2,308 808 2,489 200
Bank Subdebt Bank Preferred 35 80 4,520 2,938 1,028 3,492 255
Bank Senior Bank Preferred 50 80 6,452 3,226 1,129 5,323 280
WM PFD FDG CAYM Holdco Preferred 20 80 600 480 0 480 42
WM PFD FDG DEL Holdco Preferred 20 80 1,000 800 0 800 69
WM PFD FDG II Holdco Preferred 20 80 400 320 0 320 28
WM PFD FDG III Holdco Preferred 20 80 400 320 0 320 28
WM PFD IV Holdco Preferred 20 80 800 640 0 640 56
WM INC DRD Holdco Preferred 20 80 400 320 0 320 28
WM INC Convertible Pref Holdco Preferred 20 80 2,400 1,920 0 1,920 167
WM INC PIERS Holdco Preferred 20 80 920 736 0 736 64
Total Potential $22,488 $14,982 $3,306 $17,798 1,301

Return

14
DRAFT
Consolidated Impact
Comprehensive Debt / Preferred for Preferred
($ in millions)
Standalone Downstream Capital Restructuring Pro
08/31/08 WMI Cash WMI Preferred WMI Debt REIT Preferred WMB Debt Forma Change
Consolidated WaMu Change
Cash & Investments $ 35,457 $ 35,457
Loans, Net of Reserves 229,757 229,757
Goodwill 7,284 7,284
Other Assets 34,508 34,508
Total Assets $ 307,007 $ 0 $ 0 $ 0 $ 0 $ 0 $ 307,007 $ 0
Deposits $ 174,894 $ 174,894
Other Borrowings 31,911 (5,516) (10,972) 15,423 (16,488)
FHLB Borrowings 68,420 68,420
Minority Interest 3,914 (3,129) 784 (3,129)
Other Liabilities 3,138 1,149 2,157 6,444 3,306
Total Liabilities $ 282,277 $ 0 $ 0 $(4,368) $(3,129) $(8,814) $ 265,966 $(16,311)
Preferred Equity 3,392 (2,240) 1,498 569 4,808 8,027 4,635
Common Equity 21,337 2,240 2,870 2,560 4,007 33,013 11,676
Total Liabilities & Equity $ 307,007 $ 0 $ 0 $ 0 $ 0 $ 0 $ 307,007 $ 0
Holdco (WMI) Change
Cash & Investments $ 5,369 $(4,000) $ 1,369 $(4,000)
Loans, Net of Reserves 58 58
Goodwill 0 0
Other / Investment in Subs 27,470 4,000 3,129 34,599 7,129
Total Assets $ 32,897 $ 0 $ 0 $ 0 $ 3,129 $ 0 $ 36,026 $ 3,129
Other Borrowings $ 7,215 $(5,516) $ 1,699 $(5,516)
Other Liabilities 952 1,149 2,101 1,149
Total Liabilities $ 8,167 $ 0 $ 0 $(4,368) $ 0 $ 0 $ 3,799 $(4,368)
Preferred Equity 3,392 (2,240) 1,498 569 3,219 (173)
Common Equity 21,337 2,240 2,870 2,560 29,007 7,670
Total Liabilities & Equity $ 32,897 $ 0 $ 0 $ 0 $ 3,129 $ 0 $ 36,026 $ 3,129
WMB Consolidated Change
Cash & Investments $ 30,033 $ 4,000 $ 34,033 $ 4,000
Loans, Net of Reserves 229,733 229,733
Goodwill 7,284 7,284
Total Assets $ 304,924 $ 4,000 $ 0 $ 0 $ 0 $ 0 $ 308,924 $ 4,000
Deposits $ 179,838 $ 179,838
Other Borrowings 25,556 (10,972) 14,584 (10,972)
FHLB Borrowings 68,420 68,420
Minority Interest 3,912 (3,129) 782 (3,129)
Other Liabilities 2,332 2,157 4,489 2,157
Total Liabilities $ 280,058 $ 0 $ 0 $ 0 $(3,129) $(8,814) $ 268,114 $(11,944)
Preferred Equity 0 4,808 4,808 4,808
Common Equity 24,867 4,000 3,129 4,007 36,002 11,136
Total Liabilities & Equity $ 304,924 $ 4,000 $ 0 $ 0 $ 0 $ 0 $ 308,924 $ 4,000

Standalone Pro
08/31/08 Forma Change
Consolidated
Tier 1 Leverage 7.3 % 12.1 % 483 bps
Tier 1 Ratio 8.9 15.1 619 bps
WMB
Tier 1 Leverage 7.2 % 11.4 % 412 bps
Tier 1 Ratio 8.6 15.2 664 bps
Return

15
DRAFT
Timeline of Strategic Plan

Immediate
Bank
Liquidity
Bank
Capital
Downstream Cash
from Holding
Company
9
$4 $4
Conversion of REIT
Preferred to HoldCo
Preferred
9
$6
Debt / Preferred
Restructuring
$10 $10
Non-Performing Loan
Sale
$5 $[ ]
Other Asset Sale
[TBD]
$10 $[ ]
30 Days 60 Days

1
Reduction of debt maturities in [x] years
Return

16
DRAFT
Balance Sheet Rollforward

Consolidated Balance Sheet
Standalone
Q3 2008E
Debt
Restructuring
Pro-Forma
Q3 2008E
Assets
Securities / Other Earning Assets $ 26,232 $ 26,232
Total Loans 238,749 238,749
ALLL (10,687) (10,687)
Goodwill and Intangibles 7,561 7,561
Total Assets $ 291,313 $ 291,313
Liabilities
Deposits $ 185,318 $ 185,318
Public Debt 20,610 (16,488) 4,122
Government Lending Facility 0 0
Borrowed Funds 49,065 49,065
Other Liabilities 8,717 3,306 12,023
Minority Interest 3,914 (3,129) 784
Total Liabilities $ 267,623 $(16,311) $ 251,312
Shareholder's Equity
Preferred Stock $ 3,392 $ 4,635 $ 8,027
Common Equity 21,376 11,676 33,052
AOCI (1,079) (1,079)
Total Shareholder's Equity $ 23,689 $ 16,311 $ 40,000
Tangible Common Equity $ 12,736 $ 11,676 $ 24,412
Key Ratios: Impact to Standalone Ratios
TE / TA 7.06 % 465 bps 11.71 %
TCE / TA 4.49 411 8.60
Tier 1 RBC 8.69 565 14.34
TBVPS 7.49 $ 0.66 $ 8.15
Ending Shares Outstanding 1,699 2,994
Excess to Well Capitalized: Tier 1 RBC $ 19,459

Return

17
DRAFT
2) Strategic Transaction with TD

notional security
Sell East Coast branches and deposits (approximately $30bn) to TD
exchange event
Enter into $5bn secured liquidity facility with TD
Sell $[15]bn in NPLs and other residential mortgage loans at price of [40]%
$[1 bn] investment in WMI preferred by TD and potentially other investors
Return

18
DRAFT
Additional Detail

Description Bank Liquidity Impact Bank Capital Impact
Downstream
Cash
Downstream approximately
$4bn of cash from WMI to
WMB
-- Common Equity

+ $4bn
Conversion of REIT
Preferred
REIT Preferred converts top
Holding Company preferred
with occurrence of exchange
event
Collateral $6bn --
Debt / Preferred
Restructuring
Public tender to exchange
existing debt/preferred into
more subordinated or reduced
notional securities
Reduced debt
maturities
$1.5bn
in 2009 maturities
Preferred Stock + $10bn
Asset
Sale
Given capital generation from
previous strategies, sell high
risk loans to reduce overall
portfolio exposure
Cash $5-10bn Depending on price Likely negative
Sell East Coast
Branches
Transfer of approximately
$30bn of deposits and [243]
branches along with selected
assets to buyer
Current discussions with
Toronto Dominion
Assumption of
deposits
Asset transfer
Premium paid
Lost borrowing
capacity
-$30bn

+ 27bn
+ 3bn
- [5]bn
Reduced Footings
Premium Paid
$1.5bn - $2.0bn
$2bn
Strategic
Investors
Investment of $500mm of
bank level preferred stock by
purchaser of East Coast
branches
Cash $500mm - $1bn Preferred Stock $500mm - $1bn
Liquidity
Facility
Buyer of East Coast branches
enters into a $5bn [18] month
secured lending facility
Line of Credit $5bn None None
Total $14-$19bn Up to $19bn

Return

19
DRAFT

Standalone
Q3 2008E
Debt
Restructuring
Branch
Sale
Pro-Forma
Q3 2008E
Assets
Securities / Other Earning Assets $ 26,232 $(7,492) $ 18,740
Total Loans 238,749 (20,300) 218,449
ALLL (10,687) (10,687)
Other Assets 29,458 (1,081) 28,377
Total Assets $ 291,313 $(28,873) $ 262,440
Liabilities
Deposits $ 185,318 $(30,880) $ 154,438
Public Debt 20,610 (16,488) 4,122
Government Lending Facility 0 0
Total Liabilities $ 267,623 $(16,311) $(30,880) $ 220,433
Preferred Stock $ 3,392 $ 4,635 $ 8,027
Common Equity 21,376 11,676 2,007 35,059
AOCI (1,079) (1,079)
Total Shareholder's Equity $ 23,689 $ 16,311 $ 2,007 $ 42,007
Tangible Common Equity $ 12,736 $ 11,676 $ 2,007 $ 26,419
TE / TA 7.06 % 465 bps 159 13.82 %
TCE / TA 4.49 411 130 10.37
Tier 1 RBC 8.69 565 186 16.80
TBVPS 7.49 $ 0.66 $ 1.18 $ 8.82

Return

20
DRAFT
Timeline of Strategic Plan

Immediate
Bank
Liquidity
Bank
Capital
Downstream Cash
from Holding
Company
9
$4 $4
Conversion of REIT
Preferred to HoldCo
Preferred
9
$6
Debt / Preferred
Restructuring
$10 $10
Non-Performing Loan
Sale
$5 $[ ]
Other Asset Sale
[TBD]
$10 $[ ]
Branch
Sale
($5) $4
Investment 9
$1 $1
Liquidity
Facility
9
$5
30 Days 60 Days
Signing Closing

1
Reduction of debt maturities in [x] years
Return

21
DRAFT
3) Treasury Liquidity and Ownership

US Treasury provides $20bn [secured] loan to WMB
Treasury receives warrants for 79.9% pro forma ownership of WMI at nominal price
notional security
exchange event
Sell $[15]bn in NPLs and other residential mortgages at price at 40%
Return

22
DRAFT
3) Treasury Liquidity Ownership

Standalone
Q3 2008E
Debt
Restructuring
Branch
Sale
Government
Lending Facility
Pro-Forma
Q3 2008E
Assets
Securities / Other Earning Assets $ 26,232 $(7,492) $ 18,740
Total Loans 238,749 (20,300) 218,449
ALLL (10,687) (10,687)
Other Assets 29,458 (1,081) 28,377
Total Assets $ 291,313 $(28,873) $ 262,440
Liabilities
Deposits $ 185,318 $(30,880) $ 154,438
Public Debt 20,610 (16,488) 4,122
Government Lending Facility 0 20,000 20,000
Borrowed Funds 49,065 (20,000) 29,065
Total Liabilities $ 267,623 $(16,311) $(30,880) $ 0 $ 220,433
Preferred Stock $ 3,392 $ 4,635 $ 8,027
Common Equity 21,376 11,676 2,007 35,059
AOCI (1,079) (1,079)
Total Shareholder's Equity $ 23,689 $ 16,311 $ 2,007 $ 42,007
Tangible Common Equity $ 12,736 $ 11,676 $ 2,007 $ 0 $ 26,419
TE / TA 7.06 % 465 bps 159 0 13.82 %
TCE / TA 4.49 411 130 0 10.37
Tier 1 RBC 8.69 565 186 0 16.80
TBVPS 7.49 $ 0.66 $ 1.18 $(6.56) $ 1.76

Return

23
DRAFT
4) Balance Sheet Actions and Loan Sale to TARF
Debt Restructuring and Loan Sale

Standalone
Q3 2008E
Debt
Restructuring Loan Sale
Pro-Forma
Q3 2008E
Assets
Securities / Other Earning Assets $ 26,232 $ 26,232
Total Loans 238,749 (60,000) 178,749
ALLL (10,687) 3,600 (7,087)
Other Assets 29,458 3,990 33,448
Total Assets $ 291,313 $(52,410) $ 238,903
Liabilities
Deposits $ 185,318 $ 185,318
Public Debt 20,610 (16,488) 4,122
Government Lending Facility 0 (44,357) (44,357)
Total Liabilities $ 267,623 $(16,311) $(44,357) $ 206,956
Preferred Stock $ 3,392 $ 4,635 $ 8,027
Common Equity 21,376 11,676 (7,410) 25,642
AOCI (1,079) (1,079)
Total Shareholder's Equity $ 23,689 $ 16,311 $(7,410) $ 32,590
Tangible Common Equity $ 12,736 $ 11,676 $(7,410) $ 17,002
TE / TA 7.06 % 465 bps 11.16 %
TCE / TA 4.49 411 7.35
Tier 1 RBC 8.69 565 11.16
TBVPS 7.49 $ 0.66 $ 5.68

Return

24
DRAFT
4) Balance Sheet Actions and Loan Sale to TARF
Pro Forma Loan Portfolio
($ in millions)
Total Less: Pro
08/31/08 Sales Forma
Prime ARM
Performing $ 38,731 $ 0 $ 38,731
30+ Days Past Due 3,498 0 3,498
Total Prime ARM $ 42,229 $ 0 $ 42,229
Home Equity - 1st Lien
Performing $ 15,065 $ 0 $ 15,065
30+ Days Past Due 507 0 507
Total Home Equity - 1st Lien $ 15,572 $ 0 $ 15,572
Home Equity - 2nd Lien
Performing $ 42,183 $(10,178) $ 32,005
30+ Days Past Due 1,822 (1,822) 0
Total Home Equity - 2nd Lien $ 44,005 $(12,000) $ 32,005
Option ARMs
Performing $ 49,366 $(37,883) $ 11,483
30+ Days Past Due 10,117 (10,117) 0
Total Option ARMs $ 59,483 $(48,000) $ 11,483
Multi-Family
Performing $ 33,412 $ 0 $ 33,412
Total Multi-Family $ 33,412 $ 0 $ 33,412
Subprime
Performing $ 10,267 $ 0 $ 10,267
30+ Days Past Due 5,012 0 5,012
Total Subprime $ 15,279 $ 0 $ 15,279
Credit Card / Other Consumer
Performing $ 12,785 $ 0 $ 12,785
30+ Days Past Due 1,549 0 1,549
Total Credit Card / Other Consumer $ 14,333 $ 0 $ 14,333
Other Real Estate / Commercial
Performing $ 14,494 $ 0 $ 14,494
Total Other Real Estate / Commercial $ 14,494 $ 0 $ 14,494
Total
Performing $ 216,302 $(48,061) $ 168,240
30+ Days Past Due 22,505 (11,939) 10,566
Total $ 238,807 $(60,000) $ 178,807

Return

25
DRAFT
Conclusion

Current environment requires extraordinary actions
Stand-alone proposal strengthens capital position and allows company to weather credit cycle
Capital generation allows for aggressive asset reduction
Pro forma company in excess of well-capitalized with 14.4% Tier 1 ratio
Liquidity manageable if provided with loans against eligible collateral and expressions of support
Avoids public policy debate
Stabilizes consumer banks
Limits systemic risk by limiting need for government-led solution
Provides replicable model to other challenged institutions

Return
DRAFT

1

August 11, 2008

Return
DRAFT

2
Table of Contents

I. Process Discussion
II. Mark-to-Market Discussion
III. Merger Analysis
Appendix A: Merger Analysis: Company Stress Loss Scenario
Appendix B: Selected Merger Analysis: Moodys Stress Loss Scenario

Return
DRAFT

3
Return
DRAFT

4
Overview of March / April Process

Initial Contact (March 3-7)
JPMorgan
Wells Fargo
Banco Santander
Barclays
BBVA

Indications of Interest / Initial Management Meetings (March 10-14)
JP Morgan, Wells Fargo
Second Round Management Meetings / Final Bids (March 17 April 1)
JP Morgan Offered $5.00 / share with upside of $3.00 / share via a contingent value security
if the low end of losses in home equity portfolio (8.5% cumulative losses on $60.6bn home
equity portfolio) proved to be correct
Based on current assumptions of losses in home equity portfolio, aforementioned
contingent value security would be worth $0
Wells Fargo declined second round meetings due to concerns over mortgage portfolio and
geographic overlap in higher-risk states (i.e. California)

Return
DRAFT

5
M&A Process
Preliminary Timeline

Week 1 Week 2 Week 3 Week 4 Week 5 Week 6
Finalize Management Presentation
Finalize Data Room
Contact Potential Partners
Confidentiality Agreement
Management Meetings
Preliminary Indications of Interest
Due Diligence
Negotiate Terms
Announce Transaction
Return
DRAFT

6
Potential Strategic Partners / Acquirers of WaMu

Name
Market Cap
($ in bn)
1-Yr Price
Performance
2009
P/E
Current
Price/TBV
TCE/
TA
Tier 1 Ratio
Commentary

CEO: Jamie Dimon
$141.1 (11.7) % 12.3 x 1.8 x 4.5 % 9.1 %
Relatively well-positioned to execute
a large transaction
Unclear how participation in April
sale process will affect posture

CEO: Alfredo Senz Abad
113.9 (13.9) 7.6 2.6 3.5 7.7
Well-positioned to execute a large
transaction
Considering U.S. strategic options

CEO: John Stumpf
99.8 (13.8) 12.8 3.0 5.1 8.2
Maybe reluctant to substantially
increase mortgage and MSR
exposure
Declined to proceed during the April
sale process due to loan portfolio
concerns
Has demonstrated interest in multi-
family assets and California
branches/deposits

CEO: Francisco Gonzlez Rodrguez
67.1 (34.6) 6.7 2.6 4.7 7.9
Continued interest in growing U.S.
franchise
WM footprint highly complementary
to BBVAs targeted Sun Belt markets

CEO: John Varley
57.2 (47.2) 6.7 1.2 1.5 9.1
Focused on improving financial
performance and investor credibility;
however, actively considering U.S.
opportunities

CEO: Richard Davis
54.8 (1.5) 12.8 5.1 4.9 8.5
Unlikely to pursue transformative
deal given conservative credit culture
Strong financial stability
Might have an interest in certain
assets

CEO: Yoshifumi Nishikawa
50.3 (29.8) 11.3 1.7 2.4 6.7
Proactively considering U.S.
opportunities; however, unlikely to
move quickly

CEO: W. Edmund Clark
47.8 (11.0) 10.0 4.4 2.4 9.1
Recently completed acquisition of
Commerce may limit near-term
appetite
Return
DRAFT

7
Transaction Considerations

Consideration Comment

Mark-to-Market

Mark on portfolio at closing will be the primary driver for sizing the capital
requirement of the acquiring institutions
Likely to be calculated based on a discounted cash flow methodology (expected
prepayments, interest, losses, etc) as level 3 assets
BAC / CFC provides one recent data point on accountant-approved methodology

Form of Consideration

Contingent value security may be a form of consideration for potential acquirors
Likely to be linked to performance of some subset of higher risk residential real
estate portfolio (or all of it)
JPMorgan linked to low-end of loss range on home equity portfolio to obtain
full value of CVS

Capturing Discount in
Debt / Preferred

WaMus debt and preferred outstandings are currently trading at a significant
discount to par
Aggregate discount of approximately $10.0 billion on $24.0 billion liability /
preferred base
Capturing this discount in some fashion prior to executing a strategic transaction
would potentially improve the ability to pay of a potential partner due to decreased
goodwill creation / capital needed
Transaction contingent on exchange / tender of debt / preferred may also be
structured
Return
DRAFT

8
Return
DRAFT

9
Cumulative Loss Roll-Forward
Company High Stress Case vs. Moodys Stress Case
($ in millions)
Company High Stress (April 2008)
As of Q1 As of Q2 Estimated as of Q4
Mar
Balance
Cum
Loss (%)
Expected
Cum Loss 2Q NCOs
Jun
Balance
Expected
Cum Loss
Remaining
Cum Loss 3Q NCOs 4Q NCOs
Losses
Left
Remaining
Cum Loss
SFR: Option ARM $ 55,846 9.9% $ 5,552 $ 466 $ 52,886 $ 5,086 9.1% $ 560 $ 672 $ 3,854 6.9%
SFR: Other 52,574 2.6% 1,378 221 52,141 1,157 2.2% 265 318 575 1.1%
Home Equity: 1st Lien 16,739 3.3% 557 50 16,922 507 3.0% 60 72 376 2.2%
Home Equity: 2nd Lien 44,495 16.6% 7,383 659 43,464 6,724 15.1% 791 949 4,983 11.2%
Subprime 17,344 22.5% 3,906 569 16,052 3,337 19.2% 683 819 1,835 10.6%
Subtotal Residential $ 186,998 10.0% $ 18,776 $ 1,965 $ 181,465 $ 16,811 9.0% $ 2,358 $ 2,830 $ 11,623 6.2%
Card Services 8,989 10.0% 899 153 10,589 746 8.3% 184 220 342 3.8%
Commercial & Retail Smal 46,827 2.0% 937 53 47,573 884 1.9% 64 76 744 1.6%
Total $ 242,814 $ 20,611 $ 2,171 $ 239,627 $ 18,440 $ 2,605 $ 3,126 $ 12,709

Moodys Stress (July 2008)
Mar
Balance
Cum
Loss (%)
Expected
Cum Loss 2Q NCOs
Jun
Balance
Expected
Cum Loss
Remaining
Losses
Left
Remaining
Cum Loss
SFR: Option ARM $ 55,846 17.7% $ 9,885 $ 466 $ 52,886 $ 9,418 16.9% $ 560 $ 672 $ 8,187 14.7%
SFR: Other 52,574 2.9% 1,525 221 52,141 1,304 2.5% 265 318 722 1.4%
Subprime 17,344 26.2% 4,545 569 16,052 3,976 22.9% 683 819 2,474 14.3%
Card Services 8,989 20.0% 1,798 153 10,589 1,645 18.3% 184 220 1,241 13.8%
Total $ 242,814 $ 26,444 $ 2,171 $ 239,627 $ 24,273 $ 2,605 $ 3,126 $ 18,542

Return
DRAFT

10
Illustrative Purchase Accounting Mark-to-Market
Overview of Discounted Cash Flow Methodology on Residential Mortgage Assets
($ in billions)
Overview
Expected Cumulative Mark to Market Sensitivity
12/31/08 Loss at 12/31/08 2Q08 Discount to Discount Rate Company Stress Case
Balance Moody's Company CPR Coupon Rate 0.00 % 0.50 % 1.00 % 1.50 % 2.00 %
SFR: Option ARM $ 51.8 $ 8.2 $ 3.9 10.0 % 6.6 % 8.1 % 0 2 5 7 9
SFR: Other 49.4 0.7 0.6 10.0 6.4 7.9 0 3 5 8 10
Home Equity: 1st Lien 15.7 0.4 0.3 10.0 5.9 7.4 0 3 5 8 10
Home Equity: 2nd Lien 40.6 4.8 5.0 10.0 5.9 7.4 0 2 5 7 9
Subprime 15.0 2.5 1.8 10.0 8.0 9.5 0 2 4 6 8
Total $ 172.5 $ 16.6 $ 11.6

Illustrative Impact at Close
Moody's Stress Case Company Stress Case
Credit Impact Discount Rate Illustrative Mark Credit Impact Discount Rate Illustrative Mark
on Mark Impact on Mark to Market on Mark Impact on Mark to Market
%-Pts Amount %-Pts Amount %-Pts Amount %-Pts Amount %-Pts Amount %-Pts Amount
SFR: Option ARM 13 $ 6.6 6 $ 3.2 19 $ 9.8 5 $ 2.8 7 $ 3.6 12 $ 6.4
SFR: Other 0 0.1 8 3.8 8 3.9 0 0.0 8 3.8 8 3.8
Home Equity: 1st Lien 2 0.2 8 1.2 9 1.5 1 0.2 8 1.2 9 1.4
Home Equity: 2nd Lien 10 4.0 7 2.8 17 6.8 10 4.3 7 2.8 17 7.0
Subprime 13 2.0 6 0.9 19 2.9 9 1.4 6 0.9 15 2.3
Total 7 $ 12.9 7 $ 11.9 14 $ 24.8 5 $ 8.6 7 $ 12.4 12 $ 20.9

(1) Assumes base case discount rate of coupon + 150 bps
Return
DRAFT

11
Other Assets & Liabilities
Estimated Mark-to-Market
($ in millions)
Other Assets Other Liabilities
Jun Balance % Loss
Mark-to-
Market
Other Assets:
Cash and cash equivalents $ 7,235 0% $ 0
Fed Funds Sold 2,750 0% 0
Trading Assets 2,308 10% 231
Mortgage-backed Securities 18,241 5% 912
Investment securities 6,134 10% 613
Investment in FHLB 3,498 0% 0
Mortgage Servicing Rights 6,175 10% 618
Accounts receivable 3,456 0% 0
Investment in bank-owned life insurance 5,523 5% 276
Premises and equipment 2,914 0% 0
Accrued interest receivable 1,930 0% 0
Derivatives 3,035 0% 0
Identifiable intangible assets 378 0% 0
Foreclosed Assets 1,462 20% 292
Other 4,360 0% 0
Other Assets 23,058 2% 569
Total Assets (Excluding Loans) $ 69,399 4% $ 2,942

Jun Balance % Loss
Mark-to-
Market
Liabilities:
Non-interest-bearing retail checking $ 25,435 0% $ 0
Interest-bearing retail checking 21,715 0% 0
Retail Savings and money market 58,016 0% 0
Retail Time Deposits 43,086 0.75% 323
Commercial business / other deposits 8,892 0% 0
Brokered Deposits 19,348 0.75% 145
Escrow 5,431 0% 0
Total Deposits $ 181,923 0% $ 468
Federal Funds / CP / Repos 289 0% 0
FHLB Advances 58,363 0% 0
Other Borrowings 30,590 0% 0
Other Liabilities 8,566 0% 0
Minority Interests 3,914 0% 0
Total Liabilities $ 283,645 0% $ 468

1
Assumes other assets allocated in constant ratio as Q1 2008.
Return
DRAFT

12
Estimated ALLL Roll-Forward
2008
($ in millions)
1,429
3,511
5,913
3,908
3,126
(747)
(1,368)
(2,171)
(2,605)
(3,126)
1,889
2,571
4,714
8,456
9,759 9,759
(4,000)
(2,000)
0
2,000
4,000
6,000
8,000
10,000
12,000
3Q07 4Q07 1Q08 2Q08 3Q08E 4Q08E
Provision
NCOs
Ending ALLL
Quarterly NCO Growth 77.4% 83.1% 58.7% 20.0% 20.0%
Provisions / NCOs 1.9x 2.6x 2.7x 1.5x 1.0x

Return
DRAFT

13
Summary of Estimated Mark-to-Market

($ in millions)
12/31 Expected
Balance
Company Stress
Mark (%)
Moody's Stress
Mark (%)
Company Stress
Mark ($)
Moody's Stress
Mark ($)
Loan Portfolio
SFR: Option ARM $ 51,822 12 % 19 % $ 6,408 $ 9,783
SFR: Other 49,363 8 8 3,782 3,908
Home Equity: 1st Lien 15,749 9 9 1,399 1,466
Home Equity: 2nd Lien 40,552 17 17 7,040 6,815
Subprime 14,975 15 19 2,317 2,864
Credit Card 10,589 0 0 0 0
Multifamily / CRE / Other 47,573 2 2 714 951
Total Loan Portfolio Mark (12/31) $ 230,623 9.4 % 11.2 % $ 21,659 $ 25,788
Other Assets Writedown (12/31) 2,942 2,942
Liabilities Mark (468) (468)
Expected ALLL (12/31) (9,759) (9,759)
Total Pre-Tax Writedown (12/31) $ 14,374 $ 18,503

Return
DRAFT

14

Return
DRAFT

15
Merger Assumptions

Financial Assumptions
Financial data as of June 30, 2008. Market data as of August 8, 2008
Acquirer IBES standalone financial assumptions
$5.00 purchase price
Transaction Assumptions
100% stock financed
Company High Stress Case: $14.4 billion total pre-tax mark in excess of allowance at closing
Moodys Stress Case: $18.5 billion total pre-tax mark at closing in excess of allowance at closing
Pro Forma Capital ratios
Wells Fargo, USB, BBVA, SMBC maintain current Tier 1 RBC ratio
JPMorgan, Barclays and TD allowed 60 bps of Tier 1 capital flexibility
Santander allowed ~15 bps of Tier 1 capital flexibility
Acquirer issues shares at 10% discount to recapitalize entity
Identifiable intangibles created: 1.5% of core deposits (CDI), 3.0% of managed credit card receivables (PCCR)
Restructuring charge of 1.5x run-rate synergies, over three years
Synergies detailed below (phased in 50% in 2009, 75% in 2010 and 100% thereafter)

WM 2008E
Expenses
Mortgage Banking $ 1,759 60.0 % 60.0 % 20.0 % 40.0 % 10.0 % 10.0 % 10.0 % 10.0 %
Commercial 219 30.0 30.0 20.0 30.0 10.0 10.0 10.0 10.0
Card Services 1,149 30.0 20.0 15.0 20.0 20.0 10.0 10.0 10.0
Corporate 1,524 50.0 60.0 30.0 50.0 20.0 20.0 20.0 20.0
Retail Banking Detail:
Cost Save on Entire Franchise 20.0 % 20.0 % 10.0 % 20.0 % 5.0 % 5.0 % 15.0 % 5.0 %
Branch Overlap 13.9 39.9 8.4 24.0 0.0 0.0 5.8 0.0
Cost Save on Overlap 40.0 40.0 40.0 40.0 40.0 40.0 40.0 40.0
Total Retail Banking $ 3,849 25.5 % 36.0 % 13.4 % 29.6 % 5.0 % 5.0 % 17.3 % 5.0 %
Total Expense Synergies $ 8,500 $ 3,211 $ 3,650 $ 1,539 $ 2,900 $ 925 $ 810 $ 1,285 $ 810
As % of NIE 37.8 % 42.9 % 18.1 % 34.1 % 10.9 % 9.5 % 15.1 % 9.5 %

Return
DRAFT

16
Selected Transaction Metrics Company Stress Case ($14.4 bn pre-tax mark)
($ in millions)
0 0 0 0 0 0 0 0
Market Data: 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
Market Cap $ 141,104 $ 99,640 $ 47,523 $ 54,772 $ 57,253 $ 113,851 $ 67,099 $ 50,318
2009E P/E 12.3 x 12.8 x 9.9 x 12.8 x 6.7 x 7.6 x 6.7 x 11.3 x
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
Tier 1 (6/30/08) 9.11 % 8.24 % 9.10 % 8.50 % 9.13 % 7.88 % 7.70 % 6.73 %
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
IRR 63.1 % 59.8 % 51.8 % 56.0 % 49.0 % 57.3 % 55.3 % 61.0 %
0 0 0 0 0 0 0 0
2009E Acc. / Dil. 30.6 % 38.6 % 38.5 % 56.3 % 18.1 % 17.9 % 18.1 % 48.6 %
2010E Acc. / Dil. 29.3 40.1 57.0 62.2 22.2 21.1 22.1 56.6

Return
DRAFT

17
($ in millions)
0 0 0 0 0 0 0 0
Market Data: 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
Market Cap $ 141,104 $ 99,640 $ 47,523 $ 54,772 $ 57,253 $ 113,851 $ 67,099 $ 50,318
2009E P/E 12.3 x 12.8 x 9.9 x 12.8 x 6.7 x 7.6 x 6.7 x 11.3 x
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
Tier 1 (6/30/08) 9.11 % 8.24 % 9.10 % 8.50 % 9.13 % 7.88 % 7.70 % 6.73 %
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
IRR 55.2 % 53.2 % 45.5 % 49.8 % 42.2 % 48.4 % 47.5 % 51.7 %
0 0 0 0 0 0 0 0
2009E Acc. / Dil. 29.1 % 36.5 % 34.4 % 52.5 % 14.6 % 15.7 % 14.9 % 44.2 %
2010E Acc. / Dil. 27.6 37.8 52.4 57.9 18.5 18.9 18.7 51.8

Return
DRAFT

18
1

($ in millions)
7.50% 7.75% 8.00% 8.25% 8.50%
$ 10,000 $ 0 $ 0 $ 0 $ 0 $ 2,573
14,374 0 0 0 1,851 5,218
20,000 0 0 1,901 5,261 8,621
25,000 0 1,585 4,938 8,292 11,645
30,000 1,283 4,629 7,976 11,322 14,669
1
2
/
3
1
/
0
8

M
T
M

L
o
s
s

7.50% 7.75% 8.00% 8.25% 8.50%
$ 10,000 $ 3,160 $ 5,130 $ 7,101 $ 9,071 $ 11,041
14,374 5,829 7,793 9,757 11,722 13,686
20,000 9,261 11,218 13,175 15,132 17,088
25,000 12,312 14,262 16,212 18,162 20,112
30,000 15,362 17,306 19,249 21,193 23,136
1
2
/
3
1
/
0
8

M
T
M

L
o
s
s

US Bancorp TD
7.50% 7.75% 8.00% 8.25% 8.50%
$ 10,000 $ 4,603 $ 5,755 $ 6,908 $ 8,061 $ 9,214
14,374 7,271 8,418 9,565 10,712 11,860
20,000 10,704 11,843 12,983 14,122 15,262
25,000 13,754 14,887 16,020 17,153 18,286
30,000 16,805 17,931 19,057 20,184 21,310
1
2
/
3
1
/
0
8

M
T
M

L
o
s
s

7.50% 7.75% 8.00% 8.25% 8.50%
$ 10,000 $ 2,250 $ 3,277 $ 4,303 $ 5,330 $ 6,357
14,374 4,795 5,816 6,838 7,859 8,880
20,000 8,069 9,083 10,097 11,112 12,126
25,000 10,979 11,987 12,995 14,002 15,010
30,000 13,889 14,890 15,892 16,893 17,894
1
2
/
3
1
/
0
8

M
T
M

L
o
s
s

1
Return
DRAFT

19
1

($ in millions)
Barclays Santander
7.50% 7.75% 8.00% 8.25% 8.50%
$ 10,000 $ 0 $ 0 $ 770 $ 3,108 $ 5,446
14,374 0 1,381 3,713 6,044 8,376
20,000 2,852 5,175 7,498 9,822 12,145
25,000 6,231 8,547 10,863 13,179 15,495
30,000 9,610 11,918 14,227 16,535 18,844
1
2
/
3
1
/
0
8

M
T
M

L
o
s
s

7.50% 7.75% 8.00% 8.25% 8.50%
$ 10,000 $ 1,613 $ 3,997 $ 6,382 $ 8,766 $ 11,151
14,374 4,815 7,193 9,570 11,948 14,325
20,000 8,934 11,302 13,671 16,040 18,408
25,000 12,594 14,955 17,316 19,676 22,037
30,000 16,255 18,608 20,960 23,313 25,666
1
2
/
3
1
/
0
8

M
T
M

L
o
s
s

BBVA SMBC
7.50% 7.75% 8.00% 8.25% 8.50%
$ 10,000 $ 4,434 $ 6,072 $ 7,711 $ 9,349 $ 10,987
14,374 7,447 9,079 10,711 12,343 13,974
20,000 11,323 12,947 14,570 16,193 17,816
25,000 14,768 16,384 18,000 19,615 21,231
30,000 18,213 19,821 21,429 23,038 24,646
1
2
/
3
1
/
0
8

M
T
M

L
o
s
s

6.50% 6.75% 7.00% 7.25% 7.50%
$ 10,000 $ 11,020 $ 13,169 $ 15,319 $ 17,469 $ 19,618
14,374 13,853 15,996 18,139 20,283 22,426
20,000 17,496 19,632 21,767 23,903 26,038
25,000 20,734 22,863 24,991 27,120 29,248
30,000 23,973 26,094 28,215 30,337 32,458
1
2
/
3
1
/
0
8

M
T
M

L
o
s
s

1
Return
DRAFT

20
Return
DRAFT

21
Structural Overview

paid off
Core
Business
High Risk
Assets
Core
Business
High Risk
Assets
(marked)
Core
Business
High Loss
Core
Business
Low Loss

Return
DRAFT

22

Accounting
derivative
earnings or OCI
1


1
Return
DRAFT

23
Summary Term Sheet

Issuer The Acquiror
Principal Balance)
Return
DRAFT

24
Summary Term Sheet

the Acquiror
Issuance

Return
DRAFT

25


2009 2010 2011
Value of CVS 4,000 4,000 4,000
Gain / (Loss) on CVS (276.1) (276.1) (276.1)
Value of CVS 4,276 4,552 4,828

Return
DRAFT

26

Return
DRAFT

27

Security Size
~Trading
Price
Repurchase
Price % Exchanged
Notional
Debt Retired
Equity
Issued
Discount
Net Increase
in Equity
Capital
ADP I (Cayman) $ 750 33.5 % 43.5 % 50.0 % $ 375 $ 163 $ 212 $ 0 $ 375
ADP I (Delaware) 1,250 28.0 38.0 50.0 625 238 388 0 625
ADP II 500 31.0 41.0 50.0 250 103 148 0 250
ADP III 500 30.0 40.0 50.0 250 100 150 0 250
ADP IV 1,000 47.0 57.0 50.0 500 285 215 0 500
PIERS 1,150 40.0 50.0 50.0 575 288 288 101 474
Total $ 8,650 40.0 % 50.0 % 50.0 % $ 4,325 $ 2,164 $ 2,161 $ 101 $ 4,224
Holdco Senior
5.25% '17 $ 750 70.0 % 80.0 % 45.0 % $ 338 $ 270 $ 68 $ 24 $ 314
4.20% '10 600 75.0 85.0 30.0 180 153 27 9 171
L+14 '09 500 75.0 85.0 30.0 150 128 23 8 142
L+40 '12 500 75.0 85.0 35.0 175 149 26 9 166
L+30 '12 450 75.0 85.0 35.0 158 134 24 8 149
5.5% '11 400 75.0 85.0 35.0 140 119 21 7 133
5.0% '12 400 70.0 80.0 35.0 140 112 28 10 130
L+30 '10 250 80.0 90.0 30.0 75 68 8 3 72
4.0% '09 1,000 85.0 95.0 30.0 300 285 15 5 295
L+9 '09 1,000 85.0 95.0 30.0 300 285 15 5 295
Total $ 5,850 77.6 % 87.6 % 33.4 % $ 1,955 $ 1,702 $ 253 $ 89 $ 1,866
Bank Senior
L+15 '10 $ 750 75.0 % 85.0 % 30.0 % $ 225 $ 191 $ 34 $ 12 $ 213
5.55% '10 250 80.0 90.0 30.0 75 68 8 3 72
L+10 '08 1,000 95.0 105.0 30.0 300 315 (15) (5) 305
4.5% '08 250 95.0 105.0 30.0 75 79 (4) (1) 76
L+20 '11 1,000 80.0 90.0 35.0 350 315 35 12 338
6.75% '36 300 75.0 85.0 50.0 150 128 23 8 142
L+42 '13 600 70.0 80.0 35.0 210 168 42 15 195
5.95% '13 350 70.0 80.0 35.0 123 98 25 9 114
Total $ 4,500 80.9 % 90.9 % 33.5 % $ 1,508 $ 1,361 $ 147 $ 51 $ 1,456
Holdco Sub
4.625% '14 $ 750 45.0 % 55.0 % 40.0 % $ 300 $ 165 $ 135 $ 47 $ 253
7.25% '17 500 45.0 55.0 40.0 200 110 90 32 169
8.25% '10 500 45.0 55.0 30.0 150 83 68 24 126
Total $ 1,750 45.0 % 55.0 % 37.1 % $ 650 $ 358 $ 293 $ 102 $ 548
Bank Sub
5.65% '14 $ 1,000 45.0 % 55.0 % 35.0 % $ 350 $ 193 $ 158 $ 55 $ 295
5.50% '13 750 45.0 55.0 35.0 263 144 118 41 221
6.875% '11 1 45.0 55.0 30.0 0 0 0 0 0
5.125% '15 1,000 45.0 55.0 35.0 350 193 158 55 295
L+65 '15 500 45.0 55.0 35.0 175 96 79 28 147
Total $ 3,251 45.0 % 55.0 % 35.0 % $ 1,138 $ 626 $ 512 $ 179 $ 959
Aggregate $ 24,001 57.9 % 67.9 % 39.9 % $ 9,575 $ 6,210 $ 3,365 $ 522 $ 9,053

Return
DRAFT

28

6/30/08
6/30/08
6/30/08
TCE $ 15,096 $ 4,829 $ 19,925 TCE $ 15,096 $ 4,224 $ 19,320 TCE $ 15,096 $ 9,053 $ 24,149
TA 302,133 302,133 TA 302,133 302,133 TA 302,133 302,133
TCE $ 15,096 $ 4,829 $ 19,925 TCE $ 15,096 $ 4,224 $ 19,320 TCE $ 15,096 $ 9,053 $ 24,149
AOCI 1,079 1,079 AOCI 1,079 1,079 AOCI 1,079 1,079
TE 23,481 28,310 TE 23,481 23,380 TE 23,481 28,209
TA $ 302,133 $ 302,133 TA $ 302,133 $ 302,133 TA $ 302,133 $ 302,133
TE / TA 7.77 % 9.37 % TE / TA 7.77 % 7.74 % TE / TA 7.77 % 9.34 %
Tier 1 $ 24,561 $ 4,829 $ 29,390 Tier 1 $ 24,561 $(101) $ 24,460 Tier 1 $ 24,561 $ 4,728 $ 29,289
RWA 247,273 247,273 RWA 247,273 247,273 RWA 247,273 247,273
Tier 1 $ 24,561 $ 4,829 $ 29,390 Tier 1 $ 24,561 $(101) $ 24,460 Tier 1 $ 24,561 $ 4,728 $ 29,289
Return
DRAFT

29
Strawman



To WM

institution
considerations
options
To Investors
Limited downside


Return
DRAFT

30
Capital Stacks
12/31/2008E
($ in millions)
64%
78%
79%
15%
6%
6%
4%
9%
6%
6%
7%
2%
18%
0%
20%
40%
60%
80%
100%
120%
WM JPM WFC
$ 101,043
$ 44,672 $ 22,285
WM JPM WFC

Return
DRAFT

31
12/31/2008E
($ in millions)
74%
72%
8%
5%
3%
6%
9%
6%
6% 5%
4%
0%
20%
40%
60%
80%
100%
120%
JPM / WM WFC / WM
$ 117,184 $ 63,594
JPM / WM WFC / WM

Return
DRAFT

32
Scenario
Return
DRAFT

33

Purchase Price
Goodwill Created:
(+) DTL Created 854
Goodwill $ 3,888

Purchase Price
Goodwill Created:
(+) DTL Created 854
Goodwill $ 3,913

Return
DRAFT

34
($ in millions)
2008 2009 2010
(+) Amortization 616 1,290 1,139
(+) Net Income 4,594 15,821 21,165
(-) Dividends (2,541) (6,328) (8,466)
(+) Asset Growth 43,420 66,353 68,842
(+) Asset Growth (13,233) (12,441) (4,578)
Pro Forma TE / TA 4.86 % 4.86 % 4.87 %
Pro Forma TCE / TA 4.21 4.23 4.26

2008 2009 2010 2011
(+) Net Synergies 0 1,044 1,565 1,722
Pro Forma EPS 2.56 4.35 6.08 6.61

1
Return
DRAFT

35
($ in millions)
Price Per Share $ 3.00 $ 4.00 $ 5.00 $ 6.00 $ 7.00
Purchase Price $ 7,279 $ 8,599 $ 9,919 $ 11,239 $ 12,559
P / 2010E EPS $ 1.76 4.2 x 4.6 x 5.1 x 5.5 x 5.9 x
2.18 3.4 3.7 4.1 4.4 4.8
2.53 2.9 3.2 3.5 3.8 4.1
P / TBVPS
8.88 0.8 0.9 1.0 1.1 1.2
2.15 3.4 3.8 4.1 4.5 4.9
75.3 % 68.7 % 63.1 % 58.2 % 53.9 %
(0.3) 0.5 1.3 2.1 2.9
2009 EPS
32.8 % 31.7 % 30.6 % 29.5 % 28.5 %
2010 EPS 31.5 30.4 29.3 28.2 27.2
Return
DRAFT

36
($ in millions)
2008E 2009E 2010E 2011E 2012E 2013E
WM Earnings
Cash Net Income 3,769 4,361 4,173 4,282 3,919
(+) Cost Synergies $ 1,044 $ 1,565 $ 1,722 $ 1,894 $ 2,083
WM Capital
Beginning Tier 1 $ 26,646 $ 19,232 $ 18,914 $ 18,901
(+) Net Income 4,723 5,802 5,772 6,053
(+) Amortization 1,290 1,139 1,028 952
(Excess) / Infusion (3,041) (6,217) (6,812) (6,112)
Ending Tier 1 $ 26,646 $ 19,232 $ 18,914 $ 18,901 $ 19,794
Tier 1 Ratio 11.27 % 8.50 % 8.50 % 8.50 % 8.50 %
Cash Flows
Excess / (Infusion) $ 3,041 $ 6,217 $ 6,812 $ 6,112

1
Return
DRAFT

37
($ in millions)
2008 2009 2010
(+) Net Income 3,361 12,592 15,591
(-) Dividends (1,947) (5,037) (6,237)
(+) Asset Growth 20,901 32,177 33,866
(+) Asset Growth (13,233) (12,441) (4,578)
Pro Forma TE / TA 5.84 % 5.88 % 5.93 %
Pro Forma TCE / TA 4.95 5.01 5.09

2008 2009 2010 2011
(+) Net Synergies 0 1,182 1,773 1,950
Pro Forma EPS 2.15 3.26 4.20 4.53

1
Return
DRAFT

38
($ in millions)
Price Per Share $ 3.00 $ 4.00 $ 5.00 $ 6.00 $ 7.00
Purchase Price $ 7,139 $ 8,459 $ 9,779 $ 11,099 $ 12,419
P / 2010E EPS $ 1.76 6.3 x 6.7 x 7.2 x 7.6 x 8.0 x
2.18 5.1 5.4 5.8 6.1 6.5
2.53 4.4 4.7 5.0 5.3 5.6
P / TBVPS
8.88 1.2 1.3 1.4 1.5 1.6
2.15 5.1 5.5 5.9 6.2 6.6
69.7 % 64.4 % 59.8 % 55.7 % 52.0 %
3.6 4.4 5.2 6.0 6.8
2009 EPS
41.6 % 40.1 % 38.6 % 37.2 % 35.7 %
2010 EPS 43.1 41.6 40.1 38.6 37.1
Return
DRAFT

39
($ in millions)
2008E 2009E 2010E 2011E 2012E 2013E
WM Earnings
Cash Net Income 3,769 4,361 4,173 4,282 3,919
(+) Cost Synergies $ 1,182 $ 1,773 $ 1,950 $ 2,145 $ 2,360
WM Capital
Beginning Tier 1 $ 32,932 $ 18,644 $ 18,335 $ 18,323
(+) Net Income 5,086 6,230 6,220 6,523
(+) Amortization 547 521 448 417
(Excess) / Infusion (9,396) (5,877) (6,680) (6,074)
Ending Tier 1 $ 32,932 $ 18,644 $ 18,335 $ 18,323 $ 19,189
Tier 1 Ratio 13.93 % 8.24 % 8.24 % 8.24 % 8.24 %
Cash Flows
Excess / (Infusion) $ 9,396 $ 5,877 $ 6,680 $ 6,074

1
Return
DRAFT

40
($ in millions)
2008 2009 2010
(+) Net Income 2,204 8,756 9,621
(-) Dividends (891) (3,502) (3,848)
(+) Asset Growth 11,451 17,500 18,156
(+) Asset Growth (12,802) (12,441) (4,578)
Pro Forma TE / TA 4.42 % 4.35 % 4.31 %
Pro Forma TCE / TA 3.14 3.07 3.05

2008 2009 2010 2011
TD Net Income $ 4,093 $ 4,778 $ 4,895 $ 5,350
(+) Net Synergies 0 477 716 787
Pro Forma EPS 5.33 8.22 9.54 10.26

1
Return
DRAFT

41
($ in millions)
Price Per Share $ 3.00 $ 4.00 $ 5.00 $ 6.00 $ 7.00
Purchase Price $ 7,279 $ 8,599 $ 9,919 $ 11,239 $ 12,559
P / 2010E EPS $ 1.76 5.4 x 5.8 x 6.3 x 6.7 x 7.2 x
2.09 4.5 4.9 5.3 5.7 6.0
2.49 3.8 4.1 4.4 4.8 5.1
P / TBVPS
8.88 1.1 1.2 1.2 1.3 1.4
2.15 4.4 4.8 5.1 5.5 5.9
62.0 % 56.5 % 51.8 % 47.6 % 43.9 %
1.9 2.8 3.6 4.4 5.2
2009 EPS
44.1 % 41.2 % 38.5 % 35.9 % 33.3 %
2010 EPS 63.3 60.1 57.0 54.0 51.2
Return
DRAFT

42
($ in millions)
2008E 2009E 2010E 2011E 2012E 2013E
WM Earnings
Cash Net Income 3,627 4,290 4,095 4,233 3,901
(+) Cost Synergies $ 477 $ 716 $ 787 $ 866 $ 953
WM Capital
Beginning Tier 1 $ 30,874 $ 19,262 $ 18,944 $ 18,931
(+) Net Income 4,180 5,067 4,944 5,160
(+) Amortization 446 427 413 403
(Excess) / Infusion (6,850) (5,335) (5,369) (4,670)
Ending Tier 1 $ 30,874 $ 19,262 $ 18,944 $ 18,931 $ 19,824
Tier 1 Ratio 13.04 % 8.50 % 8.50 % 8.50 % 8.50 %
Cash Flows
Excess / (Infusion) $ 6,850 $ 5,335 $ 5,369 $ 4,670
Cash flow to TD $ (18,799) $ 6,850 $ 5,335 $ 5,369 $ 43,986

1
Return
DRAFT

43
($ in millions)
2008 2009 2010
(+) Net Income 1,937 8,833 10,421
(-) Dividends (1,494) (3,533) (4,168)
(+) Asset Growth 3,505 5,317 5,436
(+) Asset Growth (13,233) (12,441) (4,578)
Pro Forma TE / TA 6.39 % 6.39 % 6.40 %
Pro Forma TCE / TA 4.71 4.69 4.71

2008 2009 2010 2011
(+) Net Synergies 0 943 1,414 1,555
Pro Forma EPS 2.27 3.83 4.77 5.06

1
Return
DRAFT

44
($ in millions)
Price Per Share $ 3.00 $ 4.00 $ 5.00 $ 6.00 $ 7.00
Purchase Price $ 7,279 $ 8,599 $ 9,919 $ 11,239 $ 12,559
P / 2010E EPS $ 1.76 6.4 x 6.8 x 7.3 x 7.7 x 8.2 x
2.18 5.2 5.5 5.9 6.2 6.6
2.53 4.4 4.8 5.1 5.4 5.7
P / TBVPS
8.88 1.3 1.4 1.4 1.5 1.6
2.15 5.2 5.6 6.0 6.3 6.7
65.4 % 60.4 % 56.0 % 52.1 % 48.6 %
3.8 4.6 5.4 6.2 7.0
2009 EPS
61.8 % 59.0 % 56.3 % 53.7 % 51.2 %
2010 EPS 67.8 64.9 62.2 59.5 56.9
Return
DRAFT

45
($ in millions)
2008E 2009E 2010E 2011E 2012E 2013E
WM Earnings
Cash Net Income 3,769 4,361 4,173 4,282 3,919
(+) Cost Synergies $ 943 $ 1,414 $ 1,555 $ 1,711 $ 1,882
WM Capital
Beginning Tier 1 $ 33,388 $ 19,232 $ 18,914 $ 18,901
(+) Net Income 4,869 5,901 5,855 6,119
(+) Amortization 610 547 495 451
(Excess) / Infusion (9,349) (5,824) (6,363) (5,677)
Ending Tier 1 $ 33,388 $ 19,232 $ 18,914 $ 18,901 $ 19,794
Tier 1 Ratio 14.12 % 8.50 % 8.50 % 8.50 % 8.50 %
Cash Flows
Excess / (Infusion) $ 9,349 $ 5,824 $ 6,363 $ 5,677

1
Return
DRAFT

46
($ in millions)
2008 2009 2010
(+) Net Income 3,593 12,888 14,185
(-) Dividends (2,656) (5,155) (5,674)
(+) Asset Growth 78,702 120,715 126,147
(+) Asset Growth (14,239) (12,441) (4,578)
Pro Forma TE / TA 1.82 % 1.81 % 1.82 %
Pro Forma TCE / TA 1.57 1.58 1.59

2008 2009 2010 2011
(+) Net Synergies 0 333 499 549
Pro Forma EPS 0.96 1.25 1.43 1.54

1
Return
DRAFT

47
($ in millions)
Price Per Share $ 3.00 $ 4.00 $ 5.00 $ 6.00 $ 7.00
Purchase Price $ 7,279 $ 8,599 $ 9,919 $ 11,239 $ 12,559
P / 2010E EPS $ 1.76 5.2 x 5.7 x 6.1 x 6.6 x 7.0 x
2.37 3.9 4.2 4.5 4.9 5.2
2.63 3.5 3.8 4.1 4.4 4.7
P / TBVPS
8.88 1.0 1.1 1.2 1.3 1.4
2.15 4.3 4.6 5.0 5.4 5.7
58.7 % 53.5 % 49.0 % 44.9 % 41.4 %
1.6 2.4 3.3 4.1 4.9
2009 EPS
22.2 % 20.1 % 18.1 % 16.1 % 14.2 %
2010 EPS 26.5 24.3 22.2 20.2 18.2
Return
DRAFT

48
($ in millions)
2008E 2009E 2010E 2011E 2012E 2013E
WM Earnings
Cash Net Income 4,100 4,525 4,356 4,397 3,961
(+) Cost Synergies $ 333 $ 499 $ 549 $ 604 $ 665
WM Capital
Beginning Tier 1 $ 30,514 $ 19,162 $ 18,844 $ 18,831
(+) Net Income 4,512 5,091 4,972 5,068
(+) Amortization 386 377 369 364
(Excess) / Infusion (5,568) (5,453) (5,353) (4,539)
Ending Tier 1 $ 30,514 $ 19,162 $ 18,844 $ 18,831 $ 19,724
Tier 1 Ratio 12.95 % 8.50 % 8.50 % 8.50 % 8.50 %
Cash Flows
Excess / (Infusion) $ 5,568 $ 5,453 $ 5,353 $ 4,539

1
Return
DRAFT

49
($ in millions)
2008 2009 2010
(+) Net Income 6,769 19,337 21,187
(-) Dividends (3,385) (7,735) (8,475)
(+) Asset Growth 30,788 46,962 48,547
(+) Asset Growth (15,102) (12,441) (4,578)
Pro Forma TE / TA 4.99 % 4.95 % 4.92 %
Pro Forma TCE / TA 4.51 4.48 4.47

2008 2009 2010 2011
(+) Net Synergies 0 316 474 521
Pro Forma EPS 2.21 2.83 3.28 3.57

1
Return
DRAFT

50
($ in millions)
Price Per Share $ 3.00 $ 4.00 $ 5.00 $ 6.00 $ 7.00
Purchase Price $ 7,279 $ 8,599 $ 9,919 $ 11,239 $ 12,559
P / 2010E EPS $ 1.76 4.8 x 5.3 x 5.7 x 6.2 x 6.6 x
2.54 3.4 3.7 4.0 4.3 4.6
2.71 3.1 3.4 3.7 4.0 4.3
P / TBVPS
8.88 1.0 1.0 1.1 1.2 1.3
2.15 4.0 4.3 4.7 5.0 5.4
69.4 % 62.9 % 57.3 % 52.4 % 48.1 %
0.9 1.7 2.5 3.3 4.2
2009 EPS
20.2 % 19.0 % 17.9 % 16.7 % 15.6 %
2010 EPS 23.6 22.3 21.1 20.0 18.8
Return
DRAFT

51
($ in millions)
2008E 2009E 2010E 2011E 2012E 2013E
WM Earnings
Cash Net Income 4,384 4,666 4,513 4,496 3,997
(+) Cost Synergies $ 316 $ 474 $ 521 $ 573 $ 631
WM Capital
Beginning Tier 1 $ 29,348 $ 17,417 $ 17,126 $ 17,115
(+) Net Income 4,735 5,162 5,056 5,092
(+) Amortization 1,087 967 880 820
(Excess) / Infusion (6,225) (6,104) (5,948) (5,097)
Ending Tier 1 $ 29,348 $ 17,417 $ 17,126 $ 17,115 $ 17,929
Tier 1 Ratio 12.49 % 7.75 % 7.75 % 7.75 % 7.75 %
Cash Flows
Excess / (Infusion) $ 6,225 $ 6,104 $ 5,948 $ 5,097

1
Return
DRAFT

52
($ in millions)
2008 2009 2010
(+) Net Income 4,789 14,466 16,073
(-) Dividends (2,254) (5,787) (6,429)
(+) Asset Growth 25,631 39,430 41,441
(+) Asset Growth (14,441) (12,441) (4,578)
Pro Forma TE / TA 4.35 % 4.32 % 4.30 %
Pro Forma TCE / TA 3.66 3.65 3.65

2008 2009 2010 2011
BBVA Net Income $ 9,190 $ 10,028 $ 11,324 $ 12,287
(+) Net Synergies 0 471 707 778
Pro Forma EPS 2.47 3.16 3.69 4.01

1
Return
DRAFT

53
($ in millions)
Price Per Share $ 3.00 $ 4.00 $ 5.00 $ 6.00 $ 7.00
Purchase Price $ 7,279 $ 8,599 $ 9,919 $ 11,239 $ 12,559
P / 2010E EPS $ 1.76 5.4 x 5.8 x 6.2 x 6.7 x 7.1 x
2.41 3.9 4.2 4.6 4.9 5.2
2.65 3.6 3.9 4.1 4.4 4.7
P / TBVPS
8.88 1.1 1.2 1.2 1.3 1.4
2.15 4.4 4.7 5.1 5.5 5.8
66.3 % 60.4 % 55.3 % 50.9 % 46.9 %
1.9 2.7 3.5 4.3 5.1
2009 EPS
21.8 % 19.9 % 18.1 % 16.4 % 14.7 %
2010 EPS 25.9 24.0 22.1 20.3 18.6
Return
DRAFT

54
($ in millions)
2008E 2009E 2010E 2011E 2012E 2013E
WM Earnings
Cash Net Income 4,166 4,558 4,393 4,420 3,969
(+) Cost Synergies $ 471 $ 707 $ 778 $ 856 $ 941
WM Capital
Beginning Tier 1 $ 30,753 $ 17,346 $ 17,057 $ 17,046
(+) Net Income 4,723 5,333 5,238 5,344
(+) Amortization 407 394 384 378
(Excess) / Infusion (7,514) (5,543) (5,634) (4,912)
Ending Tier 1 $ 30,753 $ 17,346 $ 17,057 $ 17,046 $ 17,855
Tier 1 Ratio 13.06 % 7.70 % 7.70 % 7.70 % 7.70 %
Cash Flows
Excess / (Infusion) $ 7,514 $ 5,543 $ 5,634 $ 4,912
Cash flow to BBVA $ (18,672) $ 7,514 $ 5,543 $ 5,634 $ 44,739

1
Return
DRAFT

55
($ in millions)
2008 2009 2010
(+) Net Income 2,575 8,635 9,487
(-) Dividends (502) (3,454) (3,795)
(+) Asset Growth 52,950 82,416 88,598
(+) Asset Growth (13,808) (12,441) (4,578)
Pro Forma TE / TA 3.15 % 3.16 % 3.19 %
Pro Forma TCE / TA 2.62 2.66 2.72

2008 2009 2010 2011
SMBC Net Income $ 4,394 $ 4,457 $ 4,774 $ 5,394
(+) Net Synergies 0 279 419 461
Pro Forma EPS 0.56 0.84 0.95 1.01

1
Return
DRAFT

56
($ in millions)
Price Per Share $ 3.00 $ 4.00 $ 5.00 $ 6.00 $ 7.00
Purchase Price $ 7,279 $ 8,599 $ 9,919 $ 11,239 $ 12,559
P / 2010E EPS $ 1.76 4.9 x 5.3 x 5.7 x 6.2 x 6.6 x
2.29 3.7 4.1 4.4 4.8 5.1
2.59 3.3 3.6 3.9 4.2 4.5
P / TBVPS
8.88 1.0 1.1 1.1 1.2 1.3
2.15 4.0 4.3 4.7 5.1 5.4
75.1 % 67.4 % 61.0 % 55.4 % 50.6 %
0.9 1.8 2.6 3.4 4.2
2009 EPS
54.4 % 51.4 % 48.6 % 45.8 % 43.1 %
2010 EPS 62.7 59.6 56.6 53.7 50.9
Return
DRAFT

57
($ in millions)
2008E 2009E 2010E 2011E 2012E 2013E
WM Earnings
Cash Net Income 3,958 4,454 4,278 4,348 3,943
(+) Cost Synergies $ 279 $ 419 $ 461 $ 507 $ 558
WM Capital
Beginning Tier 1 $ 29,443 $ 15,196 $ 14,944 $ 14,934
(+) Net Income 4,273 4,900 4,765 4,881
(+) Amortization 323 323 323 323
(Excess) / Infusion (8,647) (5,196) (5,098) (4,497)
Ending Tier 1 $ 29,443 $ 15,196 $ 14,944 $ 14,934 $ 15,641
Tier 1 Ratio 12.48 % 6.73 % 6.73 % 6.73 % 6.73 %
Cash Flows
Excess / (Infusion) $ 8,647 $ 5,196 $ 5,098 $ 4,497
Cash flow to SMBC $ (17,171) $ 8,647 $ 5,196 $ 5,098 $ 40,711

1
Return
DRAFT

58
Loss Scenario
Return
DRAFT

59
($ in millions)
Purchase Price
Goodwill Created:
(+) DTL Created 854
Goodwill $ 6,572

Purchase Price
Goodwill Created:
(+) DTL Created 854
Goodwill $ 6,597

Return
DRAFT

60
($ in millions)
2008 2009 2010
(+) Amortization 616 1,290 1,139
(+) Net Income 4,594 15,909 21,252
(-) Dividends (2,541) (6,364) (8,501)
(+) Asset Growth 43,420 66,353 68,842
(+) Asset Growth (15,917) (12,441) (4,578)
Pro Forma TE / TA 4.86 % 4.86 % 4.87 %
Pro Forma TCE / TA 4.21 4.23 4.26

2008 2009 2010 2011
(+) Net Synergies 0 1,044 1,565 1,722
Pro Forma EPS 2.56 4.30 6.00 6.52

1
Return
DRAFT

61
($ in millions)
Price Per Share $ 3.00 $ 4.00 $ 5.00 $ 6.00 $ 7.00
Purchase Price $ 7,279 $ 8,599 $ 9,919 $ 11,239 $ 12,559
P / 2010E EPS $ 1.76 5.0 x 5.5 x 5.9 x 6.3 x 6.8 x
2.18 4.1 4.4 4.8 5.1 5.5
2.53 3.5 3.8 4.1 4.4 4.7
P / TBVPS
8.88 1.0 1.1 1.2 1.3 1.3
0.57 15.5 16.8 18.2 19.6 20.9
64.7 % 59.6 % 55.2 % 51.3 % 47.8 %
1.2 2.0 2.9 3.7 4.5
2009 EPS
31.2 % 30.1 % 29.1 % 28.0 % 27.0 %
2010 EPS 29.7 28.7 27.6 26.6 25.6
Return
DRAFT

62
($ in millions)
2008 2009 2010
(+) Net Income 3,361 12,680 15,678
(-) Dividends (1,947) (5,072) (6,271)
(+) Asset Growth 20,901 32,177 33,866
(+) Asset Growth (15,917) (12,441) (4,578)
Pro Forma TE / TA 5.84 % 5.88 % 5.93 %
Pro Forma TCE / TA 4.95 5.01 5.08

2008 2009 2010 2011
(+) Net Synergies 0 1,182 1,773 1,950
Pro Forma EPS 2.15 3.21 4.13 4.45

1
Return
DRAFT

63
($ in millions)
Price Per Share $ 3.00 $ 4.00 $ 5.00 $ 6.00 $ 7.00
Purchase Price $ 7,139 $ 8,459 $ 9,779 $ 11,099 $ 12,419
P / 2010E EPS $ 1.76 7.1 x 7.6 x 8.0 x 8.4 x 8.9 x
2.18 5.8 6.1 6.5 6.8 7.2
2.53 4.9 5.3 5.6 5.9 6.2
P / TBVPS
8.88 1.4 1.5 1.6 1.7 1.8
0.57 22.0 23.3 24.7 26.0 27.4
61.2 % 57.0 % 53.2 % 49.8 % 46.7 %
5.1 5.9 6.7 7.5 8.3
2009 EPS
39.4 % 38.0 % 36.5 % 35.1 % 33.8 %
2010 EPS 40.7 39.2 37.8 36.4 35.0

Return
DRAFT

64
Return
DRAFT

65
($ in billions)
Prime First $ 52.1 1.2 % 3.0 % $ 29.6 1.5 % 6.3 %
Home Loans $ 105.0 2.6 % 4.5 % $ 56.0 2.6 % 9.3 %
Other
Consumer 0.0
Other 0.2 4.4
Total $ 239.6 3.6 % 4.7 % $ 91.8 4.1 % 7.4 %

Return
DRAFT

66
($ in billions)

June 30,
2008
March 31,
2008
Loans:



Purchase Price
1
$38.73

2
8.4
3

Loans
4
(8.1)
All other (4.6)

1
2
3
4
Return
DRAFT

67
($ in billions)
Countrywide
Mark-to-Market
Prime First $ 29.6 6.3 % 7.0 % $ 2.1
HELOC 14.5 3.5 23.0 3.3
Subprime 2.4 26.2 25.0 0.6
Total $ 91.8 15.6 % $ 14.3
Washington Mutual
Mark-to-Market
Prime First $ 52.1 3.0 % 5.0 % $ 2.6
Subprime 16.1 18.0 25.0 4.0
Total $ 182.5 13.3 % $ 24.2
(-) 12/31 Reserve (9.7)

1
2
GS estimates.
Return
DRAFT

1

August 14, 2008

Return
00
Management Presentation
September 2008
Return
1
Agenda
Situation Overview
Company Overview
Business Line Overview
Asset Quality Update
Financial Outlook
Return
2
Company Highlights
Strong retail and small business banking franchise with leading
share in strategic, high-growth markets
Recognized and prominent national brand
Diverse set of core consumer products including deposits,
mortgages, credit cards and investment products
Uniquely positioned and growing multi-family platform
Core business lines generate significant stable earnings as
credit cycle normalizes
Diversified funding anchored by strong branch-based deposit
franchise
Strong management team with deep experience
Attractive valuation
Return
3
Company Overview
Return
4
A Leader in Consumer and Small Business Banking
Leading Retail Franchise
#6 depository, with over 2,200 retail banking stores
Growth footprint: population growth of 11% vs. national average of 6%
#6 largest bank card issuer
#1 multi-family lender
Washington
#2 in deposits
#2 in stores
Oregon
#3 in deposits
Nevada
1
#3 in deposits
California
#3 in deposits
#3 in stores
Texas
#6 in deposits
#4 in stores
New York
#5 in deposits
#7 in stores
Florida
#5 in deposits
#5 in stores
Source: SNL Financial as of 6/30/07
1
Excludes all Henderson home office deposits except online, Enterprise Customer Care (ECC) and branch deposits.
U.S. Deposits
Return
5
$2.0
$1.5
$1.9
$1.8
$1.5
$1.8
$1.6
$1.4
$1.3
$1.5
$1.7
Q1'06 Q2'06 Q3'06 Q4'06 Q1'07 Q2'07 Q3'07 Q4'07 Q1'08 Q2'08 Q3'08F
Stable Core Earnings
Pre-tax Income from Continuing Operations
($ in billions)
Core pre-tax earnings excludes provision, foreclosed asset expense, resizing expense, net gain/loss on trading and available for sale
securities, Q407 $415M gain on sale of WM Group of Funds, and Q407 $1.78B home loans goodwill write-down
3
Return
6
Note: As of 6/30/08
1
Includes minority interests (REIT Preferreds).
Stable Funding Base
Majority of funding
through core retail
deposits
Substantial FHLB
excess capacity
Holding company
liquid through 2010
2%
7%
13%
19%
59%
Total: $310 billion
Deposits FHLB
Advances
Other
Borrowings and
Liabilities
Common Stockholders
Equity
Preferred Stock
1
Return
7
Strategic Priorities
Drive top-tier growth through retail distribution
Deliver strong household growth
Continue rapid growth of small business
Proactively manage store network
Enhance cross-sell initiatives through retail channel
Continue to take aggressive actions to right size Home Loans
while maintaining flexibility to capitalize on future opportunities
Continue to move towards best-in-class productivity
Aggressively manage credit through difficult environment
Return
8
Business Line Overview
Return
9
Unique and Valuable Retail Banking Franchise
Retail Banking Driven Strategy
Innovative Products
Industry-Leading Service
Leading Retail Banking Brand
Powerful Distribution
Return
10
Summary of Business Lines
Home
Loans
Commercial
Banking
Card
Services
Retail
Banking
David Schneider Al Brooks Tony Vuoto Steve Rotella -
Acting
President
7,338 1,342 2,940 27,857 Employees
$2,076
3
M $264 M $1,259 M $4,814 M Expenses
1
$1,624 M $752 M $2,589
2
M $8,311 M Revenue
1
Nationwide
single-family
residential real
estate lending
and servicing
Multi-family and
commercial real
estate lending
business in
selected markets
Nationwide credit
card lending
business
2,239 retail
branches in 15
states
Description:
1
Represents total revenues and expenses from Q3 07 to Q2 08
2 Card services revenue is reported on a GAAP basis.
3 Excludes 4Q 07 $1.78 bn goodwill writedown.
Return
11
Retail Focused Strategy
Retail Banking Card Services Home Loans Commercial
Optimize new store
expansion and
existing store
performance
Expand small
business
Drive deposit
growth
Pursue balanced
growth strategy
Leverage retail
bank distribution
Grow small
business
receivables
Migrate to retail
production
channels
Leverage retail
bank distribution
Drive operating
efficiency
Expand leading
multi-family
business
Leverage leading
efficiency position
Expand
relationships
through deposit-
gathering products
and services
Delivering on cross-business
opportunities
Return
12
Retail Banking
Return
13
Retail Banking Overview
Strong performance delivers top-tier operating leverage
Significant household growth driven by free checking
Growing success in deepening customer relationships through a
wide mix of products and services
Aggressively pursuing sizeable small business opportunity
Increased focus on deposit growth coupled with disciplined
margin management
Optimizing store and internet distribution networks
Highly experienced management team
Return
14
Retail Banking Team
Diana Grahan
Chief Risk Officer
Years of Experience: 22
Years at WaMu: 1
Steve Rotella
Acting President
Years at WaMu: 3
Frank Vella
Small Business
Years at WaMu: 2
Nandita Bakhshi
Payments and Deposits
Years at WaMu: 2
Scott Maw
Chief Financial Officer
Years at WaMu: 5
James Livesay
Operations and ECC
Years at WaMu: 2
Ken Kido
Store Distribution
Years at WaMu: 6
Return
15
Retail Franchise Growth
Strong core operating results
$796M in Q2 operating earnings
1
; Q3 estimate = $800M
Brand continues to attract customers; estimated Q3 gross free checking production
equal to Q2 at ~760K
Depositor fee income grows 10% from Q3 2007
Disciplined store closures improve efficiency with minimal impact on deposit balances
Deposit portfolio forecasted to increase from December 2007 levels
Cost of deposits down 73bps; CD mix consistent with year end level
Broad response to IndyMac: Marketing, Incentives, Customer Communication, Pricing
Accounts below $100K have grown 2% since IndyMac
As expected, deposit decreases concentrated in higher balance accounts and in
Southern California (IndyMac markets)
CD promotion results more cost effective than historical campaigns
Large deposit customers are keeping relationships and bringing back deposits
1
Ret ail Banking excluding impact of home equit y and small business provision, foreclosed asset expense and t axes
Return
16
Retail Model Drives Core Earnings
1
1
%
C
A
G
R
Oper at i ng Ear ni ngs
1
($ millions)
Operat ing earnings ~ $800M for past 2 quart ers
Efficiency rat io (excl. FDI C premiums) drops from 64% in Q2-05 t o 57% in Q3-08
$560
$751
$862
$796 $797
Q2' 05 Q2' 06 Q2' 07 Q2' 08 Q3' 08F
1
Ret ail Banking excluding impact of home equit y and small business provision, foreclosed asset expense and t axes
Return
17
11.8
12.7
12.9
Q2' 07 Q2' 08 Q3' 08F
Checking Account Growth
Tot al Fr ee Checki ng Account s
($ millions)
Consumer Free Checking
Gross New 853,301 761,233 758,276
Closed/Transferred 416,114 472,661 533,111
Net Change 438,187 288,572 225,165
6
%
C
A
G
R
Return
18
Strong Fee Income Growth
$0
$200
$400
$600
$800
$1,000
Q2' 05 Q2' 06 Q2' 07 Q2' 08 Q3' 08F
Depositor & Other Retail Banking Fees
Securities Fees & Commissions
($ millions)
$587
$697
$790
$831
1
0
%
C
A
G
R
$875
+ 8.5% vs
Q3 07
Return
19
76.3
86.5
79.6 78.3
49.4
43.1
41.1
46.1
17.8
18.6
17.7
18.6
143.6
148.3
138.4
142.9
4Q07 2Q08 Jul 08 Aug 08
Deposit Balance and Mix
Deposit balances increase from December 2007
Cost of deposit s down 73bp; CD cost s down 110bp and CD mix flat t o December
Ret ail deposit s as a % of asset s grows t o 46.6% from 43.8% at 12/ 31/ 07
Record deposit growt h in August ; adj ust ing for $2.7B of int ernal t ransfers t o CDs, non CD deposit s
up 1.7%
The Maj orit y of July decline due t o uninsured deposit wit hdrawals
Endi ng Bal ance ( $ i n B)
Ret ail Cost of Deposit s 2.82% 2.23% 2.00% 2.09%
CD Cost of Deposit 4.56% 3.94% 3.37% 3.46%
CD as % of Tot al Deposit s 34.4% 29.1% 29.7% 32.3%
Ret ail Dep as % of Tot al Asset s 43.8% 47.9% 45.0% 46.6%
Consumer
Noni nt er est -Bear i ng
CD
I nt er est -Bear i ng
Tr ansact i on
143.6
148.3
138.4
142.9
Q407 Q208 Jul 08 Aug 08
Return
20
Large Deposit Accounts
Current deposit base more stable than before IndyMac
Balances under $100K have grown 2% to $124.8B since the IndyMac announcement
Mix of accounts improves from July 11
th
shifting to lower balance mix. Overall, 98% of
accounts are under $500K (233,350 accounts)
Accounts over $500K experienced 2x the decrease of accounts $100 -500K (46% vs 23%)
46% Decrease
si nce 7/ 11
23% Decrease
si nce 7/ 11
Balances > $100K ($250K for I RA) (Single-Account Met hodology)
$16.3
$12.8 $12.5
$7.7
$4.5
$4.1
$24.0
$17.4
$16.6
-
$5 B
$10 B
$15 B
$20 B
$25 B
$30 B
7/ 11/08 8/1/08 9/5/08
$100K - $500K $500K + Total
$7.7
$4.5 $4.1
$12.8 $12.5
$24.0
$17.4
$16.7
Bal ance > $100K ( $250K f or I RA) ( Si ngl e-Account Met hodol ogy)
$16.3
Return
21
I n July only 1% of all large balance HHs ended t heir WaMu relat ionship
10% wit hdrew more t han $100K, but kept t heir relat ionship
I n August 37% of t hese cust omers brought back $10K+ (22% brought $100K+ )
37% 34.2k Brought Back $10k+
63% 21.6k Other
100% 34.2K TOTAL
22% 7.6k - Brought Back $100k+
15% 5.0k
- Brought Back $10k-
$100k
% of
Total
Total
HHLDs
Actions between
7/25 and 8/22
88.5% 288,234 All Other
1.0% 3,097
HHLDs ending WaMu
relationship
100% 325,543 TOTAL
10.5% 34,212
Withdrawing $100k+ but
retaining relationship
% of
Total
Total
HHLDs
High Balance Households
(>$100k)
High balance households bringing deposits
back
Return
22
Increased store focus and transparency to assist in deposit
retention
Sales incentives increased and simplified to drive deposits
Win-back calling programs for large balance customers
Implemented customer communication and education
programs
FDIC basics to all store sales staff explaining coverage options
New program allowing customers to receive double FDIC insurance
Marketing increased for deposit products
Added $13MM to our Q3 marketing budget including radio, print, in-store and
online ads
Short CD pricing promotions to drive growth
Two 5 day promotion periods for optimal CD balance growth
Scripting and focus to drive incremental household and checking growth
Comprehensive action plan to maintain & grow deposits
Return
23
Growing Small Business Rapidly
But Significant Opportunity Remains
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
4Q '05 1Q '06 2Q '06 3Q '06 4Q '06 1Q '07 2Q '07 3Q '07 4Q '07
0
200
400
600
800
1,000
1,200
4Q '05 1Q '06 2Q '06 3Q '06 4Q '06 1Q '07 2Q '07 3Q '07 4Q '07
Total Small Business Accounts
(in thousands)
Small Business Deposits
($ in millions)
3
3
%

C
A
G
R
2
1
%

C
A
G
R
Market share: ~1%
Return
24
Proactively Managing Store Network
1. Grow aggressively in
established markets
2. Manage critical
underperforming markets
3. Stabilize remaining markets
Performance (variance from net income after tax target)
S
i
t
e

a
t
t
r
a
c
t
i
v
e
n
e
s
s
RE-FOCUS
Attractive site,
poor performance
LEVERAGE
Attractive site,
high performance
RECONSIDER
Unattractive site,
poor performance
OPTIMIZE
Less attractive site,
high performance
Performance Improvement Plan DeNovo Store Decision Matrix
Return
25
Measured Growth of Store Portfolio
75-100
77
210
250
260
144
0
100
200
300
2003 2004 2005 2006 2007 2008F
0%
5%
10%
15%
20%
New Stores
New Stores as a %
of Total Stores
90% 84% 76% 66% 52% 48%
% of New Stores
Opened in
Established
Market
~40 45 85 11 8
1
10
Store Closures
1
WaMu also consolidated 79 grocery store locations into larger, existing retail banking stores in 2004.
Return
26
Industry Leading Service
Retail Bank Customer
Satisfaction
#1 West
#1 California
1
#1 Midwest
#3 Mid-Atlantic
#3 Southwest
#4 Southeast
1
For large banks.
65
75
85
2004 2005 2006 2007
Wachovia WaMu JPMorgan Bank of America
Only Retail Bank
on list
#14
ACSI Satisfaction Ratings
Return
27
Key Takeaways and Opportunities
Strong performance with upside opportunity
Leading West Coast retail franchise
Top-tier player in checking and household growth
Sizable opportunities to deepen relationships with deposits,
cards and home loans
Small business expansion still in early stages
Optimizing store and internet distribution networks to capture full
potential
Return
28
Card Services
Return
29
Card Services Overview
Proven track record of acquiring and managing receivables in
the mass middle market
Leveraging multiple distribution channels with emphasis on retail
stores
Strong receivables growth fueled by access to WaMu brand and
customers with risk premium
Continue to leverage information based marketing and strong
risk management capabilities
Managing balance between growth and risk cautiously in
weakening economic environment
Deep and experienced management team
Return
30
Card Services Team
Tony Vuoto
President
Years at WaMu: 6
Susan Gleason
Chief Operations Officer
Years at WaMu: 6
Michele Iversen
Years at WaMu: 6
David Tomlinson
Chief Marketing
Officer
Years at WaMu: 6
Chaomei Chen
Chief Risk Officer
Years at WaMu: 6
Return
31
June 30 2007 June 30 2008
Card Services Segment Contribution
($ in millions)
Note: % of Total Revenue from Q3 07 to Q2 08 excludes Corporate Support / Treasury / Other. Card Services revenue growth is net of securitization adjustments and is reported on
a GAAP basis
% Q3 07 to Q4 08 WM Total Revenues
6
%

Y
O
Y

g
r
o
w
t
h
Card Services Managed Receivables
Total Revenues: $13.3bn
Commercial
Group
6%
Home Loans
12%
Card
Services
19%
Retail
Banking
63%
$24,987
$26,430
Return
32
Balanced Growth Strategy
Continued focus on target
market with new products
and Simpler Banking
Current initiatives underway
to expand beyond core
middle market
Goal: Expand Accessible Market from 12 mm to 20 mm
Risk
R
e
t
u
r
n
High Low
H
i
g
h
L
o
w
Core
Middle Market
Universe
Underserved
Expansion
Prime
Expansion
Middle
Expansion
Return
33
An Industry Leader
6th largest Visa/MasterCard
bank card issuer
$26.4 billion in managed
receivables
Over 12.7 million customer
accounts
Large, information-driven direct
marketer (500 million contacts
annually)
Note: All data as of 6/30/08 except for Card Issuer Ranking which is as of 06/30/07
Return
34
Balanced Business Model
Customer Management
New Account Acquisitions
Enhancement Services
Marketing Services
Direct response program
Full spectrum focus
Broad product array
National
Existing customer lists
Physical channels (stores
and call center)
New customer enrollment
Retail
Co-branded and affinity
Cooperative issuance
Limited number of select
partners
Partnership
Direct response channels
Retail cross-sell
Specialized product
features
Small Business
Return
35
Significant Benefits from WaMu Brand
$23.6
$25.0
$26.2
$27.2
$26.4 $26.4
$18.5
$20.1
$21.1
$22.2
$23.5
$19.3
$18.6
$18.1
$20.0
$10
$12
$14
$16
$18
$20
$22
$24
$26
$28
$30
4Q 04 1Q 05 2Q 05 3Q 05 4Q 05 1Q 06 2Q 06 3Q '06 4Q '06 1Q '07 2Q '07 3Q '07 4Q '07 1Q '08 2Q '08
Note: WaMu acquired Providian on 10/1/05
6%
C
A
G
R
1
2
%

C
A
G
R
Providian WaMu
Managed Portfolio Balances at Period End ($ in billions)
Tighter
Underwriting
Return
36
Leveraging Retail Distribution
413
683
920
1,137
1,377
1,633
1,889
2,067
13%
14%
16%
18%
19%
21%
22%
23%
0
500
1,000
1,500
2,000
2,500
Q1 2006 Q2 2006 Q3 2006 Q4 2006 Q1 2007 Q2 2007 Q3 2007 Q4 2007
A
c
c
o
u
n
t
s

(
0
0
0
s
)
0%
5%
10%
15%
20%
25%
P
e
n
e
t
r
a
t
i
o
n

R
a
t
e

(
%
)
Cum. New Card Accts
Retail Household Penetration
2006 / 2007 Retail Account Growth
Return
37
Balanced Customer Targeting
0%
5%
10%
15%
20%
600-619 620-639 640-659 660-679 680-699 700-719 720-739 740-759 760-779 780-799 800-819
National programs Partnership Programs Retail programs
Note: Estimate based on Card Services prospect database
FICO Bands of Targeted Customers - 2007
Return
38
Risk Control Initiatives
Actions taken to minimize the impact of the mortgage and
economic downturn
Map negative HPA regions into marketing program suppressions
Suppression of WaMu subprime mortgages in retail channels
Suppression of 2+ mortgage positions in all new account channels, in
credit line increase programs, and in relationship marketing programs
Tighten the prescreen score cut offs in all acquisition programs
Suspended line increases in Q407
Tighten underwriting score cut-offs
Tighten high credit line assignment criteria
Close excessive inactive accounts. Stop authorization expansions
Remove 660 FICO cap on Risk-Based Re-pricing eligible populations
Return
39
Unique expertise in mass middle market that delivers high risk-
adjusted returns
WaMu brand and customer base fuels receivables growth with
upside opportunity
Targeting and acquisitions continue to migrate to higher FICO
mix
Proactively balancing growth and risk in a softening environment
Return
40
Commercial Group
Return
41
Commercial Group Overview
Leading multi-family lending business
Operates in select markets with stable demand and supply
constraints
Targets small balance customers with competitive pricing and
best-in-class efficiency ($1.3 million average loan balance)
Rigorous focus on pristine credit quality
Management team with deep industry experience
Return
42
Home Loans Team
John Woods
Years at WaMu: 2
Arlene Hyde
Production
Years at WaMu: 3
John Berens
Servicing
Years at WaMu: 4
Don White
Risk Management
Years at WaMu: 1
David Beck
Capital Markets
Years at WaMu: 6
Beth Ganem
Human Resources
Years at WaMu: 11
Mike Zarro
Chief Admin. Officer
Years at WaMu: 7
Tom Morgan
Chief Technology Officer
Years at WaMu: 5
David Schneider
President
Years at WaMu: 3
Return
43
Target Market
Select markets with
stable demand and
natural supply
constraints
Moderately priced, less
volatile buildings
Renters by necessity
Focused Operating Strategy
Unique Value Proposition
Target Customer
Small balances
In the box
transactions
Value shoppers
Moderate leverage at a
fair price
Market Differentiators
Local presence
Competitive pricing
Fast & simple process
Targeted product
solutions
Certainty of execution
Direct borrower
relationships
Return
44
Commercial Group Segment Contribution
($ in millions)
$35,218
$42,301
June 30 2007 June 30 2008
2
0
%

Y
O
Y

g
r
o
w
t
h
Total Revenues: $13.3bn
Commercial Group Loans Receivable
% of Q3 07 to Q2 08 WM Total Revenues
Commercial
Group
6%
Home Loans
12%
Card
Services
19%
Retail
Banking
63%
Note: % of Q3 07 to Q2 08Total Revenue excludes Corporate Support / Treasury / Other. Card Services revenue is net of securitization adjustments
Return
45
Portfolio Composition
$16 $16
$18
$20
$22
$26
$30
$32
$33
$6
$10
$12
$11
$9
$7
$8
$11
$12
2000 2001 2002 2003 2004 2005 2006 2007 Q2'08
Multi-Family Lending Other Commercial
$22
$26
$30
$31 $31
$33
$38
$43
Note: Portfolio breakdown as of 6/30/2008. Other Commercial consists of Other Real Estate, Retail Small Business and Commercial Loans.
Historical Breakdown ($ in billions)
Portfolio Breakdown
Multi-
Family
Lending
73%
Other
Commercial
27%
$45
Return
46
Source: 2006 HMDA data
Existing markets
New market (2007)
Leading Share in Select Markets
Seattle #2
Portland #1
Sacramento #1
San Francisco #1
Los Angeles #1
San Diego #1
Denver #2
Chicago #1
Boston #1
New York #1
Philadelphia #7
Washington, DC #6
Minneapolis #1
Milwaukee #3
Phoenix
Return
47
Largest Multi-Family Portfolio in Banking
$3.0
$3.1
$3.9
$5.0
$7.6
$8.0
$10.3
$31.1
$2.5
$13.5
WaMu
NY Community Bancorp
Citigroup
Wachovia Corporation
Bank of America
Capital One
Sovereign Bank
LaSalle Bank
Astoria Federal Savings
Wells Fargo & Company
Source: FDIC and OTS, per SNL DataSource. Balances may differ slightly to filings reported on a GAAP basis
Note: As of June 30, 2007; rankings for banks and thrifts only (most recent data available)
1
Bank of America acquired LaSalle Bank on October 1, 2007.
1
Multi-Family Portfolio Holdings ($ in billions)
Return
48
Conservative Underwriting Philosophy
Typically, maximum 75% LTV and
minimum 1.15x debt service coverage
(DSC), with 680 minimum FICO
score
Higher DSC for office (1.20 DSC)
DSC requirements increase based on
property age, quality and cash flow
stability
Collateral focused underwriting
Proceeds based on property net
operating income
Recourse to an individual is common
on the majority of our loans
Do not originate large construction
loans; average loan size is $1.3
million
No condo conversions
No conduit lending
No corporate banking
Exited tract and condo
development financing business in
2004
Do not focus on structured finance
De minimis residential land
lending
What We Dont Do
Conservative Metrics
Return
49
Leading small-balance multi-family business with competitive
advantage in efficiency and service
Strong growth opportunities primarily in existing and selected
new markets
Maintaining focus on conservative credit philosophy with good
results
Significant opportunity to expand relationships through deposit
gathering products and services
Return
50
Home Loans
Return
51
Home Loans Overview
Significantly restructured and refocused the business model
Exited volatile businesses Conduit, Broker Dealer, and Wholesale
Exited high-cost Home Loan Centers
Tightened credit parameters and implemented additional policies in high-risk markets
Reduced expenses eliminating 6,700 positions since the end of 2006 and consolidated 24
fulfillment centers into 3
Proactively responding to structural changes in industry volumes, mix, and
secondary markets
Positioned for production success
Significant opportunity to grow retail store production and cross sell WaMu bank products
Strong call center capabilities
Completed transition to state of the art production systems in retail
Simplified product set and focused on agency-eligible product with minimal portfolio lending
Best in class servicing and default management capabilities
Built strong, veteran management team
Return
52
Home Loans Team
John Woods
Years at WaMu: 2
Arlene Hyde
Wholesale
Years at WaMu: 3
John Berens
Servicing
Years at WaMu: 4
Don White
Risk Management
Years at WaMu: 1
David Beck
Capital Markets
Years at WaMu: 6
Beth Ganem
Human Resources
Years at WaMu: 11
Mike Zarro
Chief Admin. Officer
Years at WaMu: 7
Tom Morgan
Chief Technology Officer
Years at WaMu: 5
David Schneider
President
Years at WaMu: 3
Return
53
$1,191
$1,180
$863
$631
1H '07 Rev. 1H '08 Rev. 1H '07 Exp. 1H '08 Exp.
Home Loans Segment Contribution
($ in millions)
Commercial
Group
6%
Home Lo
12%
Retail
Banking
63%
Card
Services
19%
Revenues Flat
Total Revenues: $13.3 bn
Home Loan Revenues & Expenses
% of Q3 07 to Q2 08 WM Total Revenues
Note: % of Q3 07 to Q3 08Total Revenue excludes Corporate Support / Treasury / Other. Card Services revenue is net of securitization adjustments. Home Loans 1H revenue
excludes trading losses and provision for repurchase loans in 07 and 08. Home Loans 1H expenses excludes indirect expenses, and foreclosed asset expense in 07 and 08.
Expenses down 27%
Return
54
Leading Servicer
Home
Equity
11%
Subprime
6%
Prime
83%
Investor: $424bn
Owned: $172bn
Total: $596bn
Source: Inside Mortgage Finance. Bank of America acquisition of Countrywide pending
Portfolio Overview August 2008
Top 10 Servicers Q2 2008 ($ in billions)
Total
Rank Servicer Servicing
1 Wells Fargo 1,497
2 Countrywide 1,485
3 Chase Home Finance 829
4 CitiMortgage 817
5 Washington Mutual 604
6 Bank of America 541
7 Residential Capital 395
8 Wachovia 201
9 IndyMac 195
10 National City Mortgage 190
Return
55
Leading Servicing Capability
Highly experienced servicing management team
Average over 19 years of industry experience
Strong background in subprime servicing
Efficient, consolidated operations
State of the art technology
Strong default performance
Highly Rated by Third Parties
Leading Servicing Franchise
Standard & Poors Above Average
Fitch RPS2+ Full Approval (with Noted Strengths)
Freddie Mac (FHLMC) Tier 1 Platinum Servicer for both Default and Investor
Fannie Mae (FNMA) Highest Servicer rating for Investor; maximum payout for Default
incentives
Return
56
Loss Mitigation and REO Initiatives
Significant investment in Loss Mitigation and REO Capabilities have resulted in industry leading
Default Management
Increased Loss Mitigation staff by 124% over past year resulting in 454% increase in work outs
Comprehensive array of modification alternatives
Member of Hope Now
Local Market Representatives 500+ Community Events Annually
Servicing facilities located in strong labor markets
Staffing model integrated with default forecasting to anticipate workload spikes
Outsourcing arrangements smooth out peaking issues
Industry leading loss mitigation per employee: 75 / person
REO performance at highest level in industry
REO turnover over 25% for available inventory
Less inventory aged past 180 days from listing (prime 3%, Home Equity 4%, Subprime 6%)
Online sales wamuproperties.com
Recent Credit Suisse study identified WaMu as leader in foreclosure and REO timeline management
Upgraded robust dialer capabilities to state of the art Avaya in third quarter providing virtual agent
pools across the enterprise
Installed Back in the Black web-based application in 2006 to automate work out decisioning
Return
57
Efficient retail-only production platform capitalizing on the strong WaMu
name and extensive retail platform
Scaled cost effective servicing platform
Competitive cost structure
Extensive default management systems and expertise
Significant investment in technology over the last two years will allow WaMu to
maintain a competitive cost structure through the next cycle
Seasoned management team well equipped to proactively respond to the fast
changing mortgage environment
Recent restructuring has positioned the segment for profitable operating
earnings
Return
58
Asset Quality Update
Return
59
$0
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
$7,000
Other Card SFR Home Equity Subprime
1Q07 2Q 07 3Q07 4Q07 1Q 08 2Q08
Net Charge-offs:
Reserve ($MM) $1,541 $1,560 $1,889 $2,571 $4,714 $8,456
Actual Provision:
$0
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
$7,000
Other Card SFR Home Equity Subprime
1Q07 2Q 07 3Q07 4Q07 1Q 08 2Q08
Net Charge-offs:
Reserve ($MM) $1,541 $1,560 $1,889 $2,571 $4,714 $8,456
Actual Provision:
With a provision of near $6 billion in
Q2, well above the pace of net
charge-offs, we built the reserve to
about $8.5 billion last quarter.
The Q2 increase in net charge-offs
to near $2.2 billion largely owed to
higher charge-offs on SFR Prime
and Subprime mortgage loans.
The sharper drop in home prices in
Q2 was reflected in the severity of
charge-offs. Many loans previously
partially charged-off were re-
evaluated and marked down further.
SFR Prime & Subprime
Loans with Net Charge-Offs*
$0
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
$7,000
Q
1

2
0
0
7
Q
2

2
0
0
7
Q
3

2
0
0
7
Q
4

2
0
0
7
Q
1

2
0
0
8
Q
2

2
0
0
8
Q
3

2
0
0
8
*
*Loans with significant charge-off activity (at least $10k net charge-off amount)
Commentary
Recap of Q208
Return
60
0
1
2
3
4
5
6
Q1 2007 Q2 2007 Q3 2007 Q4 2007 Q1 2008 Q2 2008 Q3 2008
N
C
O

o
r

P
r
o
v
i
s
i
o
n

(
$

b
i
l
)
NCO
Provision
0
500
1,000
1,500
2,000
Q2 2007 Q3 2007 Q4 2007 Q1 2008 Q2 2008 Q3 2008
N
C
O

G
r
o
w
t
h

(
$
m
i
l
)

Q
t
r

o
v
e
r

Q
t
r
0%
25%
50%
75%
100%
%

N
C
O

G
r
o
w
t
h

(
Q
t
r

o
v
e
r

Q
t
r
)

NCO Growth $mil
NCO Growth %
NCO and Provision Trends
NCO Growt h
Commentary
Provision Proj ect ion
NCO Growt h $mil
(3/ 2 * act ual t hrough August )
NCO Act uals ext rapolat ed $mil
(3/ 2 * act ual t hrough August )
NCO Growt h
t hrough August
NCO Growt h
t hrough August
at a quart erly
rat e
Forecast Q3
Provision range
$4 - $5 billion
Net charge-off growth in Q3
through August slowed to a 16
percent quarterly pace, down
significantly from the 60 percent
increase in Q2
Net charge-offs in Q3 through
August were $1.7 billion, or $2.5
billion at a quarterly rate
We expect to continue to
provision in excess of net
charge-offs in Q3, but the
substantial Q2 ending reserve
allows the pace of provisions to
decline in Q3
Resident ial share of
Provision
Q3 Credit Trends
Return
61
Effect of Loan and Property Management Activities on
Non-Performing Assets
Commentary Credit Outcomes
Tot al delinquencies increased at a 22% quart erly pace
in Q3 t hrough August , similar t o t he 16% rat e of
increase in Q2. Non-Performing Loan (NPL)
delinquencies increased in July and August , owing
largely t o a surge of Troubled Debt Rest ruct urings
(TDRs)
REO Management and Pr oper t y Val uat i on
We are keeping up a st rong pace of REO sales,
holding down t he foreclosed asset share of non-
performing asset s t o about 13%.
Est imat ed propert y values for charge-off
measurement began t o include in Q2:
Addit ional haircut s
I ncreased use of BPOs (vs. AVMs) t hat
reflect propert y-specific value declines
Loan Modi f i cat i ons
Loans we classified as Troubled Debt
Rest ruct urings (TDRs) are on t rack t o increase t o
a $4 Billion pace in Q3 ($3.2 billion act uals
t hrough August ), up from $1.4 billion in Q2
TDRs in Q3 t hrough August now represent 24%
of Non-Performing Asset s
Shares of Non-Performing Assets
78%
75%
77% 78%
74%
64%
4% 9%
9% 7%
13%
24%
19%
16%
14% 15% 13% 13%
0%
20%
40%
60%
80%
100%
2Q '07 3Q '07 4Q '07 1Q '08 2Q '08 QTD Aug '08
Nonperforming Loans Troubled Debt Restructurings Foreclosed Assets
Total Delinquencies
32.57% 37.43% 41.53%
44.76%
45.51%
47.12%
49.27%
53.32%
53.47%
49.53%
48.40%
50.40%
18.16%
9.25%
5.00%
5.71%
6.10%
2.47%
$0
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
$14,000
$16,000
$18,000
Q2 2007 Q3 2007 Q4 2007 Q1 2008 Q2 2008 Q3 2008
(through August)
(
i
n

$

M
i
l
l
i
o
n
s
)
$ TDR
$ Other NPL
$ Early Stage Delinquent
Return
62
($ billions)
Pool Low High Aug-08 Total Low High
SFR: Option ARM 52.5 3.4 5.6 0.21 0.90 2.50 4.70
SFR: Other 58.7 0.9 1.4 0.08 0.31 0.59 1.09
Home Equity: 1st Lien 15.9 0.3 0.6 0.02 0.10 0.20 0.50
Home Equity: 2ndLien 44.8 4.8 7.4 0.29 1.19 3.61 6.21
SubPrime: 1st Lien 15.1 2.1 2.8 0.10 0.62 1.48 2.18
SubPrime: 2nd Lien 2.3 0.8 1.1 0.05 0.25 0.55 0.85
189.4 12.3 18.9 0.75 3.38 8.92 15.52
0.00 0.03
0.75 3.41
0.11 0.40
0.86 3.81
0.00 0.05
0.86 3.86
1
As of 2008 Q1 Earnings Release
2
Net Charge-Offs since March 31, 2008
3
HELOCs drawn as of March, 2008
4
Net Charge-Off Losses on foreclosed assets that were in REO in March 2008
Total WMI Net Charge-Offs
NCOs on Foreclosed Assets as of March '08
4
Implied Remaining Losses
Beyond August 2008
March 2008
Balance Collateral Type
Losses Since
March 2008
2
Original Remaining
Loss Estimate
1
SFR
Home Equity
3
Card, Commercial, Small Business & Other
Total WMI Loans
Total Home Loans & Home Equity
3
, March '08 Pool
SubPrime Mortgage
Channel
Losses on New Home Loan and Home Equity Originations
New Draws on Home Equity Lines Since March 2008
Charge-Offs to Date and Implied Remaining Losses
Relative to Initial Range
Return
63
($ billions)
Pool
March 2008
Balance New
1
Exit
2
Continuing
3
(March)
Continuing
4
(August)
August 2008
Balance
SFR: Option ARM 52.5 0.1 2.9 49.6 49.5 49.6
SFR: Other 58.7 1.7 4.7 54.0 53.8 55.5
Home Equity: 1st Lien 15.9 0.1 0.8 15.2 14.8 14.9
Home Equity: 2ndLien 44.8 0.2 1.9 42.9 42.5 42.7
SubPrime: 1st Lien 15.1 0.0 1.2 13.9 13.8 13.8
SubPrime: 2nd Lien 2.3 0.0 0.1 2.3 2.2 2.2
189.4 2.0 11.6 177.7 176.6 178.7
3.8 3.8
2.0 11.6 177.7 180.5 182.5
1
Represents the current balance of loans added to the active loan population since March 2008
2
Represents the balance as of March 2008 of loans that have since become inactive (e.g. by prepayment, full charge-off, entering REO, or other loan termination)
3
Represents the balance as of March 2008 of all loans that have remained active to the current period
4
Represents the current balance of all loans that have remained active since March 2008. Those current balances exclude any draws on HELOCs that occurred since March 2008,
except as reported in the separate line for such draws
Draws on Home Equity Lines Post March 2008
Collateral Type
Total Home Loans & Home Equity, March '08 Pool
SFR
Home Equity
1
SubPrime Mortgage
Channel
- - - - - - - - - - - - - - - - - - - - - - Balances - - - - - - - - - - - - - - - - - - - - - -
Portfolio Evolution Since Q1 2008
Return
64
Net Charge-Off Flow Tracking Cumulat ive Loss Tracking
Severit y Tracking Comment ary
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
Q2 Q3 Q4
2008 2009 2010
S
e
v
e
r
i
t
y

o
f

Q
u
a
r
t
e
r
l
y

N
e
t

C
h
a
r
g
e
-
O
f
f

1
(
$

m
i
l
l
i
o
n
s
)
Actual Quarter-to-date Monitoring Range
500
1,000
1,500
2,000
2,500
Q2 Q3 Q4 2009 2010
2008 (Avg Qtrly)
Q
u
a
r
t
e
r
l
y

N
e
t

C
h
a
r
g
e
-
O
f
f
(
$

m
i
l
l
i
o
n
s
)
5,000
10,000
15,000
20,000
Q2 Q3 Q4
2008 2009 2010 Total
Remaining
C
u
m
u
l
a
t
i
v
e

N
e
t

C
h
a
r
g
e
-
O
f
f
(
$

m
i
l
l
i
o
n
s
)
Cumulative NCOto date Monitoring Range
The orange lines show t he
monit oring range of
cumulat ive loss for each
quart er or year.
Net Char ge-of f Fl ow Tr acki ng:
This quadrant t racks t he flow of
Net Charge-Offs each quart er.
The orange lines show t he monit oring range
of charge-off s for each quart er.
The solid green bar shows
act ual net charge-off s t o
dat e for t he quart er.
Cumul at i ve Loss Tr acki ng:
This quadrant t racks cumulat ive,
t he sum of charge-offs t o-dat e.
The solid green bar shows
act ual cumulat ive loss t o
dat e for t he quart er.
Sever i t y Tr acki ng:
This quadrant t racks t he
severit y* of Net Charge-
Offs each quart er.
The blue lines show t he monit oring
range of loss severit y for each
quart er (or t he quart erly average
range for 2009 and 2010).
The green bar indicat es loss
severit y t o dat e for t he quart er
We will summarize Highlight s here.
Comment ary Text
* Net Charge-Off Severit y for a given period will be calculat ed based on loans receiving a charge-off of at least $10K in any mont h since March 2008. Given t his set of
loans, t his severit y measure will be cumulat ive in t hat it will represent t he cumulat ive loss t o dat e for all such loans expressed as percent age of t heir March 2008
balance. Not e t hat loans t hat become eligible for a charge-off (eg. > 180 days past due) t hat receive smaller t han a $10k charge-off or no charge-off in every mont h
since March 2008 are excluded from t he bot h t he numerat or and denominat or.
Cumulative Loss Tracking: Overview
Return
65
500
1,000
1,500
2,000
2,500
Q2 Q3 Q4 2009 2010
2008 (Avg Qtrly)
Q
u
a
r
t
e
r
l
y

N
e
t

C
h
a
r
g
e
-
O
f
f
(
$

m
i
l
l
i
o
n
s
)
Actual Quarter-to-date at Quarterly Rate
Actual Quarter-to-date
Monitoring Range
5,000
10,000
15,000
20,000
Q2 Q3 Q4
2008 2009 2010 Total
Remaining
C
u
m
u
l
a
t
i
v
e

N
e
t

C
h
a
r
g
e
-
O
f
f
(
$

m
i
l
l
i
o
n
s
)
Cumulative NCO to date at Quarterly Rate
Cumulative NCO to date
Monitoring Range
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
Q2 Q3 Q4
2008 2009 2010
S
e
v
e
r
i
t
y

o
f

Q
u
a
r
t
e
r
l
y

N
e
t

C
h
a
r
g
e
-
O
f
f

1
(
$

m
i
l
l
i
o
n
s
)
Cumulative Loss Tracking: Home Loans & Home Equity March 2008 Pool
Net Charge-Off Flow Tracking
Cumulat ive Loss Tracking
Severit y Tracking
$ in Billions
Low High Low High Low High Low High
Provision - Non Card 13.7 14.8 3.5 6.0 1.3 1.9 18.5 22.7
Provision - Card 1.8 1.9 1.5 1.7 1.6 1.8 4.9 5.5
Total Provision 15.4 16.7 5.1 7.8 3.0 3.7 23.5 28.1
Foreclosed Asset Expense 0.9 0.9 1.6 1.7 1.3 1.7 3.8 4.4
Lost Interest (NPA Cost) 0.8 1.0 0.8 0.9 0.7 0.8 2.3 2.7
Total Credit Costs 17.2 18.6 7.5 10.4 4.9 6.2 29.6 35.2
3 year Total 2009 2010 2008
Tot al Est imat ed Credit Cost s 2008 t o 2010
Return
66
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
Q2 Q3 Q4
2008 2009 2010
S
e
v
e
r
i
t
y

o
f

Q
u
a
r
t
e
r
l
y

N
e
t

C
h
a
r
g
e
-
O
f
f

1

(
$

m
i
l
l
i
o
n
s
)
Monitoring Range
200
400
600
800
1,000
Q2 Q3 Q4 2009 2010
2008 (Avg Qtrly)
Q
u
a
r
t
e
r
l
y

N
e
t

C
h
a
r
g
e
-
O
f
f
(
$

m
i
l
l
i
o
n
s
)
Monitoring Range
Severit y Tracking
Cumulative Loss Tracking: Option ARM March 2008 Pool
1,000
2,000
3,000
4,000
5,000
6,000
Q2 Q3 Q4 2009 2010
2008 (Avg Qtrly) Total
Remaining
C
u
m
u
l
a
t
i
v
e

N
e
t

C
h
a
r
g
e
-
O
f
f
(
$

m
i
l
l
i
o
n
s
)
Monitoring Range
Return
67
OTS 90+ Delinquencies,* 2004-2007 Vintages
0%
2%
4%
6%
8%
10%
12%
14%
J
a
n
-
0
5
A
p
r
-
0
5
J
u
l
-
0
5
O
c
t
-
0
5
J
a
n
-
0
6
A
p
r
-
0
6
J
u
l
-
0
6
O
c
t
-
0
6
J
a
n
-
0
7
A
p
r
-
0
7
J
u
l
-
0
7
O
c
t
-
0
7
J
a
n
-
0
8
A
p
r
-
0
8
9
0
+

D
e
l
i
n
q
u
e
n
c
y

R
a
t
e

(
%
)

1

Option ARM I ndustry 2004, $13 Billion
Option ARM WaMu HFI 2004, $6 Billion
0%
2%
4%
6%
8%
10%
12%
14%
J
a
n
-
0
5
A
p
r
-
0
5
J
u
l
-
0
5
O
c
t
-
0
5
J
a
n
-
0
6
A
p
r
-
0
6
J
u
l
-
0
6
O
c
t
-
0
6
J
a
n
-
0
7
A
p
r
-
0
7
J
u
l
-
0
7
O
c
t
-
0
7
J
a
n
-
0
8
A
p
r
-
0
8
9
0
+

D
e
l
i
n
q
u
e
n
c
y

R
a
t
e

(
%
)

1

0%
2%
4%
6%
8%
10%
12%
14%
J
a
n
-
0
5
A
p
r
-
0
5
J
u
l
-
0
5
O
c
t
-
0
5
J
a
n
-
0
6
A
p
r
-
0
6
J
u
l
-
0
6
O
c
t
-
0
6
J
a
n
-
0
7
A
p
r
-
0
7
J
u
l
-
0
7
O
c
t
-
0
7
J
a
n
-
0
8
A
p
r
-
0
8
9
0
+

D
e
l
i
n
q
u
e
n
c
y

R
a
t
e

(
%
)

1
0%
2%
4%
6%
8%
10%
12%
14%
J
a
n
-
0
5
A
p
r
-
0
5
J
u
l
-
0
5
O
c
t
-
0
5
J
a
n
-
0
6
A
p
r
-
0
6
J
u
l
-
0
6
O
c
t
-
0
6
J
a
n
-
0
7
A
p
r
-
0
7
J
u
l
-
0
7
O
c
t
-
0
7
J
a
n
-
0
8
A
p
r
-
0
8
9
0
+

D
e
l
i
n
q
u
e
n
c
y

R
a
t
e

(
%
)

1

Vintage 2004 Vintage 2005
Vintage 2006 Vintage 2007
*
LoanPerformance TS Securities through April 2008
WaMu Option ARMs Outperform MBS/ABS Securities
Return
68
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
Q2 Q3 Q4
2008 2009 2010
S
e
v
e
r
i
t
y

o
f

Q
u
a
r
t
e
r
l
y

N
e
t

C
h
a
r
g
e
-
O
f
f

1
(
$

m
i
l
l
i
o
n
s
)
Monitoring Range
50
100
150
200
250
Q2 Q3 Q4 2009 2010
2008 (Avg Qtrly)
Q
u
a
r
t
e
r
l
y

N
e
t

C
h
a
r
g
e
-
O
f
f
(
$

m
i
l
l
i
o
n
s
)
Monitoring Range
Cumulative Loss Tracking: Other SFR Prime March 2008
Pool
Severit y Tracking
300
600
900
1,200
1,500
Q2 Q3 Q4
2008 2009 2010 Total
Remaining
C
u
m
u
l
a
t
i
v
e

N
e
t

C
h
a
r
g
e
-
O
f
f
(
$

m
i
l
l
i
o
n
s
)
Monitoring Range
Return
69
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
Q2 Q3 Q4
2008 2009 2010
S
e
v
e
r
i
t
y

o
f

Q
u
a
r
t
e
r
l
y

N
e
t

C
h
a
r
g
e
-
O
f
f

1
(
$

m
i
l
l
i
o
n
s
)
Monitoring Range
20
40
60
80
100
Q2 Q3 Q4 2009 2010
2008 (Avg Qtrly)
Q
u
a
r
t
e
r
l
y

N
e
t

C
h
a
r
g
e
-
O
f
f
(
$

m
i
l
l
i
o
n
s
)
Monitoring Range
Cumulative Loss Tracking: Home Equity 1
st
Lien March 2008
Pool
Severit y Tracking
200
400
600
Q2 Q3 Q4
2008 2009 2010 Total
Remaining
C
u
m
u
l
a
t
i
v
e

N
e
t

C
h
a
r
g
e
-
O
f
f
(
$

m
i
l
l
i
o
n
s
)
Monitoring Range
Return
70
0.0%
20.0%
40.0%
60.0%
80.0%
100.0%
Q2 Q3 Q4
2008 2009 2010
S
e
v
e
r
i
t
y

o
f

Q
u
a
r
t
e
r
l
y

N
e
t

C
h
a
r
g
e
-
O
f
f

1
(
$

m
i
l
l
i
o
n
s
)
Monitoring Range
200
400
600
800
1,000
Q2 Q3 Q4 2009 2010
2008 (Avg Qtrly)
Q
u
a
r
t
e
r
l
y

N
e
t

C
h
a
r
g
e
-
O
f
f
(
$

m
i
l
l
i
o
n
s
)
Monitoring Range
Cumulative Loss Tracking: Home Equity 2
nd
Lien March 2008 Pool
Severit y Tracking
2,000
4,000
6,000
8,000
Q2 Q3 Q4
2008 2009 2010 Total
Remaining
C
u
m
u
l
a
t
i
v
e

N
e
t

C
h
a
r
g
e
-
O
f
f
(
$

m
i
l
l
i
o
n
s
)
Monitoring Range
Return
71
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
Q2 Q3 Q4
2008 2009 2010
S
e
v
e
r
i
t
y

o
f

Q
u
a
r
t
e
r
l
y

N
e
t

C
h
a
r
g
e
-
O
f
f

1
(
$

m
i
l
l
i
o
n
s
)
100
200
300
400
500
600
700
Q2 Q3 Q4 2009 2010
2008 (Avg Qtrly)
Q
u
a
r
t
e
r
l
y

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t

C
h
a
r
g
e
-
O
f
f
(
$

m
i
l
l
i
o
n
s
)
Monitoring Range
Cumulative Loss Tracking: SubPrime 1
st
Lien March 2008
Pool
Severit y Tracking
500
1,000
1,500
2,000
2,500
3,000
Q2 Q3 Q4
2008 2009 2010 Total
Remaining
C
u
m
u
l
a
t
i
v
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N
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t

C
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a
r
g
e
-
O
f
f
(
$

m
i
l
l
i
o
n
s
)
Monitoring Range
Return
72
0.0%
20.0%
40.0%
60.0%
80.0%
100.0%
Q2 Q3 Q4
2008 2009 2010
S
e
v
e
r
i
t
y

o
f

Q
u
a
r
t
e
r
l
y

N
e
t

C
h
a
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e
-
O
f
f

1
(
$

m
i
l
l
i
o
n
s
)
50
100
150
200
Q2 Q3 Q4 2009 2010
2008 (Avg Qtrly)
Q
u
a
r
t
e
r
l
y

N
e
t

C
h
a
r
g
e
-
O
f
f
(
$

m
i
l
l
i
o
n
s
)
Monitoring Range
Cumulative Loss Tracking: SubPrime 2
nd
Lien March 2008 Pool
Severit y Tracking
250
500
750
1,000
1,250
Q2 Q3 Q4
2008 2009 2010 Total
Remaining
C
u
m
u
l
a
t
i
v
e

N
e
t

C
h
a
r
g
e
-
O
f
f
(
$

m
i
l
l
i
o
n
s
)
Monitoring Range
Return
73
Financial Outlook
Return
74
Q3 2008 Outlook
Net interest margin expected to be in line with Q2 and within earnings
guidance range of 3.15% to 3.25% for the full year 08
Q3 provision expected to remain elevated, but lower than Q2 and still in line
with cumulative loss projections
Residential NCOs forecasted to increase ~14% from Q2 to Q3, down
from 64% increase from Q1 to Q2
Forecasted Q3 noninterest income (excluding losses from trading and AFS
securities) of $1.9B above Q2 and in line with expectations
Q3 depositor fees up 10% year over year
On track to achieve expected savings related to business resizing
Ending Q3 assets anticipated to remain relatively flat to Q2 levels due to
elevated cash and maturing card securitizations
Forecasted WMI Tier 1 risk-based capital of 8.72% and Tier 1 Leverage of
7.27%, above well-capitalized levels
Return
75
Decline in Q3 driven largely by gains from debt
buybacks recognized in Q2
123 274 224 Other Income
Fee income grows as on-balance sheet receivables
increase ~$7B from end of 2007
235 177 181 Card Fee Income
Slowing SFR prepayments drive higher MSR
valuations
Scaling down mortgage business resulted in lower
production and sales volume, which will be more
than offset by expense saves
585 (109) 411 Mortgage Revenue
Stable net interest income as $18B YTD balance
sheet decline is offset by 17bps NIM improvement
$2,261 $2,296 $2,175 Net Interest Income
$2,056 $1,513 $1,881 Operating Earnings
(2,002)
117
814
Q308
Forecast
(1,974)
159
767
Q208
Actual
(1,986)
248
704
Q108
Actual
Lower gains on new and existing sales due to lower
securitization levels and lower excess spread
Sales & Servicing of
Consumer Loans
Resizing efforts on track to deliver expected savings
Operating Expenses
Fee increases and net new checking account
growth of 725K Q3 YTD drive growth
Jan-Sep YOY depositor fee growth of 7.5%
Comments
Depositor & Other
Retail Banking Fees
($ in millions)
2008 Earnings Trends
Return
76
Credit costs remain in line with expectations as we
provision in excess of NCOs
Residential net charge-off growth decelerating
Early stage residential delinquency rates moderating to
declining
Q3 reflects ~$420M provision due to maturing credit card
securitizations
Allowance for loan losses expected to be $10.3B at 9/30
~3,500
~900
~4,400
5,531
381
5,913
3,355
156
3,511
Non-card provision
Card Provision
Total Provision
Impacted by market illiquidity and industry-wide credit
losses
In process of finalizing our impairment study to assess
additional Q3 write-downs
(518) (707) (198)
G/(L) on Trading & AFS
Securities (MTM)
~(1,800) (3,328) (1,138) Net Income
(1.10)-(1.20) (3.34) (1.40) EPS (excl BCF)
(35)
(177)
Q308
Forecast
(217)
(217)
Q208
Actual
(11)
(155)
Q108
Actual
Majority of resizing expenses recognized in Q2
Continuing to evaluate Retail branch strategy
Resizing Costs
FAE elevated driven by $1B increase in foreclosures from
2007 and lower home values
Decelerating pace of home price declines results in lower
valuation write-downs in Q3
Comments
Foreclosed Asset
Expense
($ in millions,
Except EPS)
2008 Earnings Trend (cont.)
Return
77
Fed ease drives NIM expansion
Pressured by wider 3M LIBOR to Fed Funds spread
Partially offset by on balance sheet Card receivables
Pressure from increasing NPAs
~3.25% 3.22% 3.05% NIM
MSR value improves with slower loan prepayments,
offsetting capital impact of higher than expected asset
levels
6,657 6,175 5,726 MSR
Maintaining sufficient excess cash to manage liquidity
position
12,864 9,985 12,616 Cash & Equivalents
Residential loan portfolio running off
Partially offset by higher on balance sheet Card
receivables due to additional securitization maturities
Continued MFL / commercial loan growth
238,749
176,670
15,356
46,723
239,626
183,368
10,589
45,669
242,814
189,086
8,988
44,470
Loans in Portfolio
Residential
Card Receivables
Commercial/Other
Overall balance sheet declines due to lower mortgage
production with further reduction expected in Q4
310,382 309,731 319,668 Ending Assets
Reflects uninsured deposit run-off related to IndyMac
collapse
Represents approximately 50% of liabilities
Account growth remains solid
~140,000 148,425 151,804 Retail Deposits
Q308
Forecast
Q208
Actual
Q108
Actual
Comments
($ in millions)
2008 Balance Sheet Trend
Return
78
100% 1% <1% 1% 2% 96% % of Total MBS @ 6/30/08
89% 18% 32% 41% 56% 95% Book value as % of par value
2
$18,241 $143 $84 $108 $416 $17,490 Total MBS
6,590 11 8 - 8 6,563 CMBS
326 40 36 55 40 155 Subprime
523 63 7 1 44 408 Alt-A
3,301 29 33 52 324 2,863 Prime
$7,501 $- $- $- $- $7,501 Agency
Total Below IG BBB A AA AAA
1
AFS MBS Portfolio by asset type and
Investment grade
(in millions)
1
I ncludes not rat ed securit ies t hat are guarant eed by t he U.S. Government or U.S. Government sponsored agencies
2
Book value writ t en down t hrough losses on AFS of $407 million in Q2, $67 million in Q1 and $375 million in 2007 as well as $1.2 billion in
ot her comprehensive income
( as of 6/ 30/ 2008)
AFS MBS Portfolio 96% AAA Rated
Return
79
Key Economic Assumptions
Recession scenario
Deeper deterioration of housing
market and unstable economy
Fed rate cuts to 1.00% and holds
steady through 2009
GDP declines in 2008 ending
at -0.5% but rebounds next year
Unemployment rises to an average
of 6.5% in 2009
Housing prices in WaMus top 10
markets decline by 39% peak-to-
trough
Base case
Borderline recession with modest
recovery in 2009
Fed cuts rates to 1.75% by YE
2008, but increases to 2.75% by
YE 2009
GDP growth remains below trend
through 2009
Unemployment peaks at 5.5% in
2008
Housing prices in WaMus top 10
markets decline by 20% peak-to-
trough
Return
80
Base Long Range Forecast
($ in millions) 2007 2008F 2009F 2010F ($ in billions) 2007 2008F 2009F 2010F
Net Interest Income 8,177 8,961 8,698 9,209 Assets
Provision 3,107 16,554 5,053 2,956 Cash & Investments 45,097 27,434 25,195 24,015
Noninterest Income 6,042 5,082 6,439 6,956 Loans 249,789 231,444 214,076 204,888
Non Interest Expense 10,600 9,244 8,851 8,592 ALLL (2,571) (10,687) (7,694) (6,358)
Minority Interest Expense 203 301 301 301 Other Assets 35,599 34,628 34,616 33,479
Net Income Before Tax 309 (12,056) 931 4,314 Total Assets 327,913 282,820 266,192 256,024
Tax 376 (4,962) 47 1,280
Net Income (67) (7,095) 884 3,034 Liabilities:
Preferred Dividends - 3,553 256 256 Deposits 181,926 182,798 199,566 210,002
Net Income Attrib. to Common (67) (10,648) 629 2,778 Borrowed Funds 108,962 64,825 30,324 6,534
EPS (0.08) $ (8.14) $ 0.36 $ 1.59 $ Other Liabilities 8,523 8,755 9,005 9,187
Avg Diluted Shares ($M) 864 1,308 1,744 1,744 Total Liabilities 299,411 256,378 238,895 225,723
Minority Interest 3,919 3,914 3,914 3,914
Total Shareholders' Equity 24,584 22,828 23,684 26,687
Select Details Total Liabilities and Equity 327,913 283,120 266,492 256,324
Retail Banking Fees % Growth 13% 9% 7% 8%
Total Revenue 14,219 14,043 15,137 16,165
NIM 2.86% 3.22% 3.42% 3.86%
2007 2008F 2009F 2010F 2007 2008F 2009F 2010F
Dividend/Share (Annual) 2.21 $ 0.18 $ 0.04 $ 0.04 $
ROA 0.00% -2.32% 0.32% 1.16% Buyback/Equity Issue ($B) (3.5) 7.0 - -
Efficiency Ratio 74.6% 65.8% 58.5% 53.2% TE/TA 6.67% 7.49% 8.34% 9.89%
Expense Growth (Decline) 20.4% -12.8% -4.2% -2.9% TCE/TA 4.39% 4.75% 5.54% 6.98%
Revenue Growth -1.9% -1.2% 7.8% 6.8% Tier I Leverage 6.84% 7.18% 8.41% 9.98%
Loan to Deposit Ratio 137% 127% 107% 98% Tier I RWA 7.93% 8.70% 9.40% 10.93%
FINANCIAL METRICS CAPITAL METRICS
BALANCE SHEET INCOME STATEMENT
Return
81
Recession Scenario Results
($ in millions) 2009 2010 2009 2010 Comments
Income Statement
Net Interest Income 8,625 8,690 (72) (519)
NIM 3.42% 3.70% 0.00% -0.16%
Provision Non Card 6,046 1,852 2,526 522 Cum Losses increase from $17B to $19B combined with the acceleration of loss timing
Provision Card 1,716 1,822 184 195 Card provision increases as NCL increase with worsening economic conditions
Total Provsion 7,762 3,673 2,710 717
Non Interest Income 5,798 6,324 (641) (632)
Non Interest Expense 9,067 9,169 216 577 FAE increases along with higher expenses due to increasing volumes
Minority Int. Exp 301 301 - -
Pre-tax net Inc (2,707) 1,869 (3,638) (2,445)
Tax (1,323) 360 (1,370) (920)
Net Income (1,384) 1,509 (2,269) (1,525)
Preferred Dividends 256 256 - -
Net Income attrib to common (1,640) 1,253 (2,269) (1,525)
EPS (0.94) 0.74 (1.30) (0.89) Return to profitability delayed to Q3 2009
Non Interest Income Details
Mortgage Banking Income 722 801 (96) (34)
Retail Fees 3,197 3,456 (177) (191)
Card Fees 933 1,134 (11) (13) Lower Card balances
Card Sales/Svg 377 397 (317) (333) Higher NCLs drives lower excess spreads combined with higher discount rates
Other 570 537 (40) (60) Lower custodial deposit fees in HLs
Non Interest Income 5,798 6,324 (641) (632)
Capital
TE/TA 7.35% 8.14% -0.99% -1.75%
TCE/TA 4.52% 5.24% -1.02% -1.74%
Tier I Leverage 7.42% 8.24% -0.99% -1.74%
Tier I RWA 8.26% 8.95% -1.14% -1.98%
Lower interest rates improves GOS with higher production, which is more than offset by
Consumer spending softens combined with lower account acquisition and lower incident
NIM declines with falling short term interest rates due to higher "loan to deposit ratio"
and higher non-accrual reversals. At absolute rate of 2% the ability to reduce deposit
pricing limited, and the current ALM position reduces sensitivity to decling rates. In
addition, Libor Treasury spreads widen causing MTA loans to reprice faster than
borrowings.
Lower rates drives faster run off, which impacts the MSR and Service fees more than
offsetting improved GOS. Softening consumer spending drives lower retail fee growth,
and high NCLs impact Card residual values
Return
82
Outstanding Capital Securities
Non Equity-Linked
Equity-Linked
Basket D (75%)
100% up to
33% of ACE
25% of Tier 1 1,000 12/15/2012 9.750% PerpNC10 ADP/REIT Washington Mutual Pfd Funding Trust IV 10/18/2007
Basket D (75%)
100% up to
33% of ACE
25% of Tier 1 500 6/15/2012 6.895% PerpNC5 ADP/REIT Washington Mutual Pfd Funding Trust III 5/20/2007
Basket D (75%)
100% up to
33% of ACE
25% of Tier 1 500 12/15/2016 6.665% PerpNC10 ADP/REIT Washington Mutual Pfd Funding Trust II 12/5/2006
Basket D (75%)
100% up to
33% of ACE
50% of Tier 1 500 9/18/2011 L + 70 PerpNC5 DRD Washington Mutual 9/11/2006
Basket D (75%)
100% up to
33% of ACE
25% of Tier 1 1,250 3/15/2011 6.534% PerpNC5 ADP/REIT Washington Mutual Pfd Funding 2/24/2006
Basket D (75%)
100% up to
33% of ACE
25% of Tier 1 750 3/15/2011 7.250% PerpNC5 ADP/REIT Washington Mutual Pfd Funding (Cayman) 2/24/2006
Basket A (0%)
100% up to
12% of ACE
25% of Tier 1 58 Traditional TPS Washington Mutual (various) 2001 - 2005
Moodys
Treatment
S&P
Treatment
Regulatory
Treatment
Size
($mm) Call Date Coupon Structure Issuer Issue Date
Basket D (75%) 100% up to
33% of ACE
50% of Tier 1 3,000 22% Premium
$21.25 Conversion
Price
Optionally convertible by holder at
any time
WM can force conversion
after 12/18/12 if stock
price exceeds 130% of
conversion price
7.750% Optional
Convertible
Preferred
Washington
Mutual
12/17/2007
Basket A (0%)
[TPS portion]
100% up to
12% of ACE
[TPS portion]
25% of Tier 1
[TPS portion]
1,150
[755 TPS]
Unit consists of trust preferred +
warrant
Exercise price of warrant
is initially $32.33 accreting to $50
at expiration date
WM can force conversion
after 5/3/06 if stock price
is above $49.33
5.375% PIERS Units Washington
Mutual
4/24/2001
Moodys
Treatment S&P Treatment
Regulatory
Treatment
Size
($mm) Terms Call/Conversion Date Coupon Structure Issuer Issue Date
Return
83
2008 Direct Expense Long Range
Forecast
($ in millions)
Retail
Bank
Home
Loans
Commercial
Group
Card
Services
Corp./Treasury/
Other
Total
Compensation & Benefits $1,771 $651 $149 $291 $777 $3,640
Occupancy & Equipment 966 132 24 52 703 1,876
Telecomm & Outsourced Info Svcs 111 41 1 154 217 523
Depositor & Oth Retail Bkg Losses 279 0 (0) 0 0 279
Advertising And Promotion 111 15 4 185 105 420
Professional Fees 29 16 3 14 110 172
Postage, Express Mail & Courier 150 34 2 208 4 398
Regulatory Assessments 129 5 10 0 53 197
Office Supplies 17 6 1 3 (53) (26)
Travel & Training 27 18 6 6 75 132
Proprietary Mutual Fund Expense 0 0 0 0 0 0
Other Taxes & Licenses 15 10 2 13 7 47
Other Operating Losses, Net 40 19 0 16 (17) 58
Loan Expenses 12 39 6 6 0 64
Credit Card Loan Expenses 0 0 0 117 0 117
Other-Real Estate-Net (0) 0 1 0 (0) 1
Security Services 21 1 0 0 11 33
Contributions (1) 0 0 0 25 25
Outside Printing 52 12 0 0 3 68
Other Outside Services 58 54 4 1 29 147
Other Operating Expense & Oth (9) 45 (1) (0) 29 63
Foreclosed Assets Expense, Net 299 606 1 0 1 907
Amort Of Other Intangibles 43 0 6 75 - 124
Other Noninterest Expense 852 848 39 446 169 2,355
Total 4,118 1,704 220 1,143 2,081 9,266
Memo: Resizing Expense $224 $185 $2 $3 $209 $624
Return
84
Headcount Overview
(6/30/2008)
Retail Bank Home Loans Commercial Group
Retail Store Distribution 22,046 Home Loans Support 1,058 Multifamily Lending 281
Relationship & Investing 1,659 Home Loans Production 2,272 Commercial Real Estate 73
Consumer Deposit Pricing 70 Wholesale Channel 598 Commercial Mortgage Lending 103
Retail Marketing 47 Consumer Direct 143 Commercial Treasury Solutions 110
Customer Care / Operations 2,892 Servicing 2,829 Other Commercial Group 6
Enabler Groups 560 FAS 91 257 Support Operations 750
Technology 412
Overhead / Support 1
Total 27,687 Total 7,157 Total 1,323
Card Services Corp. / Treasury / Other WM Consolidated
Communications 16 Technology 1,013 Retail Bank 27,687
Credit 117 Community & External Affairs 123 Home Loans 7,157
Executive 4 Finance & Treasury 444 Commercial Group 1,323
Finance 80 Legal 644 Card Services 2,915
Human Resources 31 Communications 55 Corp./ Treasury / Other 4,116
Marketing 383 Enterprise Operations 371
Technology 207 Human Resources 709
Operations 2,077 Enterprise Risk Management 377
Executive 27
Marketing / Ecommerce 353
Total 2,915 Total 4,116 Total 43,198
Return
85
Credit Performance Results
Note: Home Loans SFR Prime includes SFR Prime, Custom and Builder portfolios Subprime Mortgage Channel includes Purchased SMF, Long Beach Mortgage, HEL
Subprime, and HEL Purchased portfolios. Home Equity includes HEL and HELOC portfolios; excludes Other Consumer portfolio
(in $ Millions)
SFR Prime Jun-07 Sep-07 Dec-07 Mar-08 Jun-08
Outstanding Portfolio Balance $90,601 $108,003 $112,614 $110,508 $106,929
Total Delinquencies $2,164 $3,086 $4,703 $6,369 $7,988
Total Delinquency Rate 2.39% 2.86% 4.18% 5.76% 7.47%
Non Performing Loans $1,038 $1,496 $2,358 $3,581 $4,835
Non Performing Loan Rate 1.15% 1.39% 2.09% 3.24% 4.52%
Net Charge-offs $21 $52 $100 $339 $690
Net Charge-off Rate (Qtrly Annualized) 0.09% 0.20% 0.36% 1.22% 2.55%
Subprime Mortgage Channel Jun-07 Sep-07 Dec-07 Mar-08 Jun-08
Total Delinquencies $2,680 $3,495 $3,963 $4,004 $4,044
Non Performing Loans $1,707 $2,356 $2,721 $2,881 $3,008
Net Charge-offs $92 $145 $273 $386 $569
Home Equity Jun-07 Sep-07 Dec-07 Mar-08 Jun-08
Total Delinquencies $778 $1,154 $1,708 $2,131 $2,416
Non Performing Loans $378 $533 $835 $1,103 $1,521
Net Charge-offs $52 $101 $244 $477 $709
Quarter-End
Quarter-End
Quarter-End
Return
86
Credit Performance Results
(in $ Millions)
Card Services Jun-07 Sep-07 Dec-07 Mar-08 Jun-08
Outstanding (Managed) Portfolio Balance $24,987 $26,227 $27,239 $26,378 $26,430
On Balance sheet Delinquencies $291 $299 $379 $452 $581
On Balance sheet Rate 2.93% 3.41% 4.29% 5.03% 5.48%
Managed Delinquencies $1,277 $1,503 $1,762 $1,817 $1,864
Managed Rate 5.11% 5.73% 6.47% 6.89% 7.05%
On Balance Sheet Net Charge-offs $91 $106 $95 $123 $153
On Balance Sheet Net Charge-off Rate (Qtrly Annualized) 3.64% 4.36% 4.23% 5.47% 6.31%
Managed Net Charge-offs $392 $413 $464 $623 $709
Managed Net Charge-off Rate (Qtrly Annualized) 6.40% 6.38% 6.92% 9.33% 10.78%
MFL/CRE Jun-07 Sep-07 Dec-07 Mar-08 Jun-08
Total Delinquencies $190 $280 $233 $326 $329
Non Performing Loans $101 $151 $168 $217 $256
Net Charge-offs $2 $0 $5 $5 $4
Other Comm./Retail Small Business Jun-07 Sep-07 Dec-07 Mar-08 Jun-08
Total Delinquencies $84 $77 $91 $93 $124
Non Performing Loans $50 $40 $38 $40 $69
Net Charge-offs $12 $16 $28 $37 $45
Quarter-End
Quarter-End
Quarter-End
MFL/CRE includes MFL and CRE portfolios; excludes Other Commercial/Retail Small Business
Return
WAMUNYCS\WGL\Full Team WGL 08.doc hortond 21 Sep 2008 11:43 1/12

Project Ocean Working Group List
For updates, please contact:

Derek Horton
derek.horton@gs.com
212.902.0128

Updated September 19, 2008

Return

1
Working Group List
Washington Mutual

Company/Address Business Phone Home Phone Home Address
Executive Office
Alan Fishman
CEO
Email: alan.fishman@wamu.net

Steve Rotella
President & COO

Asst: Mary O'Rourke
Tel: 206-500-8302
Email: steve.rotella@wamu.net

Tel: 206-500-8302
Email: mary.o.rourke@wamu.net

Tom Casey
CFO

Asst: Marita Robbins
Tel: 206-500-4201
Email: tom.casey@wamu.net

Tel: 206-500-4201
Email: marita.robbins@wamu.net

Frank Baier
Special Assistant to the CEO

Asst: Denise Roberts

Tel: 206-500-3336
Fax: 206-377-3021
Email: frank.baier@wamu.net

Tel: 206-500-6273
Email: denise.roberts@wamu.net
Mob: 206-605-1819
Corporate Strategy & Development
Todd Baker
Executive Vice President

Asst: Meggan Weir
Tel: 206-500-4191
Email: todd.baker@wamu.net

Tel: 206-500-4192
Email: meggan.weir@wamu.net
Mob: 206-849-5734
Sasha Kipkalov
Senior Vice President
Tel: 206-500-3567
Email: alexander.kipkalov@wamu.net
Mob: 206-465-1058
Eunhee Choi Sumner
First Vice President
Tel: 206-500-3569
Email: eunhee.choi@wamu.net
Mob: 206-372-8057
James Capolongo
Vice President
Tel: 206-500-3573
Email: james.capolongo@wamu.net
Mob: 206-226-0602
Return

2
Working Group List
Washington Mutual

Corporate Strategy & Development (cont.)
Carolyn Holtzen
Vice President
Tel: 206-500-3575
Email: carolyn.holtzen@wamu.net
Mob: 206-291-8020
Adam Pearson
Analyst
Tel: 206-500-2769
Email: adam.pearson@wamu.net
Mob: 360-708-2885
Treasury
Robert Williams
Senior Vice President & Treasurer
Tel: 206-500-4164
Email: robert.j.williams@wamu.net
Mob: 206-372-6457
Steve Stearns
Tel: 206-302-4331
Email: steve.stearns@wamu.net
Mob: 206-779-9740
Peter Freilinger
Senior Vice President
Tel: 206-554-8655
Email: peter.freilinger@wamu.net
Mob: 206-399-8557
Vicky Wu
Tel: 206-554-0756
Email: vicky.wu@wamu.net
Mob: 206-302-9862

Credit
John McMurray
Senior Vice President & CCO
Tel: 206-500-6275
Email: john.mcmurray@wamu.net
Mob: 703-304-7464
Legal
Carey Brennan
Senior Vice President & Deputy CLO
Tel: 206-500-4346
Email: carey.brennan@wamu.net
Mob: 206-914-6412
Chad Smith
Assistant GC, Team Lead
Tel: 206-500-4347
Email: charles.e.smith@wamu.net
Mob: 206-321-0187
Chris Bellavia
First Vice President, Asst. GC
Tel: 206-500-4337
Email: christopher.bellavia@wamu.net
Mob: 206-245-3778

Return

3
Working Group List

Investment Banking Division
John Mahoney
Managing Director

Tel: 212-902-9963
Fax: 212-357-0926
Email: john.mahoney@gs.com
Tel: 203-869-0370
Mob: 914-260-6470
Fax: 203-869-6677
630 Park Avenue #4A
New York, NY 10021
Todd Owens
Managing Director

Tel: 310-407-5759
Fax: 310-407-5555
Email: todd.owens@gs.com
Tel: 310-656-0517
Mob: 310-560-8044
Fax: 310-656-0518
616 18th Street
Santa Monica, CA 90402
Samir Shah
Vice President
Tel: 310-407-5891
Fax: 310-407-5555
Email: samir.shah@gs.com
Mob: 917-846-5782 10501 Wilshire Blvd, #1601
Los Angeles, CA 90024
Ankur Vyas
Associate
Tel: 212-902-5944
Fax: 212-357-0926
Email: ankur.vyas@gs.com
Mob: 704-649-2693
Fax: 775-254-6182
240 E. 86th St. # 6G
New York, NY 10028
Anand Krishnamurthy
Analyst
Tel: 212-902-5818
Fax: 212-902-3000
Email: anand.krishnamurthy@gs.com
Mob: 732-616-7235 2 Gold Street #1810
New York, NY 10027
Derek Horton
Analyst
Tel: 212-902-0128
Fax: 212-902-3000
Email: derek.horton@gs.com
Mob: 469-261-4815 523 E. 14
th
St. #M-D
New York, NY 10009
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4
Working Group List

Americas Financing Group
Scott Romanoff
Managing Director
Tel: 212-902-4016
Fax: 212-256-4576
Email: scott.romanoff@gs.com
Mob: 917-859-2623
Mob: 732-616-7235

257 Central Park West # 10A
New York, NY 10024
Huntley Garriott
Managing Director
Tel: 212- 902-6314
Fax: 646-769-7044
Email: huntley.garriott @gs.com
Mob: 917-374-2518

655 Sixth Avenue 2J
New York, NY 10010
Jim Mannoia
Vice President
Tel: 212-357-0569
Fax: 212-428-0808
Email: jim.mannoia@gs.com
Tel: 917-650-0012

375 South End Ave. #15U
New York, NY 10280
Hafize Gaye Erkan
Associate
Tel: 212-902-8227
Email: hafize.erkan @gs.com
Tel: 609.240.3944

Tad Smith
Associate
Tel: 212-902-6526
Fax: 212-902-3000
Email: tad.smith@gs.com
Mob: 917-843-1364
Jehan Ilahi
Associate
Tel: 212-902-2287
Fax: 646-576-3267
Email: jehangir.ilahi@gs.com
Mob: 617-697-5397 355 South End Avenue #10K
New York, NY 10280
Andre DSouza
Analyst
Tel: 212-902-9162
Fax: 917-977-3556
Email: andre.dsouza@gs.com

Matthew Cannan
Analyst
Tel: 212-902-3776
Email: matthew.cannan@gs.com
Mob: 614-403-5180

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5
Working Group List

Equity Capital Markets
Stuart Bernstein
Managing Director
Tel: 212-902-7395
Fax: 212-357-2041
Email: stuart.bernstein@gs.com
Tel: 203-637-5080
Mob: 203-561-9874
Fax: 212-428-1107
100 Club Road
Riverside, CT 06878
Erich Bluhm
Managing Director
Tel: 212-357-8664
Fax: 212-256-5732
Email: erich.bluhm@gs.com
Tel: 914-481-4969
Mob: 646-207-7312
26 Lawrence Lane
Harrison, NY 10528
Lyla Bibi
Associate
Tel: 212-902-1037
Fax: 212-493-0686
Email: lyla.bibi@gs.com
Mob: 914-672-4220 245 East 54
th
Street, #3M
New York, NY 10022
Jamie Meltzer
Associate
Tel: 212-902-4339
Fax: 917-977-3288
Email: jamie.meltzer@gs.com
Mob: 610-547-9973 145 East 16
th
Street, #8F
New York, NY 10003
David Bauer
Analyst
Tel: 212-902-4293
Fax: 917-977-3947
Email: david.bauer@gs.com
Mob: 732-778-0220 347 E 19th St #3
New York NY 10003
Equity Derivatives
Jason Lee
Vice President
Tel: 212-902-0923
Fax: 212-902-8130
Email: jason.lee@gs.com
Tel: 212-386-7825
Mob: 917-699-4037
66 West 38
th
Street, #9H
New York, NY 10018
Jared Kramer
Associate
Tel: 212-902-3002
Fax: 212-256-5847
Email: jared.kramer@gs.com
Mob: 603-475-5583 96 Crotona Ave, 2nd Floor
Harrison, NY 10528
Bryan Goldstein
Analyst
Tel: 212-855-9696
Fax: 212-256-5456
Email: bryan.goldstein@gs.com
Mob: 732-614-8358 378 3rd Avenue #5B
New York, NY 10016
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6
Working Group List

Credit Risk Management
Carey Halio
Vice President
Tel: 212-357-2659
Email: carey.halio@gs.com
Tel: 646-678-3747
Mob: 917-304-0643

Nithya Navaratnam
Associate
Tel: 212-902-9553
Fax: 212-256-5576
Email: nithya.navaratnam@gs.com
Mob: 917-304-0643

FICC SPSG
Michelle Gill
Managing Director
Tel: 212-357-8721
Fax: 212-493-0058
Email: michelle.gill@gs.com
Tel: 212-724-2072
Mob: 917-992-4076

Michael Dente
Vice President
Tel: 212-357-3598
Fax: 212-493-0270
Email: michael.dente@gs.com
Mob: 203-246-6156
Barrie Ribet
Associate
Tel: 212-357-1240
Fax: 212-256-5815
Email: barrie.ribet@gs.com
Mob: 267-257-6031
Charles Griffin
Analyst
Tel: 212-357-8179
Fax: 917-977-3775
Email: charles.griffin@gs.com
Mob: 917-434-2024
Jon Puckhaber Tel: 212-902-4668
Fax: 646-769-7767
Email: jon.puckhaber@gs.com
Mob: 603-738-6028
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7
Working Group List
Morgan Stanley

Investment Banking FIG
Kirk Wilson
Vice Chairman

Tel: 212-761-8341
Fax: 212-507-2575
Email: kirk.wilson@morganstanley.com
Mob: 646-645-5482
Mal Durkee
Managing Director
Tel: 212-761-0077
Email: mal.durkee@morganstanley.com
Mob: 917-969-0011
John Esposito
Managing Director
Tel: 212-761-7101
Fax: 212-507-1008
Email: john.esposito@morganstanley.com
Mob: 917-513-9449
Aron Natale
Vice President
Tel: 212-761-4436
Fax: 212-507-5601
Email: aron.natale@morganstanley.com
Mob: 646-280-6561
Sebastiano Visentini
Vice President
Tel: 212-761-6697
Fax: 212-507-1888
Email: sebastiano.visentini@morganstanley.com

Andrew Deringer
Associate
Tel: 212 761-7027
Email: andrew.deringer@morganstanley.com

Diego Rojas Paez
Associate
Tel: 212-761-4351
Fax: 212-507-3444
Email: diego.rojas.paez@morganstanley.com
Mob: 917-328-3240
Theo Farge
Analyst
Tel: 212-761-8037
Fax: 212-507-8787
Email: theo.farge@morganstanley.com
Mob: 919-454-6525

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8
Working Group List
Morgan Stanley

Structured Solutions Group
Matthew Salvner
Managing Director
Tel: 212-761-2660
Fax: 212-507-0908
Email: matthew.salvner@morganstanley.com
Mob: 917-445-5633
Warren Friend
Managing Director
Tel: 212-762-7630
Fax: 212-507-2963
Email: warren.friend@morganstanley.com
Mob: 917-520-8213
Valerie Kay
Managing Director
Tel: 212-761-2162
Fax: 212-507-2997
Email: valerie.kay@morganstanley.com
Mob: 646-256-3724
Kevin Ryan
Managing Director
Tel: 212-761-2825
Fax: 212-507-2944
Email: kevin.j.ryan@morganstanley.com
Mob: 917-847-8584
Lydia Foo
Executive Director
Tel: 212-761-1297
Fax: 212-507-8510
Email: lydia.foo@morganstanley.com
Mob: 626-644-9046
Daniel Chen
Vice President
Tel: 212-761-2657
Fax: 646-290-2774
Email: daniel.chen@morganstanley.com
Mob: 917-455-7831
Parichart Thepvongs
Vice President
Tel: 212-761-7495
Fax: 212-507-2353
Email: parichart.thepvongs@morganstanley.com
Mob: 917-548-6224
Michael Carver
Analyst
Tel: 212-761-1012
Fax: 201-377-9736
Email: michael.carver@morganstanley.com
Mob: 860-334-4315
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9
Working Group List
Morgan Stanley

Fixed Income Capital Markets
Matthew Diczok
Executive Director
Tel: 212-761-0925
Fax: 212-404-9654
Email: matthew.diczok@morganstanley.com
Mob: 212-961-7123

Christopher Chan
Analyst
Tel: 212-761-8417
Fax: 646-731-9310
Email: christopher.chan@morganstanley.com
Mob: 603-667-5139
Equity Capital Markets
Taylor Wright
ECM FIG Coverage Officer

Asst: Jan Ellis
Tel: 212-761-5443
Fax: 212-507-8983
Email: h.taylor.wright@morganstanley.com

Tel: 212-761-8633
Email: jan.ellis@morganstanley.com
Mob: 908-656-5443
John Tyree
Managing Director

Asst: Carol Palmer
Tel: 212-761-5731
Fax: 212-404-9462
Email: john.tyree@morganstanley.com

Tel: 212-761-2279
Email: carol.palmer@morganstanley.com
Mob: 646-641-0676

Serkan Savasoglu
Executive Director
Tel: 212-761-9363
Fax: 212-404-9481
Email: serkan.savasoglu@morganstanley.com
Mob: 646-515-6730

Sarah McKinnon
Analyst
Tel: 212-761-5451
Fax: 212-438-5769
Email: sarah.mckinnon@morganstanley.com
Mob: 214-808-4608

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10
Working Group List
Simpson Thacher & Bartlett

Corporate
Lee Meyerson
Partner

Asst: Marjorie Grant
Tel: 212-455-3675
Fax: 212-455-2502
Email: lmeyerson@stblaw.com

Tel: 212-455-2657
Tel: 203-966-6852
Fax: 203-966-6858
Mob: 917-496-5947
88 Four Winds Lane
New Canaan, CT 06840

Maripat Alpuche
Partner
Tel: 212- 455-3971
Fax: 212-455-2502
Email: malpuche@stblaw.com
Tel: 914-238-4823
Mob: 917-843-9631
45 Carolyn Place
Chappaqua, NY 10514
Elizabeth Cooper
Associate
Tel: 212-455-3407
Fax: 212-455-2502
Email: ecooper@stblaw.com
Tel: 212-228-9588
Mob: 646-295-9509
260 Park Avenue South, Apt. 3J
New York, NY 10010
Mark Bussey
Associate
Tel: 212-455-3261
Email: mbussey@stblaw.com
Mob: 608-628-4701 31 East 93rd Street
New York, NY 10128
Elsa Wang
Associate
Tel: 212-455-3067
Email: ewang@stblaw.com
Mob: 646-271-7369 250 East 73rd Street, Apt. 2A
New York, NY 10021

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11
Working Group List
Simpson Thacher & Bartlett

ERISA
Andrea Wahlquist
Partner
Tel: 212-455-2622
Email: awahlquist@stblaw.com
300 E. 77th St., #10C
New York, NY 10075
Aimee Adler
Associate
Tel: 212-455-7716
Email: aadler@stblaw.com
Mob: 917-843-9667 195 Adams Street, Apt. 14J
Brooklyn, NY 11201
Credit
David Eisenberg
Partner

Tel: 212-455-7103
Email: deisenberg@stblaw.com

Mob: 917-834-1026 28 Linden Ave.
Larchmont, NY 10538
Brian Steinhardt
Partner
Tel: 212-455-3802
Email: bsteinhardt@stblaw.com
Mob: 917-494-9439 60 West 66th Street, Apt # 34E
New York, NY 10023
Chris Bell
Associate
Tel: 212-455-3295
Email: cbell@stblaw.com
Mob: 917-903-8387 14 Schermerhorn Street, Apt. 3
Brooklyn, NY 11201
Tax
Steve Todrys
Administrative Partner

Tel: 212-455-3750
Fax: 212-396-9555
Email: stodrys@stblaw.com

Mob: 917-592-9995 180 East End Avenue, Apt. 6H
New York, NY 10128
Sean Austin
Associate
Tel: 650-251-5014
Email: saustin@stblaw.com
Mob: 917-664-4311 350 Sharon Park Drive, #L-211
Menlo Park, CA 94025

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1

August 11, 2008

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2
Table of Contents

Appendix A: Merger Analysis: Company Stress Loss Scenario
Appendix B: Selected Merger Analysis: Moodys Stress Loss Scenario

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3
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4
Overview of March / April Process

Initial Contact (March 3-7)
JPMorgan
Wells Fargo
Banco Santander
Barclays
BBVA

Indications of Interest / Initial Management Meetings (March 10-14)
JP Morgan, Wells Fargo
Second Round Management Meetings / Final Bids (March 17 April 1)
JP Morgan Offered $5.00 / share with upside of $3.00 / share via a contingent value security
if the low end of losses in home equity portfolio (8.5% cumulative losses on $60.6bn home
equity portfolio) proved to be correct
Based on current assumptions of losses in home equity portfolio, aforementioned
contingent value security would be worth $0
Wells Fargo declined second round meetings due to concerns over mortgage portfolio and
geographic overlap in higher-risk states (i.e. California)

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5
M&A Process
Preliminary Timeline

Week 1 Week 2 Week 3 Week 4 Week 5 Week 6
Finalize Management Presentation
Finalize Data Room
Contact Potential Partners
Confidentiality Agreement
Management Meetings
Preliminary Indications of Interest
Due Diligence
Negotiate Terms
Announce Transaction
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6
Potential Strategic Partners / Acquirers of WaMu

Name
Market Cap
($ in bn)
1-Yr Price
Performance
2009
P/E
Current
Price/TBV
TCE/
TA
Tier 1 Ratio
Commentary

CEO: Jamie Dimon
$141.1 (11.7) % 12.3 x 1.8 x 4.5 % 9.1 %
Relatively well-positioned to execute
a large transaction
Unclear how participation in April
sale process will affect posture

CEO: Alfredo Senz Abad
113.9 (13.9) 7.6 2.6 3.5 7.7
Well-positioned to execute a large
transaction
Considering U.S. strategic options

CEO: John Stumpf
99.8 (13.8) 12.8 3.0 5.1 8.2
Maybe reluctant to substantially
increase mortgage and MSR
exposure
Declined to proceed during the April
sale process due to loan portfolio
concerns
Has demonstrated interest in multi-
family assets and California
branches/deposits

CEO: Francisco Gonzlez Rodrguez
67.1 (34.6) 6.7 2.6 4.7 7.9
Continued interest in growing U.S.
franchise
WM footprint highly complementary
to BBVAs targeted Sun Belt markets

CEO: John Varley
57.2 (47.2) 6.7 1.2 1.5 9.1
Focused on improving financial
performance and investor credibility;
however, actively considering U.S.
opportunities

CEO: Richard Davis
54.8 (1.5) 12.8 5.1 4.9 8.5
Unlikely to pursue transformative
deal given conservative credit culture
Strong financial stability
Might have an interest in certain
assets

CEO: Yoshifumi Nishikawa
50.3 (29.8) 11.3 1.7 2.4 6.7
Proactively considering U.S.
opportunities; however, unlikely to
move quickly

CEO: W. Edmund Clark
47.8 (11.0) 10.0 4.4 2.4 9.1
Recently completed acquisition of
Commerce may limit near-term
appetite
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7
Transaction Considerations

Consideration Comment

Mark-to-Market

Mark on portfolio at closing will be the primary driver for sizing the capital
requirement of the acquiring institutions
Likely to be calculated based on a discounted cash flow methodology (expected
prepayments, interest, losses, etc) as level 3 assets
BAC / CFC provides one recent data point on accountant-approved methodology

Form of Consideration

Contingent value security may be a form of consideration for potential acquirors
Likely to be linked to performance of some subset of higher risk residential real
estate portfolio (or all of it)
JPMorgan linked to low-end of loss range on home equity portfolio to obtain
full value of CVS

Capturing Discount in
Debt / Preferred

WaMus debt and preferred outstandings are currently trading at a significant
discount to par
Aggregate discount of approximately $10.0 billion on $24.0 billion liability /
preferred base
Capturing this discount in some fashion prior to executing a strategic transaction
would potentially improve the ability to pay of a potential partner due to decreased
goodwill creation / capital needed
Transaction contingent on exchange / tender of debt / preferred may also be
structured
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8
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9
Cumulative Loss Roll-Forward
Company High Stress Case vs. Moodys Stress Case
($ in millions)
Company High Stress (April 2008)
Mar
Balance
Cum
Loss (%)
Expected
Cum Loss 2Q NCOs
Jun
Balance
Expected
Cum Loss
Remaining
Losses
Left
Remaining
Cum Loss
SFR: Option ARM $ 55,846 9.9% $ 5,552 $ 466 $ 52,886 $ 5,086 9.1% $ 560 $ 672 $ 3,854 6.9%
SFR: Other 52,574 2.6% 1,378 221 52,141 1,157 2.2% 265 318 575 1.1%
Subprime 17,344 22.5% 3,906 569 16,052 3,337 19.2% 683 819 1,835 10.6%
Card Services 8,989 10.0% 899 153 10,589 746 8.3% 184 220 342 3.8%
Total $ 242,814 $ 20,611 $ 2,171 $ 239,627 $ 18,440 $ 2,605 $ 3,126 $ 12,709

Moodys Stress (July 2008)
Mar
Balance
Cum
Loss (%)
Expected
Cum Loss 2Q NCOs
Jun
Balance
Expected
Cum Loss
Remaining
Losses
Left
Remaining
Cum Loss
SFR: Option ARM $ 55,846 17.7% $ 9,885 $ 466 $ 52,886 $ 9,418 16.9% $ 560 $ 672 $ 8,187 14.7%
SFR: Other 52,574 2.9% 1,525 221 52,141 1,304 2.5% 265 318 722 1.4%
Subprime 17,344 26.2% 4,545 569 16,052 3,976 22.9% 683 819 2,474 14.3%
Card Services 8,989 20.0% 1,798 153 10,589 1,645 18.3% 184 220 1,241 13.8%
Total $ 242,814 $ 26,444 $ 2,171 $ 239,627 $ 24,273 $ 2,605 $ 3,126 $ 18,542

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10
Illustrative Purchase Accounting Mark-to-Market
Overview of Discounted Cash Flow Methodology on Residential Mortgage Assets
($ in billions)
Overview
Expected Cumulative Mark to Market Sensitivity
12/31/08 Loss at 12/31/08 2Q08 Discount to Discount Rate Company Stress Case
Balance Moody's Company CPR Coupon Rate 0.00 % 0.50 % 1.00 % 1.50 % 2.00 %
SFR: Option ARM $ 51.8 $ 8.2 $ 3.9 10.0 % 6.6 % 8.1 % 0 2 5 7 9
SFR: Other 49.4 0.7 0.6 10.0 6.4 7.9 0 3 5 8 10
Home Equity: 1st Lien 15.7 0.4 0.3 10.0 5.9 7.4 0 3 5 8 10
Home Equity: 2nd Lien 40.6 4.8 5.0 10.0 5.9 7.4 0 2 5 7 9
Subprime 15.0 2.5 1.8 10.0 8.0 9.5 0 2 4 6 8
Total $ 172.5 $ 16.6 $ 11.6

Illustrative Impact at Close
Moody's Stress Case Company Stress Case
Credit Impact Discount Rate Illustrative Mark Credit Impact Discount Rate Illustrative Mark
on Mark Impact on Mark to Market on Mark Impact on Mark to Market
%-Pts Amount %-Pts Amount %-Pts Amount %-Pts Amount %-Pts Amount %-Pts Amount
SFR: Option ARM 13 $ 6.6 6 $ 3.2 19 $ 9.8 5 $ 2.8 7 $ 3.6 12 $ 6.4
SFR: Other 0 0.1 8 3.8 8 3.9 0 0.0 8 3.8 8 3.8
Home Equity: 1st Lien 2 0.2 8 1.2 9 1.5 1 0.2 8 1.2 9 1.4
Home Equity: 2nd Lien 10 4.0 7 2.8 17 6.8 10 4.3 7 2.8 17 7.0
Subprime 13 2.0 6 0.9 19 2.9 9 1.4 6 0.9 15 2.3
Total 7 $ 12.9 7 $ 11.9 14 $ 24.8 5 $ 8.6 7 $ 12.4 12 $ 20.9

(1) Assumes base case discount rate of coupon + 150 bps
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11
Other Assets & Liabilities
Estimated Mark-to-Market
($ in millions)
Other Assets Other Liabilities
Jun Balance % Loss
Mark-to-
Market
Other Assets:
Cash and cash equivalents $ 7,235 0% $ 0
Fed Funds Sold 2,750 0% 0
Trading Assets 2,308 10% 231
Mortgage-backed Securities 18,241 5% 912
Investment securities 6,134 10% 613
Investment in FHLB 3,498 0% 0
Mortgage Servicing Rights 6,175 10% 618
Accounts receivable 3,456 0% 0
Investment in bank-owned life insurance 5,523 5% 276
Premises and equipment 2,914 0% 0
Accrued interest receivable 1,930 0% 0
Derivatives 3,035 0% 0
Identifiable intangible assets 378 0% 0
Foreclosed Assets 1,462 20% 292
Other 4,360 0% 0
Other Assets 23,058 2% 569
Total Assets (Excluding Loans) $ 69,399 4% $ 2,942

Jun Balance % Loss
Mark-to-
Market
Liabilities:
Non-interest-bearing retail checking $ 25,435 0% $ 0
Interest-bearing retail checking 21,715 0% 0
Retail Savings and money market 58,016 0% 0
Retail Time Deposits 43,086 0.75% 323
Commercial business / other deposits 8,892 0% 0
Brokered Deposits 19,348 0.75% 145
Escrow 5,431 0% 0
Total Deposits $ 181,923 0% $ 468
Federal Funds / CP / Repos 289 0% 0
FHLB Advances 58,363 0% 0
Other Borrowings 30,590 0% 0
Other Liabilities 8,566 0% 0
Minority Interests 3,914 0% 0
Total Liabilities $ 283,645 0% $ 468

1
Assumes other assets allocated in constant ratio as Q1 2008.
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12
Estimated ALLL Roll-Forward
2008
($ in millions)
1,429
3,511
5,913
3,908
3,126
(747)
(1,368)
(2,171)
(2,605)
(3,126)
1,889
2,571
4,714
8,456
9,759 9,759
(4,000)
(2,000)
0
2,000
4,000
6,000
8,000
10,000
12,000
3Q07 4Q07 1Q08 2Q08 3Q08E 4Q08E
Provision
NCOs
Ending ALLL
Quarterly NCO Growth 77.4% 83.1% 58.7% 20.0% 20.0%
Provisions / NCOs 1.9x 2.6x 2.7x 1.5x 1.0x

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13
Summary of Estimated Mark-to-Market

($ in millions)
12/31 Expected
Balance
Company Stress
Mark (%)
Moody's Stress
Mark (%)
Company Stress
Mark ($)
Moody's Stress
Mark ($)
Loan Portfolio
SFR: Option ARM $ 51,822 12 % 19 % $ 6,408 $ 9,783
SFR: Other 49,363 8 8 3,782 3,908
Home Equity: 1st Lien 15,749 9 9 1,399 1,466
Home Equity: 2nd Lien 40,552 17 17 7,040 6,815
Subprime 14,975 15 19 2,317 2,864
Credit Card 10,589 0 0 0 0
Multifamily / CRE / Other 47,573 2 2 714 951
Total Loan Portfolio Mark (12/31) $ 230,623 9.4 % 11.2 % $ 21,659 $ 25,788
Other Assets Writedown (12/31) 2,942 2,942
Liabilities Mark (468) (468)
Expected ALLL (12/31) (9,759) (9,759)
Total Pre-Tax Writedown (12/31) $ 14,374 $ 18,503

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14

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15
Merger Assumptions

Financial Assumptions
Financial data as of June 30, 2008. Market data as of August 8, 2008
Acquirer IBES standalone financial assumptions
$5.00 purchase price
Transaction Assumptions
100% stock financed
Company High Stress Case: $14.4 billion total pre-tax mark in excess of allowance at closing
Moodys Stress Case: $18.5 billion total pre-tax mark at closing in excess of allowance at closing
Pro Forma Capital ratios
Wells Fargo, USB, BBVA, SMBC maintain current Tier 1 RBC ratio
JPMorgan, Barclays and TD allowed 60 bps of Tier 1 capital flexibility
Santander allowed ~15 bps of Tier 1 capital flexibility
Acquirer issues shares at 10% discount to recapitalize entity
Identifiable intangibles created: 1.5% of core deposits (CDI), 3.0% of managed credit card receivables (PCCR)
Restructuring charge of 1.5x run-rate synergies, over three years
Synergies detailed below (phased in 50% in 2009, 75% in 2010 and 100% thereafter)

WM 2008E
Expenses
Mortgage Banking $ 1,759 60.0 % 60.0 % 20.0 % 40.0 % 10.0 % 10.0 % 10.0 % 10.0 %
Commercial 219 30.0 30.0 20.0 30.0 10.0 10.0 10.0 10.0
Card Services 1,149 30.0 20.0 15.0 20.0 20.0 10.0 10.0 10.0
Corporate 1,524 50.0 60.0 30.0 50.0 20.0 20.0 20.0 20.0
Retail Banking Detail:
Cost Save on Entire Franchise 20.0 % 20.0 % 10.0 % 20.0 % 5.0 % 5.0 % 15.0 % 5.0 %
Branch Overlap 13.9 39.9 8.4 24.0 0.0 0.0 5.8 0.0
Cost Save on Overlap 40.0 40.0 40.0 40.0 40.0 40.0 40.0 40.0
Total Retail Banking $ 3,849 25.5 % 36.0 % 13.4 % 29.6 % 5.0 % 5.0 % 17.3 % 5.0 %
Total Expense Synergies $ 8,500 $ 3,211 $ 3,650 $ 1,539 $ 2,900 $ 925 $ 810 $ 1,285 $ 810
As % of NIE 37.8 % 42.9 % 18.1 % 34.1 % 10.9 % 9.5 % 15.1 % 9.5 %

Return
DRAFT

16
Selected Transaction Metrics Company Stress Case ($14.4 bn pre-tax mark)
($ in millions)
0 0 0 0 0 0 0 0
Market Data: 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
Market Cap $ 141,104 $ 99,640 $ 47,523 $ 54,772 $ 57,253 $ 113,851 $ 67,099 $ 50,318
2009E P/E 12.3 x 12.8 x 9.9 x 12.8 x 6.7 x 7.6 x 6.7 x 11.3 x
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
Tier 1 (6/30/08) 9.11 % 8.24 % 9.10 % 8.50 % 9.13 % 7.88 % 7.70 % 6.73 %
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
IRR 63.1 % 59.8 % 51.8 % 56.0 % 49.0 % 57.3 % 55.3 % 61.0 %
0 0 0 0 0 0 0 0
2009E Acc. / Dil. 30.6 % 38.6 % 38.5 % 56.3 % 18.1 % 17.9 % 18.1 % 48.6 %
2010E Acc. / Dil. 29.3 40.1 57.0 62.2 22.2 21.1 22.1 56.6

Return
DRAFT

17
($ in millions)
0 0 0 0 0 0 0 0
Market Data: 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
Market Cap $ 141,104 $ 99,640 $ 47,523 $ 54,772 $ 57,253 $ 113,851 $ 67,099 $ 50,318
2009E P/E 12.3 x 12.8 x 9.9 x 12.8 x 6.7 x 7.6 x 6.7 x 11.3 x
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
Tier 1 (6/30/08) 9.11 % 8.24 % 9.10 % 8.50 % 9.13 % 7.88 % 7.70 % 6.73 %
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
IRR 55.2 % 53.2 % 45.5 % 49.8 % 42.2 % 48.4 % 47.5 % 51.7 %
0 0 0 0 0 0 0 0
2009E Acc. / Dil. 29.1 % 36.5 % 34.4 % 52.5 % 14.6 % 15.7 % 14.9 % 44.2 %
2010E Acc. / Dil. 27.6 37.8 52.4 57.9 18.5 18.9 18.7 51.8

Return
DRAFT

18
1

($ in millions)
7.50% 7.75% 8.00% 8.25% 8.50%
$ 10,000 $ 0 $ 0 $ 0 $ 0 $ 2,573
14,374 0 0 0 1,851 5,218
20,000 0 0 1,901 5,261 8,621
25,000 0 1,585 4,938 8,292 11,645
30,000 1,283 4,629 7,976 11,322 14,669
1
2
/
3
1
/
0
8

M
T
M

L
o
s
s

7.50% 7.75% 8.00% 8.25% 8.50%
$ 10,000 $ 3,160 $ 5,130 $ 7,101 $ 9,071 $ 11,041
14,374 5,829 7,793 9,757 11,722 13,686
20,000 9,261 11,218 13,175 15,132 17,088
25,000 12,312 14,262 16,212 18,162 20,112
30,000 15,362 17,306 19,249 21,193 23,136
1
2
/
3
1
/
0
8

M
T
M

L
o
s
s

US Bancorp TD
7.50% 7.75% 8.00% 8.25% 8.50%
$ 10,000 $ 4,603 $ 5,755 $ 6,908 $ 8,061 $ 9,214
14,374 7,271 8,418 9,565 10,712 11,860
20,000 10,704 11,843 12,983 14,122 15,262
25,000 13,754 14,887 16,020 17,153 18,286
30,000 16,805 17,931 19,057 20,184 21,310
1
2
/
3
1
/
0
8

M
T
M

L
o
s
s

7.50% 7.75% 8.00% 8.25% 8.50%
$ 10,000 $ 2,250 $ 3,277 $ 4,303 $ 5,330 $ 6,357
14,374 4,795 5,816 6,838 7,859 8,880
20,000 8,069 9,083 10,097 11,112 12,126
25,000 10,979 11,987 12,995 14,002 15,010
30,000 13,889 14,890 15,892 16,893 17,894
1
2
/
3
1
/
0
8

M
T
M

L
o
s
s

1
Return
DRAFT

19
1

($ in millions)
Barclays Santander
7.50% 7.75% 8.00% 8.25% 8.50%
$ 10,000 $ 0 $ 0 $ 770 $ 3,108 $ 5,446
14,374 0 1,381 3,713 6,044 8,376
20,000 2,852 5,175 7,498 9,822 12,145
25,000 6,231 8,547 10,863 13,179 15,495
30,000 9,610 11,918 14,227 16,535 18,844
1
2
/
3
1
/
0
8

M
T
M

L
o
s
s

7.50% 7.75% 8.00% 8.25% 8.50%
$ 10,000 $ 1,613 $ 3,997 $ 6,382 $ 8,766 $ 11,151
14,374 4,815 7,193 9,570 11,948 14,325
20,000 8,934 11,302 13,671 16,040 18,408
25,000 12,594 14,955 17,316 19,676 22,037
30,000 16,255 18,608 20,960 23,313 25,666
1
2
/
3
1
/
0
8

M
T
M

L
o
s
s

BBVA SMBC
7.50% 7.75% 8.00% 8.25% 8.50%
$ 10,000 $ 4,434 $ 6,072 $ 7,711 $ 9,349 $ 10,987
14,374 7,447 9,079 10,711 12,343 13,974
20,000 11,323 12,947 14,570 16,193 17,816
25,000 14,768 16,384 18,000 19,615 21,231
30,000 18,213 19,821 21,429 23,038 24,646
1
2
/
3
1
/
0
8

M
T
M

L
o
s
s

6.50% 6.75% 7.00% 7.25% 7.50%
$ 10,000 $ 11,020 $ 13,169 $ 15,319 $ 17,469 $ 19,618
14,374 13,853 15,996 18,139 20,283 22,426
20,000 17,496 19,632 21,767 23,903 26,038
25,000 20,734 22,863 24,991 27,120 29,248
30,000 23,973 26,094 28,215 30,337 32,458
1
2
/
3
1
/
0
8

M
T
M

L
o
s
s

1
Return
DRAFT

20
Return
DRAFT

21
Structural Overview

paid off
Core
Business
High Risk
Assets
Core
Business
High Risk
Assets
(marked)
Core
Business
High Loss
Core
Business
Low Loss

Return
DRAFT

22

Accounting
derivative
earnings or OCI
1


1
Return
DRAFT

23
Summary Term Sheet

Issuer The Acquiror
Principal Balance)
Return
DRAFT

24
Summary Term Sheet

the Acquiror
Issuance

Return
DRAFT

25


2009 2010 2011
Value of CVS 4,000 4,000 4,000
Gain / (Loss) on CVS (276.1) (276.1) (276.1)
Value of CVS 4,276 4,552 4,828

Return
DRAFT

26

Return
DRAFT

27

Security Size
~Trading
Price
Repurchase
Price % Exchanged
Notional
Debt Retired
Equity
Issued
Discount
Net Increase
in Equity
Capital
ADP I (Cayman) $ 750 33.5 % 43.5 % 50.0 % $ 375 $ 163 $ 212 $ 0 $ 375
ADP I (Delaware) 1,250 28.0 38.0 50.0 625 238 388 0 625
ADP II 500 31.0 41.0 50.0 250 103 148 0 250
ADP III 500 30.0 40.0 50.0 250 100 150 0 250
ADP IV 1,000 47.0 57.0 50.0 500 285 215 0 500
PIERS 1,150 40.0 50.0 50.0 575 288 288 101 474
Total $ 8,650 40.0 % 50.0 % 50.0 % $ 4,325 $ 2,164 $ 2,161 $ 101 $ 4,224
Holdco Senior
5.25% '17 $ 750 70.0 % 80.0 % 45.0 % $ 338 $ 270 $ 68 $ 24 $ 314
4.20% '10 600 75.0 85.0 30.0 180 153 27 9 171
L+14 '09 500 75.0 85.0 30.0 150 128 23 8 142
L+40 '12 500 75.0 85.0 35.0 175 149 26 9 166
L+30 '12 450 75.0 85.0 35.0 158 134 24 8 149
5.5% '11 400 75.0 85.0 35.0 140 119 21 7 133
5.0% '12 400 70.0 80.0 35.0 140 112 28 10 130
L+30 '10 250 80.0 90.0 30.0 75 68 8 3 72
4.0% '09 1,000 85.0 95.0 30.0 300 285 15 5 295
L+9 '09 1,000 85.0 95.0 30.0 300 285 15 5 295
Total $ 5,850 77.6 % 87.6 % 33.4 % $ 1,955 $ 1,702 $ 253 $ 89 $ 1,866
Bank Senior
L+15 '10 $ 750 75.0 % 85.0 % 30.0 % $ 225 $ 191 $ 34 $ 12 $ 213
5.55% '10 250 80.0 90.0 30.0 75 68 8 3 72
L+10 '08 1,000 95.0 105.0 30.0 300 315 (15) (5) 305
4.5% '08 250 95.0 105.0 30.0 75 79 (4) (1) 76
L+20 '11 1,000 80.0 90.0 35.0 350 315 35 12 338
6.75% '36 300 75.0 85.0 50.0 150 128 23 8 142
L+42 '13 600 70.0 80.0 35.0 210 168 42 15 195
5.95% '13 350 70.0 80.0 35.0 123 98 25 9 114
Total $ 4,500 80.9 % 90.9 % 33.5 % $ 1,508 $ 1,361 $ 147 $ 51 $ 1,456
Holdco Sub
4.625% '14 $ 750 45.0 % 55.0 % 40.0 % $ 300 $ 165 $ 135 $ 47 $ 253
7.25% '17 500 45.0 55.0 40.0 200 110 90 32 169
8.25% '10 500 45.0 55.0 30.0 150 83 68 24 126
Total $ 1,750 45.0 % 55.0 % 37.1 % $ 650 $ 358 $ 293 $ 102 $ 548
Bank Sub
5.65% '14 $ 1,000 45.0 % 55.0 % 35.0 % $ 350 $ 193 $ 158 $ 55 $ 295
5.50% '13 750 45.0 55.0 35.0 263 144 118 41 221
6.875% '11 1 45.0 55.0 30.0 0 0 0 0 0
5.125% '15 1,000 45.0 55.0 35.0 350 193 158 55 295
L+65 '15 500 45.0 55.0 35.0 175 96 79 28 147
Total $ 3,251 45.0 % 55.0 % 35.0 % $ 1,138 $ 626 $ 512 $ 179 $ 959
Aggregate $ 24,001 57.9 % 67.9 % 39.9 % $ 9,575 $ 6,210 $ 3,365 $ 522 $ 9,053

Return
DRAFT

28

6/30/08
6/30/08
6/30/08
TCE $ 15,096 $ 4,829 $ 19,925 TCE $ 15,096 $ 4,224 $ 19,320 TCE $ 15,096 $ 9,053 $ 24,149
TA 302,133 302,133 TA 302,133 302,133 TA 302,133 302,133
TCE $ 15,096 $ 4,829 $ 19,925 TCE $ 15,096 $ 4,224 $ 19,320 TCE $ 15,096 $ 9,053 $ 24,149
AOCI 1,079 1,079 AOCI 1,079 1,079 AOCI 1,079 1,079
TE 23,481 28,310 TE 23,481 23,380 TE 23,481 28,209
TA $ 302,133 $ 302,133 TA $ 302,133 $ 302,133 TA $ 302,133 $ 302,133
TE / TA 7.77 % 9.37 % TE / TA 7.77 % 7.74 % TE / TA 7.77 % 9.34 %
Tier 1 $ 24,561 $ 4,829 $ 29,390 Tier 1 $ 24,561 $(101) $ 24,460 Tier 1 $ 24,561 $ 4,728 $ 29,289
RWA 247,273 247,273 RWA 247,273 247,273 RWA 247,273 247,273
Tier 1 $ 24,561 $ 4,829 $ 29,390 Tier 1 $ 24,561 $(101) $ 24,460 Tier 1 $ 24,561 $ 4,728 $ 29,289
Return
DRAFT

29
Strawman



To WM

institution
considerations
options
To Investors
Limited downside


Return
DRAFT

30
Capital Stacks
12/31/2008E
($ in millions)
64%
78%
79%
15%
6%
6%
4%
9%
6%
6%
7%
2%
18%
0%
20%
40%
60%
80%
100%
120%
WM JPM WFC
$ 101,043
$ 44,672 $ 22,285
WM JPM WFC

Return
DRAFT

31
12/31/2008E
($ in millions)
74%
72%
8%
5%
3%
6%
9%
6%
6% 5%
4%
0%
20%
40%
60%
80%
100%
120%
JPM / WM WFC / WM
$ 117,184 $ 63,594
JPM / WM WFC / WM

Return
DRAFT

32
Scenario
Return
DRAFT

33

Purchase Price
Goodwill Created:
(+) DTL Created 854
Goodwill $ 3,888

Purchase Price
Goodwill Created:
(+) DTL Created 854
Goodwill $ 3,913

Return
DRAFT

34
($ in millions)
2008 2009 2010
(+) Amortization 616 1,290 1,139
(+) Net Income 4,594 15,821 21,165
(-) Dividends (2,541) (6,328) (8,466)
(+) Asset Growth 43,420 66,353 68,842
(+) Asset Growth (13,233) (12,441) (4,578)
Pro Forma TE / TA 4.86 % 4.86 % 4.87 %
Pro Forma TCE / TA 4.21 4.23 4.26

2008 2009 2010 2011
(+) Net Synergies 0 1,044 1,565 1,722
Pro Forma EPS 2.56 4.35 6.08 6.61

1
Return
DRAFT

35
($ in millions)
Price Per Share $ 3.00 $ 4.00 $ 5.00 $ 6.00 $ 7.00
Purchase Price $ 7,279 $ 8,599 $ 9,919 $ 11,239 $ 12,559
P / 2010E EPS $ 1.76 4.2 x 4.6 x 5.1 x 5.5 x 5.9 x
2.18 3.4 3.7 4.1 4.4 4.8
2.53 2.9 3.2 3.5 3.8 4.1
P / TBVPS
8.88 0.8 0.9 1.0 1.1 1.2
2.15 3.4 3.8 4.1 4.5 4.9
75.3 % 68.7 % 63.1 % 58.2 % 53.9 %
(0.3) 0.5 1.3 2.1 2.9
2009 EPS
32.8 % 31.7 % 30.6 % 29.5 % 28.5 %
2010 EPS 31.5 30.4 29.3 28.2 27.2
Return
DRAFT

36
($ in millions)
2008E 2009E 2010E 2011E 2012E 2013E
WM Earnings
Cash Net Income 3,769 4,361 4,173 4,282 3,919
(+) Cost Synergies $ 1,044 $ 1,565 $ 1,722 $ 1,894 $ 2,083
WM Capital
Beginning Tier 1 $ 26,646 $ 19,232 $ 18,914 $ 18,901
(+) Net Income 4,723 5,802 5,772 6,053
(+) Amortization 1,290 1,139 1,028 952
(Excess) / Infusion (3,041) (6,217) (6,812) (6,112)
Ending Tier 1 $ 26,646 $ 19,232 $ 18,914 $ 18,901 $ 19,794
Tier 1 Ratio 11.27 % 8.50 % 8.50 % 8.50 % 8.50 %
Cash Flows
Excess / (Infusion) $ 3,041 $ 6,217 $ 6,812 $ 6,112

1
Return
DRAFT

37
($ in millions)
2008 2009 2010
(+) Net Income 3,361 12,592 15,591
(-) Dividends (1,947) (5,037) (6,237)
(+) Asset Growth 20,901 32,177 33,866
(+) Asset Growth (13,233) (12,441) (4,578)
Pro Forma TE / TA 5.84 % 5.88 % 5.93 %
Pro Forma TCE / TA 4.95 5.01 5.09

2008 2009 2010 2011
(+) Net Synergies 0 1,182 1,773 1,950
Pro Forma EPS 2.15 3.26 4.20 4.53

1
Return
DRAFT

38
($ in millions)
Price Per Share $ 3.00 $ 4.00 $ 5.00 $ 6.00 $ 7.00
Purchase Price $ 7,139 $ 8,459 $ 9,779 $ 11,099 $ 12,419
P / 2010E EPS $ 1.76 6.3 x 6.7 x 7.2 x 7.6 x 8.0 x
2.18 5.1 5.4 5.8 6.1 6.5
2.53 4.4 4.7 5.0 5.3 5.6
P / TBVPS
8.88 1.2 1.3 1.4 1.5 1.6
2.15 5.1 5.5 5.9 6.2 6.6
69.7 % 64.4 % 59.8 % 55.7 % 52.0 %
3.6 4.4 5.2 6.0 6.8
2009 EPS
41.6 % 40.1 % 38.6 % 37.2 % 35.7 %
2010 EPS 43.1 41.6 40.1 38.6 37.1
Return
DRAFT

39
($ in millions)
2008E 2009E 2010E 2011E 2012E 2013E
WM Earnings
Cash Net Income 3,769 4,361 4,173 4,282 3,919
(+) Cost Synergies $ 1,182 $ 1,773 $ 1,950 $ 2,145 $ 2,360
WM Capital
Beginning Tier 1 $ 32,932 $ 18,644 $ 18,335 $ 18,323
(+) Net Income 5,086 6,230 6,220 6,523
(+) Amortization 547 521 448 417
(Excess) / Infusion (9,396) (5,877) (6,680) (6,074)
Ending Tier 1 $ 32,932 $ 18,644 $ 18,335 $ 18,323 $ 19,189
Tier 1 Ratio 13.93 % 8.24 % 8.24 % 8.24 % 8.24 %
Cash Flows
Excess / (Infusion) $ 9,396 $ 5,877 $ 6,680 $ 6,074

1
Return
DRAFT

40
($ in millions)
2008 2009 2010
(+) Net Income 2,204 8,756 9,621
(-) Dividends (891) (3,502) (3,848)
(+) Asset Growth 11,451 17,500 18,156
(+) Asset Growth (12,802) (12,441) (4,578)
Pro Forma TE / TA 4.42 % 4.35 % 4.31 %
Pro Forma TCE / TA 3.14 3.07 3.05

2008 2009 2010 2011
TD Net Income $ 4,093 $ 4,778 $ 4,895 $ 5,350
(+) Net Synergies 0 477 716 787
Pro Forma EPS 5.33 8.22 9.54 10.26

1
Return
DRAFT

41
($ in millions)
Price Per Share $ 3.00 $ 4.00 $ 5.00 $ 6.00 $ 7.00
Purchase Price $ 7,279 $ 8,599 $ 9,919 $ 11,239 $ 12,559
P / 2010E EPS $ 1.76 5.4 x 5.8 x 6.3 x 6.7 x 7.2 x
2.09 4.5 4.9 5.3 5.7 6.0
2.49 3.8 4.1 4.4 4.8 5.1
P / TBVPS
8.88 1.1 1.2 1.2 1.3 1.4
2.15 4.4 4.8 5.1 5.5 5.9
62.0 % 56.5 % 51.8 % 47.6 % 43.9 %
1.9 2.8 3.6 4.4 5.2
2009 EPS
44.1 % 41.2 % 38.5 % 35.9 % 33.3 %
2010 EPS 63.3 60.1 57.0 54.0 51.2
Return
DRAFT

42
($ in millions)
2008E 2009E 2010E 2011E 2012E 2013E
WM Earnings
Cash Net Income 3,627 4,290 4,095 4,233 3,901
(+) Cost Synergies $ 477 $ 716 $ 787 $ 866 $ 953
WM Capital
Beginning Tier 1 $ 30,874 $ 19,262 $ 18,944 $ 18,931
(+) Net Income 4,180 5,067 4,944 5,160
(+) Amortization 446 427 413 403
(Excess) / Infusion (6,850) (5,335) (5,369) (4,670)
Ending Tier 1 $ 30,874 $ 19,262 $ 18,944 $ 18,931 $ 19,824
Tier 1 Ratio 13.04 % 8.50 % 8.50 % 8.50 % 8.50 %
Cash Flows
Excess / (Infusion) $ 6,850 $ 5,335 $ 5,369 $ 4,670
Cash flow to TD $ (18,799) $ 6,850 $ 5,335 $ 5,369 $ 43,986

1
Return
DRAFT

43
($ in millions)
2008 2009 2010
(+) Net Income 1,937 8,833 10,421
(-) Dividends (1,494) (3,533) (4,168)
(+) Asset Growth 3,505 5,317 5,436
(+) Asset Growth (13,233) (12,441) (4,578)
Pro Forma TE / TA 6.39 % 6.39 % 6.40 %
Pro Forma TCE / TA 4.71 4.69 4.71

2008 2009 2010 2011
(+) Net Synergies 0 943 1,414 1,555
Pro Forma EPS 2.27 3.83 4.77 5.06

1
Return
DRAFT

44
($ in millions)
Price Per Share $ 3.00 $ 4.00 $ 5.00 $ 6.00 $ 7.00
Purchase Price $ 7,279 $ 8,599 $ 9,919 $ 11,239 $ 12,559
P / 2010E EPS $ 1.76 6.4 x 6.8 x 7.3 x 7.7 x 8.2 x
2.18 5.2 5.5 5.9 6.2 6.6
2.53 4.4 4.8 5.1 5.4 5.7
P / TBVPS
8.88 1.3 1.4 1.4 1.5 1.6
2.15 5.2 5.6 6.0 6.3 6.7
65.4 % 60.4 % 56.0 % 52.1 % 48.6 %
3.8 4.6 5.4 6.2 7.0
2009 EPS
61.8 % 59.0 % 56.3 % 53.7 % 51.2 %
2010 EPS 67.8 64.9 62.2 59.5 56.9
Return
DRAFT

45
($ in millions)
2008E 2009E 2010E 2011E 2012E 2013E
WM Earnings
Cash Net Income 3,769 4,361 4,173 4,282 3,919
(+) Cost Synergies $ 943 $ 1,414 $ 1,555 $ 1,711 $ 1,882
WM Capital
Beginning Tier 1 $ 33,388 $ 19,232 $ 18,914 $ 18,901
(+) Net Income 4,869 5,901 5,855 6,119
(+) Amortization 610 547 495 451
(Excess) / Infusion (9,349) (5,824) (6,363) (5,677)
Ending Tier 1 $ 33,388 $ 19,232 $ 18,914 $ 18,901 $ 19,794
Tier 1 Ratio 14.12 % 8.50 % 8.50 % 8.50 % 8.50 %
Cash Flows
Excess / (Infusion) $ 9,349 $ 5,824 $ 6,363 $ 5,677

1
Return
DRAFT

46
($ in millions)
2008 2009 2010
(+) Net Income 3,593 12,888 14,185
(-) Dividends (2,656) (5,155) (5,674)
(+) Asset Growth 78,702 120,715 126,147
(+) Asset Growth (14,239) (12,441) (4,578)
Pro Forma TE / TA 1.82 % 1.81 % 1.82 %
Pro Forma TCE / TA 1.57 1.58 1.59

2008 2009 2010 2011
(+) Net Synergies 0 333 499 549
Pro Forma EPS 0.96 1.25 1.43 1.54

1
Return
DRAFT

47
($ in millions)
Price Per Share $ 3.00 $ 4.00 $ 5.00 $ 6.00 $ 7.00
Purchase Price $ 7,279 $ 8,599 $ 9,919 $ 11,239 $ 12,559
P / 2010E EPS $ 1.76 5.2 x 5.7 x 6.1 x 6.6 x 7.0 x
2.37 3.9 4.2 4.5 4.9 5.2
2.63 3.5 3.8 4.1 4.4 4.7
P / TBVPS
8.88 1.0 1.1 1.2 1.3 1.4
2.15 4.3 4.6 5.0 5.4 5.7
58.7 % 53.5 % 49.0 % 44.9 % 41.4 %
1.6 2.4 3.3 4.1 4.9
2009 EPS
22.2 % 20.1 % 18.1 % 16.1 % 14.2 %
2010 EPS 26.5 24.3 22.2 20.2 18.2
Return
DRAFT

48
($ in millions)
2008E 2009E 2010E 2011E 2012E 2013E
WM Earnings
Cash Net Income 4,100 4,525 4,356 4,397 3,961
(+) Cost Synergies $ 333 $ 499 $ 549 $ 604 $ 665
WM Capital
Beginning Tier 1 $ 30,514 $ 19,162 $ 18,844 $ 18,831
(+) Net Income 4,512 5,091 4,972 5,068
(+) Amortization 386 377 369 364
(Excess) / Infusion (5,568) (5,453) (5,353) (4,539)
Ending Tier 1 $ 30,514 $ 19,162 $ 18,844 $ 18,831 $ 19,724
Tier 1 Ratio 12.95 % 8.50 % 8.50 % 8.50 % 8.50 %
Cash Flows
Excess / (Infusion) $ 5,568 $ 5,453 $ 5,353 $ 4,539

1
Return
DRAFT

49
($ in millions)
2008 2009 2010
(+) Net Income 6,769 19,337 21,187
(-) Dividends (3,385) (7,735) (8,475)
(+) Asset Growth 30,788 46,962 48,547
(+) Asset Growth (15,102) (12,441) (4,578)
Pro Forma TE / TA 4.99 % 4.95 % 4.92 %
Pro Forma TCE / TA 4.51 4.48 4.47

2008 2009 2010 2011
(+) Net Synergies 0 316 474 521
Pro Forma EPS 2.21 2.83 3.28 3.57

1
Return
DRAFT

50
($ in millions)
Price Per Share $ 3.00 $ 4.00 $ 5.00 $ 6.00 $ 7.00
Purchase Price $ 7,279 $ 8,599 $ 9,919 $ 11,239 $ 12,559
P / 2010E EPS $ 1.76 4.8 x 5.3 x 5.7 x 6.2 x 6.6 x
2.54 3.4 3.7 4.0 4.3 4.6
2.71 3.1 3.4 3.7 4.0 4.3
P / TBVPS
8.88 1.0 1.0 1.1 1.2 1.3
2.15 4.0 4.3 4.7 5.0 5.4
69.4 % 62.9 % 57.3 % 52.4 % 48.1 %
0.9 1.7 2.5 3.3 4.2
2009 EPS
20.2 % 19.0 % 17.9 % 16.7 % 15.6 %
2010 EPS 23.6 22.3 21.1 20.0 18.8
Return
DRAFT

51
($ in millions)
2008E 2009E 2010E 2011E 2012E 2013E
WM Earnings
Cash Net Income 4,384 4,666 4,513 4,496 3,997
(+) Cost Synergies $ 316 $ 474 $ 521 $ 573 $ 631
WM Capital
Beginning Tier 1 $ 29,348 $ 17,417 $ 17,126 $ 17,115
(+) Net Income 4,735 5,162 5,056 5,092
(+) Amortization 1,087 967 880 820
(Excess) / Infusion (6,225) (6,104) (5,948) (5,097)
Ending Tier 1 $ 29,348 $ 17,417 $ 17,126 $ 17,115 $ 17,929
Tier 1 Ratio 12.49 % 7.75 % 7.75 % 7.75 % 7.75 %
Cash Flows
Excess / (Infusion) $ 6,225 $ 6,104 $ 5,948 $ 5,097

1
Return
DRAFT

52
($ in millions)
2008 2009 2010
(+) Net Income 4,789 14,466 16,073
(-) Dividends (2,254) (5,787) (6,429)
(+) Asset Growth 25,631 39,430 41,441
(+) Asset Growth (14,441) (12,441) (4,578)
Pro Forma TE / TA 4.35 % 4.32 % 4.30 %
Pro Forma TCE / TA 3.66 3.65 3.65

2008 2009 2010 2011
BBVA Net Income $ 9,190 $ 10,028 $ 11,324 $ 12,287
(+) Net Synergies 0 471 707 778
Pro Forma EPS 2.47 3.16 3.69 4.01

1
Return
DRAFT

53
($ in millions)
Price Per Share $ 3.00 $ 4.00 $ 5.00 $ 6.00 $ 7.00
Purchase Price $ 7,279 $ 8,599 $ 9,919 $ 11,239 $ 12,559
P / 2010E EPS $ 1.76 5.4 x 5.8 x 6.2 x 6.7 x 7.1 x
2.41 3.9 4.2 4.6 4.9 5.2
2.65 3.6 3.9 4.1 4.4 4.7
P / TBVPS
8.88 1.1 1.2 1.2 1.3 1.4
2.15 4.4 4.7 5.1 5.5 5.8
66.3 % 60.4 % 55.3 % 50.9 % 46.9 %
1.9 2.7 3.5 4.3 5.1
2009 EPS
21.8 % 19.9 % 18.1 % 16.4 % 14.7 %
2010 EPS 25.9 24.0 22.1 20.3 18.6
Return
DRAFT

54
($ in millions)
2008E 2009E 2010E 2011E 2012E 2013E
WM Earnings
Cash Net Income 4,166 4,558 4,393 4,420 3,969
(+) Cost Synergies $ 471 $ 707 $ 778 $ 856 $ 941
WM Capital
Beginning Tier 1 $ 30,753 $ 17,346 $ 17,057 $ 17,046
(+) Net Income 4,723 5,333 5,238 5,344
(+) Amortization 407 394 384 378
(Excess) / Infusion (7,514) (5,543) (5,634) (4,912)
Ending Tier 1 $ 30,753 $ 17,346 $ 17,057 $ 17,046 $ 17,855
Tier 1 Ratio 13.06 % 7.70 % 7.70 % 7.70 % 7.70 %
Cash Flows
Excess / (Infusion) $ 7,514 $ 5,543 $ 5,634 $ 4,912
Cash flow to BBVA $ (18,672) $ 7,514 $ 5,543 $ 5,634 $ 44,739

1
Return
DRAFT

55
($ in millions)
2008 2009 2010
(+) Net Income 2,575 8,635 9,487
(-) Dividends (502) (3,454) (3,795)
(+) Asset Growth 52,950 82,416 88,598
(+) Asset Growth (13,808) (12,441) (4,578)
Pro Forma TE / TA 3.15 % 3.16 % 3.19 %
Pro Forma TCE / TA 2.62 2.66 2.72

2008 2009 2010 2011
SMBC Net Income $ 4,394 $ 4,457 $ 4,774 $ 5,394
(+) Net Synergies 0 279 419 461
Pro Forma EPS 0.56 0.84 0.95 1.01

1
Return
DRAFT

56
($ in millions)
Price Per Share $ 3.00 $ 4.00 $ 5.00 $ 6.00 $ 7.00
Purchase Price $ 7,279 $ 8,599 $ 9,919 $ 11,239 $ 12,559
P / 2010E EPS $ 1.76 4.9 x 5.3 x 5.7 x 6.2 x 6.6 x
2.29 3.7 4.1 4.4 4.8 5.1
2.59 3.3 3.6 3.9 4.2 4.5
P / TBVPS
8.88 1.0 1.1 1.1 1.2 1.3
2.15 4.0 4.3 4.7 5.1 5.4
75.1 % 67.4 % 61.0 % 55.4 % 50.6 %
0.9 1.8 2.6 3.4 4.2
2009 EPS
54.4 % 51.4 % 48.6 % 45.8 % 43.1 %
2010 EPS 62.7 59.6 56.6 53.7 50.9
Return
DRAFT

57
($ in millions)
2008E 2009E 2010E 2011E 2012E 2013E
WM Earnings
Cash Net Income 3,958 4,454 4,278 4,348 3,943
(+) Cost Synergies $ 279 $ 419 $ 461 $ 507 $ 558
WM Capital
Beginning Tier 1 $ 29,443 $ 15,196 $ 14,944 $ 14,934
(+) Net Income 4,273 4,900 4,765 4,881
(+) Amortization 323 323 323 323
(Excess) / Infusion (8,647) (5,196) (5,098) (4,497)
Ending Tier 1 $ 29,443 $ 15,196 $ 14,944 $ 14,934 $ 15,641
Tier 1 Ratio 12.48 % 6.73 % 6.73 % 6.73 % 6.73 %
Cash Flows
Excess / (Infusion) $ 8,647 $ 5,196 $ 5,098 $ 4,497
Cash flow to SMBC $ (17,171) $ 8,647 $ 5,196 $ 5,098 $ 40,711

1
Return
DRAFT

58
Loss Scenario
Return
DRAFT

59
($ in millions)
Purchase Price
Goodwill Created:
(+) DTL Created 854
Goodwill $ 6,572

Purchase Price
Goodwill Created:
(+) DTL Created 854
Goodwill $ 6,597

Return
DRAFT

60
($ in millions)
2008 2009 2010
(+) Amortization 616 1,290 1,139
(+) Net Income 4,594 15,909 21,252
(-) Dividends (2,541) (6,364) (8,501)
(+) Asset Growth 43,420 66,353 68,842
(+) Asset Growth (15,917) (12,441) (4,578)
Pro Forma TE / TA 4.86 % 4.86 % 4.87 %
Pro Forma TCE / TA 4.21 4.23 4.26

2008 2009 2010 2011
(+) Net Synergies 0 1,044 1,565 1,722
Pro Forma EPS 2.56 4.30 6.00 6.52

1
Return
DRAFT

61
($ in millions)
Price Per Share $ 3.00 $ 4.00 $ 5.00 $ 6.00 $ 7.00
Purchase Price $ 7,279 $ 8,599 $ 9,919 $ 11,239 $ 12,559
P / 2010E EPS $ 1.76 5.0 x 5.5 x 5.9 x 6.3 x 6.8 x
2.18 4.1 4.4 4.8 5.1 5.5
2.53 3.5 3.8 4.1 4.4 4.7
P / TBVPS
8.88 1.0 1.1 1.2 1.3 1.3
0.57 15.5 16.8 18.2 19.6 20.9
64.7 % 59.6 % 55.2 % 51.3 % 47.8 %
1.2 2.0 2.9 3.7 4.5
2009 EPS
31.2 % 30.1 % 29.1 % 28.0 % 27.0 %
2010 EPS 29.7 28.7 27.6 26.6 25.6
Return
DRAFT

62
($ in millions)
2008 2009 2010
(+) Net Income 3,361 12,680 15,678
(-) Dividends (1,947) (5,072) (6,271)
(+) Asset Growth 20,901 32,177 33,866
(+) Asset Growth (15,917) (12,441) (4,578)
Pro Forma TE / TA 5.84 % 5.88 % 5.93 %
Pro Forma TCE / TA 4.95 5.01 5.08

2008 2009 2010 2011
(+) Net Synergies 0 1,182 1,773 1,950
Pro Forma EPS 2.15 3.21 4.13 4.45

1
Return
DRAFT

63
($ in millions)
Price Per Share $ 3.00 $ 4.00 $ 5.00 $ 6.00 $ 7.00
Purchase Price $ 7,139 $ 8,459 $ 9,779 $ 11,099 $ 12,419
P / 2010E EPS $ 1.76 7.1 x 7.6 x 8.0 x 8.4 x 8.9 x
2.18 5.8 6.1 6.5 6.8 7.2
2.53 4.9 5.3 5.6 5.9 6.2
P / TBVPS
8.88 1.4 1.5 1.6 1.7 1.8
0.57 22.0 23.3 24.7 26.0 27.4
61.2 % 57.0 % 53.2 % 49.8 % 46.7 %
5.1 5.9 6.7 7.5 8.3
2009 EPS
39.4 % 38.0 % 36.5 % 35.1 % 33.8 %
2010 EPS 40.7 39.2 37.8 36.4 35.0

Return
DRAFT

64
Return
DRAFT

65
($ in billions)
Prime First $ 52.1 1.2 % 3.0 % $ 29.6 1.5 % 6.3 %
Home Loans $ 105.0 2.6 % 4.5 % $ 56.0 2.6 % 9.3 %
Other
Consumer 0.0
Other 0.2 4.4
Total $ 239.6 3.6 % 4.7 % $ 91.8 4.1 % 7.4 %

Return
DRAFT

66
($ in billions)

June 30,
2008
March 31,
2008
Loans:



Purchase Price
1
$38.73

2
8.4
3

Loans
4
(8.1)
All other (4.6)

1
2
3
4
Return
DRAFT

67
($ in billions)
Countrywide
Mark-to-Market
Prime First $ 29.6 6.3 % 7.0 % $ 2.1
HELOC 14.5 3.5 23.0 3.3
Subprime 2.4 26.2 25.0 0.6
Total $ 91.8 15.6 % $ 14.3
Washington Mutual
Mark-to-Market
Prime First $ 52.1 3.0 % 5.0 % $ 2.6
Subprime 16.1 18.0 25.0 4.0
Total $ 182.5 13.3 % $ 24.2
(-) 12/31 Reserve (9.7)

1
2
GS estimates.
Return
DRAFT

1

August 14, 2008

Return
N
For: Investment Division
Original Date of 1997
Latest Revision: October 2007
This Bulletin should be read in conjunction with the Memorandum set forth in
"Policies and Procedures Confidential or Proprietary Information, The
Chinese Wall and Personal Trading" which can be found on the Central Compliance
website. The Firmwide Chinese Wall Memorandum sets forth certain guidelines
to be followed by all personnel in the Investment Division (except the
Merchant Bank, for which there is a . see Merchant Bank Chinese
Wall Bulletin). This Bulletin Is to personnel In all our offices worldwide. In
many cases, these guidelines have been in effect for several years and are restated
here as a reminder for all concerned. The terms confidential infOrlm"ti"n.
i,.forlTlatio". material and
Da,rtner. e"lDlovee or related account as used In this Bulletin are defined in the
Firmwide Chinese Wall Memorandum.
It is the responsibility of all IBD personnel to follow the guidelines set forth in this
Bulletin and to use all reasonable efforts to ensure there are no leaks or misuses of
confidential proprietary information entrusted to us or developed by us.
If you have any qUiestio'ns conc,ero,in,o .. '.I_I'_ . set forth in this
you should consult the or Deoartlnent.
Wall
When handling confidential or proprietary information, you must observe the
Procedures for Handling Confidential and Proprietary set forth in the
Firmwlde Chinese Wall Memorandum and the IBO Procedures set forth in
Appendix A to this Bulletin. In you are reminded that no one should
disclose confidential or to a person who has
a NEED TO KNOW the information in order to serve the business purposes of
the Firm or its clients and who can be to maintain its
This Firm has adopted Chinese Wall procedures designed to prevent oe,'sonnel
engaged In research, trading, or other non-adViSOry activities sales and
side of the from gaining access to confidential information that the
Firm may have acquired or developed in connection with the investment banking or
other advisory activities of other personnel, such as IBD personnel, (the
side of the Firm). it Is essential that you follow the guidelines for
communications with the sales and side of the Firm lin,t .. ,r-nivisiCIDiil
comlnunic:atiorls) set forth below when contacting anyone on the sales and trading
side of the Firm.
IBD personnel may communicate among themselves on a need to know basis and
with other personnel on the advisory side of the Firm (including in the
Merchant Bank) who have a need to know the Information in order to serve the
business purposes of the Firm or Its clients. When communicating with the Merchant
Bank personnel, you should also be sensitive to potential conflicts of interest.
2007
Page 1
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__________ ...... __________ .c.'B=0..cC=hinese Wall Bulletin
The filing of a registration statement with the Securities and Commission
or the circulation of an offering memorandum does not permit you to provide other
written information concerning the offering - for sales memos and other
specifically approved material (e.g., - to anyone on the sales and trading
side of the Firm, Notwithstanding the filing of a registration statement or the
circulation of an offering memorandum, you should not disclose to anyone on the
sales and trading side of the Firm any confidential information that has not been
authorized for dissemination (e,g" company projections),
You should note that even following the termination or consummation of a project,
there may be material non-public information concerning the assignment, the
confidentiality of which you will be required to maintain,
Inter-Divisional
For purposes of these guidelines, it is necessary to inter-divisional
communications into three (i) contacts that involve the communication of
confidential information ' (ii) contacts that do not involve the
communication of confidential information but that do relate to a security or
securities that you or your department or group has placed on the list (Grey
List . and (iii) routine communications,
These guidelines do not restrict routine communications. You should note, however,
that any contact relating to an issuer with whom the Firm has executed an
engagement letter or confidentiality agreement in connection with an assignment, or
from whom the Firm has received confidential information in connection with an
may be a List security communication because the securities of
such an issuer will ordinarily be placed on the List.
All IBD personnel who need to obtain information from divisions or departments on
the sales and side of the Firm (with the exception of interaction with the
Global Investment Research Division which is governed by separate rules and
procedures) should as follows:
Unless you are certain that your contact is a routine communication, you
must first consult the senior team leader and identify the person whom you
propose to contact, the nature of the information that you need to obtain, and
the degree (if any) to which you will need to communicate confidential
information to such person in order to obtain the needed information. The
senior team leader must determine whether the proposed contact is a wall-
Grey List security communication, or routine communication, In
making such determination, the senior team leader may consult with other
IBD MDs, Special Execution, and other in the Legal or Compliance
If the senior team leader determines that the proposed
he or she may authorize you to make the proposed
uu"u.;m to the wallcrossing procedures set forth below:
o You must contact the Control Room (902'1511) and (i) identify the
person whom you propose to contact and the
se'::f1'-'fV or securities involved, (ii) affirm that the senior team leader
2
Return
IBD Chinese Wall Bulletin
has authorized the wall-crossing, and (iii) provide such additional
information as you may be asked to
o The Control Room will then contact the supervisory person
in your proposed wail-crasser's department in order to get his or her
approval. If such is obtained, the Control Room will notify you
that you may contact the wall-crosser, In other cases, you may be
asked to make to obtain the needed information in a
manner which does not involve direct contact between IBD and the
sales and trading side of the Firm,
o The Control Room will document and maintain a record of each wall-
crossing,
o All conversations with a wall-crosser should be conducted in a manner
rlp',im1prl not to be overheard by persons not authorized to receive
confidential information, In particular, you should take to
avoid discussions involving confidential information that might be
overheard on the trading floor, and should not have such discussions
on the telephone lines of any trading or sales personnel.
c Communications to a wall-crosser should be limited to that
information which the wall-crosser needs to know in order to carry
his or her other work for the IBD team, Unless the circumstances
necessitate such communication (e,g" particular efforts should
be made to avoid communication of confidential information (such as
long-term projections) that will not become during the course of
the related transaction, Disclosure of such information could result in
the restriction of trading, research or other activities of the wall-
crosser or of the Firm for an indefinite period of time even after the
transaction is or terminated,
It is critical that you remember that when you have been authorized to contact a
wall-crosser for one purpose, you may not contact him or her for another purpose
unless you have received separate authorization to do so,
Any issues concerning wall-crossing will be resolved by senior persons in the relevant
departments in conjunction with SpeCial Execution and the Legal or Cnlmnlii'l"rp
Department,
A wall-crosser with whom an IBD member has communicated pursuant to these wall-
procedures will be subject to all the restrictions (including restrictions on
personal trading in the subject security) applicable to the IBD team for whom the
wall-crosser is working as long as he or she possesses material confidential
information, Accordingly, a wall-crosser must maintain the confidentiality of such
information and may use it for the business purposes for which it was
disclosed, In the wall-crosser may not without the express permission of
the Execution Group, or other appropriate persons in the Compliance or Le!)al
Department (i) disclose any confidential information learned in any conversation with
the IBD to any person not a member of IBD or (ii) resume normal sales, trading or
research activities in of the security,
List communications. If the senior team leader determines
that the proposed contact is not a wall-crossing but is a List security
October 2007
3
C;ONFIDENTII\L VVArJ:U Return
communication, you may make the proposed contact after you notify the
Compliance Control Room of the identity of your proposed
contact and the or securities involved.
Routine communications. If the senior team leader determines that the
prclpc)Sed contact is a routine communication (and not a wall-crossing or a
List communication), you may make the proposed contact.
of communications. At all times, you should use common sense and
good judgment in being careful not to provide more information about your
project than is necessary to obtain the information that you need.
Conversations should be initiated by you and be limited to discussion of
information necessary for your contact to provide you with the information
that you need.
in nature of communications. If after you have received
authorization for a Grey List security communication, it then develops that
you may need to communicate confidential information, you must nr<>m,ntllv
notify the senior team leader and request his or her authorization of a wall-
crossing.
Restricted list Communications. You are reminded that you
must continue to follow these procedures with respect to securities that are
placed on the Restricted Trading List.
Interaction with the Global Investment Research Division. The
foregoing do not apply to interactions between IBD personnel and
members of the Global Investment Research Division. All communications
between personnel in these division must be conducted in compliance with
the rules and governing such communications.
The Department maintains a confidential Grey List of securities as part
of the Firm's effort to monitor the use of confidential information. sales
and trading activities (with the exception of equity risk arbitrage activities) are
unaffected by the placement of a security on the Grey List. However, the
Comillicince D'eoartm,?nt may on appropriate occasions selective restrictions
or limitations on transactions in securities on the Grey List or intervene to break
trades involving such securities in order to avoid appearance of impropriety. For
a general discussion of the Firm's List policy procedures, see the Firmwide
Chinese Wall Part IV.
Relevant securities of an issuer will ordinarily be placed on the List (il when the
Firm has received material confidential information concerning that or its
issuer in the course of the Firm's involvement in a transaction or other event that
has not been publicly announced, (il) when the Firm has been to advise a
company with respect to a transaction or other market-sensitive event that has not
been publicly announced or (iii) when the Firm enters into a confidentiality
agreement in connection with an assignment.
October 2007 Page 4
DFNTLAL. \/VAtvllJ
Return
It is that securities be placed on the List as soon as possible, when
appropriate, For that reason, it is essential that IBD employees observe the
following procedures:
m The senior team leader has the responsibility of informing, or
directing another lBD professional to inform, the Control Room promptly
when the Firm receives confidential information regarding an issuer in
connection with an assignment, or is highly confident that the Firm will in the
near future enter into a confidentiality agreement or execute an
letter in connection with an assignment, The senior team leader, or his or her
esianl2e, should inform the Control Room of any issue of publicly traded
securities affected by an assignment, The Control Room must be notified even
if the affected security or securities already appear on the Grey List for
another reason,
It is important that all IBD personnel be sensitive to facts which would
suggest that the securities of a company should be on the Grey List,
Requests to add securities to the Grey List may be made anyone,
provided that he or she first consults with the senior team leader involved in
the transaction, In such cases, the Control Room should be given the name of
the senior person who has confirmed the decision to request the addition,
It is the of the senior team leader to inform, or direct
another ISD professional to inform, the Control Room when
circumstances no longer require the monitoring of sales and
activities with to the of its issuer (e,g" when a transaction is
completed or terminated or when information received has been publicly
disclosed or has become so outdated that it is no longer material) and the
should therefore be deleted from the List, It is also the Drima
responsibility of the senior team leader to inform, or direct another ISD
professional to inform, the Control Room when circumstances -
such as a news release - suggest that a security be removed from the
List and placed on the Restricted Trading List. Requests to delete a security
from the List may be made by anyone, provided that he or she first
consults with the senior team leader involved in the transaction, In such
cases, the Control Room should be given the name of the senior person who
has confirmed the decision to the deletion,
If you are uncertain as to whether a security should be on or taken off the
Grey List, you should consult senior personnel in Execution or the or
Compliance
0, Restricted Trading List
The Compliance Department maintains a Restricted Trading List
which are subject to restrictions on publication of written rp<;p"rch
customer orders, trading for proprietary accounts and for and related
accounts, and other activities, For a general discussion of the Firm's Restricted
Trading List policy and procedures, see the Firmwide Chinese Wall Memorandum, Part V.
It is essential that employees in investment or other adviSOry
activities be alert to circumstances that might require the placement of a security on
or off the RTL A security may be placed on the RTL for a number of reasons
including (In non-financing transactions) the need to reinforce the Chinese Wall in
order to avoid the possible appearance of misusing confidential information and to
5
NFIDENT!f\L
Return
comply with the requirements of rules and regulations such as Regulation M
by persons interested in a distribution) or Rule 14e-S (prohibition other
purchases during tender offers or exchange offers). A security ordinarily will not be
pla,:ed on the RTL until after a relevant transaction (and ordinarily the Firm's
involvement in the relevant transaction) has been announced or has
otherwise become a matter of public record.
To ensure the effectiveness of the RTL, the senior team leader has the primary
responsibility of notifying, or directing another IBD professional to notify,
the Control Room when a security should be placed on the RTL The senior team
leader, or his or her designee, should inform the Control Room of all issues of
publicly traded securities that are affected by the transaction and should be
on the RTL The Control Room must be notified even if the affected security or
securities already appear on the RTL for another reason.
Requests to add securities to the RTL may be made by any person, that he
or she first consults with the senior team leader involved in the transaction. In such
cases, the Control Room should be given the name of the senior team leader who
has confirmed the decision to request the addition.
The senior team leader has the primary responsibility of notifying, or
directing another IBD to notify, the Control Room when a security
should be taken off the RTL because the Firm's involvement in the transaction
relating to the security has the transaction has been terminated or
consummated, or circumstances otherwise obviate the need to restrict sales and
trading activities. A security ordinarily will not be removed from the RTL without
the agreement of the person who initiated its placement on the RTL
You must continue to comply with Chinese Wall procedures, referred to in this
Bulletin and more fully described in the Firmwide Chinese Wall Memorandum, with
respect to securities on the Restricted Trading List.
General Firmwide policies on personal trading are set forth in Section VII and IX of
the Firmwide Chinese Wall Memorandum. Critically important is the pr,ohibiticm
on trading on the basis of material confidential information, Further, you must
comply with the following additional IBD guidelines:
No Client Securities. Subject to the additional requirements outlined below
in Senior you may not engage in any transaction, for any of
your related accounts, in any or derivative thereof of any company
which is a client of the Firm or which has been as a desired client by
the Firm if (il you have for handling the Firm's relationship
with such company or you or your have been involved in the
affairs of such company in the previous twelve months, or (iL) if you are
aware that the Firm is working on a transaction on behalf of the company or
that the Firm is working on a transaction that may affect the securities of the
company.
Senior Personnel. Senior personnel and those personnel with management
and/or supervisory as to multiple clients and targeted issuers
should be very cautious in light of knowledge obtained as a result of their
Page 6
C()NF!DENTIP.L
V\iAM
Return
IBD
positions in determining that
transactions.
are free to engage in personal securities
Clearance Procedures. provided in Securities
U ~ ' U ' " all transactions in any or derivative thereof for any of your
related accounts must be cleared in advance by: i) the signature
of your Business Unit Leader (BUL) or Business Unit Manager (BUM) on the
IBD Personal Securities Transaction Request Form (attached at the end of this
section); and ii) the Request Form to the Control Room
of the Compliance in New York 1).
For those on mobility: Before signing the
mobility department will determine that the
person's "home" department consents to trade.
the BU L/BU M of the
of the requesting
In order to protect the integrity of the approval process, you are required -
absent unusual circumstances - to execute an trade before the end
of the business day the day on which you are notified of the trade
Securities. Pre-approval is not required for transactions in (i) US
securities ( including or futures) and government securities
(ii) unsecured debt of US government sponsored entero
not linked to any other securities ( including options or futures), (iii)
options on broad-based market indices S&P500), (iv) open-end mutual
funds, or (v) investment municipal securities. If you are uncertain
whether pre-approval is required, you should consult the Control Room.
Reports of all securities transactions by IBD personnel will be
forwarded by the Control Room to selected senior IBD managers and
heads for their review.
Exceptions to these gUI,oeil must be approved by your
department/group head
Supervisory "''''l5p'lIm:;/U,IIIIY
IBD supervisory personnel should ensure that each new IBO MD or employee is
apprised of the Firm's and concerning the handling of confidential
and proprietary information and his or her responsibilities to safeguard such information.
All questions or concerns you may have about this Bulletin should be addressed to
the Legal or Compliance Requests for exceptions should also be
referred to the or Compliance
If you believe that you may have obtained or disclosed confidential or
information in a manner not in accordance with the guidelines set forth in this
Bulletin or the procedures set forth in the Firmwide Chinese Wall Memorandum, you
should contact the or Compliance Department and should not use or
further disclose the information.
October 7
DENTlflL V\/t-J\11 U Return
H.
AIIIBD personnel are to sign a statement this Bulletin, IBD
Administration regularly reviews IBD rosters worldwide to assure compliance
with this All non-Goldman Sachs and contingent worker
personnel utilized the Division will be IBD Administration to a
confidentiality statement to commencement work for the Division,
-
8
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lao Chinese Wall Bulletin
All IBD personnel should observe the Procedures for Handling Confidential and
Proprietary Information, set forth in the Firmwide Chinese Wall Memorandum. In
addition, all IBD personnel should observe the guidelines:
A. Conversations, Calls
You should avoid projects, even obliquely, with other investment
bankers, lawyers, or other members of the financial community or with friends or
former classmates at social occasions.
You should avoid talking about transactions or exposing confidential information in
public - airplanes, airports, elevators (including those at 85 Broad), cabs,
subways, trains or outside offices - where non-team members could overhear the
conversation or see any material. Mobile telephones (car, airplane, and personal) use
the public airwaves, are not secure and should be used with care and
circumspection.
Unless you have been specifically authorized to respond to press inquiries, you
should refer such calls to your or Group Head, the Media Relations
Group, or the Legal Department.
In the event that you believe that a call is from an arbitrageur or other trader at
another you should not take or return the call.
You should establish with clients whether it is to mention that you are
from Goldman Sachs when speaking to their and other
diSinterested personnel. You should avoid leaving client names or other confidential
information on answering machines.
The whereabouts of any division member should not be disclosed over the telephone
to anyone outside ISD who is not authorized to receive such information.
should be taken so that calls can be returned without revealing locations. In
Situations, the caller should be assured that the team member will be contacted
immediately and asked to return the call.
Documents memoranda, comparisons, stock histories, merger plans,
computer merger sheets and other information generated internally by
the Firm with to sensitive projects should refer to the companies by
their code names.
Pink sheets are used in M&A to notify ISD personnel worldwide about seller
prc)je(:ts. The information in pink sheets is confidential and must not be discussed
with anyone outside IBD who is not authorized to receive such information. Pink
sheets should include the code name or client name, never both. Pink sheets are
approved the chiefs of staff of M&A in New York, London and Tokyo and are
distributed to IBD personnel.
As a general rule, you should not put names of projects or companies (including code
names) on the outside front cover of brochures and, unless the matter clearly
....... .............................................. .................. - ..
October 2007 9

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IBD
involves no confidential questions, do not use clear covers on brochures, If you are
in use blue covers without logo on brochures,
All IBD personnel should ensure that material regarding specific transactions and
particularly confidential information is not left in common or public areas
those on their working floor or left exposed overnight on secretaries'
desks or in work rooms. Managing Directors and vice should lock their
office doors when they leave for the evening or are absent from the office.
Associates and analysts should secure sensitive documents in locked filing cabinets
to leaving the office.
Conference rooms and all work areas should be cleared of all information including
information on whiteboards and flip charts after each meeting or work session. If a
conference room or work room is needed for more than one day, the room should be
locked when not in use and a sign the use of the room by others
until it is clear of all material relating to the meeting or work session.
Care should be taken when disposing of confidential material. It should be disposed
of in sealed envelopes or, if available, in locked trash receptacles or by shredding.
See Section 2,03 Treatment of Confidential Information,
If you give copies of confidential material to team members in other it Is
your responsibility to clearly communicate the confidential nature of the materials to
the and ensure that the materials are collected or, if permitted by law,
destroyed.
Confidential material should not be taken out of the building unless required for
business meetings or for work at home. Material taken outside the office should be
carried in a secure briefcase or a well sealed envelope, and precautions should be
taken against inadvertently misplacing it or leaving it behind. For example, you
should search conference rooms in other airports, airplanes, hotel rooms and
cabs in which you have worked to a make certain nothing has been left behind.
Documents or correspondence relating to IBD should be mailed in sealed
envelopes marked Personal and Confidential, Sealed that indicate If
they have been opened are available for that purpose. Use double when
sending packages by overnight couriers. Whenever sensitive documents are sent by
car or messenger service to a non-business address or sent after hours, care should
be taken to ensure that the documents are delivered safely, Before sending
documents out, you should make sure that the recipients are actually present to
receive the documents or that a doorman or similar person will safeguard them,
After faxing confidential documents to other Goldman Sachs floors, offices or to
clients, the addressee should be called to confirm of the falt,
lAJ'UllJUllt:lf Security
The is a repository for an enormous amount of information
obtained in confidence from our clients, Accessing this information without proper
consideration of the potential conflicts of interest is a violation of the spirit and in
cases the letter of the with our clients and can expose us to legal
You should not give your password to our computer to anyone for any
reason, Furthermore, you should exercise caution in the selection of your password,
Page 10
CONFIDENTIAL VV!\fvil ,J BKEX!\tv1-GS -000 ~ ~ J , ~
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IBD Chinese Wall Bulletin
as birthdays, words, or names may not provide Persons needing
access to a computer should be referred to a computer professional who can open an
account for them, In general, project information stored on the computer should be
accessed only by team members, Files should not be sent to on other floors
or in regional offices unless the person who needs them is authorized to have
PO:SSE!ssion of the documents and is actually there to pick them up, Copies that may
have been created during the transfer should be deleted,
The following procedures are intended to ensure that sufficient discussion occurs
before confidential documents,
Discuss which documents you need and for what purpose with a senior team
member on the project,
Contact a partner or chief of staff in your IBD group or department and be
prepared to address whether your access any possible conflicts of
interest; and whether there might be any problem with logging your access,
D,
Entrance doors leading from the area to all IBD Floors will be locked at all
times and require IBD access cards, Propping of entrance doors will autom,ltilcal
alert Goldman Sachs security, Persons without IBD access cards wishing to enter a
floor during the day should present their Goldman Sachs ID card to the receptionist
or security guard, Persons without a Goldman Sachs ID card are required to sign in
and be escorted onto the floor by a staff member, As a general matter, the only
persons who may enter a division floor without an escort are personnel there on a
need to be there basis,
It is the responsibility of all IBD staff members to stop any walking
around the floor, to ask them for whom they are looking and escort them to their
destination, No one should be allowed to wander around,
Client and other non-Goldman Sachs personnel (including workmen) should be asked
to wear a Guest or Visitor badge at all times,
Non-Goldman Sachs messengers and delivery persons should be met at the
reception area; such persons should not be access to the floor,
11
FiDn.J fiAt "; -,
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Exhibit 17
Return
The Honorable Sheila C. Bair
Richard M. 1(o1l1{t!lIlch
Chai rman
September 24, 2008
Chainnan, Federal Deposit Insurance Corporation
550 1711> Street NW
Washington, D.C. 20429
Dear Madam Chninnnn:
420 Montgomery Street
San Frlncisco. CA 94104
I wanted to follow up on your recent conversations with John Stumpf and to thank you
for the opportunity to submit a bid for Washington Mutual Bank in the event the FDIC is
appointed receiver of Washington Mutual and Washington Mutual is resolved in n closed bank
transaction. Senior execulives of Wells Fargo, as well as senior staff and advisors, have at yoW'
invitation met with representatives of the FDIC and have been working ditigently on an analysis
of Washington Mutual and have considered carefully various bid structures. As you know, in
addition, Washington Mutual has, with a view to negotiating a possible negotiated transaction,
afforded Wells Fargo a limited opportunity, on a very shon time frame, to conduct due diligence
on Washington Mutual.
Our team has reviewed the limited information provided to us by Washington Mutual, as
well as the structure alternatives preser.led to us by FDIC staff. Unfortunately, we believe that, in
view of the bid structures and alternatives presented to us, combined with the limited due
diligence afforded to us, the severe time constraints, the extreme uncertainty associated with
potential losses to Washington Mutual's loan portfolio, interest rate sensitivity, and the pressures
created by this process on market values that could result in a fire sale disposition of Washington
Mutual ' s troubled assets, it would be extremely imprudent ofWelJs Fargo and detrimental to its
stockholders to submit a bid based on any of the structures presented and without the opponunity
to conduct appropriate due diligence. In addition, we believe that any bid Wells Fargo would
submit on this basis would neither be in the best interests of the FDIC nor result in the least costly
effect on the Federal Deposit Insurance Fund.
Specifically, we believe the loss exposure in the current environment is so great that the
only bid we could make would be a negative premium in an amount that would el iminate a
substantial portion of the FDIC's remaining assets, or to require substantial loss sharing
protection from the FDIC in an amount and under tenos that would expose the FDIC to the same
cost over time as a negative bid. Any loss sharing agreement, in our view, would need to include
not only protection against direct credit costs but also protection against asset disposition costs.
Although we cannot speak to what other potential bidders would conclude, we reasonably expect
that any bid from a prudent bank would similarly contain a negative premium or a substantial loss
sharing arrangement and frankly, if it didn't, the FDIC should be very concerned about the risks
being assumed by the bidding instirution in terms of thaI institution's safety and soundness and
potential exposure to the FDIC.
Confidential WF-Examiner16862
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The Honornble Sheila C. Bair
September 24, 2008
Page Two
We do believe that we are capable of proposing a bid structure that would both provide
reasonable protection to Wells Fargo and its stockholders, as well as protect and minimize any
charge against thc Federal Deposit Insurance Fund. The structure we would be willing to propose
and that could serve as a basis for a bid in the event Washi ngton Mutual is placed in a
receivership or conservatorship would contain the following features:
Wells Fargo would assume all deposit liabilities (both insured and uninsured) for a
premium to be specified in the bid that would be the best premium we could offer.
All other liabilities would be initially assumed by the FDIC. Wells Fargo, however,
would be granted up to 60 days in which to conduct due diligence on Washington Mutual
and to decide which liabilities associated with or necessary for the operations of the
franchise, such as ex.ecutory contracts, lease obl igations certain employee liabilities, and
liabilities associated with assets to be acquired by Wells Fargo, Wells Fargo would be
willing to assume.
In addition to non-deposit liabilities, all assets would initially be retained by the FDIC.
During the 60 day period mentioned above, Wells Fargo would also conduct due
dIligence and decide which assets of Washington Mutual Wells Fargo would be will ing
to acquire. Based on the limited due dili gence conducted by Wells Fargo to date we
estimate that Wells Fargo would be interested in acquiring assets representing between
550B 51008 of Washington Mutual's balance sheet.
All assets not acquired by Wells Fargo would be retained by the FDIC. In order to
max.imize recoveries for the FDIC and dispose of the assets in an orderly manner, Wells
Fargo and the FDIC would enter into an asset management agreement containing
appropriate incentives for Wells Fargo to achieve those goals and under which Wens
Fargo, as the agent for the benefit of the FDIC, would manage and dispose ofthosc assets
at cost.
We believe that a bid structured along these lines would both be in the best interests of
Wells Fargo and its shareholders and would allow the FDIC to dispose ofWnshington Mutual's
assets and effect a resolution measured in tenns of expenditures (long and short tenn and direct
and contingent) in the manner tht least costly to the FDIC when compared with other alternatives.
lfthe FDIC is interested in discussing this proposal further, please contact me or JaM Stumpf.
Thank you again for providing this opportunity to Wells Fargo.
Sincerely,
Richard M. Kovacevich
Chairman
Confidential WF-Exami ner16863
Return
Exhibit 17
Return
Chai rman
September 24, 2008
550 1711> Street NW
Return
September 24, 2008
Page Two
willing to assume.
at cost.
Sincerely,
Chairman
Return
Exhibit 17
Return
Chai rman
September 24, 2008
550 1711> Street NW
Return
September 24, 2008
Page Two
willing to assume.
at cost.
Sincerely,
Chairman
Return
Wshington Mutual Inc. Daily Cash Flow Projection
A B C D E F G H I J K L M N 0 P Q R S
1 1/1/2008 1/2/2008 1/3/2008 1/4/2008 1/5/2008 1/6/2008 1/7/2008 1/8/2008 1/9/2008 1/10/2008 1/11/2008 1/12/2008 1/13/2008 1/14/2008 1/15/2008 1/16/2008 1/17/2008 1/18/2008
2 Tues Wed Th Fri Sat Sun Mon Tues Wed Th Fri Sat Sun Mon Tues Wed Th Fri
3 Common Dividends
4 NACI 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
5 WMB 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
6 WMBfsb 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
7 WMI Common Stockholders 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
8 BU Preferred Stock Purchase / Dividends 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
9
10 Debt Service (P & I) Payments
11 Senior $750 MM @ 7.5% due 8-15-06 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
12 Senior $250MM @ 7.5% due 8-15-06 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
13 Senior $1,OOOMM @ 5.625% due 1-15-07 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
14 BU $220MM Sub @8.875% due 5-1-07 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
15 Senior $750MM @ 4.375% due 1-15-08 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (766,406) 0 0 0
16 Senior $250MM@3mL+0.15% due 3-22-08 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
17 Senior $lbn @ 4.0% due 1-15-09 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (20,000) 0 0 0
18 Senior $600mm @ 4.2% due 1-15-10 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (12,600) 0 0 0
19 Senior $250mm @ 3mL+0.30% due 1-15-10 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (3,541) 0 0 0
20 Sub $500MM @8.25% due 4-1-10 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
21 Senior $350MM@3mL+0.30% due 3-22-12 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
22 Senior $400MM@5% due 3-22-12 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
23 Senior $500MM@3mL+.40% due 9-17-12 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
24 Sub $500MM @4.625% due 4-1-14 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
25 Senior $750MM@5.25% due 9-15-17 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
26 Pref$150MM @ 8.36% due 12-1-26 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
27 DME trust prfd $200mm @9.33% due 5-6-27 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
28 Pref$400MM @8.375% due 6-1-27 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
29 Trust PIERS $1,150MM@5.375% due 5-1-41 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
30
31 Subtotal, Net Dividends 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (802,547) 0 0 0
32 Other Operating Activities
33 Long Beach Mortgage 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
34 Master Note With NACI 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
35 Master Note With Aircraft Holdings 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
36 Fundings to WCC 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
37 Cash transfer from FA dda 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
38 Tax Receipts 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
39 Tax Payments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
40 Intercompany Settlement 0 0 0 0 0 0 0 0 0 (13,236) 0 0 0 0 266 (108) (1,002) 201
41 All Other 0 (9,071) 1,855 2,191 0 0 0 6,010 (1,669) 1,960 (22,913) 0 0 (4,220) 12,315 29,069 4,140 (2,158)
42 Subtotal 0 (9,071) 1,855 2,191 0 0 0 6,010 (1,669) (11,276) (22,913) 0 0 (4,220) 12,581 28,961 3,138 (1,957)
43 Financing Activities
44 Commercial Paper Issued (Matured) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
45 Stock Buyback/Debt Repurchase 0 0 0 0 0 0 0 0 0 0 0 0 0
46 Subtotal 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
47
48 Beginning Co2 Cash 4,364,468 4,364,468 4,355,397 4,357,252 4,359,443 4,359,443 4,359,443 4,359,443 4,365,453 4,363,784 4,352,508 4,329,595 4,329,595 4,329,595 4,325,375 3,535,409 3,564,370 3,567,508
49 Net Increase/(Decrease) in Cash 0 (9,071) 1,855 2,191 0 0 0 6,010 (1,669) (11,276) (22,913) 0 0 (4,220) (789,966) 28,961 3,138 (1,957)
50 Ending Co2 Cash 4,364,468 4,355,397 4,357,252 4,359,443 4,359,443 4,359,443 4,359,443 4,365,453 4,363,784 4,352,508 4,329,595 4,329,595 4,329,595 4,325,375 3,535,409 3,564,370 3,567,508 3,565,551
51
52 Beginning Col Cash 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
53 Net Increase/(Decrease) in Cash 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
54 Ending Col Cash 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
55
56 Ending Total Cash 4,364,468 4,355,397 4,357,252 4,359,443 4,359,443 4,359,443 4,359,443 4,365,453 4,363,784 4,352,508 4,329,595 4,329,595 4,329,595 4,325,375 3,535,409 3,564,370 3,567,508 3,565,551
57
58
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A B C D E F G H
1 1/1/2008 1/2/2008 1/3/2008 1/4/2008 1/5/2008 1/6/2008 1/7/2008
2 Tues Wed 111 Fri Sat Sun Mon
3 Common Dividends
4 NACI 0 0 0 0 0 0 0
5 WMB 0 0 0 0 0 0 0
6 WMBfsb 0 0 0 0 0 0 0
7 WMI Common Stockholders 0 0 0 0 0 0 0
8 BU Preferred Stock Purchase / Dividends 0 0 0 0 0 0 0
9
11 Senior $750 MM@7.5% due 8-15-06 0 0 0 0 0 0 0
12 Senior $250MM@7.5%due8-15-06 0 0 0 0 0 0 0
13 Senior $1.000MM@5.625%duel-15-07 0 0 0 0 0 0 0
14 BU $220MM Sub@8.875%due5107 0 0 0 0 0 0 0
15 Senior $750MM@4.375%due 1-15-08 0 0 0 0 0 0 0
16 Senior $250MM@3mL+0.15%due3-22-08 0 0 0 0 0 0 0
17 Senior $lbn@4.0%due 1-15-09 0 0 0 0 0 0 0
18 Senior $600mm@4.2%duel-15-10 0 0 0 0 0 0 0
19 Senior $250mm@3mL+O.30%duel-15-10 0 0 0 0 0 0 0
20 Sub $500MM@8.25%due4-1-10 0 0 0 0 0 0 0
21 Senior $350MM@3mL+0.30%due3-22-12 0 0 0 0 0 0 0
22 Senior $400MM@5% due 3-22-12 0 0 0 0 0 0 0
23 Senior $500MM@3mL+.40% due 9-17-12 0 0 0 0 0 0 0
24 Sub $500MM @4.625% due 4-1-14 0 0 0 0 0 0 0
25 Senior $750MM@5.25%due9-15-17 0 0 0 0 0 0 0
26 Pref$150MM@8.36%dueI2-1-26 0 0 0 0 0 0 0
27 DME trust prfd $200mm @9.33% due 5-6-27 0 0 0 0 0 0 0
28 Pref$400MM@8.375%due6-1-27 0 0 0 0 0 0 0
29 Trust PIERS $J.l50MM@5.375%due5-1-41 0 0 0 0 0 0 0
30
31 Subtotal, Net Dividends 0 0 0 0 0 0 0
33 Long Beach Mortgage 0 0 0 0 0 0 0
34 Master Note With NACI 0 0 0 0 0 0 0
35 Master Note With Aircraft Holdings 0 0 0 0 0 0 0
36 Fundings to WCC 0 0 0 0 0 0 0
37 Cash transfer from FA dda 0 0 0 0 0 0 0
38 Tax Receipts 0 0 0 0 0 0 0
39 Tax Payments 0 0 0 0 0 0 0
40 Intercompany Settlement 0 0 0 0 0 0 0
41 All 01l1er 0 (9.071) 1.855 2.191 0 0 0
42 Subtotal 0 (9.071) 1.855 2.191 0 0 0
44 Commercial Paper Issued (Matured) 0 0 0 0 0 0 0
45 Stock Buyback/Debt Repurchase 0 0 0 0 0 0 0
46 Subtotal 0 0 0 0 0 0 0
47
48 Beginning Co2 Cash 4,364,468 4,364,468 4,355,397 4,357,252 4,359,443 4,359,443 4,359,443
49 Net Increasel(Decrease) in Cash 0 (9,071) 1,855 2,191 0 0 0
50 Ending Co2 Cash 4,364,468 4,355,397 4,357,252 4,359,443 4,359,443 4,359,443 4,359,443
51
52 Beginning Col Cash 0 0 0 0 0 0 0
53 Net Increasel(Decrease) in Cash 0 0 0 0 0 0 0
54 Ending Col Cash 0 0 0 0 0 0 0
55
56 Ending Total Cash 4,364,468 4,355,397 4,357,252 4,359,443 4,359,443 4,359,443 4,359,443
57
58
I J K L M N
1/8/2008 1/9/2008 1/10/2008 1/11/2008 1/12/2008 1/13/2008
Tues Wed 111 Fri Sat Sun
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 (13.236) 0 0 0
6.010 (1.669) 1.960 (22.913) 0 0
6.010 (1.669) (11.276) (22.913) 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
4,359,443 4,365,453 4,363,784 4,352,508 4,329,595 4,329,595
6,010 (1,669) (11,276) (22,913) 0 0
4,365,453 4,363,784 4,352,508 4,329,595 4,329,595 4,329,595
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
4,365,453 4,363,784 4,352,508 4,329,595 4,329,595 4,329,595
0 P Q
1/14/2008 1/15/2008 1/16/2008
Mon Tues Wed
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 (766.406) 0
0 0 0
0 (20.000) 0
0 (12.600) 0
0 (3.541) 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 (802.547) 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 266 (108)
(4.220) 12.315 29.069
(4.220) 12.581 28.961
0 0 0
0 0 0
4,329,595 4,325,375 3,535,409
(4,220) (789,966) 28,961
4,325,375 3,535,409 3,564,370
0 0 0
0 0 0
0 0 0
4,325,375 3,535,409 3,564,370
R
1/17/2008
111
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
(1.002)
4.140
3.138
0
0
3,564,370
3,138
3,567,508
0
0
0
3,567,508
S
1/18/2008
Fri
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
201
(2.158)
(1.957)
0
0
3,567,508
(1,957)
3,565,551
0
0
0
3,565,551
(J)
o
(J)
...-
o
o
o
o
~
~
I
Return
A T U V W X Y Z AA AS AC AD AE AF AG
1 1/19/2008 1/20/2008 1/21/2008 1/22/2008 1/23/2008 1/24/2008 1/25/2008 1/26/2008 1/27/2008 1/28/2008 1/29/2008 1/30/2008 1/31/2008 Jan 08 Total
2 Sat Sun Mon Tues Wed Thu Fri Sat Sun Mon Tues Wed Thu
3 Common Dividends
4 NACI 0 0 0 0 0 0 0 0 0 0 0 0 0 0
5 WMB 0 0 0 0 0 0 0 0 0 0 0 0 0 0
6 WMBfsb 0 0 0 0 0 0 0 0 0 0 0 0 0 0
7 WMI Common Stockholders 0 0 0 0 0 0 0 0 0 0 0 0 0 0
8 BU Preferred Stock Purchase / Dividends 0 0 0 0 0 0 0 0 0 0 0 0 0 0
9
11 Senior $750 MM @ 7.5% due 8-15-06 0 0 0 0 0 0 0 0 0 0 0 0 0 0
12 Senior $250MM @ 7.5% due 8-15-06 0 0 0 0 0 0 0 0 0 0 0 0 0 0
13 Senior $1,OOOMM @ 5.625% due 1-15-07 0 0 0 0 0 0 0 0 0 0 0 0 0 0
14 BU $220MM Sub @8.875% due 5-1-07 0 0 0 0 0 0 0 0 0 0 0 0 0 0
15 Senior $750MM @ 4.375% due 1-15-08 0 0 0 0 0 0 0 0 0 0 0 0 0 (766,406)
16 Senior $250MM@3mL+0.15% due 3-22-08 0 0 0 0 0 0 0 0 0 0 0 0 0 0
17 Senior $lbn @ 4.0% due 1-15-09 0 0 0 0 0 0 0 0 0 0 0 0 0 (20,000)
18 Senior $600mm @ 4.2% due 1-15-10 0 0 0 0 0 0 0 0 0 0 0 0 0 (12,600)
19 Senior $250mm @ 3mL+0.30% due 1-15-10 0 0 0 0 0 0 0 0 0 0 0 0 0 (3,541)
20 Sub $500MM @8.25% due 4-1-10 0 0 0 0 0 0 0 0 0 0 0 0 0 0
21 Senior $350MM@3mL+0.30% due 3-22-12 0 0 0 0 0 0 0 0 0 0 0 0 0 0
22 Senior $400MM@5% due 3-22-12 0 0 0 0 0 0 0 0 0 0 0 0 0 0
23 Senior $500MM@3mL+.40% due 9-17-12 0 0 0 0 0 0 0 0 0 0 0 0 0 0
24 Sub $500MM @4.625% due 4-1-14 0 0 0 0 0 0 0 0 0 0 0 0 0 0
25 Senior $750MM@5.25% due 9-15-17 0 0 0 0 0 0 0 0 0 0 0 0 0 0
26 Pref$150MM @ 8.36% due 12-1-26 0 0 0 0 0 0 0 0 0 0 0 0 0 0
27 DME trust prfd $200mm @9.33% due 5-6-27 0 0 0 0 0 0 0 0 0 0 0 0 0 0
28 Pref$400MM @8.375% due 6-1-27 0 0 0 0 0 0 0 0 0 0 0 0 0 0
29 Trust PIERS $1,150MM@5.375% due 5-1-41 0 0 0 0 0 0 0 0 0 0 0 0 0 0
30
31 Subtotal, Net Dividends 0 0 0 0 0 0 0 0 0 0 0 0 0 (802,547)
33 Long Beach Mortgage 0 0 0 0 0 0 0 0 0 0 0 0 0 0
34 Master Note With NACI 0 0 0 0 0 0 0 0 0 0 0 0 0 0
35 Master Note With Aircraft Holdings 0 0 0 0 0 0 0 0 0 0 0 0 0 0
36 Fundings to WCC 0 0 0 0 0 0 0 0 0 0 0 0 0 0
37 Cash transfer from FA dda 0 0 0 0 0 0 0 0 0 0 0 0 0 0
38 Tax Receipts 0 0 0 0 0 0 0 0 0 0 0 0 0 0
39 Tax Payments 0 0 0 0 0 0 0 0 0 (18) 0 0 0 (18)
40 Intercompany Settlement 0 0 0 0 0 15,716 0 0 0 (65,000) 0 (1,300) (4,147) (68,609)
41 All Other 0 0 0 9,006 3,394 25,243 22,430 0 0 (21,206) 4,837 (65) (28,094) 33,053
42 Subtotal 0 0 0 9,006 3,394 40,959 22,430 0 0 (86,225) 4,837 (1,365) (32,241) (35,574)
44 Commercial Paper Issued (Matured) 0 0 0 0 0 0 0 0 0 0 0 0 0 0
45 Stock Buyback/Debt Repurchase 0 0 0 0 (18,186) (18,711) (36,897)
46 Subtotal 0 0 0 0 0 0 0 0 0 0 0 (18,186) (18,711) (36,897)
47
48 Beginning Co2 Cash 3,565,551 3,565,551 3,565,551 3,565,551 3,574,557 3,577,951 3,618,910 3,641,340 3,641,340 3,641,340 3,555,115 3,559,952 3,540,401 4,364,468
49 Net Increase/(Decrease) in Cash 0 0 0 9,006 3,394 40,959 22,430 0 0 (86,225) 4,837 (19,551) (50,952) (875,019)
50 Ending Co2 Cash 3,565,551 3,565,551 3,565,551 3,574,557 3,577,951 3,618,910 3,641,340 3,641,340 3,641,340 3,555,115 3,559,952 3,540,401 3,489,450 3,489,450
51
52 Beginning Col Cash 0 0 0 0 0 0 0 0 0 0 0 0 0 0
53 Net Increase/(Decrease) in Cash 0 0 0 0 0 0 0 0 0 0 0 0 0 0
54 Ending Col Cash 0 0 0 0 0 0 0 0 0 0 0 0 0 0
55
56 Ending Total Cash 3,565,551 3,565,551 3,565,551 3,574,557 3,577,951 3,618,910 3,641,340 3,641,340 3,641,340 3,555,115 3,559,952 3,540,401 3,489,450 3,489,450
57
58
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A T U V W X
1 1/19/2008 1/20/2008 1/21/2008 1/22/2008 1/23/2008
2 Sat Sun Mon Tues Wed
3 Common Dividends
4 NACI 0 0 0 0 0
5 WMB 0 0 0 0 0
6 WMBfsb 0 0 0 0 0
7 WMI Common Stockholders 0 0 0 0 0
8 BU Preferred Stock Purchase / Dividends 0 0 0 0 0
9
11 Senior $750 MM@7.5% due 8-15-06 0 0 0 0 0
12 Senior $250MM@7.5%due8-15-06 0 0 0 0 0
13 Senior $1.000MM@5.625%duel-15-07 0 0 0 0 0
14 BU $220MM Sub@8.875%due5107 0 0 0 0 0
15 Senior $750MM@4.375%due 1-15-08 0 0 0 0 0
16 Senior $250MM@3mL+0.15%due3-22-08 0 0 0 0 0
17 Senior $lbn@4.0%due 1-15-09 0 0 0 0 0
18 Senior $600mm@4.2%duel-15-10 0 0 0 0 0
19 Senior $250mm@3mL+O.30%duel-15-10 0 0 0 0 0
20 Sub $500MM@8.25%due4-1-10 0 0 0 0 0
21 Senior $350MM@3mL+0.30%due3-22-12 0 0 0 0 0
22 Senior $400MM@5% due 3-22-12 0 0 0 0 0
23 Senior $500MM@3mL+.40% due 9-17-12 0 0 0 0 0
24 Sub $500MM @4.625% due 4-1-14 0 0 0 0 0
25 Senior $750MM@5.25%due9-15-17 0 0 0 0 0
26 Pref$150MM@8.36%dueI2-1-26 0 0 0 0 0
27 DME trust prfd $200mm @9.33% due 5-6-27 0 0 0 0 0
28 Pref$400MM@8.375%due6-1-27 0 0 0 0 0
29 Trust PIERS $J.l50MM@5.375%due5-1-41 0 0 0 0 0
30
31 Subtotal, Net Dividends 0 0 0 0 0
33 Long Beach Mortgage 0 0 0 0 0
34 Master Note With NACI 0 0 0 0 0
35 Master Note With Aircraft Holdings 0 0 0 0 0
36 Fundings to WCC 0 0 0 0 0
37 Cash transfer from FA dda 0 0 0 0 0
38 Tax Receipts 0 0 0 0 0
39 Tax Payments 0 0 0 0 0
40 Intercompany Settlement 0 0 0 0 0
41 All 01l1er 0 0 0 9.006 3.394
42 Subtotal 0 0 0 9.006 3.394
44 Commercial Paper Issued (Matured) 0 0 0 0 0
45 Stock Buyback/Debt Repurchase
46 Subtotal 0 0 0 0 0
47
48 Beginning Co2 Cash 3,565,551 3,565,551 3,565,551 3,565,551 3,574,557
49 Net Increasel(Decrease) in Cash 0 0 0 9,006 3,394
50 Ending Co2 Cash 3,565,551 3,565,551 3,565,551 3,574,557 3,577,951
51
52 Beginning Col Cash 0 0 0 0 0
53 Net Increasel(Decrease) in Cash 0 0 0 0 0
54 Ending Col Cash 0 0 0 0 0
55
56 Ending Total Cash 3,565,551 3,565,551 3,565,551 3,574,557 3,577,951
57
58
Y Z AA AB AC
1/24/2008 1/25/2008 1/26/2008 1/27/2008 1/28/2008
TIm Fri Sat Sun Mon
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 (18)
15.716 0 0 0 (65.000)
25.243 22.430 0 0 (21.206)
40.959 22.430 0 0 (86.225)
0 0 0 0 0
0 0 0
0 0 0 0 0
3,577,951 3,618,910 3,641,340 3,641,340 3,641,340
40,959 22,430 0 0 (86,225)
3,618,910 3,641,340 3,641,340 3,641,340 3,555,115
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
3,618,910 3,641,340 3,641,340 3,641,340 3,555,115
AD AE AF
1/29/2008 1/30/2008 1/31/2008
Tues Wed TIm
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 (1.300) (4.147)
4.837 (65) (28.094)
4.837 (1.365) (32.241)
0 0 0
0 (18.186) (18.711)
0 (18.186) (18.711)
3,555,115 3,559,952 3,540,401
4,837 (19,551) (50,952)
3,559,952 3,540,401 3,489,450
0 0 0
0 0 0
0 0 0
3,559,952 3,540,401 3,489,450
AG
JanOS Total
0
0
0
0
0
0
0
0
0
(766.406)
0
(20.000)
(12.600)
(3.541)
0
0
0
0
0
0
0
0
0
0
(802.547)
0
0
0
0
0
0
(18)
(68.609)
33.053
(35.574)
0
(36.897)
(36.897)
4,364,468
(875,019)
3,489,450
0
0
0
3,489,450
o
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Return
59 CP Outstanding 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
60
61 LBMC Outstanding 118,000 118,000 118,000 118,000 118,000 118,000 118,000 118,000 118,000 118,000 118,000 118,000 118,000 118,000 118,000 118,000 118,000 118,000
62
63 4,364,468
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A B C D E F G H I
59 CP Outstanding 0 0 0 0 0 0 0 0
60
61 LBMC Outstanding llB.OOO llB.OOO llB.OOO llB.OOO llB.OOO llB.OOO llB.OOO llB.OOO
62
63 4.364.46B
J K L M N 0
0 0 0 0 0 0
llB.OOO llB.OOO llB.OOO llB.OOO llB.OOO llB.OOO
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Restricted For Use in Connection with Plan Confirmation Only
Highly Confidential Information WGM 00001912
Hi hi Confidential Information
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Return
Washington Mutual Inc. Daily Cash Flow Projection
1 2/1/2008 2/2/2008 2/3/2008 2/4/2008 2/5/2008 2/6/2008 2/7/2008 2/8/2008 2/9/2008 2/10/2008 2/11/2008 2/12/2008 2/13/2008 2/14/2008 2/15/2008 2/16/2008 2/17/2008 2/18/2008
2 Fri Sat Sun Mon Tues Wed Thurs Fri Sat Sun Mon Tues Wed Thurs Fri Sat Sun Mon
3 Common Dividends
4 NACI 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
5 WMB 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
6 WMBfsb 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
7 WMI Common Stockholders 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (129,798) 0 0 0
8 BU Preferred Stock Purchase / Dividends 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
9
11 Senior $750 MM @ 7.5% due 8-15-06 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
12 Senior $250MM @ 7.5% due 8-15-06 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
13 Senior $1,OOOMM @ 5.625% due 1-15-07 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
14 BU $220MM Sub @8.875% due 5-1-07 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
15 Senior $750MM @ 4.375% due 1-15-08 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
16 Senior $250MM@3mL+0.15% due 3-22-08 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
17 Senior $lbn @ 4.0% due 1-15-09 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
18 Sub $500mm @5.54& due 8-24-09
19 Senior $600mm @ 4.2% due 1-15-10 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
20 Senior $250mm @ 3mL+0.30% due 1-15-10 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
21 Sub $500MM @8.25% due 4-1-10 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
22 NMTN $400mm @5.5% due 8-24-11 0 0 0 0 0
23 Senior $350MM@3mL+0.30% due 3-22-12 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
24 Senior $400MM@5% due 3-22-12 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
25 Senior $500MM@3mL+.40% due 9-17-12 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
26 Sub $500MM @4.625% due 4-1-14 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
27 Senior $750MM@5.25% due 9-15-17 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
28 Pref$150MM @ 8.36% due 12-1-26 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
30 Pref$400MM @8.375% due 6-1-27 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
31 Trust PIERS $1,150MM@5.375% due 5-1-41 (15,453) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
32
33 Subtotal, Net Dividends (15,453) 0 0 0 0 0 0 0 0 0 0 0 0 0 (129,798) 0 0 0
38 Fundings to WCC 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
39 Cash transfer from Co. 1 dda 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
40 Tax Receipts 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
41 Tax Payments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
42 Intercompany Settlement 0 0 0 0 0 0 (5,706) 6,707 0 0 (53) (524) 108 (51) 413 0 0 0
43 All Other (23,519) 0 0 13,404 14,713 (1,787) 9,697 (2,465) 0 0 (19,062) 11,163 3,727 (9,331) (8,845) 0 0 0
44 Subtotal (23,519) 0 0 13,404 14,713 (1,787) 3,991 4,242 0 0 (19,115) 10,639 3,835 (9,382) (8,432) 0 0 0
47 Stock Buyback/Debt Repurchase (6,259) 0 0 (18,351) (19,902) (29,520) 0 (9,000) 0 0 (38,622) (14,179) 0 (8,757) (20,555) 0 0 0
48 Subtotal (6,259) 0 0 (18,351) (19,902) (29,520) 0 (9,000) 0 0 (38,622) (14,179) 0 (8,757) (20,555) 0 0 0
50 Net Increase/(Decrease) in Cash (45,232) 0 0 (4,947) (5,189) (31,306) 3,991 (4,757) 0 0 (57,737) (3,540) 3,835 (18,139) (158,786) 0 0 0
51 EndiD!! Co2 Cash 3444218 3444218 3444218 3439271 3434082 3402775 3406767 3402009 3402009 3402009 3344273 3340733 3344568 3326429 3167643 3167643 3167643 3167643
52
53 Beginning Col Cash 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
55 Ending Col Cash 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
56
58
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A B C D E F G H
1 2/1/2008 2/2/2008 2/3/2008 2/4/2008 2/5/2008 2/6/2008 2/7/2008
2 Fri Sat Sun Mon Tues Wed Thurs
3 Common Dividends
4 NACI 0 0 0 0 0 0 0
5 WMB 0 0 0 0 0 0 0
6 WMBfsb 0 0 0 0 0 0 0
8 BU Preferred Stock Purchase / Dividends 0 0 0 0 0 0 0
9
11 Senior $750 MM@7.5% due 8-15-06 0 0 0 0 0 0 0
12 Senior $250MM@7.5%due8-15-06 0 0 0 0 0 0 0
13 Senior $1.000MM@5.625%duel-15-07 0 0 0 0 0 0 0
14 BU $220MM Sub@8.875%due5107 0 0 0 0 0 0 0
15 Senior $750MM@4.375%due 1-15-08 0 0 0 0 0 0 0
16 Senior $250MM@3mL+0.15%due3-22-08 0 0 0 0 0 0 0
17 Senior $lbn@4.0%due 1-15-09 0 0 0 0 0 0 0
18 Sub $500nun@5.54& due 8-24-09
19 Senior $600mm@4.2%duel-15-10 0 0 0 0 0 0 0
21 Sub $500MM@8.25%due4-1-10 0 0 0 0 0 0 0
22 NMfN $400mm @5.5% due 8-24-11
23 Senior $350MM@3mL+0.30%due3-22-12 0 0 0 0 0 0 0
24 Senior $400MM@5% due 3-22-12 0 0 0 0 0 0 0
25 Senior $500MM@3mL+.40% due 9-17-12 0 0 0 0 0 0 0
26 Sub $500MM @4.625% due 4-1-14 0 0 0 0 0 0 0
27 Senior $750MM@5.25%due9-15-17 0 0 0 0 0 0 0
28 Pref$150MM@8.36%dueI2-1-26 0 0 0 0 0 0 0
30 Pref$400MM@8.375%due6-1-27 0 0 0 0 0 0 0
31 Trust PIERS $J.l50MM@5.375%due5-1-41 (15.453) 0 0 0 0 0 0
32
33 Subtotal, Net Dividends (15.453) 0 0 0 0 0 0
39 Cash transfer from Co. 1 dda 0 0 0 0 0 0 0
40 Tax Receipts 0 0 0 0 0 0 0
41 Tax Payments 0 0 0 0 0 0 0
42 Intercompany Settlement 0 0 0 0 0 0 (5.706)
43 All 01l1er (23.519) 0 0 13.404 14.713 (1.787) 9.697
44 Subtotal (23.519) 0 0 13.404 14.713 (1.787) 3.991
47 Stock Buyback/Debt Repurchase (6,259) 0 0 (18,351) (19,902) (29,520) 0
48 Subtotal (6,259) 0 0 (18,351) (19,902) (29,520) 0
50 Net Increasel(Decrease) in Cash (45,232) 0 0 (4,947) (5,189) (31,306) 3,991
51 End" 3444218 3444218 3444218 3439271 3434082 3402775 3406767
52
53 Beginning Col Cash 0 0 0 0 0 0 0
56
58
I J K L M N
2/8/2008 2/9/2008 2/10/2008 2/11/2008 2/12/2008 2/13/2008
Fri Sat Sun Mon Tues Wed
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
6.707 0 0 (53) (524) 108
(2.465) 0 0 (19.062) 11.163 3.727
4.242 0 0 (19.115) 10.639 3.835
0 0 0 0 0 0
(9,000) 0 0 (38,622) (14,179) 0
(9,000) 0 0 (38,622) (14,179) 0
3,406,767 3,402,009 3,402,009 3,402,009 3,344,273 3,340,733
(4,757) 0 0 (57,737) (3,540) 3,835
3402009 3402009 3402009 3344273 3340733 3344568
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
3,402,009 3,402,009 3,402,009 3,344,273 3,340,733 3,344,568
0 P
2/14/2008 2/15/2008
Thurs Fri
0 0
0 0
0 0
0 (129.798)
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 (129.798)
0 0
0 0
0 0
0 0
0 0
0 0
0 0
(51) 413
(9.331) (8.845)
(9.382) (8.432)
0 0
(8.757) (20,555)
(8,757) (20,555)
3,344,568 3,326,429
(18,139) (158,786)
3326429 3167643
0 0
0 0
0 0
3,326,429 3,167,643
Q R
2/16/2008 2/17/2008
Sat Sun
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
3,167,643 3,167,643
0 0
3167643 3167643
0 0
0 0
0 0
3,167,643 3,167,643
S
2/18/2008
Mon
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
3,167,643
0
3167643
0
0
0
3,167,643
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Return
A T U V W X Y Z AA AS AC AD AE
1 2/19/2008 2/20/2008 2/21/2008 2/22/2008 2/23/2008 2/24/2008 2/25/2008 2/26/2008 2/27/2008 2/28/2008 2/29/2008 Feb 05 Total
2 Tues Wed Thurs Fri Sat Sun Mon Tues Wed Thurs Fri
3 Common Dividends
4 NACI 0 0 0 0 0 0 0 0 0 0 0 0
5 WMB 0 0 0 0 0 0 0 0 0 0 0 0
6 WMBfsb 0 0 0 0 0 0 0 0 0 0 0 0
7 WMI Common Stockholders 0 0 0 0 0 0 0 0 0 0 0 (129,798)
8 BU Preferred Stock Purchase / Dividends 0 0 0 0 0 0 0 0 0 0 0 0
9 0
10 Debt Service (P & I) Payments 0
11 Senior $750 MM @ 7.5% due 8-15-06 0 0 0 0 0 0 0 0 0 0 0 0
12 Senior $250MM @ 7.5% due 8-15-06 0 0 0 0 0 0 0 0 0 0 0 0
13 Senior $1,OOOMM @ 5.625% due 1-15-07 0 0 0 0 0 0 0 0 0 0 0 0
14 BU $220MM Sub @8.875% due 5-1-07 0 0 0 0 0 0 0 0 0 0 0 0
15 Senior $750MM @ 4.375% due 1-15-08 0 0 0 0 0 0 0 0 0 0 0 0
16 Senior $250MM@3mL+0.15% due 3-22-08 0 0 0 0 0 0 0 0 0 0 0 0
17 Senior $lbn @ 4.0% due 1-15-09 0 0 0 0 0 0 0 0 0 0 0 0
18 Sub $500mm @5.54& due 8-24-09 0 0 0 0 0 (5,595) 0 0 0 0 (5,595)
19 Senior $600mm @ 4.2% due 1-15-10 0 0 0 0 0 0 0 0 0 0 0 0
20 Senior $250mm @ 3mL+0.30% due 1-15-10 0 0 0 0 0 0 0 0 0 0 0 0
21 Sub $500MM @8.25% due 4-1-10 0 0 0 0 0 0 0 0 0 0 0 0
22 NMTN $400mm @5.5% due 8-24-11 0 0 0 0 0 0 (11,000) 0 0 0 0 (11,000)
23 Senior $350MM@3mL+0.30% due 3-22-12 0 0 0 0 0 0 0 0 0 0 0 0
24 Senior $400MM@5% due 3-22-12 0 0 0 0 0 0 0 0 0 0 0 0
25 Senior $500MM@3mL+.40% due 9-17-12 0 0 0 0 0 0 0 0 0 0 0 0
26 Sub $500MM @4.625% due 4-1-14 0 0 0 0 0 0 0 0 0 0 0 0
27 Senior $750MM@5.25% due 9-15-17 0 0 0 0 0 0 0 0 0 0 0 0
28 Pref$150MM @ 8.36% due 12-1-26 0 0 0 0 0 0 0 0 0 0 0 0
29 DME trust prfd $200mm @9.33% due 5-6-27 0 0 0 0 0 0 0 0 0 0 0 0
30 Pref$400MM @8.375% due 6-1-27 0 0 0 0 0 0 0 0 0 0 0 0
31 Trust PIERS $1,150MM@5.375% due 5-1-41 0 0 0 0 0 0 0 0 0 0 0 (15,453)
32
33 Subtotal, Net Dividends 0 0 0 0 0 0 (16,595) 0 0 0 0 (161,846)
35 Long Beach Mortgage 0 0 0 0 0 0 0 0 0 0 0 0
36 Master Note With NACI 0 0 0 0 0 0 0 0 0 0 0 0
37 Master Note With Aircraft Holdings 0 0 0 0 0 0 0 0 0 0 0 0
38 Fundings to WCC 0 0 0 0 0 0 0 0 0 0 0 0
39 Cash transfer from Co. 1 dda 0 0 0 0 0 0 0 0 0 0 0 0
40 Tax Receipts 0 0 0 0 0 0 0 1,938,610 0 0 0 1,938,610
41 Tax Payments 0 0 0 0 0 0 0 0 0 0 0 0
42 Intercompany Settlement 8 398 (638) (131) 0 0 0 (1,938,610) 0 0 12,773 (1,925,307)
43 All Other (25,362) 1,783 (17,862) (5,353) 0 0 28,247 (5,118) (15,161) 11,169 3,254 (36,707)
44 Subtotal (25,354) 2,180 (18,500) (5,484) 0 0 28,247 (5,118) (15,161) 11,169 16,027 (23,404)
46 Commercial Paper Issued (Matured) 0 0 0 0 0 0 0 0 0 0 0 0
47 Stock Buyback/Debt Repurchase (113,392) (21,295) 0 0 0 0 0 0 0 0 0 (299,832)
48 Subtotal (113,392) (21,295) 0 0 0 0 0 0 0 0 0 (299,832)
49 Beginning Co2 Cash 3,167,643 3,028,897 3,009,782 2,991,282 2,985,798 2,985,798 2,985,798 2,997,451 2,992,333 2,977,172 2,988,341 3,489,450
50 Net Increase/(Decrease) in Cash (138,746) (19,115) (18,500) (5,484) 0 0 11,653 (5,118) (15,161) 11,169 16,027 (485,083)
51 EndiD!! Co2 Cash 3028897 3009782 2991282 2985798 2985798 2985798 2997451 2992333 2977 172 2988341 3004367 3004367
52
53 Beginning Col Cash 0 0 0 0 0 0 0 0 0 0 0 0
54 Net Increase/(Decrease) in Cash 0 0 0 0 0 0 0 0 0 0 0 0
55 Ending Col Cash 0 0 0 0 0 0 0 0 0 0 0 0
56
57 Ending Total Cash 3,028,897 3,009,782 2,991,282 2,985,798 2,985,798 2,985,798 2,997,451 2,992,333 2,977,172 2,988,341 3,004,367 3,004,367
58
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A T U V W
1 2/19/2008 2/20/2008 2/21/2008 2/22/2008
2 Tues Wed Thurs Fri
3 Common Dividends
4 NACI 0 0 0 0
5 WMB 0 0 0 0
6 WMBfsb 0 0 0 0
7 WMI Common Stockholders 0 0 0 0
8 BU Preferred Stock Purchase / Dividends 0 0 0 0
9
11 Senior $750 MM@7.5% due 8-15-06 0 0 0 0
12 Senior $250MM@7.5%due8-15-06 0 0 0 0
13 Senior $1.000MM@5.625%duel-15-07 0 0 0 0
14 BU $220MM Sub@8.875%due5107 0 0 0 0
15 Senior $750MM@4.375%due 1-15-08 0 0 0 0
16 Senior $250MM@3mL+0.15%due3-22-08 0 0 0 0
17 Senior $lbn@4.0%due 1-15-09 0 0 0 0
18 Sub $500nun@5.54& due 8-24-09 0 0 0
19 Senior $600mm@4.2%duel-15-10 0 0 0 0
20 Senior $250mm@3mL+O.30%duel-15-10 0 0 0 0
21 Sub $500MM@8.25%due4-1-10 0 0 0 0
22 NMTN $400mm @5.5% due 8-24-11 0 0 0 0
23 Senior $350MM@3mL+0.30%due3-22-12 0 0 0 0
24 Senior $400MM@5% due 3-22-12 0 0 0 0
25 Senior $500MM@3mL+.40% due 9-17-12 0 0 0 0
26 Sub $500MM @4.625% due 4-1-14 0 0 0 0
27 Senior $750MM@5.25%due9-15-17 0 0 0 0
28 Pref$150MM@8.36%dueI2-1-26 0 0 0 0
29 DME trust prfd $200mm @9.33% due 5-6-27 0 0 0 0
30 Pref$400MM@8.375%due6-1-27 0 0 0 0
31 Trust PIERS $J.l50MM@5.375%due5-1-41 0 0 0 0
32
33 Subtotal, Net Dividends 0 0 0 0
35 Long Beach Mortgage 0 0 0 0
36 Master Note With NACI 0 0 0 0
37 Master Note With Aircraft Holdings 0 0 0 0
38 Fundings to WCC 0 0 0 0
39 Cash transfer from Co. 1 dda 0 0 0 0
40 Tax Receipts 0 0 0 0
41 Tax Payments 0 0 0 0
42 Intercompany Settlement 8 398 (638) (131)
43 All 01l1er (25.362) 1.783 (17.862) (5.353)
44 Subtotal (25.354) 2.180 (18.500) (5.484)
46 Commercial Paper Issued (Matured) 0 0 0 0
47 Stock Buyback/Debt Repurchase (113,392) (21,295) 0 0
48 Subtotal (113,392) (21,295) 0 0
49 Beginning Co2 Cash 3,167,643 3,028,897 3,009,782 2,991,282
50 Net Increasel(Decrease) in Cash (138,746) (19,115) (18,500) (5,484)
51 End" 3,028897 3009782 2991282 2985798
52
53 Beginning Col Cash 0 0 0 0
54 Net Increasel(Decrease) in Cash 0 0 0 0
55 Ending Col Cash 0 0 0 0
56
57 Ending Total Cash 3,028,897 3,009,782 2,991,282 2,985,798
58
X Y Z AA
2/23/2008 2/24/2008 2/25/2008 2/26/2008
Sat Sun Mon Tues
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 (5.595) 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 (11.000) 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 (16.595) 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 1.938.6l0
0 0 0 0
0 0 0 (I.938.6l0)
0 0 28.247 (5.118)
0 0 28.247 (5.118)
0 0 0 0
0 0 0 0
0 0 0 0
2,985,798 2,985,798 2,985,798 2,997,451
0 0 11,653 (5,118)
2985798 2985798 2997451 2992 333
0 0 0 0
0 0 0 0
0 0 0 0
2,985,798 2,985,798 2,997,451 2,992,333
AB AC AD
2/27/2008 2/28/2008 2/29/2008
Wed Thurs Fri
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 12.773
(15.161) 11.169 3.254
(15.161) 11.169 16.027
0 0 0
0 0 0
0 0 0
2,992,333 2,977,172 2,988,341
(15,161) 11,169 16,027
2977172 2988341 3004367
0 0 0
0 0 0
0 0 0
2,977,172 2,988,341 3,004,367
AE
Feb 05 Total
0
0
0
(129.798)
0
0
0
0
0
0
0
0
0
0
(5.595)
0
0
0
(11.000)
0
0
0
0
0
0
0
0
(15.453)
(161.846)
0
0
0
0
0
1.938.610
0
(1.925.307)
(36.707)
(23.404)
0
(299,832)
(299,832)
3,489,450
(485,083)
3004,367
0
0
0
3,004,367
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1 3/1/2008 3/2/2008 3/3/2008 3/4/2008 3/5/2008 3/6/2008 3/7/2008 3/8/2008 3/9/2008 3/10/2008 3/11/2008 3/12/2008 3/13/2008 3/14/2008 3/15/2008 3/16/2008 3/17/2008 3/18/2008
2 Sat Sun Mon Tues Wed Thurs Fri Sat Sun Mon Tues Wed Thurs Fri Sat Sun Mon Tues
3 Common Dividends
4 NACI 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
5 WMB 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
6 WMBfsb 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
8 Series K Preferred Stock Purchase / Dividends 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (7,192) 0
9 Series R Preferred Stock Purchase / Dividends 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (57,479) 0
10
12 Senior $750 MM @ 7.5% due 8-15-06 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
13 Senior $250MM @ 7.5% due 8-15-06 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
14 Senior $1,OOOMM @ 5.625% due 1-15-07 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
15 BU $220MM Sub @8.875% due 5-1-07 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
16 Senior $750MM @ 4.375% due 1-15-08 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
17 Senior $250MM@3mL+0.15% due 3-22-08 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
18 Senior $lbn @ 4.0% due 1-15-09 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
19 Senior $600mm @ 4.2% due 1-15-10 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
20 Senior $250mm @ 3mL+0.30% due 1-15-10 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
21 Sub $500MM @8.25% due 4-1-10 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
22 Senior $350MM@3mL+0.30% due 3-22-12 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
23 Senior $400MM@5% due 3-22-12 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
24 Senior $500MM@3mL+.40% due 9-17-12 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (6,813) 0
25 Sub $500MM @4.625% due 4-1-14 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
26 Senior $750MM@5.25% due 9-15-17 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (19,688) 0
27 Pref$150MM @ 8.36% due 12-1-26 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
29 Pref$400MM @8.375% due 6-1-27 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
31 Debt Issuance 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
32
33 Subtotal, Net Dividends 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (91,172) 0
38 Fundings to WCC 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
40 Tax Receipts 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 20,543 0
41 Tax Payments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (170,116) 0
42 Intercompany Settlements 0 0 0 2,450 0 (8) (7) 0 0 0 0 0 (4,343) 478 0 0 183 0
43 All Other 0 0 12,672 44,523 (1,272) (16,135) (11,978) 0 0 (17,659) 14,625 10,358 (8,126) 13,058 0 0 14,125 32,166
44 Subtotal 0 0 12,672 46,973 (1,272) (16,143) (11,985) 0 0 (17,659) 14,625 10,358 (12,469) 13,535 0 0 (135,266) 32,166
47 Stock Buyback 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
48 Subtotal 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
49
51 Net Increase/(Decrease) in Cash 0 0 12,672 46,973 (1,272) (16,143) (11,985) 0 0 (17,659) 14,625 10,358 (12,469) 13,535 0 0 (226,438) 32,166
52 Ending Co2 Cash 3,004,367 3,004,367 3,017,039 3,064,012 3,062,740 3,046,597 3,034,612 3,034,612 3,034,612 3,016,954 3,031,579 3,041,936 3,029,467 3,043,002 3,043,002 3,043,002 2,816,564 2,848,730
53
54 Beginning COl Cash 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
56 Ending Col Cash

57
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A B C D E F G H
1 3/1/2008 3/2/2008 3/3/2008 3/4/2008 3/5/2008 3/6/2008 3/7/2008
2 Sat Sun Mon Tues Wed Thurs Fri
3 Common Dividends
4 NACI 0 0 0 0 0 0 0
5 WMB 0 0 0 0 0 0 0
6 WMBfsb 0 0 0 0 0 0 0
8 Series K Preferred Stock Purchase / Dividends 0 0 0 0 0 0 0
9 Series R Preferred Stock Purchase I Dividends 0 0 0 0 0 0 0
10
12 Senior $750 MM@7.5% due 8-15-06 0 0 0 0 0 0 0
13 Senior $250MM@7.5%due8-15-06 0 0 0 0 0 0 0
14 Senior $1.000MM@5.625%duel-15-07 0 0 0 0 0 0 0
15 BU $220MM Sub@8.875%due5107 0 0 0 0 0 0 0
16 Senior $750MM@4.375%due 1-15-08 0 0 0 0 0 0 0
17 Senior $250MM@3mL+0.15%due3-22-08 0 0 0 0 0 0 0
18 Senior $lbn@4.0%due 1-15-09 0 0 0 0 0 0 0
19 Senior $600mm@4.2%duel-15-10 0 0 0 0 0 0 0
21 Sub $500MM@8.25%due4-1-10 0 0 0 0 0 0 0
22 Senior $350MM@3mL+0.30%due3-22-12 0 0 0 0 0 0 0
23 Senior $400MM@5% due 3-22-12 0 0 0 0 0 0 0
24 Senior $500MM@3mL+.40% due 9-17-12 0 0 0 0 0 0 0
25 Sub $500MM @4.625% due 4-1-14 0 0 0 0 0 0 0
26 Senior $750MM@5.25%due9-15-17 0 0 0 0 0 0 0
27 Pref$150MM@8.36%dueI2-1-26 0 0 0 0 0 0 0
29 Pref$400MM@8.375%due6-1-27 0 0 0 0 0 0 0
31 Debt Issuance 0 0 0 0 0 0
32
39 Cash transfer from Co. 1 dda 0 0 0 0 0 0 0
40 Tax Receipts 0 0 0 0 0 0 0
41 Tax Payments 0 0 0 0 0 0 0
42 Intercompany Settlements 0 0 0 2.450 0 (8) (7)
43 All 01l1er 0 0 12.672 44.523 (1.272) (16.135) (11.978)
44 Subtotal 0 0 12.672 46.973 (1.272) (16.143) (11.985)
47 Stock Buyback 0 0 0 0 0 0 0
48 Subtotal 0 0 0 0 0 0 0
49
51 Net Increasel(Decrease) in Cash 0 0 12,672 46,973 (1,272) (16,143) (11,985)
52 Ending Co2 Cash 3,004,367 3,004,367 3,017,039 3,064,012 3,062,740 3,046,597 3,034,612
53
54 Beginning COl Cash 0 0 0 0 0 0 0
57
I J K L M N
3/8/2008 3/9/2008 3/10/2008 3/11/2008 3/12/2008 3/13/2008
Sat Sun Mon Tues Wed Thurs
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 (4.343)
0 0 (17.659) 14.625 10.358 (8.126)
0 0 (17.659) 14.625 10.358 (12.469)
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
3,034,612 3,034,612 3,034,612 3,016,954 3,031,579 3,041,936
0 0 (17,659) 14,625 10,358 (12,469)
3,034,612 3,034,612 3,016,954 3,031,579 3,041,936 3,029,467
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
3,034,612 3,034,612 3,016,954 3,031,579 3,041,936 3,029,467
0 P Q
3/14/2008 3/15/2008 3/16/2008
Fri Sat Sun
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
478 0 0
13.058 0 0
13.535 0 0
0 0 0
0 0 0
0 0 0
3,029,467 3,043,002 3,043,002
13,535 0 0
3,043,002 3,043,002 3,043,002
0 0 0
0 0 0
0 0 0
3,043,002 3,043,002 3,043,002
R
3/17/2008
Mon
0
0
0
0
(7.192)
(57.479)
0
0
0
0
0
0
0
0
0
0
0
0
(6.813)
0
(19.688)
0
0
0
0
0
(9J.l72)
0
0
0
0
0
20.543
(170.116)
183
14.125
(135.266)
0
0
0
3,043,002
(226,438)
2,816,564
0
0
0
2,816,564
S
3/18/2008
Tues
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
32.166
32.166
0
0
0
2,816,564
32,166
2,848,730
0
0
0
2,848,730
00
...-
(J)
...-
o
o
o
o
~
~
I
Return
A T U V W X Y Z AA AS AC AD AE AF AG
1 3/19/2008 3/20/2008 3/21/2008 3/22/2008 3/23/2008 3/24/2008 3/25/2008 3/26/2008 3/27/2008 3/28/2008 3/29/2008 3/30/2008 3/31/2008 Mar 08 Total
2 Wed Thurs Fri Sat Sun Mon Tues Wed Thu Fri Sat Sun Mon
3 Common Dividends
4 NACI 0 0 0 0 0 0 0 0 0 0 0 0 0 0
5 WMB 0 0 0 0 0 0 0 0 0 0 0 0 0 0
6 WMBfsb 0 0 0 0 0 0 0 0 0 0 0 0 0 0
8 Series K Preferred Stock Purchase / Dividends 0 0 0 0 0 0 0 0 0 0 0 0 0 (7,192)
9 Series R Preferred Stock Purchase / Dividends 0 0 0 0 0 0 0 0 0 0 0 0 0 (57,479)
10
12 Senior $750 MM @ 7.5% due 8-15-06 0 0 0 0 0 0 0 0 0 0 0 0 0 0
13 Senior $250MM @ 7.5% due 8-15-06 0 0 0 0 0 0 0 0 0 0 0 0 0 0
14 Senior $1,OOOMM @ 5.625% due 1-15-07 0 0 0 0 0 0 0 0 0 0 0 0 0 0
15 BU $220MM Sub @8.875% due 5-1-07 0 0 0 0 0 0 0 0 0 0 0 0 0 0
16 Senior $750MM @ 4.375% due 1-15-08 0 0 0 0 0 0 0 0 0 0 0 0 0 0
17 Senior $250MM@3mL+0.15% due 3-22-08 0 (253,208) 0 0 0 0 0 0 0 0 0 0 0 (253,208)
18 Senior $lbn @ 4.0% due 1-15-09 0 0 0 0 0 0 0 0 0 0 0 0 0 0
19 Senior $600mm @ 4.2% due 1-15-10 0 0 0 0 0 0 0 0 0 0 0 0 0 0
20 Senior $250mm @ 3mL+0.30% due 1-15-10 0 0 0 0 0 0 0 0 0 0 0 0 0 0
21 Sub $500MM @8.25% due 4-1-10 0 0 0 0 0 0 0 0 0 0 0 0 0 0
22 Senior $350MM@3mL+0.30% due 3-22-12 0 0 0 0 0 0 (5,961) 0 0 0 0 0 0 (5,961)
23 Senior $400MM@5% due 3-22-12 0 0 0 0 0 (10,000) 0 0 0 0 0 0 0 (10,000)
24 Senior $500MM@3mL+.40% due 9-17-12 0 0 0 0 0 0 0 0 0 0 0 0 0 (6,813)
25 Sub $500MM @4.625% due 4-1-14 0 0 0 0 0 0 0 0 0 0 0 0 0 0
26 Senior $750MM@5.25% due 9-15-17 0 0 0 0 0 0 0 0 0 0 0 0 0 (19,688)
27 Pref$150MM @ 8.36% due 12-1-26 0 0 0 0 0 0 0 0 0 0 0 0 0 0
28 DME trust prfd $200mm @9.33% due 5-6-27 0 0 0 0 0 0 0 0 0 0 0 0 0 0
29 Pref$400MM @8.375% due 6-1-27 0 0 0 0 0 0 0 0 0 0 0 0 0 0
31 Debt Issuance 0 0 0 0 0 0 0 0 0 0 0 0 0 0
32
33 Subtotal, Net Dividends 0 (253,208) 0 0 0 (10,000) (5,961) 0 0 0 0 0 0 (360,341)
35 Long Beach Mortgage 0 0 0 0 0 0 0 0 0 0 0 0 0 0
36 Master Note With NACI 0 0 0 0 0 0 0 0 0 0 0 0 0 0
37 Master Note With Aircraft Holdings 0 0 0 0 0 0 0 0 0 0 0 0 0 0
38 Fundings to WCC 0 0 0 0 0 0 0 0 0 0 0 0 0 0
39 Cash transfer from Co. 1 dda 0 0 0 0 0 0 0 0 0 0 0 0 0 0
40 Tax Receipts 0 0 0 0 0 0 0 0 0 0 0 0 0 20,543
41 Tax Payments 0 0 0 0 0 0 0 0 0 0 0 0 0 (170,116)
42 Intercompany Settlements 0 247 0 0 0 0 (710) 0 5,265 0 0 0 (40,464) (36,909)
43 All Other 27,763 (24,588) 5,000 0 0 13,865 (451) (44,402) 2,867 0 0 0 (8,029) 58,381
44 Subtotal 27,763 (24,341) 5,000 0 0 13,865 (1,161) (44,402) 8,132 0 0 0 (48,493) (128,103)
47 Stock Buyback 0 0 0 0 0 0 0 0 0 0 0 0 0 0
48 Subtotal 0 0 0 0 0 0 0 0 0 0 0 0 0 0
49
50 Beginning Co2 Cash 2,848,730 2,876,493 2,598,944 2,603,944 2,603,944 2,603,944 2,607,809 2,600,686 2,556,284 2,564,416 2,564,416 2,564,416 2,564,416 3,004,367
51 Net Increase/(Decrease) in Cash 27,763 (277,549) 5,000 0 0 3,865 (7,123) (44,402) 8,132 0 0 0 (48,493) (488,444)
52 Ending Co2 Cash 2,876,493 2,598,944 2,603,944 2,603,944 2,603,944 2,607,809 2,600,686 2,556,284 2,564,416 2,564,416 2,564,416 2,564,416 2,515,923 2,515,923
53
54 Beginning COl Cash 0 0 0 0 0 0 0 0 0 0 0 0 0 0
55 Net Increase/(Decrease) in Cash 0 0 0 0 0 0 0 0 0 0 0 0 0 0
56 Ending Col Cash 0 0 0 0 0 0 0 0 0 0 0 0 0 0
57
58 Ending Total Cash 2,876,493 2,598,944 2,603,944 2,603,944 2,603,944 2,607,809 2,600,686 2,556,284 2,564,416 2,564,416 2,564,416 2,564,416 2,515,923 2,515,923
0)
~
0)
~
o
o
o
o
I
~
~
~
C
o
C
o
:;::;
eo
E
s....
i+=
C
o
U
C
eo
a..
.,C
+-'
.
C
o
:;::;C
Uo
ID:;::;
Ceo
CE
Os....
U ~
~ C
IDeo
en.-
::::>C
s....ID
0-0
LLi+=
C
-00
2u
.S:2 ~
s...._
+-'.,C
enOl
ID.-
0:: I
A T U V W X
1 3/19/2008 3/20/2008 3/21/2008 3/22/2008 3/23/2008
2 Wed Thurs Fri Sat Sun
3 Common Dividends
4 NACI 0 0 0 0 0
5 WMB 0 0 0 0 0
6 WMBfsb 0 0 0 0 0
8 Series K Preferred Stock Purchase / Dividends 0 0 0 0 0
9 Series R Preferred Stock Purchase I Dividends 0 0 0 0 0
10
12 Senior $750 MM@7.5% due 8-15-06 0 0 0 0 0
13 Senior $250MM@7.5%due8-15-06 0 0 0 0 0
14 Senior $1.000MM@5.625%duel-15-07 0 0 0 0 0
15 BU $220MM Sub@8.875%due5107 0 0 0 0 0
16 Senior $750MM@4.375%due 1-15-08 0 0 0 0 0
17 Senior $250MM@3mL+0.15%due3-22-08 0 (253.208) 0 0 0
18 Senior $lbn@4.0%due 1-15-09 0 0 0 0 0
19 Senior $600mm@4.2%duel-15-10 0 0 0 0 0
21 Sub $500MM@8.25%due4-1-10 0 0 0 0 0
22 Senior $350MM@3mL+0.30%due3-22-12 0 0 0 0 0
23 Senior $400MM@5% due 3-22-12 0 0 0 0 0
24 Senior $500MM@3mL+.40% due 9-17-12 0 0 0 0 0
25 Sub $500MM @4.625% due 4-1-14 0 0 0 0 0
26 Senior $750MM@5.25%due9-15-17 0 0 0 0 0
27 Pref$150MM@8.36%dueI2-1-26 0 0 0 0 0
29 Pref$400MM@8.375%due6-1-27 0 0 0 0 0
31 Debt Issuance 0 0 0 0 0
32
33 Subtotal, Net Dividends 0 (253.208) 0 0 0
37 Master Note With Aircraft Holdings 0 0 0 0 0
38 Fundings to WCC 0 0 0 0 0
39 Cash transfer from Co. 1 dda 0 0 0 0 0
42 Intercompany Settlements 0 247 0 0 0
43 All 01l1er 27.763 (24.588) 5.000 0 0
44 Subtotal 27.763 (24.341) 5.000 0 0
47 Stock Buyback 0 0 0 0 0
48 Subtotal 0 0 0 0 0
49
51 Net Increasel(Decrease) in Cash 27,763 (277,549) 5,000 0 0
52 Ending Co2 Cash 2,876,493 2,598,944 2,603,944 2,603,944 2,603,944
53
54 Beginning COl Cash 0 0 0 0 0
56 Ending Col Cash 0 0 0 0 0
57
Y Z AA AB AC
3/24/2008 3/25/2008 3/26/2008 3/27/2008 3/28/2008
Mon Tues Wed Thu Fri
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 (5.961) 0 0 0
(10.000) 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
(10.000) (5.961) 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 (710) 0 5.265 0
13.865 (451) (44.402) 2.867 0
13.865 (1.161) (44.402) 8.132 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
2,603,944 2,607,809 2,600,686 2,556,284 2,564,416
3,865 (7,123) (44,402) 8,132 0
2,607,809 2,600,686 2,556,284 2,564,416 2,564,416
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
2,607,809 2,600,686 2,556,284 2,564,416 2,564,416
AD AE AF
3/29/2008 3/30/2008 3/31/2008
Sat Sun Mon
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 (40.464)
0 0 (8.029)
0 0 (48.493)
0 0 0
0 0 0
0 0 0
2,564,416 2,564,416 2,564,416
0 0 (48,493)
2,564,416 2,564,416 2,515,923
0 0 0
0 0 0
0 0 0
2,564,416 2,564,416 2,515,923
AG
Mar 08 Total
0
0
0
0
(7.192)
(57.479)
0
0
0
0
0
(253.208)
0
0
0
0
(5.961)
(10.000)
(6.813)
0
(19.688)
0
0
0
0
0
(360.341)
0
0
0
0
0
20.543
(170.116)
(36.909)
58.381
(128.103)
0
0
0
3,004,367
(488,444)
2,515,923
0
0
0
2,515,923
(J)
...-
(J)
...-
o
o
o
o
~
~
I
Return
A B C 0 E F G H I J K L M N 0 P Q R S
1 4/1/2008 4/2/2008 4/3/2008 4/4/2008 4/5/2008 4/6/2008 4/7/2008 4/8/2008 4/9/2008 4/10/2008 4/11/2008 4/12/2008 4/13/2008 4/14/2008 4/15/2008 4/16/2008 4/17/2008 4/18/2008
2 Tues Wed Thurs Fri Sat Sun Mon Tues Wed Thurs Fri Sat Sun Mon Tues Wed Thurs Fri
3 Common Dividends
4 NACI 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
5 WMB 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
6 WMBfsb 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
8 Series K Preferred Stock Purchase / Dividends 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
9 Series R Preferred Stock Purchase / Dividends 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
10
12 Senior $750MM @ 4.375% due 1-15-08 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
13 Senior $250MM@3mL+0.15% due 3-22-08 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
14 Senior $lbn @ 4.0% due 1-15-09 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
15 Senior $600mm @ 4.2% due 1-15-10 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
16 Senior $250mm @ 3mL+0.30% due 1-15-10 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (2,483) 0 0 0
17 Sub $500MM @8.25% due 4-1-10 (18,775) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
18 Senior $350MM@3mL+0.30% due 3-22-12 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
19 Senior $400MM@5% due 3-22-12 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
20 Senior $500MM@3mL+.40% due 9-17-12 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
21 Sub $500MM @4.625% due 4-1-14 (17,344) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
22 Senior $750MM@5.25% due 9-15-17 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
23 Pref$150MM @ 8.36% due 12-1-26 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
25 Pref$400MM @8.375% due 6-1-27 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
27 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
28
29 Subtotal, Net Dividends (36,119) 0 0 0 0 0 0 0 0 0 0 0 0 0 (2,483) 0 0 0
33 Master Note With Aircraft Holdings
34 TPG Investments 0 0 0 0 0 0 0 0 0 950,600 (950,600) 0 0 117,747 0 0 (117,747) 0
36 Tax Receipts 0 0 0 0 0 0 0 125,000 0 0 0 0 0 0 0 0 161,777 0
37 Tax Payments 0 0 0 0 0 0 0 0 0 0 0 0 0 (330) (24,453) (13) (6,459) 0
38 Intercompany Settlements 0 0 (10,000) 0 0 0 0 (5) 0 (7,611) 0 0 0 0 54 0 2,246 0
39 All Other 22,906 11,814 (29,253) (11,892) 0 0 (5,199) 22,077 (12,421) (11,923) 18,456 0 0 (13,269) (1,579) (10,312) (3,452) (22,732)
40 Subtotal 22,906 11,814 (39,253) (11,892) 0 0 (5,199) 147,071 (12,421) 931,066 (932,144) 0 0 104,149 (25,978) (10,325) 36,364 (22,732)
43 Stock Buyback/Debt Repurchase 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
44 Subtotal 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
45
47 Net Increase/(Decrease) in Cash (13,213) 11,814 (39,253) (11,892) 0 0 (5,199) 147,071 (12,421) 931,066 (932,144) 0 0 104,149 (28,461) (10,325) 36,364 (22,732)
48 Ending Co2 Cash 2,502,710 2,514,524 2,475,271 2,463,379 2,463,379 2,463,379 2,458,180 2,605,251 2,592,831 3,523,896 2,591,753 2,591,753 2,591,753 2,695,901 2,667,440 2,657,116 2,693,480 2,670,748
49
50 Beginning 441-006409-4 Cash 0 0 0 0 0 0 0 0 0 0 0 1,030,006 1,030,006 1,030,006 4,812,782 5,069,355 5,083,108 5,209,498
51 Net Increase/(Decrease) in Cash 0 0 0 0 0 0 0 0 0 0 1,030,006 0 0 3,782,775 256,573 13,754 126,390 (2,999,548)
52 Ending 441-006409-4 Cash 0 0 0 0 0 0 0 0 0 0 1,030,006 1,030,006 1,030,006 4,812,782 5,069,355 5,083,108 5,209,498 2,209,950
53
55
56
57 CP Outstanding 0 0 0 0 0 0 0 0 0 0 0 0 0 0 31 31 31 31
58
o
N
0)
~
o
o
o
o
I
~
~
~
C
o
C
o
:;::;
eo
E
s....
i+=
C
o
U
C
eo
a..
.,C
+-'
.
C
o
:;::;C
Uo
ID:;::;
Ceo
CE
Os....
U ~
~ C
IDeo
en.-
::::>C
s....ID
0-0
LLi+=
C
-00
2u
.S:2 ~
s...._
+-'.,C
enOl
ID.-
0:: I
A B C D E F G H I J
1 4/1/2008 4/2/2008 4/3/2008 4/4/2008 4/5/2008 4/6/2008 4/7/2008 4/8/2008 4/9/2008
2 Tues Wed Thurs Fri Sat Sun Mon Tues Wed
3 Common Dividends
4 NACI 0 0 0 0 0 0 0 0 0
5 WMB 0 0 0 0 0 0 0 0 0
6 WMBfsb 0 0 0 0 0 0 0 0 0
7 WMI Common Stockholders 0 0 0 0 0 0 0 0 0
8 Series K Preferred Stock Purchase / Dividends 0 0 0 0 0 0 0 0 0
9 Series R Preferred Stock Purchase I Dividends 0 0 0 0 0 0 0 0 0
10
12 Senior $750MM@4.375%due 1-15-08 0 0 0 0 0 0 0 0 0
13 Senior $250MM@3mL+0.15%due3-22-08 0 0 0 0 0 0 0 0 0
14 Senior $lbn@4.0%due 1-15-09 0 0 0 0 0 0 0 0 0
15 Senior $600mm@4.2%duel-15-10 0 0 0 0 0 0 0 0 0
16 Senior $250mm@3mL+O.30%duel-15-10 0 0 0 0 0 0 0 0 0
17 Sub $500MM@8.25%due4-1-10 (18,775) 0 0 0 0 0 0 0 0
18 Senior $350MM@3mL+0.30%due3-22-12 0 0 0 0 0 0 0 0 0
19 Senior $400MM@5% due 3-22-12 0 0 0 0 0 0 0 0 0
20 Senior $500MM@3mL+.40% due 9-17-12 0 0 0 0 0 0 0 0 0
21 Sub $500MM @4.625% due 4-1-14 (17,344) 0 0 0 0 0 0 0 0
22 Senior $750MM@5.25%due9-15-17 0 0 0 0 0 0 0 0 0
23 Pref$150MM@8.36%dueI2-1-26 0 0 0 0 0 0 0 0 0
24 DME trust prfd $200mm @9.33% due 5-6-27 0 0 0 0 0 0 0 0 0
25 Pref$400MM@8.375%due6-1-27 0 0 0 0 0 0 0 0 0
26 Trust PIERS $1,150MM@5.375%due5-1-41 0 0 0 0 0 0 0 0 0
27 0 0 0 0 0 0 0 0 0
28
29 Subtotal, Net Dividends (36,119) 0 0 0 0 0 0 0 0
31 Long Beach Mortgage 0 0 0 0 0 0 0 0 0
32 Master Note With NACI 0 0 0 0 0 0 0 0 0
34 TPG Investments 0 0 0 0 0 0 0 0 0
35 Cash transfer from Co. 1 dda 0 0 0 0 0 0 0 0 0
36 Tax Receipts 0 0 0 0 0 0 0 125,000 0
37 Tax Payments 0 0 0 0 0 0 0 0 0
38 Intercompany Settlements 0 0 (10,000) 0 0 0 0 (5) 0
39 All 01l1er 22,906 11,814 (29,253) (11,892) 0 0 (5,199) 22,077 (12,421)
40 Subtotal 22,906 11,814 (39,253) (11,892) 0 0 (5,199) 147,071 (12,421)
42 Commercial Paper Issued (Matured) 0 0 0 0 0 0 0 0 0
43 Stock Buyback/Debt Repurchase 0 0 0 0 0 0 0 0 0
44 Subtotal 0 0 0 0 0 0 0 0 0
45
46 Beginning Co2 Cash 2,515,923 2,502,710 2,514,524 2,475,271 2,463,379 2,463,379 2,463,379 2,458,180 2,605,251
47 Net Increasel(Decrease) in Cash (13,213) 11,814 (39,253) (11,892) 0 0 (5,199) 147,071 (12,421)
48 Ending Co2 Cash 2,502,710 2,514,524 2,475,271 2,463,379 2,463,379 2,463,379 2,458,180 2,605,251 2,592,831
49
50 Beginning 441-006409-4 Cash 0 0 0 0 0 0 0 0 0
51 Net Increasel(Decrease) in Cash 0 0 0 0 0 0 0 0 0
52 Ending 441-006409-4 Cash 0 0 0 0 0 0 0 0 0
53
54 Ending Total Cash 2,502,710 2,514,524 2,475,271 2,463,379 2,463,379 2,463,379 2,458,180 2,605,251 2,592,831
55
56
57 CP Outstanding 0 0 0 0 0 0 0 0 0
58
K L M N 0
4/10/2008 4/11/2008 4/12/2008 4/13/2008 4/14/2008
Thurs Fri Sat Sun Mon
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
950,600 (950,600) 0 0 117,747
0 0 0 0 0
0 0 0 0 0
0 0 0 0 (330)
(7,611) 0 0 0 0
(11,923) 18,456 0 0 (13,269)
931,066 (932,144) 0 0 104,149
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
2,592,831 3,523,896 2,591,753 2,591,753 2,591,753
931,066 (932,144) 0 0 104,149
3,523,896 2,591,753 2,591,753 2,591,753 2,695,901
0 0 1,030,006 1,030,006 1,030,006
0 1,030,006 0 0 3,782,775
0 1,030,006 1,030,006 1,030,006 4,812,782
3,523,896 3,621,759 3,621,759 3,621,759 7,508,683
0 0 0 0 0
P Q
4/15/2008 4/16/2008
Tues Wed
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
(2,483) 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
(2,483) 0
0 0
0 0
0 0
0 0
0 0
(24,453) (13)
54 0
(1,579) (10,312)
(25,978) (10,325)
0 0
0 0
0 0
2,695,901 2,667,440
(28,461) (10,325)
2,667,440 2,657,116
4,812,782 5,069,355
256,573 13,754
5,069,355 5,083,108
7,736,795 7,740,224
31 31
R
4/17/2008
Thurs
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
(117,747)
0
161,777
(6,459)
2,246
(3,452)
36,364
0
0
0
2,657,116
36,364
2,693,480
5,083,108
126,390
5,209,498
7,902,978
31
S
4/18/2008
Fri
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
(22,732)
(22,732)
0
0
0
2,693,480
(22,732)
2,670,748
5,209,498
(2,999,548)
2,209,950
4,880,698
31
o
C\I
(J)
...-
o
o
o
o
~
~
I
Return
A T U V W X Y Z AA AS AC AD AE AF
1 4/19/2008 4/20/2008 4/21/2008 4/22/2008 4/23/2008 4/24/2008 4/25/2008 4/26/2008 4/27/2008 4/28/2008 4/29/2008 4/30/2008 Apr 08 Total
2 Sat Sun Mon Tues Wed Thurs Fri Sat Sun Mon Tues Wed
3 Common Dividends
4 NACI 0 0 0 0 0 0 0 0 0 0 0 0 0
5 WMB 0 0 0 0 0 0 0 0 0 0 0 0 0
6 WMBfsb 0 0 0 0 0 0 0 0 0 0 0 0 0
7 WMI Common Stockholders 0 0 0 0 0 0 0 0 0 0 0 0 0
8 Series K Preferred Stock Purchase / Dividends 0 0 0 0 0 0 0 0 0 0 0 0 0
9 Series R Preferred Stock Purchase / Dividends 0 0 0 0 0 0 0 0 0 0 0 0 0
10
12 Senior $750MM @ 4.375% due 1-15-08 0 0 0 0 0 0 0 0 0 0 0 0 0
13 Senior $250MM@3mL+0.15% due 3-22-08 0 0 0 0 0 0 0 0 0 0 0 0 0
14 Senior $lbn @ 4.0% due 1-15-09 0 0 0 0 0 0 0 0 0 0 0 0 0
15 Senior $600mm @ 4.2% due 1-15-10 0 0 0 0 0 0 0 0 0 0 0 0 0
16 Senior $250mm @ 3mL+0.30% due 1-15-10 0 0 0 0 0 0 0 0 0 0 0 0 (2,483)
17 Sub $500MM @8.25% due 4-1-10 0 0 0 0 0 0 0 0 0 0 0 0 (18,775)
18 Senior $350MM@3mL+0.30% due 3-22-12 0 0 0 0 0 0 0 0 0 0 0 0 0
19 Senior $400MM@5% due 3-22-12 0 0 0 0 0 0 0 0 0 0 0 0 0
20 Senior $500MM@3mL+.40% due 9-17-12 0 0 0 0 0 0 0 0 0 0 0 0 0
21 Sub $500MM @4.625% due 4-1-14 0 0 0 0 0 0 0 0 0 0 0 0 (17,344)
22 Senior $750MM@5.25% due 9-15-17 0 0 0 0 0 0 0 0 0 0 0 0 0
23 Pref$150MM @ 8.36% due 12-1-26 0 0 0 0 0 0 0 0 0 0 0 0 0
24 DME trust prfd $200mm @9.33% due 5-6-27 0 0 0 0 0 0 0 0 0 0 0 0 0
25 Pref$400MM @8.375% due 6-1-27 0 0 0 0 0 0 0 0 0 0 0 0 0
26 Trust PIERS $1,150MM@5.375% due 5-1-41 0 0 0 0 0 0 0 0 0 0 0 0 0
27 0 0 0 0 0 0 0 0 0 0 0 0 0
28
29 Subtotal, Net Dividends 0 0 0 0 0 0 0 0 0 0 0 0 (38,602)
31 Long Beach Mortgage 0 0 0 0 0 0 0 0 0 0 0 0 0
32 Master Note With NACI 0 0 0 0 0 0 0 0 0 0 0 0 0
34 TPG Investments 0 0 0 0 0 0 0 0 0 0 0 4,149,950 4,149,950
35 Cash transfer from Co. 1 dda 0 0 0 0 0 0 0 0 0 0 0 0 0
36 Tax Receipts 0 0 0 0 0 0 0 0 0 0 0 0 286,777
37 Tax Payments 0 0 0 0 0 0 0 0 0 0 0 0 (31,255)
38 Intercompany Settlements 0 0 (20,000) 0 0 (1,020) 0 0 0 (21,900) 20,000 15,134 (23,103)
39 All Other 0 0 6,785 644 5,026 (890) (450) 0 0 (15,923) (3,152) 6,128 (48,609)
40 Subtotal 0 0 (13,215) 644 5,026 (1,910) (450) 0 0 (37,823) 16,848 4,171,212 4,333,759
42 Commercial Paper Issued (Matured) 0 0 0 0 0 0 0 0 0 0 0 0 0
43 Stock Buyback/Debt Repurchase 0 0 0 0 0 0 (37,083) 0 0 (4,525) (12,672) 0 (54,280)
44 Subtotal 0 0 0 0 0 0 (37,083) 0 0 (4,525) (12,672) 0 (54,280)
45
46 Beginning Co2 Cash 2,670,748 2,670,748 2,670,748 2,657,533 2,658,177 2,663,203 2,661,293 2,623,760 2,623,760 2,623,760 2,581,412 2,585,589 2,515,923
47 Net Increase/(Decrease) in Cash 0 0 (13,215) 644 5,026 (1,910) (37,533) 0 0 (42,348) 4,176 4,171,212 4,240,877
48 Ending Co2 Cash 2,670,748 2,670,748 2,657,533 2,658,177 2,663,203 2,661,293 2,623,760 2,623,760 2,623,760 2,581,412 2,585,589 6,756,800 6,756,800
49
50 Beginning 441-006409-4 Cash 2,209,950 2,209,950 2,209,950 4,149,950 4,149,950 4,149,950 4,149,950 4,149,950 4,149,950 4,149,950 4,149,950 4,149,950 0
51 Net Increase/(Decrease) in Cash 0 0 1,940,000 0 0 0 0 0 0 0 0 (4,149,950) 0
52 Ending 441-006409-4 Cash 2,209,950 2,209,950 4,149,950 4,149,950 4,149,950 4,149,950 4,149,950 4,149,950 4,149,950 4,149,950 4,149,950 0 0
53
54 Ending Total Cash 4,880,698 4,880,698 6,807,483 6,808,127 6,813,153 6,811,243 6,773,710 6,773,710 6,773,710 6,731,362 6,735,539 6,756,800 6,756,800
55
56
57 CP Outstanding 31 31 31 31 31 31 31 31 31 31 31 35
58
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0:: I
A T U V W X
1 4/19/2008 4/20/2008 4/21/2008 4/22/2008 4/23/2008
2 Sat Sun Mon Tues Wed
3 Common Dividends
4 NACI 0 0 0 0 0
5 WMB 0 0 0 0 0
6 WMBfsb 0 0 0 0 0
8 Series K Preferred Stock Purchase / Dividends 0 0 0 0 0
9 Series R Preferred Stock Purchase I Dividends 0 0 0 0 0
10
12 Senior $750MM@4.375%due 1-15-08 0 0 0 0 0
13 Senior $250MM@3mL+0.15%due3-22-08 0 0 0 0 0
14 Senior $lbn@4.0%due 1-15-09 0 0 0 0 0
15 Senior $600mm@4.2%duel-15-10 0 0 0 0 0
17 Sub $500MM@8.25%due4-1-10 0 0 0 0 0
18 Senior $350MM@3mL+0.30%due3-22-12 0 0 0 0 0
19 Senior $400MM@5% due 3-22-12 0 0 0 0 0
20 Senior $500MM@3mL+.40% due 9-17-12 0 0 0 0 0
21 Sub $500MM @4.625% due 4-1-14 0 0 0 0 0
22 Senior $750MM@5.25%due9-15-17 0 0 0 0 0
23 Pref$150MM@8.36%dueI2-1-26 0 0 0 0 0
25 Pref$400MM@8.375%due6-1-27 0 0 0 0 0
26 Trust PIERS $1,150MM@5.375%due5-1-41 0 0 0 0 0
27 0 0 0 0 0
28
34 TPG Investments 0 0 0 0 0
35 Cash transfer from Co. 1 dda 0 0 0 0 0
38 Intercompany Settlements 0 0 (20,000) 0 0
39 All 01l1er 0 0 6,785 644 5,026
40 Subtotal 0 0 (13,215) 644 5,026
43 Stock Buyback/Debt Repurchase 0 0 0 0 0
44 Subtotal 0 0 0 0 0
45
47 Net Increasel(Decrease) in Cash 0 0 (13,215) 644 5,026
48 Ending Co2 Cash 2,670,748 2,670,748 2,657,533 2,658,177 2,663,203
49
50 Beginning 441-006409-4 Cash 2,209,950 2,209,950 2,209,950 4,149,950 4,149,950
51 Net Increasel(Decrease) in Cash 0 0 1,940,000 0 0
52 Ending 441-006409-4 Cash 2,209,950 2,209,950 4,149,950 4,149,950 4,149,950
53
55
56
57 CP Outstanding 31 31 31 31 31
58
Y Z AA AB AC
4/24/2008 4/25/2008 4/26/2008 4/27/2008 4/28/2008
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
(1,020) 0 0 0 (21,900)
(890) (450) 0 0 (15,923)
(1,910) (450) 0 0 (37,823)
0 0 0 0 0
0 (37,083) 0 0 (4,525)
0 (37,083) 0 0 (4,525)
2,663,203 2,661,293 2,623,760 2,623,760 2,623,760
(1,910) (37,533) 0 0 (42,348)
2,661,293 2,623,760 2,623,760 2,623,760 2,581,412
4,149,950 4,149,950 4,149,950 4,149,950 4,149,950
0 0 0 0 0
4,149,950 4,149,950 4,149,950 4,149,950 4,149,950
6,811,243 6,773,710 6,773,710 6,773,710 6,731,362
31 31 31 31 31
AD AE
4/29/2008 4/30/2008
Tues Wed
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 4,149,950
0 0
0 0
0 0
20,000 15,134
(3,152) 6,128
16,848 4,171,212
0 0
(12,672) 0
(12,672) 0
2,581,412 2,585,589
4,176 4,171,212
2,585,589 6,756,800
4,149,950 4,149,950
0 (4,149,950)
4,149,950 0
6,735,539 6,756,800
31 35
AF
Allr08 Total
0
0
0
0
0
0
0
0
0
0
(2,483)
(18,775)
0
0
0
(17,344)
0
0
0
0
0
0
(38,602)
0
0
4,149,950
0
286,777
(31,255)
(23,103)
(48,609)
4,333,759
0
(54,280)
(54,280)
2,515,923
4,240,877
6,756,800
0
0
0
6,756,800
...-
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Return
A B C 0 E F G H I J K L M N 0 P Q R S
1 4/1/2008 4/2/2008 4/3/2008 4/4/2008 4/5/2008 4/6/2008 4/7/2008 4/8/2008 4/9/2008 4/10/2008 4/11/2008 4/12/2008 4/13/2008 4/14/2008 4/15/2008 4/16/2008 4/17/2008 4/18/2008
2 Tues Wed Thurs Fri Sat Sun Mon Tues Wed Thurs Fri Sat Sun Mon Tues Wed Thurs Fri
59 LBMC Outstanding #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
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0:: I
A B C D E F G H I J
1 4/1/2008 4/2/2008 4/3/2008 4/4/2008 4/5/2008 4/6/2008 4/7/2008 4/8/2008 4/9/2008
2 Tues Wed Thurs Fri Sat Sun Mon Tues Wed
59 LBMC Outstandin2 #REFI #REFI #REFI #REFI #REFI #REFI #REFI #REFI #REFI
K L M N 0
4/10/2008 4/11/2008 4/12/2008 4/13/2008 4/14/2008
#REFI #REFI #REFI #REFI #REF!
P Q
4/15/2008 4/16/2008
Tues Wed
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R
4/17/2008
Thurs
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4/18/2008
Fri
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A T U V W X Y Z AA AS AC AD AE AF
1 4/19/2008 4/20/2008 4/21/2008 4/22/2008 4/23/2008 4/24/2008 4/25/2008 4/26/2008 4/27/2008 4/28/2008 4/29/2008 4/30/2008 Apr 08 Total
2 Sat Sun Mon Tues Wed Thurs Fri Sat Sun Mon Tues Wed
59 LBMC Outstanding #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
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A T U V W X Y
1 4/19/2008 4/20/2008 4/21/2008 4/22/2008 4/23/2008 4/24/2008
2 Sat Sun Mon Tues Wed Thurs
59 LBMC Outstandin2 #REFI #REFI #REFI #REFI #REFI #REFI
Z AA AB AC
4/25/2008 4/26/2008 4/27/2008 4/28/2008
Fri Sat Sun Mon
#REFI #REFI #REFI #REFI
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4/29/2008 4/30/2008
Tues Wed
#REFI #REF!
AF
Allr08 Total
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Cell: A50
Bank account opened solely for the TPG/Olympic Group funds inflow
Cell: 551
Capital Contribution to WMB and various receipts from Olympic Group (TPG )
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A B C D E F G H I J K L M N 0 P Q R S T
1 5/112008 5/2/2008 5/3/2008 5/4/2008 5/5/2008 5/6/2008 51712008 5/8/2008 5/9/2008 5/10/2008 5/1112008 5/12/2008 5/1312008 5/14/2008 5/15/2008 5/16/2008 5/17/2008 5/18/2008 5/19/2008
2 Thurs Fri Sat Sun Mon Tues Wed Thurs Fri Sat Sun Mon Tues Wed Thurs Fri Sat Sun Mon
3 Common Dividends
4 WMB 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
~
'Wl\.1I Common Stockholders 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
~
Series KPreferred
~
Series RPreferred
8 'Wl\.1I Common Stockholders 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (10,435) 0 0 0 0
9 Series S & T Dividends 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (6,465) 0 0 0 0
10
12 Senior $lbn@4.0%due 1-15-09 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
13 Sub $SOOmm @5.54& due 8-24-09
14 Senior $600mm@4.2%due 1-15-10 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
15 Senior $250mm@3mL+O.30%due 1-15-10 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
16 Sub $SOOl\1l\.1@8.25%due4-1-1O 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
17 Senior $350l\1l\.t[@3mL+O.30%due 3-22-12 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
18 Senior $400l\1l\.1@5%due 3-22-12 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
19 Senior $SOOl\1l\.t[@3mL+'40%due9-17-12 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
20 Sub $SOOl\1l\.1@4.625%due4-1-14 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
21 Senior $750l\1l\.1@5.25%due9-15-17 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
22 Senior $500l\1l\.1@7.25%due 11-01-17 (18,125) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
23 Pref$150l\1l\.1@8.36%due 12-1-26 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
24 Trust PIERS $1,150l\1l\.1@5.375%due 5-1-41 (15,453) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
25
26 Subtotal, Net Dividends (33,578) 0 0 0 0 0 0 0 0 0 0 0 0 0 (16,900) 0 0 0 0
28 Other holding company cash flow 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
29 Master Notes with Co. 467 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
30 Net Tax Payments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
31 Loans to bank subsidiaries 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
32 Intercompany Settlements 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
33 Tax Receipts 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
34 Tax Payments (2,065) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
35 Intercompany Settlements (2,062) 0 0 0 0 0 0 (213) 0 0 0 0 0 (244) (2,075) 254 0 0 (6)
36 All Other 14,243 8,875 0 0 (10,487) (11,691) 510 (3,579) 4,166 0 0 11,851 1,980 (917) 45,734 (16,797) 0 0 (661)
37 Subtotal 10,115 8,875 0 0 (10,487) (11,691) 510 (3,792) 4,166 0 0 11,851 1,980 (1,161) 43,659 (16,543) 0 0 (667)
39 Commercial Paper Issued (Matured) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
40 Stock BuybacklDebt Repurchase (13,301) (9,329) 0 0 0 0 (4,706) (53,842) 0 0 0 0 (21,280) (11,225) (18,944) (13,157) 0 0 (13,852)
41 Subtotal (13,301) (9,329) 0 0 0 0 (4,706) (53,842) 0 0 0 0 (21,280) (11,225) (18,944) (13,157) 0 0 (13,852)
42
43 Beginning Co2 Cash 6,756,800 6,720,036 6,719,583 6,719,583 6,719,583 6,709,096 6,697,405 6,693,209 6,635,574 6,639,740 6,639,740 6,639,740 6,651,591 6,632,291 6,619,905 6,627,721 6,598,020 6,598,020 6,598,020
44 Net Increase/(Decrease) in Cash (36,764) (454) 0 0 (10,487) (11,691) (4,196) (57,635) 4,166 0 0 11,851 (19,300) (12,386) 7,816 (29,701) 0 0 (14,519)
40 Ending Co2 Cash 6,720,036 6,719,583 6,719,583 6,719,583 6,709,096 6,697,405 6,693,209 6,635,574 6,639,740 6,639,740 6,639,740 6,651,591 6,632,291 6,619,905 6,627,721 6,598,020 6,598,020 6,598,020 6,583,501
46
47 Beginning Col Cash 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
48 Net Increase/(Decrease) in Cash 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
4!,l Ending Col Cash 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
50
51 Ending Total Cash 6,720,036 6,719,583 6,719,583 6,719,583 6,709,096 6,697,405 6,693,209 6,635,574 6,639,740 6,639,740 6,639,740 6,651,591 6,632,291 6,619,905 6,627,721 6,598,020 6,598,020 6,598,020 6,583,501
52
53
54 CP Outstanding 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
55
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A B C D E F G H I
1 5/112008 5/2/2008 5/3/2008 5/4/2008 5/5/2008 5/6/2008 51712008 5/8/2008
2 Thurs Fri Sal Sun Mon Tues Wed Thurs
3 Common Dividends
4 WMB 0 0 0 0 0 0 0 0
~
'Wl\.1I Common Stockholders 0 0 0 0 0 0 0 0
~
Series KPreferred
r-J-
Series R Preferred
8 'Wl\.1I Common Stockholders 0 0 0 0 0 0 0 0
9 Series S & T Dividends 0 0 0 0 0 0 0 0
10
12 Senior $lbn@4.0%due 1-15-09 0 0 0 0 0 0 0 0
13 Sub $500mm @5.54& due 8-24-09
14 Senior $600mm@4.2%due 1-15-10 0 0 0 0 0 0 0 0
15 Senior $250mm@3mL+O.30%due 1-15-10 0 0 0 0 0 0 0 0
16 Sub $500l\1l\.t[@8.25%due4-1-1O 0 0 0 0 0 0 0 0
17 Senior $350l\1l\.t[@3mL+O.30%due 3-22-12 0 0 0 0 0 0 0 0
18 Senior $400l\1l\.t[@5%due 3-22-12 0 0 0 0 0 0 0 0
19 Senior $SOOl\1l\.t[@3mL+.40%due9-17-12 0 0 0 0 0 0 0 0
20 Sub $500l\1l\.t[@4.625%due4-1-14 0 0 0 0 0 0 0 0
21 Senior $750l\1l\.t[@5.25%due9-15-17 0 0 0 0 0 0 0 0
22 Senior $500l\1l\.1@7.25%due 11-01-17 (18,125) 0 0 0 0 0 0 0
23 Pref$150l\1l\.t[@8.36%due 12-1-26 0 0 0 0 0 0 0 0
24 Trust PIERS $1,150l\1l\.1@5.375%due 5-1-41 (15,453) 0 0 0 0 0 0 0
25
26 Subtotal, Net Dividends (33,578) 0 0 0 0 0 0 0
28 Other holding company cash flow 0 0 0 0 0 0 0 0
29 Master Notes with Co. 467 0 0 0 0 0 0 0 0
30 Net Tax Payments 0 0 0 0 0 0 0 0
31 Loans to bank subsidiaries 0 0 0 0 0 0 0 0
32 Intercompany Settlements 0 0 0 0 0 0 0 0
33 Tax Receipts 0 0 0 0 0 0 0 0
34 Tax Payments (2,065) 0 0 0 0 0 0 0
35 Intercompany Settlements (2,062) 0 0 0 0 0 0 (213)
36 All Other 14,243 8,875 0 0 (10,487) (11,691) 510 (3,579)
37 Subtotal 10,115 8,875 0 0 (10,487) (11,691) 510 (3,792)
39 Commercial Paper Issued (Matured) 0 0 0 0 0 0 0 0
40 Stock Buyback/Debt Repurchase (13,301) (9,329) 0 0 0 0 (4,706) (53,842)
41 Subtotal (13,301) (9,329) 0 0 0 0 (4,706) (53,842)
42
43 Beginning Co2 Cash 6,756,800 6,720,036 6,719,583 6,719,583 6,719,583 6,709,096 6,697,405 6,693,209
44 Net Increase/(Decrease) in Cash (36,764) (454) 0 0 (10,487) (11,691) (4,196) (57,635)
40 Ending Co2 Cash 6,720,036 6,719,583 6,719,583 6,719,583 6,709,096 6,697,405 6,693,209 6,635,574
46
47 Beginning Col Cash 0 0 0 0 0 0 0 0
48 Net Increase/(Decrease) in Cash 0 0 0 0 0 0 0 0
4!,l Ending Col Cash 0 0 0 0 0 0 0 0
50
51 Ending Total Cash 6,720,036 6,719,583 6,719,583 6,719,583 6,709,096 6,697,405 6,693,209 6,635,574
52
53
54 CP Outstanding 0 0 0 0 0 0 0 0
55
J K L M N 0
5/9/2008 5/10/2008 5/1112008 5/12/2008 5/1312008 5/14/2008
Fri Sal Sun Mon Tues Wed
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 (244)
4,166 0 0 11,851 1,980 (917)
4,166 0 0 11,851 1,980 (1,161)
0 0 0 0 0 0
0 0 0 0 (21,280) (11,225)
0 0 0 0 (21,280) (11,225)
6,635,574 6,639,740 6,639,740 6,639,740 6,651,591 6,632,291
4,166 0 0 11,851 (19,300) (12,386)
6,639,740 6,639,740 6,639,740 6,651,591 6,632,291 6,619,905
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
6,639,740 6,639,740 6,639,740 6,651,591 6,632,291 6,619,905
0 0 0 0 0 0
P Q R
5/15/2008 5/16/2008 5/17/2008
Thurs Fri Sal
0 0 0
0 0 0
(10,435) 0 0
(6,465) 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
(16,900) 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
(2,075) 254 0
45,734 (16,797) 0
43,659 (16,543) 0
0 0 0
(18,944) (13,157) 0
(18,944) (13,157) 0
6,619,905 6,627,721 6,598,020
7,816 (29,701) 0
6,627,721 6,598,020 6,598,020
0 0 0
0 0 0
0 0 0
6,627,721 6,598,020 6,598,020
0 0 0
S T
5/18/2008 5/19/2008
Sun Mon
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 (6)
0 (661)
0 (667)
0 0
0 (13,852)
0 (13,852)
6,598,020 6,598,020
0 (14,519)
6,598,020 6,583,501
0 0
0 0
0 0
6,598,020 6,583,501
0 0
>-
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Return
A U v W x
y
Z AA AS AC AD AE AF AG
1 5/20/2008 5/2112008 5/22/2008 5/23/2008 5/24/2008 5/25/2008 5/26/2008 5/27/2008 5/28/2008 5/29/2008 5/30/2008 5/3112008 May 08 Total
2 Tues Wed Thurs Fri Sat Sun Mon Tne Wed Thurs Fri Sat
3 Common Dividends
4 WMB 0 0 0 0 0 0 0 0 0 0 0 0 0
~
'Wl\.1I Common Stockholders 0 0 0 0 0 0 0 0 0 0 0 0 0
~
Series KPreferred 0
~
Series RPreferred 0
8 'Wl\.1I Common Stockholders 0 0 0 0 0 0 0 0 0 0 0 0 (10,435)
9 Series S & T Dividends 0 0 0 0 0 0 0 0 0 0 0 0 (6,465)
10
12 Senior $lbn@4.0%due 1-15-09 0 0 0 0 0 0 0 0 0 0 0 0 0
13 Sub $SOOmm @5.54& due 8-24-09 (3,457)
14 Senior $600mm@4.2%due 1-15-10 0 0 0 0 0 0 0 0 0 0 0 0 0
15 Senior $250mm@3mL+O.30%due 1-15-10 0 0 0 0 0 0 0 0 0 0 0 0 0
16 Sub $SOOl\1l\.1@8.25%due4-1-1O 0 0 0 0 0 0 0 0 0 0 0 0 0
17 Senior $350l\1l\.t[@3mL+O.30%due 3-22-12 0 0 0 0 0 0 0 0 0 0 0 0 0
18 Senior $400l\1l\.1@5%due 3-22-12 0 0 0 0 0 0 0 0 0 0 0 0 0
19 Senior $SOOl\1l\.t[@3mL+'40%due9-17-12 0 0 0 0 0 0 0 0 0 0 0 0 0
20 Sub $SOOl\1l\.1@4.625%due4-1-14 0 0 0 0 0 0 0 0 0 0 0 0 0
21 Senior $750l\1l\.1@5.25%due9-15-17 0 0 0 0 0 0 0 0 0 0 0 0 0
22 Senior $500l\1l\.1@7.25%due 11-01-17 0 0 0 0 0 0 0 0 0 0 0 0 (18,125)
23 Pref$150l\1l\.1@8.36%due 12-1-26 0 0 0 0 0 0 0 0 0 0 0 0 0
24 Trust PIERS $1,150l\1l\.1@5.375%due 5-1-41 0 0 0 0 0 0 0 0 0 0 0 0 (15,453)
25
26 Subtotal, Net Dividends 0 0 0 0 0 0 0 (3,457) 0 0 0 0 (53,935)
28 Other holding company cash flow 0 0 0 0 0 0 0 0 0 0 0 0 0
29 Master Notes with Co. 467 0 0 0 0 0 0 0 0 0 0 0 0 0
30 Net Tax Payments 0 0 0 0 0 0 0 0 0 0 0 0 0
31 Loans to bank subsidiaries 0 0 0 0 0 0 0 0 0 0 0 0 0
32 Intercompany Settlements 0 0 0 0 0 0 0 0 0 0 0 0 0
33 Tax Receipts 0 0 0 0 0 0 0 0 0 0 0 0 0
34 Tax Payments 0 0 0 0 0 0 0 0 0 0 0 0 (2,065)
35 Intercompany Settlements (40,000) 0 (4,911) (469) 0 0 0 1 0 0 (120,815) 0 (170,540)
36 All Other 1,773 2,000 4,822 (6,108) 0 0 0 (704) 5,459 (8,294) (91,664) 0 (49,487)
37 Subtotal (38,227) 2,000 (88) (6,576) 0 0 0 (703) 5,459 (8,294) (212,479) 0 (222,092)
39 Commercial Paper Issued (Matured) 0 0 0 0 0 0 0 0 0 0 0 0 0
40 Stock BuybacklDebt Repurchase (31,615) 0 0 0 0 0 0 (37,975) (18,805) 0 (98,726) 0 (346,759)
41 Subtotal (31,615) 0 0 0 0 0 0 (37,975) (18,805) 0 (98,726) 0 (346,759)
42
43 Beginning Co2 Cash 6,583,501 6,513,659 6,515,659 6,515,571 6,508,995 6,508,995 6,508,995 6,508,995 6,466,860 6,453,514 6,445,220 6,134,014 6,756,800
44 Net Increase/(Decrease) in Cash (69,842) 2,000 (88) (6,576) 0 0 0 (42,135) (13,346) (8,294) (311,205) 0 (622,786)
40 Ending Co2 Cash 6,513,659 6,515,659 6,515,571 6,508,995 6,508,995 6,508,995 6,508,995 6,466,860 6,453,514 6,445,220 6,134,014 6,134,014 6,134,014
46
47 Beginning Col Cash 0 0 0 0 0 0 0 0 0 0 0 0
48 Net Increase/(Decrease) in Cash 0 0 0 0 0 0 0 0 0 0 0 0 0
4!,l Ending Col Cash 0 0 0 0 0 0 0 0 0 0 0 0 0
50
51 Ending Total Cash 6,513,659 6,515,659 6,515,571 6,508,995 6,508,995 6,508,995 6,508,995 6,466,860 6,453,514 6,445,220 6,134,014 6,134,014 6,134,014
52
53
54 CP Outstanding 0 0 0 0 0 0 0 0 0 0 0 0
55
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N
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A U v W x
y
1 5/20/2008 5/2112008 5/22/2008 5/23/2008 5/24/2008
2 Tues Wed Thurs Fri Sal
3 Common Dividends
4 WMB 0 0 0 0 0
~
'Wl\.1I Common Stockholders 0 0 0 0 0
~
Series KPreferred
r-J-
Series R Preferred
8 'Wl\.1I Common Stockholders 0 0 0 0 0
9 Series S & T Dividends 0 0 0 0 0
10
12 Senior $lbn@4.0%due 1-15-09 0 0 0 0 0
13 Sub $500mm @5.54& due 8-24-09
14 Senior $600mm@4.2%due 1-15-10 0 0 0 0 0
15 Senior $250mm@3mL+O.30%due 1-15-10 0 0 0 0 0
16 Sub $500l\1l\.t[@8.25%due4-1-1O 0 0 0 0 0
17 Senior $350l\1l\.t[@3mL+O.30%due 3-22-12 0 0 0 0 0
18 Senior $400l\1l\.t[@5%due 3-22-12 0 0 0 0 0
19 Senior $SOOl\1l\.t[@3mL+.40%due9-17-12 0 0 0 0 0
20 Sub $500l\1l\.t[@4.625%due4-1-14 0 0 0 0 0
21 Senior $750l\1l\.t[@5.25%due9-15-17 0 0 0 0 0
22 Senior $500l\1l\.1@7.25%due 11-01-17 0 0 0 0 0
23 Pref$150l\1l\.t[@8.36%due 12-1-26 0 0 0 0 0
24 Trust PIERS $1,150l\1l\.1@5.375%due 5-1-41 0 0 0 0 0
25
28 Other holding company cash flow 0 0 0 0 0
29 Master Notes with Co. 467 0 0 0 0 0
30 Net Tax Payments 0 0 0 0 0
31 Loans to bank subsidiaries 0 0 0 0 0
35 Intercompany Settlements (40,000) 0 (4,911) (469) 0
36 All Other 1,773 2,000 4,822 (6,108) 0
37 Subtotal (38,227) 2,000 (88) (6,576) 0
40 Stock Buyback/Debt Repurchase (31,615) 0 0 0 0
41 Subtotal (31,615) 0 0 0 0
42
44 Net Increase/(Decrease) in Cash (69,842) 2,000 (88) (6,576) 0
40 Ending Co2 Cash 6,513,659 6,515,659 6,515,571 6,508,995 6,508,995
46
47 Beginning Col Cash 0 0 0 0 0
48 Net Increase/(Decrease) in Cash 0 0 0 0 0
4!,l Ending Col Cash 0 0 0 0 0
50
52
53
55
Z AA AS AC
5/25/2008 5/26/2008 5/27/2008 5/28/2008
Sun Mon Tue Wed
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
(3,457)
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 (3,457) 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 1 0
0 0 (704) 5,459
0 0 (703) 5,459
0 0 0 0
0 0 (37,975) (18,805)
0 0 (37,975) (18,805)
6,508,995 6,508,995 6,508,995 6,466,860
0 0 (42,135) (13,346)
6,508,995 6,508,995 6,466,860 6,453,514
0 0 0 0
0 0 0 0
0 0 0 0
6,508,995 6,508,995 6,466,860 6,453,514
0 0 0 0
AD AE AF
5/29/2008 5/30/2008 5/3112008
Thurs Fri Sal
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 (120,815) 0
(8,294) (91,664) 0
(8,294) (212,479) 0
0 0 0
0 (98,726) 0
0 (98,726) 0
6,453,514 6,445,220 6,134,014
(8,294) (311,205) 0
6,445,220 6,134,014 6,134,014
0 0
0 0 0
0 0 0
6,445,220 6,134,014 6,134,014
0 0 0
AG
May 08 Total
0
0
0
0
(10,435)
(6,465)
0
0
0
0
0
0
0
0
0
(18,125)
0
(15,453)
(53,935)
0
0
0
0
0
0
(2,065)
(170,540)
(49,487)
(222,092)
0
(346,759)
(346,759)
6,756,800
(622,786)
6,134,014
0
0
0
6,134,014
>-
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Return
Washington Mutual Inc. Cash Forecast
A B C 0 E F G H I J K L M N 0 P Q
1 6/1/2008 6/2/2008 6/3/2008 6/4/2008 6/5/2008 6/6/2008 6/7/2008 6/8/2008 6/9/2008 6/10/2008 6/11/2008 6/12/2008 6/13/2008 6/14/2008 6/15/2008 6/16/2008
2 Sun Mon Tue Wed Thu Fri Sat Sun Mon Tue Wed Thu Fri Sat Sun Mon
3 Common Dividends
4 WMB 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
5 WMI Common Stockholders 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
6 Series KPreferred (5,056)
7 Series RPreferred (59,417)
8 Series S & T Dividends 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
9
11 Senior $lbn @ 4.0% due 1-15-09 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
12 Senior $600mm @ 4.2% due 1-15-10 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
13 Senior $250mm @ 3mL+0.30% due 1-15-10 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
14 Sub $500MM @8.25% due 4-1-10 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
15 Senior $350MM@3mL+0.30% due 3-22-12 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
16 Senior $400MM@5% due 3-22-12 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
17 Senior $500MM@3mL+.40% due 9-17-12 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
18 Sub $500MM @4.625% due 4-1-14 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
19 Senior $750MM@5.25% due 9-15-17 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
20 Senior $500MM@7.25% due 11-01-17 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
21 Pref$150MM @ 8.36% due 12-1-26 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
22 Trust PIERS $1,150MM@5.375% due 5-1-41 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
23
24 Subtotal, Net Dividends 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (64,472)
26 Other holding company cash flow 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
27 Master Notes with Co. 467 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
28 Net Tax Payments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
29 Loans to bank subsidiaries 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
30 Intercompany Settlements 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
31 Tax Receipts 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 328,707
32 Tax Payments 0 0 0 0 0 0 0 0 0 (220) 0 0 0 0 0 (227,943)
33 Intercompany Settlements 0 0 0 0 0 0 0 0 (4) 1 0 4,967 0 0 0 319
34 All Other 0 (101,649) 1,308 1,995 0 200 0 0 (1,570) 2,369 (1,444) (6,196) 3,760 0 0 (11,194)
35 Subtotal 0 (101,649) 1,308 1,995 0 200 0 0 (1,574) 2,150 (1,444) (1,229) 3,760 0 0 89,888
37 Commercial Paper Issued (Matured) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
38 Stock Buyback/Debt Repurchase (22,795) (3,838) (33,250)
39 Subtotal 0 (22,795) (3,838) (33,250) 0 0 0 0 0 0 0 0 0 0 0 0
40
41 Beginning Co2 Cash 6,134,014 6,134,014 6,009,570 6,007,040 5,975,784 5,975,784 5,975,984 5,975,984 5,975,984 5,974,410 5,976,560 5,975,116 5,973,887 5,977,647 5,977,647 5,977,647
42 Net Increase/(Decrease) in Cash 0 (124,444) (2,530) (31,256) 0 200 0 0 (1,574) 2,150 (1,444) (1,229) 3,760 0 0 25,416
43 Ending Co2 Cash 6,134,014 6,009,570 6,007,040 5,975,784 5,975,784 5,975,984 5,975,984 5,975,984 5,974,410 5,976,560 5,975,116 5,973,887 5,977,647 5,977,647 5,977,647 6,003,063
44
45 CP Outstanding 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
46
47
48
49
50
51
52
53
54
55
l"-
N
0)
~
o
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A B C D E F G H
1 6/1/2008 6/2/2008 6/3/2008 6/4/2008 6/5/2008 6/6/2008 6/7/2008
2 Sun Mon Tue Wed TIm Fri Sat
3 Common Dividends
4 WMB 0 0 0 0 0 0 0
.4-
WMI Common Stockholders 0 0 0 0 0 0 0
~
Series K Preferred
-I.-
Series R Preferred
8 Series S & T Dividends 0 0 0 0 0 0 0
9
11 Senior $lbn@4.0%due 1-15-09 0 0 0 0 0 0 0
12 Senior $600mm@4.2%duel-15-10 0 0 0 0 0 0 0
14 Sub $500MM@8.25%due4-1-10 0 0 0 0 0 0 0
15 Senior $350MM@3mL+0.30%due3-22-12 0 0 0 0 0 0 0
16 Senior $400MM@5% due 3-22-12 0 0 0 0 0 0 0
17 Senior $500MM@3mL+.40% due 9-17-12 0 0 0 0 0 0 0
18 Sub $500MM @4.625% due 4-1-14 0 0 0 0 0 0 0
19 Senior $750MM@5.25%due9-15-17 0 0 0 0 0 0 0
20 Senior $500MM@7.25% due 11-01-17 0 0 0 0 0 0 0
21 Pref$150MM@8.36%dueI2-1-26 0 0 0 0 0 0 0
23
26 Other holding oompany cash flow 0 0 0 0 0 0 0
27 Master Notes with Co. 467 0 0 0 0 0 0 0
28 Net Tax Payments 0 0 0 0 0 0 0
29 Loans to bank subsidiaries 0 0 0 0 0 0 0
30 Intercompany Settlements 0 0 0 0 0 0 0
31 Tax Receipts 0 0 0 0 0 0 0
32 Tax Payments 0 0 0 0 0 0 0
33 Intercompany Settlements 0 0 0 0 0 0 0
34 All 01l1er 0 (101.649) 1.308 1.995 0 200 0
35 Subtotal 0 (101.649) 1.308 1.995 0 200 0
38 Stock Buyback/Debt Repurchase (22.795) (3.838) (33.250)
39 Subtotal 0 (22.795) (3.838) (33.250) 0 0 0
40
41 Beginning Co2 Cash 6.134.014 6.134.014 6.009.570 6.007.040 5.975.784 5.975.784 5.975.984
42 Net Increasel(Decrease) in Cash 0 (124.444) (2.530) (31.256) 0 200 0
43 Ending Co2 Cash 6,134,014 6,009,570 6,007,040 5,975,784 5,975,784 5,975,984 5,975,984
44
45 CP Outstanding 0 0 0 0 0 0 0
46
47
48
49
50
51
52
53
54
55
I J K L M
6/8/2008 6/9/2008 6/10/2008 6/11/2008 6/12/2008
Sun Mon Tue Wed TIm
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 (220) 0 0
0 (4) 1 0 4.967
0 (1.570) 2.369 (1.444) (6.196)
0 (1.574) 2.150 (1.444) (1.229)
0 0 0 0 0
0 0 0 0 0
5.975.984 5.975.984 5.974.410 5.976.560 5.975.116
0 (1.574) 2.150 (1.444) (1.229)
5,975,984 5,974,410 5,976,560 5,975,116 5,973,887
0 0 0 0 0
N 0 P
6/13/2008 6/14/2008 6/15/2008
Fri Sat Sun
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
3.760 0 0
3.760 0 0
0 0 0
0 0 0
5.973.887 5.977.647 5.977.647
3.760 0 0
5,977,647 5,977,647 5,977,647
0 0 0
Q
6/16/2008
Mon
0
0
(5.056)
(59.417)
0
0
0
0
0
0
0
0
0
0
0
0
0
(64.472)
0
0
0
0
0
328.707
(227.943)
319
(11.194)
89.888
0
0
5.977.647
25.416
6,003,063
0
I'--
C\I
(J)
...-
o
o
o
o
~
~
I
Return
A R S T U V W X Y Z AA AS AC AD AE AF
1 6/17/2008 6/18/2008 6/19/2008 6/20/2008 6/21/2008 6/22/2008 6/23/2008 6/24/2008 6/25/2008 6/26/2008 6/27/2008 6/28/2008 6/29/2008 6/30/2008 Jun 08 Total
2 Tue Wed Thu Fri Sat Sun Mon Tue Wed Thu Fri Sat Sun Mon
3 Common Dividends
4 WMB 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
5 WMI Common Stockholders 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
7 Series RPreferred 0 0 0 0 0 0 0 0 0 0 0 (59,417)
8 Series S & T Dividends 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
9 0
10 Debt Service (P & I) Payments 0
11 Senior $lbn @ 4.0% due 1-15-09 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
12 Senior $600mm @ 4.2% due 1-15-10 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
13 Senior $250mm @ 3mL+0.30% due 1-15-10 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
14 Sub $500MM @8.25% due 4-1-10 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
15 Senior $350MM@3mL+0.30% due 3-22-12 0 0 0 0 0 0 (2,633) 0 0 0 0 0 0 0 (2,633)
16 Senior $400MM@5% due 3-22-12 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
17 Senior $500MM@3mL+.40% due 9-17-12 (3,654) 0 0 0 0 0 0 0 0 0 0 0 0 0 (3,654)
18 Sub $500MM @4.625% due 4-1-14 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
19 Senior $750MM@5.25% due 9-15-17 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
20 Senior $500MM@7.25% due 11-01-17 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
21 Pref$150MM @ 8.36% due 12-1-26 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
22 Trust PIERS $1,150MM@5.375% due 5-1-41 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
23
24 Subtotal, Net Dividends (3,654) 0 0 0 0 0 (2,633) 0 0 0 0 0 0 0 (70,760)
26 Other holding company cash flow 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
27 Master Notes with Co. 467 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
28 Net Tax Payments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
29 Loans to bank subsidiaries 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
30 Intercompany Settlements 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
31 Tax Receipts 0 0 0 0 0 0 0 0 0 0 0 0 0 0 328,707
32 Tax Payments 0 0 0 0 0 0 0 0 0 0 0 0 0 (19) (228,182)
33 Intercompany Settlements 0 0 (1,477) 0 0 0 0 (929) (11) (2,073) 0 0 0 (33,079) (32,286)
34 All Other (4,050) 5,260 2,091 4,399 0 0 (1,510) 1,430 (2,650) 2,558 (90) 0 0 1,500 (103,484)
35 Subtotal (4,050) 5,260 613 4,399 0 0 (1,510) 501 (2,661) 485 (90) 0 0 (31,598) (35,245)
37 Commercial Paper Issued (Matured) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
38 Stock Buyback/Debt Repurchase (59,883)
39 Subtotal 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (59,883)
40
41 Beginning Co2 Cash 6,003,063 5,995,359 6,000,619 6,001,233 6,005,632 6,005,632 6,005,632 6,001,489 6,001,990 5,999,329 5,999,814 5,999,724 5,999,724 5,999,724 6,134,014
42 Net Increase/(Decrease) in Cash (7,704) 5,260 613 4,399 0 0 (4,143) 501 (2,661) 485 (90) 0 0 (31,598) (165,888)
43 Ending Co2 Cash 5,995,359 6,000,619 6,001,233 6,005,632 6,005,632 6,005,632 6,001,489 6,001,990 5,999,329 5,999,814 5,999,724 5,999,724 5,999,724 5,968,126 5,968,126
44
45 CP Outstanding 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
46
47
48
49
50
51
52
53
54
55
00
N
0)
~
o
o
o
o
I
~
~
~
C
o
C
o
:;::;
eo
E
s....
i+=
C
o
U
C
eo
a..
.,C
+-'
.
C
o
:;::;C
Uo
ID:;::;
Ceo
CE
Os....
U ~
~ C
IDeo
en.-
::::>C
s....ID
0-0
LLi+=
C
-00
2u
.S:2 ~
s...._
+-'.,C
enOl
ID.-
0:: I
A R S T U V
1 6/17/2008 6/18/2008 6/19/2008 6/20/2008 6/21/2008
2 Tue Wed TIm Fri Sat
3 Common Dividends
4 WMB 0 0 0 0 0
.4-
WMI Common Stockholders 0 0 0 0 0
~
Series K Preferred
-I.-
Series R Preferred 0 0
9
11 Senior $lbn@4.0%due 1-15-09 0 0 0 0 0
12 Senior $600mm@4.2%duel-15-10 0 0 0 0 0
14 Sub $500MM@8.25%due4-1-10 0 0 0 0 0
15 Senior $350MM@3mL+0.30%due3-22-12 0 0 0 0 0
16 Senior $400MM@5% due 3-22-12 0 0 0 0 0
17 Senior $500MM@3mL+.40% due 9-17-12 (3.654) 0 0 0 0
18 Sub $500MM @4.625% due 4-1-14 0 0 0 0 0
19 Senior $750MM@5.25%due9-15-17 0 0 0 0 0
20 Senior $500MM@7.25% due 11-01-17 0 0 0 0 0
21 Pref$150MM@8.36%dueI2-1-26 0 0 0 0 0
23
24 Subtotal, Net Dividends (3.654) 0 0 0 0
26 Other holding oompany cash flow 0 0 0 0 0
33 Intercompany Settlements 0 0 (1.477) 0 0
34 All 01l1er (4.050) 5.260 2.091 4.399 0
35 Subtotal (4.050) 5.260 613 4.399 0
39 Subtotal 0 0 0 0 0
40
41 Beginning Co2 Cash 6.003.063 5.995.359 6.000.619 6.001.233 6.005.632
42 Net Increasel(Decrease) in Cash (7.704) 5.260 613 4.399 0
43 Ending Co2 Cash 5,995,359 6,000,619 6,001,233 6,005,632 6,005,632
44
46
47
48
49
50
51
52
53
54
55
W X Y Z AA
6/22/2008 6/23/2008 6/24/2008 6/25/2008 6/26/2008
Sun Mon Tue Wed TIm
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 (2.633) 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 (2.633) 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 (929) (11) (2.073)
0 (1.510) 1.430 (2.650) 2.558
0 (1.510) 501 (2.661) 485
0 0 0 0 0
0 0 0 0 0
6.005.632 6.005.632 6.001.489 6.001.990 5.999.329
0 (4.143) 501 (2.661) 485
6,005,632 6,001,489 6,001,990 5,999,329 5,999,814
0 0 0 0 0
AB AC AD
6/27/2008 6/28/2008 6/29/2008
Fri Sat Sun
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
(90) 0 0
(90) 0 0
0 0 0
0 0 0
5.999.814 5.999.724 5.999.724
(90) 0 0
5,999,724 5,999,724 5,999,724
0 0 0
AE
6/30/2008
Mon
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
(19)
(33.079)
1.500
(31.598)
0
0
5.999.724
(31.598)
5,968,126
0
AF
Jun08 Total
0
0
(5.056)
(59.417)
0
0
0
0
0
0
0
(2.633)
0
(3.654)
0
0
0
0
0
(70.760)
0
0
0
0
0
328.707
(228.182)
(32.286)
(103.484)
(35.245)
0
(59.883)
(59.883)
6.134.014
(165.888)
5,968,126
0
00
C\I
(J)
...-
o
o
o
o
~
~
I
Return
1 7/1/2008 7/2/2008 7/3/2008 7/4/2008 7/5/2008 7/6/2008 7/7/2008 7/8/2008 7/9/2008 7/10/2008 7/11/2008 7/12/2008 7/13/2008 7/14/2008 7/15/2008 7/16/2008
2 Tues Wed Thu Fri Sat Sun Mon Tues Wed Thu Fri Sat Sun Mon Tues Wed
3 Common Dividends
4 WMB 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
6 Series KPreferred
7 Series RPreferred
9
11 Senior $lbn @ 4.0% due 1-15-09 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (16,103) 0
12 Senior $600mm @ 4.2% due 1-15-10 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (10,593) 0
13 Senior $250mm @ 3mL+0.30% due 1-15-10 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (1,337) 0
14 Sub $500MM @8.25% due 4-1-10 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
15 Senior $350MM@3mL+0.30% due 3-22-12 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
16 Senior $400MM@5% due 3-22-12 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
17 Senior $500MM@3mL+.40% due 9-17-12 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
18 Sub $500MM @4.625% due 4-1-14 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
19 Senior $750MM@5.25% due 9-15-17 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
20 Senior $500MM@7.25% due 11-01-17 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
21 Pref$150MM @ 8.36% due 12-1-26 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
23
24 Subtotal, Net Dividends 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (28,033) 0
28 Net Tax Payments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
31 Tax Receipts 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
32 Tax Payments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
33 Intercompany Settlements 0 0 (1,656) 0 0 0 (0) (4) 0 (2,683) 0 0 0 (406) 470 0
34 All Other (2,407) 2 (94) 0 0 0 11,847 (300) (360) 196 4,719 0 0 1,754 (1,935) 4,119
35 Subtotal (2,407) 2 (1,751) 0 0 0 11,847 (304) (360) (2,487) 4,719 0 0 1,348 (1,465) 4,119
39 Subtotal 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
40
42 Net Increase/(Decrease) in Cash (2,407) 2 (1,751) 0 0 0 11,847 (304) (360) (2,487) 4,719 0 0 1,348 (29,498) 4,119
43 Ending Co2 Cash 5,965,719 5,965,721 5,963,970 5,963,970 5,963,970 5,963,970 5,975,817 5,975,513 5,975,153 5,972,666 5,977,385 5,977,385 5,977,385 5,978,733 5,949,236 5,953,355
44
45 CP Outstanding 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
46
47
48
49
50
51
52
53
54
55
0)
N
0)
~
o
o
o
o
I
~
~
~
C
o
C
o
:;::;
eo
E
s....
i+=
C
o
U
C
eo
a..
.,C
+-'
.
C
o
:;::;C
Uo
ID:;::;
Ceo
CE
Os....
U ~
~ C
IDeo
en.-
::::>C
s....ID
0-0
LLi+=
C
-00
2u
.S:2 ~
s...._
+-'.,C
enOl
ID.-
0:: I
A B C D E F G
1 7/1/2008 7/2/2008 7/3/2008 7/4/2008 7/5/2008 7/6/2008
2 Tues Wed TIm Fri Sat Sun
3 Common Dividends
4 WMB 0 0 0 0 0 0
.4-
WMI Common Stockholders 0 0 0 0 0 0
~
Series K Preferred
-I.-
Series R Preferred
8 Series S & T Dividends 0 0 0 0 0 0
9
11 Senior $lbn@4.0%due 1-15-09 0 0 0 0 0 0
12 Senior $600mm@4.2%duel-15-10 0 0 0 0 0 0
13 Senior $250mm@3mL+O.30%duel-15-10 0 0 0 0 0 0
14 Sub $500MM@8.25%due4-1-10 0 0 0 0 0 0
15 Senior $350MM@3mL+0.30%due3-22-12 0 0 0 0 0 0
16 Senior $400MM@5% due 3-22-12 0 0 0 0 0 0
17 Senior $500MM@3mL+.40% due 9-17-12 0 0 0 0 0 0
18 Sub $500MM @4.625% due 4-1-14 0 0 0 0 0 0
19 Senior $750MM@5.25%due9-15-17 0 0 0 0 0 0
20 Senior $500MM@7.25% due 11-01-17 0 0 0 0 0 0
21 Pref$150MM@8.36%dueI2-1-26 0 0 0 0 0 0
22 Trust PIERS $J.l50MM@5.375%due5-1-41 0 0 0 0 0 0
23
24 Subtotal, Net Dividends 0 0 0 0 0 0
26 Other holding oompany cash flow 0 0 0 0 0 0
27 Master Notes with Co. 467 0 0 0 0 0 0
28 Net Tax Payments 0 0 0 0 0 0
29 Loans to bank subsidiaries 0 0 0 0 0 0
30 Intercompany Settlements 0 0 0 0 0 0
31 Tax Receipts 0 0 0 0 0 0
32 Tax Payments 0 0 0 0 0 0
33 Intercompany Settlements 0 0 (1.656) 0 0 0
34 All 01l1er (2.407) 2 (94) 0 0 0
35 Subtotal (2.407) 2 (1.751) 0 0 0
37 Commercial Paper Issued (Matured) 0 0 0 0 0 0
39 Subtotal 0 0 0 0 0 0
40
41 Beginning Co2 Cash 5.968.126 5.965.719 5.965.721 5.963.970 5.963.970 5.963.970
42 Net Increasel(Decrease) in Cash (2.407) 2 (1.751) 0 0 0
43 Ending Co2 Cash 5,965,719 5,965,721 5,963,970 5,963,970 5,963,970 5,963,970
44
45 CP Outstanding 0 0 0 0 0 0
46
47
48
49
50
51
52
53
54
55
H I J K L
7/7/2008 7/8/2008 7/9/2008 7/10/2008 7/11/2008
Mon Tues Wed TIm Fri
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
(0) (4) 0 (2.683) 0
1l.847 (300) (360) 196 4.719
1l.847 (304) (360) (2.487) 4.719
0 0 0 0 0
0 0 0 0 0
5.963.970 5.975.817 5.975.513 5.975.153 5.972.666
1l.847 (304) (360) (2.487) 4.719
5,975,817 5,975,513 5,975,153 5,972,666 5,977,385
0 0 0 0 0
M N 0
7/12/2008 7/13/2008 7/14/2008
Sat Sun Mon
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 (406)
0 0 1.754
0 0 1.348
0 0 0
0 0 0
5.977.385 5.977.385 5.977.385
0 0 1.348
5,977,385 5,977,385 5,978,733
0 0 0
P
7/15/2008
Tues
0
0
0
(16.103)
(10.593)
(1.337)
0
0
0
0
0
0
0
0
0
(28.033)
0
0
0
0
0
0
0
470
(1.935)
(1.465)
0
0
5.978.733
(29.498)
5,949,236
0
Q
7/16/2008
Wed
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
4.119
4.119
0
0
5.949.236
4.119
5,953,355
0
(J)
C\I
(J)
...-
o
o
o
o
~
~
I
Return
A R S T U V W X Y Z AA AS AC AD AE AF AG
1 7/17/2008 7/18/2008 7/19/2008 7/20/2008 7/21/2008 7/22/2008 7/23/2008 7/24/2008 7/25/2008 7/26/2008 7/27/2008 7/28/2008 7/29/2008 7/30/2008 7/31/2008 July 08 Total
2 Thu Fri Sat Sun Mon Tues Wed Thu Fri Sat Sun Mon Tues Wed Thu
3 Common Dividends
4 WMB 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
6 Series KPreferred 0
7 Series RPreferred 0 0 0 0 0 0 0 0 0 0 0 0
9
11 Senior $lbn @ 4.0% due 1-15-09 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (16,103)
12 Senior $600mm @ 4.2% due 1-15-10 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (10,593)
13 Senior $250mm @ 3mL+0.30% due 1-15-10 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (1,337)
14 Sub $500MM @8.25% due 4-1-10 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
15 Senior $350MM@3mL+0.30% due 3-22-12 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
16 Senior $400MM@5% due 3-22-12 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
17 Senior $500MM@3mL+.40% due 9-17-12 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
18 Sub $500MM @4.625% due 4-1-14 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
19 Senior $750MM@5.25% due 9-15-17 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
20 Senior $500MM@7.25% due 11-01-17 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
21 Pref$150MM @ 8.36% due 12-1-26 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
23
24 Subtotal, Net Dividends 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (28,033)
28 Net Tax Payments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
31 Tax Receipts 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
32 Tax Payments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
33 Intercompany Settlements 2,903 (75) 0 0 (2,000,000) 0 0 (3,462) 0 0 0 0 0 0 8,485 (1,996,428)
34 All Other 698 (2,420) 0 0 (5,800) 0 100 100 (1,400) 0 0 (10,903) (200) (40) (48) (2,374)
35 Subtotal 3,601 (2,495) 0 0 (2,005,800) 0 100 (3,362) (1,400) 0 0 (10,903) (200) (40) 8,436 (1,998,802)
38 Stock Buyback/Debt Repurchase 0
39 Subtotal 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
40
42 Net Increase/(Decrease) in Cash 3,601 (2,495) 0 0 (2,005,800) 0 100 (3,362) (1,400) 0 0 (10,903) (200) (40) 8,436 (2,026,835)
43 Ending Co2 Cash 5,956,955 5,954,460 5,954,460 5,954,460 3,948,660 3,948,660 3,948,760 3,945,399 3,943,999 3,943,999 3,943,999 3,933,095 3,932,895 3,932,855 3,941,291 3,941,291
44
45 CP Outstanding 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
46
47
48
49
50
51
52
53
54
55
o
C")
0)
~
o
o
o
o
I
~
~
~
C
o
C
o
:;::;
eo
E
s....
i+=
C
o
U
C
eo
a..
.,C
+-'
.
C
o
:;::;C
Uo
ID:;::;
Ceo
CE
Os....
U ~
~ C
IDeo
en.-
::::>C
s....ID
0-0
LLi+=
C
-00
2u
.S:2 ~
s...._
+-'.,C
enOl
ID.-
0:: I
A R S T U V W
1 7/17/2008 7/18/2008 7/19/2008 7/20/2008 7/21/2008 7/22/2008
2 TIm Fri Sat Sun MOD Tues
3 Common Dividends
4 WMB 0 0 0 0 0 0
.4-
~
Series K Preferred
-I.-
Series R Preferred 0 0 0
9
11 Senior $lbn@4.0%due 1-15-09 0 0 0 0 0 0
12 Senior $600mm@4.2%duel-15-10 0 0 0 0 0 0
14 Sub $500MM@8.25%due4-1-10 0 0 0 0 0 0
15 Senior $350MM@3mL+0.30%due3-22-12 0 0 0 0 0 0
16 Senior $400MM@5% due 3-22-12 0 0 0 0 0 0
17 Senior $500MM@3mL+.40% due 9-17-12 0 0 0 0 0 0
18 Sub $500MM @4.625% due 4-1-14 0 0 0 0 0 0
19 Senior $750MM@5.25%due9-15-17 0 0 0 0 0 0
20 Senior $500MM@7.25% due 11-01-17 0 0 0 0 0 0
21 Pref$150MM@8.36%dueI2-1-26 0 0 0 0 0 0
23
26 Other holding company cash flow 0 0 0 0 0 0
33 Intercompany Settlements 2.903 (75) 0 0 (2.000.000) 0
34 All 01l1er 698 (2.420) 0 0 (5.800) 0
35 Subtotal 3.601 (2.495) 0 0 (2.005.800) 0
39 Subtotal 0 0 0 0 0 0
40
42 Net Increasel(Decrease) in Cash 3.601 (2.495) 0 0 (2.005.800) 0
43 Ending Co2 Cash 5,956,955 5,954,460 5,954,460 5,954,460 3,948,660 3,948,660
44
46
47
48
49
50
51
52
53
54
55
X Y Z AA AB AC
7/23/2008 7/24/2008 7/25/2008 7/26/2008 7/27/2008 7/28/2008
Wed TIm Fri Sat Sun MOD
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 (3.462) 0 0 0 0
100 100 (1.400) 0 0 (10.903)
100 (3.362) (1.400) 0 0 (10.903)
0 0 0 0 0 0
0 0 0 0 0 0
3.948.660 3.948.760 3.945.399 3.943.999 3.943.999 3.943.999
100 (3.362) (1.400) 0 0 (10.903)
3,948,760 3,945,399 3,943,999 3,943,999 3,943,999 3,933,095
0 0 0 0 0 0
AD AE
7/29/2008 7/30/2008
Tues Wed
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
(200) (40)
(200) (40)
0 0
0 0
3.933.095 3.932.895
(200) (40)
3,932,895 3,932,855
0 0
AF
7/31/2008
TIm
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
8.485
(48)
8.436
0
3.932.855
8.436
3,941,291
AG
JulI 08 Total
0
0
0
0
0
(16.103)
(10.593)
(1.337)
0
0
0
0
0
0
0
0
0
(28.033)
0
0
0
0
0
0
0
(1.996.428)
(2.374)
(1.998.802)
0
0
0
5.968.126
(2.026.835)
3,941,291
0
o
('I')
(J)
...-
o
o
o
o
~
~
I
Return
1 8/1/2008 8/2/2008 8/3/2008 8/4/2008 8/5/2008 8/6/2008 8/7/2008 8/8/2008 8/9/2008 8/10/2008 8/11/2008 8/12/2008 8/13/2008 8/14/2008 8/15/2008 8/16/2008
2 Fri Sat Sun Mon Tue Wed Thu Fri Sat Sun Mon Tue Wed Thu Fri Sat
3 Common Dividends
4 WMB 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
5 WMI Common Stockholders 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (16,907) 0
6 Series KPreferred
7 Series RPreferred
9
11 Senior $lbn @ 4.0% due 1-15-09 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
12 Sub $500mm @5.54& due 8-24-09 0
13 Senior $600mm @ 4.2% due 1-15-10 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
14 Senior $250mm @ 3mL+0.30% due 1-15-10 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
15 Sub $500MM @8.25% due 4-1-10 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
16 NMTN $400mm @5.5% due 8-24-11 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
17 Senior $350MM@3mL+0.30% due 3-22-12 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
18 Senior $400MM@5% due 3-22-12 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
19 Senior $500MM@3mL+.40% due 9-17-12 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
20 Sub $500MM @4.625% due 4-1-14 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
21 Senior $750MM@5.25% due 9-15-17 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
22 Senior $500MM@7.25% due 11-01-17 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
23 Pref$150MM @ 8.36% due 12-1-26 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
24 Trust PIERS $1,150MM@5.375% due 5-1-41 (15,453) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
25
26 Subtotal, Net Dividends (15,453) 0 0 0 0 0 0 0 0 0 0 0 0 0 (16,907) 0
30 Net Tax Payments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
33 Tax Receipts 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
34 Tax Payments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
35 Intercompany Settlements 0 0 0 0 0 0 (1,273) 0 0 0 (32,230) 0 0 (3,745) (758) 0
36 All Other (6,047) 0 0 (18) 100 (100) 12,008 42,964 0 0 (110) (3,091) 913 20,458 4,803 0
37 Subtotal (6,047) 0 0 (18) 100 (100) 10,735 42,964 0 0 (32,341) (3,091) 913 16,713 4,045 0
41 Subtotal 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
42
44 Net Increase/(Decrease) in Cash (21,500) 0 0 (18) 100 (100) 10,735 42,964 0 0 (32,341) (3,091) 913 16,713 (12,861) 0
45 Ending Co2 Cash 3,919,791 3,919,791 3,919,791 3,919,773 3,919,873 3,919,773 3,930,508 3,973,472 3,973,472 3,973,472 3,941,132 3,938,041 3,938,953 3,955,666 3,942,805 3,942,805
46
47 CP Outstanding 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
48
49
50
51
52
53
54
55
~
C")
0)
~
o
o
o
o
I
~
~
~
C
o
C
o
:;::;
eo
E
s....
i+=
C
o
U
C
eo
a..
.,C
+-'
.
C
o
:;::;C
Uo
ID:;::;
Ceo
CE
Os....
U ~
~ C
IDeo
en.-
::::>C
s....ID
0-0
LLi+=
C
-00
2u
.S:2 ~
s...._
+-'.,C
enOl
ID.-
0:: I
A B C D E F G
1 8/1/2008 8/2/2008 8/3/2008 8/4/2008 8/5/2008 8/6/2008
2 Fri Sat Sun Mon Tue Wed
3 Common Dividends
4 WMB 0 0 0 0 0 0
.4-
~
Series K Preferred
-I.-
Series R Preferred
9
11 Senior $lbn@4.0%due 1-15-09 0 0 0 0 0 0
12 Sub $500nun@5.54& due 8-Z4-09
13 Senior $600mm@4.2%duel-15-10 0 0 0 0 0 0
15 Sub $500MM@8.Z5%due4-1-10 0 0 0 0 0 0
16 NMfN $400nun @5.5% due 8-Z4-11 0 0 0 0 0 0
17 Senior $350MM@3mL+0.30%due3-ZZ-IZ 0 0 0 0 0 0
18 Senior $400MM@5% due 3-22-12 0 0 0 0 0 0
19 Senior $500MM@3mL+.40% due 9-17 -IZ 0 0 0 0 0 0
20 Sub $500MM @4.6Z5% due 4-1-14 0 0 0 0 0 0
21 Senior $750MM@5.Z5%due9-15-17 0 0 0 0 0 0
22 Senior $500MM@7.Z5% due 11-01-17 0 0 0 0 0 0
23 Pref$150MM@8.36%dueIZ-I-Z6 0 0 0 0 0 0
24 Trust PIERS $J.l50MM@5.375%due5-1-41 (15.453) 0 0 0 0 0
25
26 Subtotal, Net Dividends (15.453) 0 0 0 0 0
36 All 01l1er (6.047) 0 0 (18) 100 (100)
37 Subtotal (6.047) 0 0 (18) 100 (100)
41 Subtotal 0 0 0 0 0 0
42
43 Beginning Co2 Cash 3.941.Z91 3.919.791 3.919.791 3.919.791 3.919.773 3.919.873
44 Net Increasel(Decrease) in Cash (ZI.500) 0 0 (18) 100 (100)
40 Ending Co2 Cash 3,919,791 3,919,791 3,919,791 3,919,773 3,919,873 3,919,773
46
48
49
50
51
52
53
54
55
H I J K L M
8/7/2008 8/8/2008 8/9/2008 8/10/2008 8/11/2008 8/12/2008
TIm Fri Sat Sun Mon Tue
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
(I.Z73) 0 0 0 (3Z.Z30) 0
IZ.008 4Z.964 0 0 (llO) (3.091)
10.735 4Z.964 0 0 (3Z.341) (3.091)
0 0 0 0 0 0
0 0 0 0 0 0
3.919.773 3.930.508 3.973.472 3.973.472 3.973.472 3.94J.l3Z
10.735 4Z.964 0 0 (3Z.341) (3.091)
3,930,508 3,973,472 3,973,472 3,973,472 3,941,132 3,938,041
0 0 0 0 0 0
N 0
8/13/2008 8/14/2008
Wed TIm
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 (3.745)
913 ZO.458
913 16.713
0 0
0 0
3.938.041 3.938.953
913 16.713
3,938,953 3,955,666
0 0
P
8/15/2008
Fri
0
(16.907)
0
0
0
0
0
0
0
0
0
0
0
0
0
0
(16.907)
0
0
0
0
0
0
0
(758)
4.803
4.045
0
0
3.955.666
(lZ.861)
3,942,805
0
Q
8/16/2008
Sat
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
3.94Z.805
0
3,942,805
0
...-
('I')
(J)
...-
o
o
o
o
~
~
I
Return
1 8/17/2008 8/18/2008 8/19/2008 8/20/2008 8/21/2008 8/22/2008 8/23/2008 8/24/2008 8/25/2008 8/26/2008 8/27/2008 8/28/2008 8/29/2008 8/30/2008 8/31/2008 Aug 08 Total
2 Sun Mon Tue Wed Thu Fri Sat Sun Mon Tue Wed Thu Fri Sat Sun
3 Common Dividends
4 WMB 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
5 WMI Common Stockholders 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (16,907)
9
11 Senior $lbn @ 4.0% due 1-15-09 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
12 Sub $500mm @5.54& due 8-24-09 0 0 0 0 0 0 0 0 0 (2,519) 0 0 0 0 0 (2,519)
13 Senior $600mm @ 4.2% due 1-15-10 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
14 Senior $250mm @ 3mL+0.30% due 1-15-10 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
15 Sub $500MM @8.25% due 4-1-10 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
16 NMTN $400mm @5.5% due 8-24-11 0 0 0 0 0 0 0 0 (9,938) 0 0 0 0 0 0 (9,938)
17 Senior $350MM@3mL+0.30% due 3-22-12 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
18 Senior $400MM@5% due 3-22-12 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
19 Senior $500MM@3mL+.40% due 9-17-12 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
20 Sub $500MM @4.625% due 4-1-14 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
21 Senior $750MM@5.25% due 9-15-17 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
22 Senior $500MM@7.25% due 11-01-17 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
23 Pref$150MM @ 8.36% due 12-1-26 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
24 Trust PIERS $1,150MM@5.375% due 5-1-41 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (15,453)
25
26 Subtotal, Net Dividends 0 0 0 0 0 0 0 0 (9,938) (2,519) 0 0 0 0 (44,817)
30 Net Tax Payments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
33 Tax Receipts 0 0 600,000 0 0 0 0 0 0 0 0 0 0 0 0 600,000
34 Tax Payments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
35 Intercompany Settlements 0 (398) 0 0 (3,528) 0 0 0 0 0 0 138 15,197 0 0 (26,597)
36 All Other 0 0 53 2,973 (3,026) 0 0 0 0 (28) 0 0 0 0 0 71,852
37 Subtotal 0 (398) 600,053 2,973 (6,554) 0 0 0 0 (28) 0 138 15,197 0 645,255
41 Subtotal 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
42
44 Net Increase/(Decrease) in Cash 0 (398) 600,053 2,973 (6,554) 0 0 0 (9,938) (2,547) 0 138 15,197 0 0 600,438
45 Ending Co2 Cash 3,942,805 3,942,408 4,542,461 4,545,433 4,538,880 4,538,880 4,538,880 4,538,880 4,528,941 4,526,395 4,526,395 4,526,533 4,541,730 4,541,730 4,541,730 4,541,730
46
47 CP Outstanding 0 0 0 0 0 0 0 0 0 0 0 0 0 0
48
49
50
51
52
53
54
55
N
C")
0)
~
o
o
o
o
I
~
~
~
C
o
C
o
:;::;
eo
E
s....
i+=
C
o
U
C
eo
a..
.,C
+-'
.
C
o
:;::;C
Uo
ID:;::;
Ceo
CE
Os....
U ~
~ C
IDeo
en.-
::::>C
s....ID
0-0
LLi+=
C
-00
2u
.S:2 ~
s...._
+-'.,C
enOl
ID.-
0:: I
A R S T U V
1 8/17/2008 8/18/2008 8/19/2008 8/20/2008 8/21/2008
2 Sun Mon Tue Wed TIm
3 Common Dividends
4 WMB 0 0 0 0 0
.4-
~
Series K Preferred
-I.-
9
11 Senior $lbn@4.0%due 1-15-09 0 0 0 0 0
12 Sub $500nun@5.54& due 8-24-09 0 0 0 0 0
13 Senior $600mm@4.2%duel-15-10 0 0 0 0 0
15 Sub $500MM@8.25%due4-1-10 0 0 0 0 0
16 NMfN $400nun @5.5% due 8-24-11 0 0 0 0 0
17 Senior $350MM@3mL+0.30%due3-22-12 0 0 0 0 0
18 Senior $400MM@5% due 3-22-12 0 0 0 0 0
19 Senior $500MM@3mL+.40% due 9-17-12 0 0 0 0 0
20 Sub $500MM @4.625% due 4-1-14 0 0 0 0 0
21 Senior $750MM@5.25%due9-15-17 0 0 0 0 0
22 Senior $500MM@7.25% due 11-01-17 0 0 0 0 0
23 Pref$150MM@8.36%dueI2-1-26 0 0 0 0 0
25
33 Tax Receipts 0 0 600.000 0 0
35 Intercompany Settlements 0 (398) 0 0 (3.528)
36 All 01l1er 0 0 53 2.973 (3.026)
37 Subtotal 0 (398) 600.053 2.973 (6.554)
41 Subtotal 0 0 0 0 0
42
44 Net Increasel(Decrease) in Cash 0 (398) 600.053 2.973 (6.554)
40 Ending Co2 Cash 3,942,805 3,942,408 4,542,461 4,545,433 4,538,880
46
48
49
50
51
52
53
54
55
W X Y Z AA AB
8/22/2008 8/23/2008 8/24/2008 8/25/2008 8/26/2008 8/27/2008
Fri Sat Sun Mon Tue Wed
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 (2.519) 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 (9.938) 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 (9.938) (2.519) 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 (28) 0
0 0 0 0 (28) 0
0 0 0 0 0 0
0 0 0 0 0 0
4.538.880 4.538.880 4.538.880 4.538.880 4.528.941 4.526.395
0 0 0 (9.938) (2.547) 0
4,538,880 4,538,880 4,538,880 4,528,941 4,526,395 4,526,395
0 0 0 0 0 0
AC AD AE
8/28/2008 8/29/2008 8/30/2008
TIm Fri Sat
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
138 15.197 0
0 0 0
138 15.197 0
0 0 0
0 0 0
4.526.395 4.526.533 4.541.730
138 15.197 0
4,526,533 4,541,730 4,541,730
0 0 0
AF
8/31/2008
Sun
0
0
0
0
0
0
0
0
4.541.730
0
4,541,730
AG
Aue:08 Total
0
(16.907)
0
0
0
0
(2.519)
0
0
0
(9.938)
0
0
0
0
0
0
0
(15.453)
(44.817)
0
0
0
0
0
600.000
0
(26.597)
71.852
645.255
0
0
0
3.941.291
600.438
4,541,730
C\I
('I')
(J)
...-
o
o
o
o
~
~
I
Return
1 9/1/2008 9/2/2008 9/3/2008 9/4/2008 9/5/2008 9/6/2008 9/7/2008 9/8/2008 9/9/2008 9/10/2008 9/11/2008 9/12/2008 9/13/2008 9/14/2008 9/15/2008 9/16/2008
2 Mon Tue Wed Thu Fri Sat Sun Mon Tue Wed Thu Fri Sat Sun Mon Tue
3 Common Dividends
4 WMB 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
7 Series RPreferred (59,417)
9
11 Senior $lbn @ 4.0% due 1-15-09 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
12 Senior $600mm @ 4.2% due 1-15-10 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
13 Senior $250mm @ 3mL+0.30% due 1-15-10 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
14 Sub $500MM @8.25% due 4-1-10 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
15 Senior $350MM@3mL+0.30% due 3-22-12 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
16 Senior $400MM@5% due 3-22-12 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
17 Senior $500MM@3mL+.40% due 9-17-12 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
18 Sub $500MM @4.625% due 4-1-14 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
19 Senior $750MM@5.25% due 9-15-17 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (19,169) 0
20 Senior $500MM@7.25% due 11-01-17 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
21 Pref$150MM @ 8.36% due 12-1-26 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
23
24 Subtotal, Net Dividends 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (83,641) 0
28 Net Tax Payments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
31 Tax Receipts 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
32 Tax Payments 0 0 0 0 0 0 0 0 (70) 0 0 0 0 0 (265,808) 0
33 Intercompany Settlements 0 0 0 0 0 0 0 0 (3) (500,000) (786) 318 0 0 0 0
34 All Other 0 12 9 3,810 (3,810) 0 0 0 0 167 (167) 5,266 0 0 849 0
35 Subtotal 0 12 9 3,810 (3,810) 0 0 0 (73) (499,833) (953) 5,585 0 0 (264,959) 0
39 Subtotal 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
40
42 Net Increase/(Decrease) in Cash 0 12 9 3,810 (3,810) 0 0 0 (73) (499,833) (953) 5,585 0 0 (348,600) 0
43 Ending Co2 Cash 4,541,730 4,541,742 4,541,751 4,545,561 4,541,751 4,541,751 4,541,751 4,541,751 4,541,678 4,041,846 4,040,892 4,046,477 4,046,477 4,046,477 3,697,877 3,697,877
44
45 Beginning 441-006423-4 Cash 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
46 Net Increase/(Decrease) in Cash 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
47 Ending Co2 Cash 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
48
49 Ending Total Cash 4,541,730 4,541,742 4,541,751 4,545,561 4,541,751 4,541,751 4,541,751 4,541,751 4,541,678 4,041,846 4,040,892 4,046,477 4,046,477 4,046,477 3,697,877 3,697,877
50 CP Outstanding
51
52
53
54
55
C")
C")
0)
~
o
o
o
o
I
~
~
~
C
o
C
o
:;::;
eo
E
s....
i+=
C
o
U
C
eo
a..
.,C
+-'
.
C
o
:;::;C
Uo
ID:;::;
Ceo
CE
Os....
U ~
~ C
IDeo
en.-
::::>C
s....ID
0-0
LLi+=
C
-00
2u
.S:2 ~
s...._
+-'.,C
enOl
ID.-
0:: I
A B C D E F G
1 9/1/2008 9/2/2008 9/3/2008 9/4/2008 9/5/2008 9/6/2008
2 Mon Tue Wed TIm Fri Sat
3 Common Dividends
4 WMB 0 0 0 0 0 0
.4-
~
Series K Preferred
-I.-
Series R Preferred
9
11 Senior $lbn@4.0%due 1-15-09 0 0 0 0 0 0
12 Senior $600mm@4.2%duel-15-10 0 0 0 0 0 0
14 Sub $500MM@8.25%due4-1-10 0 0 0 0 0 0
15 Senior $350MM@3mL+0.30%due3-22-12 0 0 0 0 0 0
16 Senior $400MM@5% due 3-22-12 0 0 0 0 0 0
17 Senior $500MM@3mL+.40% due 9-17-12 0 0 0 0 0 0
18 Sub $500MM @4.625% due 4-1-14 0 0 0 0 0 0
19 Senior $750MM@5.25%due9-15-17 0 0 0 0 0 0
20 Senior $500MM@7.25% due 11-01-17 0 0 0 0 0 0
21 Pref$150MM@8.36%dueI2-1-26 0 0 0 0 0 0
23
34 All 01l1er 0 12 9 3.810 (3.810) 0
35 Subtotal 0 12 9 3.810 (3.810) 0
39 Subtotal 0 0 0 0 0 0
40
42 Net Increasel(Decrease) in Cash 0 12 9 3.810 (3.810) 0
43 Ending Co2 Cash 4,541,730 4,541,742 4,541,751 4,545,561 4,541,751 4,541,751
44
45 Beginning 441-006423-4 Cash 0 0 0 0 0 0
46 Net Increasel(Decrease) in Cash 0 0 0 0 0 0
4{ Ending Co2 Cash 0 0 0 0 0 0
48
49 Ending Total Cash 4,541,730 4,541,742 4,541,751 4,545,561 4,541,751 4,541,751
50 CP Outstanding
51
52
53
54
55
H I J K L
9/7/2008 9/8/2008 9/9/2008 9/10/2008 9/11/2008
Sun Mon Tue Wed TIm
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 (70) 0 0
0 0 (3) (500.000) (786)
0 0 0 167 (167)
0 0 (73) (499.833) (953)
0 0 0 0 0
0 0 0 0 0
4.541.751 4.541.751 4.541.751 4.541.678 4.041.846
0 0 (73) (499.833) (953)
4,541,751 4,541,751 4,541,678 4,041,846 4,040,892
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
4,541,751 4,541,751 4,541,678 4,041,846 4,040,892
M N 0
9/12/2008 9/13/2008 9/14/2008
Fri Sat Sun
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
318 0 0
5.266 0 0
5.585 0 0
0 0 0
0 0 0
4.040.892 4.046.477 4.046.477
5.585 0 0
4,046,477 4,046,477 4,046,477
0 0 0
0 0 0
0 0 0
4,046,477 4,046,477 4,046,477
P
9/15/2008
Mon
0
0
(5.056)
(59.417)
0
0
0
0
0
0
0
0
0
(19.169)
0
0
0
(83.641)
0
0
0
0
0
0
(265.808)
0
849
(264.959)
0
0
4.046.477
(348.600)
3,697,877
0
0
0
3,697,877
Q
9/16/2008
Tue
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
3.697.877
0
3,697,877
0
0
0
3,697,877
('I')
('I')
(J)
...-
o
o
o
o
~
~
I
Return
1 9/17/2008 9/18/2008 9/19/2008 9/20/2008 9/21/2008 9/22/2008 9/23/2008 9/24/2008 9/25/2008 9/26/2008 9/27/2008 9/28/2008 9/29/2008 9/30/2008 Sept 08 Total
2 Wed Thu Fri Sat Sun Mon Tue Wed Thu Fri Sat Sun Mon Tue
3 Common Dividends
4 WMB 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
7 Series RPreferred 0 0 0 0 0 0 0 0 0 0 0 (59,417)
9
11 Senior $lbn @ 4.0% due 1-15-09 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
12 Senior $600mm @ 4.2% due 1-15-10 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
13 Senior $250mm @ 3mL+0.30% due 1-15-10 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
14 Sub $500MM @8.25% due 4-1-10 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
15 Senior $350MM@3mL+0.30% due 3-22-12 0 0 0 0 0 (2,848) 0 0 0 0 0 0 0 0 (2,848)
16 Senior $400MM@5% due 3-22-12 0 0 0 0 0 (9,393) 0 0 0 0 0 0 0 0 (9,393)
17 Senior $500MM@3mL+.40% due 9-17-12 (3,670) 0 0 0 0 0 0 0 0 0 0 0 0 0 (3,670)
18 Sub $500MM @4.625% due 4-1-14 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
19 Senior $750MM@5.25% due 9-15-17 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (19,169)
20 Senior $500MM@7.25% due 11-01-17 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
21 Pref$150MM @ 8.36% due 12-1-26 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
23
24 Subtotal, Net Dividends (3,670) 0 0 0 0 (12,241) 0 0 0 0 0 0 0 0 (99,552)
28 Net Tax Payments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
31 Tax Receipts 0 0 322,000 0 0 0 22,498 8,850 0 0 0 0 0 0 353,347
32 Tax Payments 0 0 0 0 0 0 0 0 0 0 0 0 0 234,526 (31,352)
33 Intercompany Settlements 0 (15,382) (3,664,005) 0 0 0 0 0 (5,783) 0 0 0 0 0 (4,185,640)
34 All Other 0 (760) (270,105) 0 0 (49,493) (237) (6) 0 (2) 0 0 0 0 (314,465)
35 Subtotal 0 (16,142) (3,612,110) 0 0 (49,493) 22,260 8,844 (5,783) (2) 0 0 0 234,526 (4,178,110)
39 Subtotal 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
40
41 Beginning Co2 Cash 3,697,877 3,694,207 3,678,065 65,956 65,956 65,956 4,222 26,482 35,327 29,544 29,542 29,542 29,542 29,542 4,541,730
42 Net Increase/(Decrease) in Cash (3,670) (16,142) (3,612,110) 0 0 (61,734) 22,260 8,844 (5,783) (2) 0 0 0 234,526 (4,277,662)
43 Ending Co2 Cash 3,694,207 3,678,065 65,956 65,956 65,956 4,222 26,482 35,327 29,544 29,542 29,542 29,542 29,542 264,068 264,068
44
45 Beginning 441-006423-4 Cash 0 0 0 3,674,000 3,674,000 3,674,000 3,674,000 3,674,000 3,674,000 3,674,000 3,674,000 3,674,000 3,674,000 3,674,000 0
46 Net Increase/(Decrease) in Cash 0 0 3,674,000 0 0 0 0 0 0 0 0 0 0 0 3,674,000
47 Ending Co2 Cash 0 0 3,674,000 3,674,000 3,674,000 3,674,000 3,674,000 3,674,000 3,674,000 3,674,000 3,674,000 3,674,000 3,674,000 3,674,000 3,674,000
48
49 Ending Total Cash 3,694,207 3,678,065 3,739,956 3,739,956 3,739,956 3,678,222 3,700,482 3,709,327 3,703,544 3,703,542 3,703,542 3,703,542 3,703,542 3,938,068 3,938,068
50 CP Outstanding
51
52
53
54
55
~
C")
0)
~
o
o
o
o
I
~
~
~
C
o
C
o
:;::;
eo
E
s....
i+=
C
o
U
C
eo
a..
.,C
+-'
.
C
o
:;::;C
Uo
ID:;::;
Ceo
CE
Os....
U ~
~ C
IDeo
en.-
::::>C
s....ID
0-0
LLi+=
C
-00
2u
.S:2 ~
s...._
+-'.,C
enOl
ID.-
0:: I
A R S T U V
1 9/17/2008 9/18/2008 9/19/2008 9/20/2008 9/21/2008
2 Wed TIm Fri Sat Sun
3 Common Dividends
4 WMB 0 0 0 0 0
.4-
~
Series K Preferred
-I.-
9
11 Senior $lbn@4.0%due 1-15-09 0 0 0 0 0
12 Senior $600mm@4.2%duel-15-10 0 0 0 0 0
14 Sub $500MM@8.25%due4-1-10 0 0 0 0 0
15 Senior $350MM@3mL+0.30%due3-22-12 0 0 0 0 0
16 Senior $400MM@5% due 3-22-12 0 0 0 0 0
17 Senior $500MM@3mL+.40% due 9-17-12 (3.670) 0 0 0 0
18 Sub $500MM @4.625% due 4-1-14 0 0 0 0 0
19 Senior $750MM@5.25%due9-15-17 0 0 0 0 0
20 Senior $500MM@7.25% due 11-01-17 0 0 0 0 0
21 Pref$150MM@8.36%dueI2-1-26 0 0 0 0 0
23
24 Subtotal, Net Dividends (3.670) 0 0 0 0
31 Tax Receipts 0 0 322.000 0 0
33 Intercompany Settlements 0 (15.382) (3.664.005) 0 0
34 All 01l1er 0 (760) (270.105) 0 0
35 Subtotal 0 (16.142) (3.6l2.110) 0 0
39 Subtotal 0 0 0 0 0
40
41 Beginning Co2 Cash 3.697.877 3.694.207 3.678.065 65.956 65.956
42 Net Increasel(Decrease) in Cash (3.670) (16.142) (3.6l2.110) 0 0
43 Ending Co2 Cash 3,694,207 3,678,065 65,956 65,956 65,956
44
45 Beginning 441-006423-4 Cash 0 0 0 3,674,000 3,674,000
46 Net Increasel(Decrease) in Cash 0 0 3,674,000 0 0
4{ Ending Co2 Cash 0 0 3,674,000 3,674,000 3,674,000
48
50 CP Outstanding
51
52
53
54
55
W X Y Z AA
9/22/2008 9/23/2008 9/24/2008 9/25/2008 9/26/2008
MOD Tue Wed Thu Fri
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
(2.848) 0 0 0 0
(9.393) 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
(12.241) 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 22.498 8.850 0 0
0 0 0 0 0
0 0 0 (5.783) 0
(49.493) (237) (6) 0 (2)
(49.493) 22.260 8.844 (5.783) (2)
0 0 0 0 0
0 0 0 0 0
65.956 4.222 26.482 35.327 29.544
(61.734) 22.260 8.844 (5.783) (2)
4,222 26,482 35,327 29,544 29,542
3,674,000 3,674,000 3,674,000 3,674,000 3,674,000
0 0 0 0 0
3,674,000 3,674,000 3,674,000 3,674,000 3,674,000
3,678,222 3,700,482 3,709,327 3,703,544 3,703,542
AB AC AD
9/27/2008 9/28/2008 9/29/2008
Sat Sun MOD
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
29.542 29.542 29.542
0 0 0
29,542 29,542 29,542
3,674,000 3,674,000 3,674,000
0 0 0
3,674,000 3,674,000 3,674,000
3,703,542 3,703,542 3,703,542
AE
9/30/2008
Tue
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
234.526
0
0
234.526
0
0
29.542
234.526
264,068
3,674,000
0
3,674,000
3,938,068
AF
Sellt 08 Total
0
0
(5.056)
(59.417)
0
0
0
0
0
(2.848)
(9.393)
(3.670)
0
(19.169)
0
0
0
(99.552)
0
0
0
0
0
353.347
(31.352)
(4.185.640)
(314.465)
(4.178.110)
0
0
4.541.730
(4.277.662)
264,068
0
3,674,000
3,674,000
3,938,068
""It
('I')
(J)
...-
o
o
o
o
~
~
I
Return
A B C 0 E F G H I J K L M N 0 P Q R
1 10/1/2008 10/2/2008 10/3/2008 10/4/2008 10/5/2008 10/6/2008 10/7/2008 10/8/2008 10/9/2008 10/10/2008 10/11/2008 10/12/2008 10/13/2008 10/14/2008 10/15/2008 10/16/2008 10/17/2008
2 Wed Thu Fri Sat Sun Mon Tue Wed Thu Fri Sat Sun Mon Tue Wed Thu Fri
3 Common Dividends
4 WMB 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
5 WMI Common Stockholders 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
6 Series KPreferred
7 Series RPreferred
8 Series S & T Dividends 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
9
11 Senior $lbn @ 4.0% due 1-15-09 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
12 Senior $600mm @ 4.2% due 1-15-10 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
13 Senior $250mm @ 3mL+0.30% due 1-15-10 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
14 Sub $500MM @8.25% due 4-1-10 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
15 Senior $350MM@3mL+0.30% due 3-22-12 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
16 Senior $400MM@5% due 3-22-12 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
17 Senior $500MM@3mL+.40% due 9-17-12 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
18 Sub $500MM @4.625% due 4-1-14 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
19 Senior $750MM@5.25% due 9-15-17 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
20 Senior $500MM@7.25% due 11-01-17 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
21 Pref$150MM @ 8.36% due 12-1-26 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
22 Trust PIERS $1,150MM@5.375% due 5-1-41 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
23
24 Subtotal, Net Dividends 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
26 Other holding company cash flow 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
27 Master Notes with Co. 467 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
28 Net Tax Payments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
29 Loans to bank subsidiaries 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
30 Intercompany Settlements 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
31 Tax Receipts 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
32 Tax Payments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
33 Intercompany Settlements 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
34 All Other 0 2 0 0 0 1,529 0 158 0 3 0 0 0 0 577 0 0
35 Subtotal 0 2 0 0 0 1,529 0 158 0 3 0 0 0 0 577 0 0
37 Commercial Paper Issued (Matured) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
39 Subtotal 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
40
41 Beginning Co2 Cash 264,068 264,068 264,070 264,070 264,070 264,070 265,599 265,599 265,757 265,757 265,761 265,761 265,761 265,761 265,761 266,337 266,337
42 Net Increase/(Decrease) in Cash 0 2 0 0 0 1,529 0 158 0 3 0 0 0 0 577 0 0
43 Ending Co2 Cash 264,068 264,070 264,070 264,070 264,070 265,599 265,599 265,757 265,757 265,761 265,761 265,761 265,761 265,761 266,337 266,337 266,337
44
45 CP Outstanding 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
46
47
48
49
50
51
52
53
54
55
LO
C")
0)
~
o
o
o
o
I
~
~
~
C
o
C
o
:;::;
eo
E
s....
i+=
C
o
U
C
eo
a..
.,C
+-'
.
C
o
:;::;C
Uo
ID:;::;
Ceo
CE
Os....
U ~
~ C
IDeo
en.-
::::>C
s....ID
0-0
LLi+=
C
-00
2u
.S:2 ~
s...._
+-'.,C
enOl
ID.-
0:: I
A B C D E F G
1 10/1/2008 10/2/2008 10/3/2008 10/4/2008 10/5/2008 10/6/2008
2 Wed Thu Fri Sat Sun Mon
3 Common Dividends
4 WMB 0 0 0 0 0 0
.4-
~
Series K Preferred
-I.-
Series R Preferred
9
11 Senior $lbn@4.0%due 1-15-09 0 0 0 0 0 0
12 Senior $600mm@4.2%duel-15-10 0 0 0 0 0 0
14 Sub $500MM@8.25%due4-1-10 0 0 0 0 0 0
15 Senior $350MM@3mL+0.30%due3-22-12 0 0 0 0 0 0
16 Senior $400MM@5% due 3-22-12 0 0 0 0 0 0
17 Senior $500MM@3mL+.40% due 9-17-12 0 0 0 0 0 0
18 Sub $500MM @4.625% due 4-1-14 0 0 0 0 0 0
19 Senior $750MM@5.25%due9-15-17 0 0 0 0 0 0
20 Senior $500MM@7.25% due 11-01-17 0 0 0 0 0 0
21 Pref$150MM@8.36%dueI2-1-26 0 0 0 0 0 0
23
34 All 01l1er 0 2 0 0 0 1.529
35 Subtotal 0 2 0 0 0 1.529
39 Subtotal 0 0 0 0 0 0
40
41 Beginning Co2 Cash 264.068 264.068 264.070 264.070 264.070 264.070
42 Net Increasel(Decrease) in Cash 0 2 0 0 0 1.529
43 Ending Co2 Cash 264,068 264,070 264,070 264,070 264,070 265,599
44
46
47
48
49
50
51
52
53
54
55
H I J K L M
10/7/2008 10/8/2008 10/9/2008 10/10/2008 10/11/2008 10/12/2008
Tue Wed Thu Fri Sat Sun
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 158 0 3 0 0
0 158 0 3 0 0
0 0 0 0 0 0
0 0 0 0 0 0
265.599 265.599 265.757 265.757 265.761 265.761
0 158 0 3 0 0
265,599 265,757 265,757 265,761 265,761 265,761
0 0 0 0 0 0
N 0 P
10/13/2008 10/14/2008 10/15/2008
Mon Tue Wed
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 577
0 0 577
0 0 0
0 0 0
265.761 265.761 265.761
0 0 577
265,761 265,761 266,337
0 0 0
Q
10/16/2008
Thu
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
266.337
0
266,337
0
R
10/17/2008
Fri
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
266.337
0
266,337
0
L()
('I')
(J)
...-
o
o
o
o
~
~
I
Return
A S T U V W X Y Z AA AS AC AD AE AF AG
1 10/18/2008 10/19/2008 10/20/2008 10/21/2008 10/22/2008 10/23/2008 10/24/2008 10/25/2008 10/26/2008 10/27/2008 10/28/2008 10/29/2008 10/30/2008 10/31/2008 Oct 08 Total
2 Sat Sun Mon Tue Wed Thu Fri Sat Sun Mon Tue Wed Thu Fri
3 Common Dividends
4 WMB 0 0 0 0 0 0 0 0 0 0 0 0 0 0
8 Series S & T Dividends 0 0 0 0 0 0 0 0 0 0 0 0 0 0
9
11 Senior $lbn @ 4.0% due 1-15-09 0 0 0 0 0 0 0 0 0 0 0 0 0 0
12 Senior $600mm @ 4.2% due 1-15-10 0 0 0 0 0 0 0 0 0 0 0 0 0 0
13 Senior $250mm @ 3mL+0.30% due 1-15-10 0 0 0 0 0 0 0 0 0 0 0 0 0 0
14 Sub $500MM @8.25% due 4-1-10 0 0 0 0 0 0 0 0 0 0 0 0 0 0
15 Senior $350MM@3mL+0.30% due 3-22-12 0 0 0 0 0 0 0 0 0 0 0 0 0 0
16 Senior $400MM@5% due 3-22-12 0 0 0 0 0 0 0 0 0 0 0 0 0 0
17 Senior $500MM@3mL+.40% due 9-17-12 0 0 0 0 0 0 0 0 0 0 0 0 0 0
18 Sub $500MM @4.625% due 4-1-14 0 0 0 0 0 0 0 0 0 0 0 0 0 0
19 Senior $750MM@5.25% due 9-15-17 0 0 0 0 0 0 0 0 0 0 0 0 0 0
20 Senior $500MM@7.25% due 11-01-17 0 0 0 0 0 0 0 0 0 0 0 0 0 0
21 Pref$150MM @ 8.36% due 12-1-26 0 0 0 0 0 0 0 0 0 0 0 0 0 0
23
24 Subtotal, Net Dividends 0 0 0 0 0 0 0 0 0 0 0 0 0 0
26 Other holding company cash flow 0 0 0 0 0 0 0 0 0 0 0 0 0 0
27 Master Notes with Co. 467 0 0 0 0 0 0 0 0 0 0 0 0 0 0
28 Net Tax Payments 0 0 0 0 0 0 0 0 0 0 0 0 0 0
29 Loans to bank subsidiaries 0 0 0 0 0 0 0 0 0 0 0 0 0 0
30 Intercompany Settlements 0 0 0 0 0 0 0 0 0 0 0 0 0 0
31 Tax Receipts 0 0 0 0 0 0 0 0 0 0 0 0 0 0
32 Tax Payments 0 0 0
33 Intercompany Settlements 0 0 0
34 All Other 0 0 2,270
35 Subtotal 0 0 0 0 0 0 0 0 0 0 0 0 0 2,270
39 Subtotal 0 0 0 0 0 0 0 0 0 0 0 0 0 0
40
41 Beginning Co2 Cash 266,337 266,337 266,337 266,337 266,337 266,337 266,337 266,337 266,337 266,337 266,337 266,337 266,337 266,337 266,337
42 Net Increase/(Decrease) in Cash 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2,270
43 Ending Co2 Cash 266,337 266,337 266,337 266,337 266,337 266,337 266,337 266,337 266,337 266,337 266,337 266,337 266,337 266,337 268,607
44
45 CP Outstanding 0 0 0 0 0 0 0 0 0 0 0 0 0 0
46
47
48
49
50
51
52
53
54
55
co
C")
0)
~
o
o
o
o
I
~
~
~
C
o
C
o
:;::;
eo
E
s....
i+=
C
o
U
C
eo
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.,C
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.
C
o
:;::;C
Uo
ID:;::;
Ceo
CE
Os....
U ~
~ C
IDeo
en.-
::::>C
s....ID
0-0
LLi+=
C
-00
2u
.S:2 ~
s...._
+-'.,C
enOl
ID.-
0:: I
A S T U V W
1 10/18/2008 10/19/2008 10/20/2008 10/21/2008 10/22/2008
2 Sat Sun MOD Tue Wed
3 Common Dividends
4 WMB 0 0 0 0 0
.4-
~
Series K Preferred
-I.-
Series R Preferred 0 0 0
9
11 Senior $lbn@4.0%due 1-15-09 0 0 0 0 0
12 Senior $600mm@4.2%duel-15-10 0 0 0 0 0
14 Sub $500MM@8.25%due4-1-10 0 0 0 0 0
15 Senior $350MM@3mL+0.30%due3-22-12 0 0 0 0 0
16 Senior $400MM@5% due 3-22-12 0 0 0 0 0
17 Senior $500MM@3mL+.40% due 9-17-12 0 0 0 0 0
18 Sub $500MM @4.625% due 4-1-14 0 0 0 0 0
19 Senior $750MM@5.25%due9-15-17 0 0 0 0 0
20 Senior $500MM@7.25% due 11-01-17 0 0 0 0 0
21 Pref$150MM@8.36%dueI2-1-26 0 0 0 0 0
23
32 Tax Payments 0 0
33 Intercompany Settlements 0 0
34 All 01l1er 0 0
35 Subtotal 0 0 0 0 0
39 Subtotal 0 0 0 0 0
40
41 Beginning Co2 Cash 266.337 266.337 266.337 266.337 266.337
43 Ending Co2 Cash 266,337 266,337 266,337 266,337 266,337
44
46
47
48
49
50
51
52
53
54
55
X Y Z AA AB
10/23/2008 10/24/2008 10/25/2008 10/26/2008 10/27/2008
Thu Fri Sat Sun MOD
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
266.337 266.337 266.337 266.337 266.337
0 0 0 0 0
266,337 266,337 266,337 266,337 266,337
0 0 0 0 0
AC AD AE
10/28/2008 10/29/2008 10/30/2008
Tue Wed Thu
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
266.337 266.337 266.337
0 0 0
266,337 266,337 266,337
0 0 0
AF
10/31/2008
Fri
266.337
0
266,337
AG
Dct08 Total
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
2.270
2.270
0
0
0
266.337
2.270
268,607
0
co
('I')
(J)
...-
o
o
o
o
~
~
I
Return
1 11/1/2008 11/2/2008 11/3/2008 11/4/2008 11/5/2008 11/6/2008 11/7/2008 11/8/2008 11/9/2008 11/10/2008 11/11/2008 11/12/2008 11/13/2008 11/14/2008 11/15/2008 11/16/2008
2 Sat Sun Mon Tue Wed Thu Fri Sat Sun Mon Tue Wed Thu Fri Sat Sun
3 Common Dividends
4 WMB 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
6 Series KPreferred
7 Series RPreferred
9
11 Senior $lbn @ 4.0% due 1-15-09 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
12 Senior $600mm @ 4.2% due 1-15-10 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
13 Senior $250mm @ 3mL+0.30% due 1-15-10 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
14 Sub $500MM @8.25% due 4-1-10 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
15 Senior $350MM@3mL+0.30% due 3-22-12 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
16 Senior $400MM@5% due 3-22-12 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
17 Senior $500MM@3mL+.40% due 9-17-12 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
18 Sub $500MM @4.625% due 4-1-14 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
19 Senior $750MM@5.25% due 9-15-17 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
20 Senior $500MM@7.25% due 11-01-17 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
21 Pref$150MM @ 8.36% due 12-1-26 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
23
24 Subtotal, Net Dividends 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
28 Net Tax Payments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
31 Tax Receipts 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
32 Tax Payments 0
33 Intercompany Settlements 0
34 All Other
35 Subtotal 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
39 Subtotal 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
40
43 Ending Co2 Cash 4,541,730 4,541,730 4,541,730 4,541,730 4,541,730 4,541,730 4,541,730 4,541,730 4,541,730 4,541,730 4,541,730 4,541,730 4,541,730 4,541,730 4,541,730 4,541,730
44
45 CP Outstanding 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
46
47
48
49
50
51
52
53
54
55
l"-
e")
0)
~
o
o
o
o
I
~
~
~
C
o
C
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.
C
o
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Uo
ID:;::;
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CE
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0-0
LLi+=
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-00
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.S:2 ~
s...._
+-'.,C
enOl
ID.-
0:: I
A B C D E F
1 ll/1/2008 ll/2/2008 ll/3/2008 ll/4/2008 ll/5/2008
2 Sat Sun Mon Tue Wed
3 Common Dividends
4 WMB 0 0 0 0 0
.4-
~
Series K Preferred
-I.-
Series R Preferred
9
11 Senior $lbn@4.0%due 1-15-09 0 0 0 0 0
12 Senior $600mm@4.2%duel-15-10 0 0 0 0 0
14 Sub $500MM@8.25%due4-1-10 0 0 0 0 0
15 Senior $350MM@3mL+0.30%due3-22-12 0 0 0 0 0
16 Senior $400MM@5% due 3-22-12 0 0 0 0 0
17 Senior $500MM@3mL+.40% due 9-17-12 0 0 0 0 0
18 Sub $500MM @4.625% due 4-1-14 0 0 0 0 0
19 Senior $750MM@5.25%due9-15-17 0 0 0 0 0
20 Senior $500MM@7.25% due 11-01-17 0 0 0 0 0
21 Pref$150MM@8.36%dueI2-1-26 0 0 0 0 0
23
32 Tax Payments 0
34 All 01l1er
35 Subtotal 0 0 0 0 0
39 Subtotal 0 0 0 0 0
40
43 Ending Co2 Cash 4,541,730 4,541,730 4,541,730 4,541,730 4,541,730
44
46
47
48
49
50
51
52
53
54
55
G H I J K L
ll/6/2008 11/7/2008 ll/8/2008 ll/9/2008 ll/10/2008 11/ll/2008
TIm Fri Sat Sun Mon Tue
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
4.541.730 4.541.730 4.541.730 4.541.730 4.541.730 4.541.730
0 0 0 0 0 0
4,541,730 4,541,730 4,541,730 4,541,730 4,541,730 4,541,730
0 0 0 0 0 0
M N 0
ll/12/2008 11/13/2008 ll/14/2008
Wed Thu Fri
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
4.541.730 4.541.730 4.541.730
0 0 0
4,541,730 4,541,730 4,541,730
0 0 0
P
11/15/2008
Sat
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
4.541.730
0
4,541,730
0
Q
ll/16/2008
Sun
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
4.541.730
0
4,541,730
0
I'--
('I')
(J)
...-
o
o
o
o
~
~
I
Return
1 11/17/2008 11/18/2008 11/19/2008 11/20/2008 11/21/2008 11/22/2008 11/23/2008 11/24/2008 11/25/2008 11/26/2008 11/27/2008 11/28/2008 11/29/2008 11/30/2008 Nov 08 Total
2 Mon Tue Wed Thu Fri Sat Sun Mon Tue Wed Thu Fri Sat Sun
3 Common Dividends
4 WMB 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
9
11 Senior $lbn @ 4.0% due 1-15-09 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
12 Senior $600mm @ 4.2% due 1-15-10 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
13 Senior $250mm @ 3mL+0.30% due 1-15-10 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
14 Sub $500MM @8.25% due 4-1-10 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
15 Senior $350MM@3mL+0.30% due 3-22-12 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
16 Senior $400MM@5% due 3-22-12 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
17 Senior $500MM@3mL+.40% due 9-17-12 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
18 Sub $500MM @4.625% due 4-1-14 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
19 Senior $750MM@5.25% due 9-15-17 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
20 Senior $500MM@7.25% due 11-01-17 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
21 Pref$150MM @ 8.36% due 12-1-26 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
23
24 Subtotal, Net Dividends 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
28 Net Tax Payments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
31 Tax Receipts 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
32 Tax Payments 0
34 All Other 0
35 Subtotal 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
39 Subtotal 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
40
41 Beginning Co2 Cash 4,541,730 4,541,730 4,541,730 4,541,730 4,541,730 4,541,730 4,541,730 4,541,730 4,541,730 4,541,730 4,541,730 4,541,730 4,541,730 4,541,730 4,541,730
42 Net Increase/(Decrease) in Cash 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
43 Ending Co2 Cash 4,541,730 4,541,730 4,541,730 4,541,730 4,541,730 4,541,730 4,541,730 4,541,730 4,541,730 4,541,730 4,541,730 4,541,730 4,541,730 4,541,730 4,541,730
44
45 CP Outstanding 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
46
47
48
49
50
51
52
53
54
55
00
C")
0)
~
o
o
o
o
I
~
~
~
C
o
C
o
:;::;
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E
s....
i+=
C
o
U
C
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.,C
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.
C
o
:;::;C
Uo
ID:;::;
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CE
Os....
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0-0
LLi+=
C
-00
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s...._
+-'.,C
enOl
ID.-
0:: I
A R S T U
1 1lI17/2008 11/18/2008 1lI19/2008 11/20/2008
2 MOD Tue Wed Thu
3 Common Dividends
4 WMB 0 0 0 0
.4-
WMI Common Stockholders 0 0 0 0
~
Series K Preferred
-I.-
8 Series S & T Dividends 0 0 0 0
9
11 Senior $lbn@4.0%due 1-15-09 0 0 0 0
12 Senior $600mm@4.2%duel-15-10 0 0 0 0
13 Senior $250mm@3mL+O.30%duel-15-10 0 0 0 0
14 Sub $500MM@8.25%due4-1-10 0 0 0 0
15 Senior $350MM@3mL+0.30%due3-22-12 0 0 0 0
16 Senior $400MM@5% due 3-22-12 0 0 0 0
17 Senior $500MM@3mL+.40% due 9-17-12 0 0 0 0
18 Sub $500MM @4.625% due 4-1-14 0 0 0 0
19 Senior $750MM@5.25%due9-15-17 0 0 0 0
20 Senior $500MM@7.25% due 11-01-17 0 0 0 0
21 Pref$150MM@8.36%dueI2-1-26 0 0 0 0
22 Trust PIERS $J.l50MM@5.375%due5-1-41 0 0 0 0
23
24 Subtotal, Net Dividends 0 0 0 0
26 Other holding company cash flow 0 0 0 0
27 Master Notes with Co. 467 0 0 0 0
28 Net Tax Payments 0 0 0 0
29 Loans to bank subsidiaries 0 0 0 0
30 Intercompany Settlements 0 0 0 0
31 Tax Receipts 0 0 0 0
32 Tax Payments
33 Intercompany Settlements
34 All 01l1er
35 Subtotal 0 0 0 0
37 Commercial Paper Issued (Matured) 0 0 0 0
39 Subtotal 0 0 0 0
40
41 Beginning Co2 Cash 4.541.730 4.541.730 4.541.730 4.541.730
42 Net Increasel(Decrease) in Cash 0 0 0 0
43 Ending Co2 Cash 4,541,730 4,541,730 4,541,730 4,541,730
44
45 CP Outstanding 0 0 0 0
46
47
48
49
50
51
52
53
54
55
V W X Y Z AA
1lI21/2008 11/22/2008 1lI23/2008 11/24/2008 1lI25/2008 11/26/2008
Fri Sat Sun MOD Tue Wed
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
4.541.730 4.541.730 4.541.730 4.541.730 4.541.730 4.541.730
0 0 0 0 0 0
4,541,730 4,541,730 4,541,730 4,541,730 4,541,730 4,541,730
0 0 0 0 0 0
AB AC AD
1lI27/2008 11/28/2008 1lI29/2008
Thu Fri Sat
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
4.541.730 4.541.730 4.541.730
0 0 0
4,541,730 4,541,730 4,541,730
0 0 0
AE
11/30/2008
Sun
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
4.541.730
0
4,541,730
0
AF
Nov 08 Total
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
4.541.730
0
4,541,730
0
00
('I')
(J)
...-
o
o
o
o
~
~
I
Return
1 12/1/2008 12/2/2008 12/3/2008 12/4/2008 12/5/2008 12/6/2008 12/7/2008 12/8/2008 12/9/2008 12/10/2008 12/11/2008 12/12/2008 12/13/2008 12/14/2008 12/15/2008 12/16/2008
2 Mon Tue Wed Thu Fri Sat Sun Mon Tue Wed Thu Fri Sat Sun Mon Tue
3 Common Dividends
4 WMB 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
6 Series KPreferred
7 Series RPreferred
9
11 Senior $lbn @ 4.0% due 1-15-09 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
12 Senior $600mm @ 4.2% due 1-15-10 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
13 Senior $250mm @ 3mL+0.30% due 1-15-10 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
14 Sub $500MM @8.25% due 4-1-10 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
15 Senior $350MM@3mL+0.30% due 3-22-12 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
16 Senior $400MM@5% due 3-22-12 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
17 Senior $500MM@3mL+.40% due 9-17-12 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
18 Sub $500MM @4.625% due 4-1-14 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
19 Senior $750MM@5.25% due 9-15-17 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
20 Senior $500MM@7.25% due 11-01-17 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
21 Pref$150MM @ 8.36% due 12-1-26 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
23
28 Net Tax Payments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
31 Tax Receipts 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
32 Tax Payments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
34 All Other 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
35 Subtotal 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
38 Stock Buyback/Debt Repurchase 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
39 Subtotal 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
40
43 Ending Co2 Cash 4,541,730 4,541,730 4,541,730 4,541,730 4,541,730 4,541,730 4,541,730 4,541,730 4,541,730 4,541,730 4,541,730 4,541,730 4,541,730 4,541,730 4,541,730 4,541,730
44
45 CP Outstanding 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
46
47
48
49
50
51
52
53
54
55
0)
C")
0)
~
o
o
o
o
I
~
~
~
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o
C
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i+=
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CE
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U ~
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IDeo
en.-
::::>C
s....ID
0-0
LLi+=
C
-00
2u
.S:2 ~
s...._
+-'.,C
enOl
ID.-
0:: I
A B C D E F
1 12/1/2008 12/2/2008 12/3/2008 12/4/2008 12/5/2008
2 Mon Tue Wed TIm Fri
3 Common Dividends
4 WMB 0 0 0 0 0
.4-
~
Series K Preferred
-I.-
Series R Preferred
9
11 Senior $lbn@4.0%due 1-15-09 0 0 0 0 0
12 Senior $600mm@4.2%duel-15-10 0 0 0 0 0
14 Sub $500MM@8.25%due4-1-10 0 0 0 0 0
15 Senior $350MM@3mL+0.30%due3-22-12 0 0 0 0 0
16 Senior $400MM@5% due 3-22-12 0 0 0 0 0
17 Senior $500MM@3mL+.40% due 9-17-12 0 0 0 0 0
18 Sub $500MM @4.625% due 4-1-14 0 0 0 0 0
19 Senior $750MM@5.25%due9-15-17 0 0 0 0 0
20 Senior $500MM@7.25% due 11-01-17 0 0 0 0 0
21 Pref$150MM@8.36%dueI2-1-26 0 0 0 0 0
23
34 All 01l1er 0 0 0 0 0
35 Subtotal 0 0 0 0 0
39 Subtotal 0 0 0 0 0
40
43 Ending Co2 Cash 4,541,730 4,541,730 4,541,730 4,541,730 4,541,730
44
46
47
48
49
50
51
52
53
54
55
G H I J K L
12/6/2008 12/7/2008 12/8/2008 12/9/2008 12/10/2008 12/1112008
Sat Sun Mon Tue Wed Thu
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
4.541.730 4.541.730 4.541.730 4.541.730 4.541.730 4.541.730
0 0 0 0 0 0
4,541,730 4,541,730 4,541,730 4,541,730 4,541,730 4,541,730
0 0 0 0 0 0
M N 0
12/12/2008 12/13/2008 12/14/2008
Fri Sat Sun
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
4.541.730 4.541.730 4.541.730
0 0 0
4,541,730 4,541,730 4,541,730
0 0 0
P
12/15/2008
Mon
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
4.541.730
0
4,541,730
0
Q
12/16/2008
Tue
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
4.541.730
0
4,541,730
0
(J)
('I')
(J)
...-
o
o
o
o
~
~
I
Return
1 12/17/2008 12/18/2008 12/19/2008 12/20/2008 12/21/2008 12/22/2008 12/23/2008 12/24/2008 12/25/2008 12/26/2008 12/27/2008 12/28/2008 12/29/2008 12/30/2008 12/31/2008 Dec 08 Total
2 Wed Thu Fri Sat Sun Mon Tue Wed Thu Fri Sat Sun Mon Tue Wed
3 Common Dividends
4 WMB 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
6 Series KPreferred 0 0
7 Series RPreferred 0 0 0 0 0 0 0 0 0 0 0 0 0
9
11 Senior $lbn @ 4.0% due 1-15-09 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
12 Senior $600mm @ 4.2% due 1-15-10 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
13 Senior $250mm @ 3mL+0.30% due 1-15-10 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
14 Sub $500MM @8.25% due 4-1-10 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
15 Senior $350MM@3mL+0.30% due 3-22-12 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
16 Senior $400MM@5% due 3-22-12 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
17 Senior $500MM@3mL+.40% due 9-17-12 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
18 Sub $500MM @4.625% due 4-1-14 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
19 Senior $750MM@5.25% due 9-15-17 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
20 Senior $500MM@7.25% due 11-01-17 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
21 Pref$150MM @ 8.36% due 12-1-26 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
23
28 Net Tax Payments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
31 Tax Receipts 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
32 Tax Payments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
34 All Other 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
35 Subtotal 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
38 Stock Buyback/Debt Repurchase 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
39 Subtotal 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
40
43 Ending Co2 Cash 4,541,730 4,541,730 4,541,730 4,541,730 4,541,730 4,541,730 4,541,730 4,541,730 4,541,730 4,541,730 4,541,730 4,541,730 4,541,730 4,541,730 4,541,730 4,541,730
44
45 CP Outstanding 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
46
47
48
49
50
51
52
53
54
55
o
~
0)
~
o
o
o
o
I
~
~
~
C
o
C
o
:;::;
eo
E
s....
i+=
C
o
U
C
eo
a..
.,C
+-'
.
C
o
:;::;C
Uo
ID:;::;
Ceo
CE
Os....
U ~
~ C
IDeo
en.-
::::>C
s....ID
0-0
LLi+=
C
-00
2u
.S:2 ~
s...._
+-'.,C
enOl
ID.-
0:: I
A R S T U V
1 12/17/2008 12/18/2008 12/19/2008 12/20/2008 12/21/2008
2 Wed Thu Fri Sat Sun
3 Common Dividends
4 WMB 0 0 0 0 0
.4-
~
Series K Preferred
-I.-
9
11 Senior $lbn@4.0%due 1-15-09 0 0 0 0 0
12 Senior $600mm@4.2%duel-15-10 0 0 0 0 0
14 Sub $500MM@8.25%due4-1-10 0 0 0 0 0
15 Senior $350MM@3mL+0.30%due3-22-12 0 0 0 0 0
16 Senior $400MM@5% due 3-22-12 0 0 0 0 0
17 Senior $500MM@3mL+.40% due 9-17-12 0 0 0 0 0
18 Sub $500MM @4.625% due 4-1-14 0 0 0 0 0
19 Senior $750MM@5.25%due9-15-17 0 0 0 0 0
20 Senior $500MM@7.25% due 11-01-17 0 0 0 0 0
21 Pref$150MM@8.36%dueI2-1-26 0 0 0 0 0
23
34 All 01l1er 0 0 0 0 0
35 Subtotal 0 0 0 0 0
39 Subtotal 0 0 0 0 0
40
43 Ending Co2 Cash 4,541,730 4,541,730 4,541,730 4,541,730 4,541,730
44
46
47
48
49
50
51
52
53
54
55
W X Y Z AA AB
12/22/2008 12/23/2008 12/24/2008 12/25/2008 12/26/2008 12/27/2008
Mon Tue Wed Thu Fri Sat
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
4.541.730 4.541.730 4.541.730 4.541.730 4.541.730 4.541.730
0 0 0 0 0 0
4,541,730 4,541,730 4,541,730 4,541,730 4,541,730 4,541,730
0 0 0 0 0 0
AC AD AE
12/28/2008 12/29/2008 12/30/2008
Sun Mon Tue
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
4.541.730 4.541.730 4.541.730
0 0 0
4,541,730 4,541,730 4,541,730
0 0 0
AF
12/31/2008
Wed
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
4.541.730
0
4,541,730
0
AG
Dec 08 Total
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
4.541.730
0
4,541,730
0
o
""It
(J)
...-
o
o
o
o
~
~
I
Return
t!jWaMu
P.O. BOX 2395
CHATSWORTH, CA 91313-2395
This Statement Covers
From: 10101/08
Through: 10/31/08
WAs-iINGTON MUTUAL INC
ATIN: TREASURY' ACCTGlLULU STJOHN
13012ND AVE#WMC1411
SEAmEWA 98101-2005
Need assistance?
To reach us anylime
call 1-800-788-7000
or vlsll us al wamu.com
Washington Mutual Internal Checking Detail Information
WASHINGTON MUTUAL INC Account Number: 1791650667
'!Vashrngton Mutual Bank, FA
I
Account SummarY
0.00
+2,277,938.51
0.00
0.00
0.00
0.00
$264,068,186.05
$266,346,124.56
Bllglnnlng BalanclI
Ending Balance
Deposits
Bectronlc & Mise. Deposits
card Purchases/ATM Withdrawals
Bedronlc & Mise. Wilhdrawals
ChecksPafd
.service Fees
)
)
Datil Amount
Electronic & Miscellaneous Deposits
DescrIption Card
Numbllr
10/02
10106
10/08
10/10
10115
10/15
10/28
7 Items
2,114.58 WIRETRANSFERDEPOSIT
1.529,366.86 WIRE TRANSFER DEPOSIT
158,165.00 WIRE TRANSFERDEPOSIT
3,375.34 WIRE TRANSFER DEPOSIT
101.42 WIRETRANSFERDEPOSIT
576,481.98 WIRE TRANSfER DEPOSIT
8,333.33 BOOK TRANSfER CREDIT
S2.2n.93B.51
I Account Activity Summary I

Checks Deposited 0 Cash Deposited $0.00
Number of Deposits 7 Cash Purchased $0.00
Checks/Debits 0
Your Overdrart L1mil as of the statemenl end dale: $1,000.00
Please note that this may be changed at any time without notice. ('.Iiew back of statement for more information.)
Page 1 of 1
)
)
1782
a EM-S-B3
NNGR 001 01 31 103 lOB PAGE 1 af 1
Deposits are FDIC Insured
CllLR1321l 1321 3200 0110101782
@
....-

Highly Confidential - Attorneys Eyes Only Restricted to EC
WGM 00008399
)
)
)
)
WaMu
1182
P.O. BOX 2395
CHATSWORm, CA 913132395
WASHINGTON MUTUAL INC
From: 10101/08
10/31/08
A TIN: TREASURY ACCTGlLULU ST JO HN or 1IIs1! us at wamu.oom
13012ND AVE#WMC1411
SEAmEWA 96101-2005
WashIngton Mutual Bank, FA
Bectronlc & Mise.
card PurchaseslATM Withdrawals
8edronlc & Mise. Wilhdravllals
Checks PaId
+2,277,938.51
0.00
0.00
0.00
Dato
10/02
10106
10/08
10/10
10/15
10/15
10/28
711ems
2,114.58 WIRETRANSFERDEPOSn
1,529,366.86 WIRE TRANSFER DEPOSIT
101.42 WIRf:TRANSFERDEPOSIT
576.481.98 WIRE TRANSFER DEPOSIT
8,333.33 BOOK TRANSFER CRf:DIT
$2,277.938.51
Number of nn __ " ~
Checks/Debits
Your Overdraflllmi! as of the s1alemenl end dale: $1,000.00
Cash F\lrchased
Rease note that Ihlsmay be changed at any limB without notice, (View back of slalement for more information.)
o EM-SB3 Page 1 of 1 Deposils are FDIC Insured
IINGR 001 01 31 lOllOB PAGE 1 or 1 CllLRIl211 1321 31M 0' ...... 1182
Card
Number
$0.00
Return
t!JWaMu
P.O. BOX 2395
CHATSWORTH, CA 913132395
ATTN: ACCTG/LULU Sf JOHN
1301 2ND AVE # WMC1411
SEAmEWA 98101-2005
From: 10/01/08
Through: 10/31/08
Need Bs:istanca?
To reach us anytime
can 1-8007887000
or visit us at wamu.com
Mutual Bank, FA
J
BeginnIng Balance
Deposits
Electronic & Mise. Deposits
Card PurchaseslArM Withdrawals
Electronic & Misc. Withdrawals
ChecksPatd
Service Fees
Ending Balance
Account Summa
$264,068.186.05
0.00
+2,2n,938.51
0.00
0.00
0.00
0.00
$266,346,124.56
Date Amount Description Card
Number
10/02
10/06
10/08
10/10
10/15
10/15
10128
7 Items
2,114.58 WlRETRA.NSFERDEPOSlT
1,529,366.86 WIRE mANSFERDEPOSlT
158,165.00 WIRE mANSFERDEPOSlT
3,375,34 WIRE TRANSFERDEPOSIT
101.42 WIRE TRANSFERDEPOSIT
8,333.33 BOOK TRANSFER CREDIT
$2,2n.938.51
J
[-:-__-:::--;-:---;--;-;:::-:-
Average Collected Balance $265,795,039.09 Minimum Daily Ending Balance $264,068,186,05
Number or Deposits 7 Cash f\Jrchased $0.00
Checks/Debits 0
Your Overdraft Limit as or the statement end date: $1.000.00
Please note that may be c;hanged at any lime without notiC6. (View baGK of :;la/ement fOf mOnt informtilion.)
oEM&-S3 Page 1 of 1 Deposits are FDIC Insured
1782 001 07 31 103108 PAGE 1 of 1 COLR1J2B 7321 3200 01AA7782
WGM 00008400
)
WaMu
P.O. BOX 2395
CHATS\IVOFmi, CA 913132395
WASHINGTON MUTIJAL INC
AnN: TREASURY ACCTG/LULU sr JOHN
13012NOAVE#WMC1411
SEA TILE WA 98101-2005
washington Mutual Bank, FA
Electronic & Mise.. Deposits +2,2n.938.51
0.00
0.00
0.00
0.00
Card PurchaseslATM Withdrawals
Checks Paid
Service Fees
Ending Balance
10/02
10/06
1010B
10/10
10/15
10/15
10128
7 Items
$266,346,124.56
2,114.58 WIRETRANSFERDEPOSlT
1,529,366.86 WIRE mAN SFER DEPOSIT
158,165.00 WIRE mAN SFER DEPOSIT
101.42 WIRE TRANSFER DEPOSIT
576,481.98 WlRETRANSFERDEPOSIT
8,333.33 BOOK TRANSFER CREDIT
$2,2n.938.51
Checks Deposited
Number of Deposits
Checks! Deb it s
o
7
o
Your Overdraft limit as or the statement end dale: 51.000.00
Cash Deposited
Cash Purchased
Please note that ! h j ~ may be [;/Janged al any time without no1iG6. (\lien' ba;:;k of liIatement fOf mont infOfmiJIion.)
From: 10/01108
10/31/08
or visit us at wamu.com
tion
$0.00
$0.00
o EMS-83 Page 1 of 1 Deposits are FDIC Insured
1782 001 01 31 103108 PACE 1 of 1 COlR1l2B 1321 3200 01 ..... 1782
Return

-;
P.O. BOX 2395
CHATSNORTH, CA 913132395
ATTN: ACCTGlLULU STJOHN
1301 2ND AVE 1# WMC1411
SEATTtEWA 981012005
From: 09/01/08
Through: 09/30/0B
Need assistance?
To reach us enytlme
call 1-8007881000
or vlsi us at Wilmu.com
Please see the end of statement message regarding Important Information about changes 10 your deposit accounts and
servless.
WASHINGTON MUTUAL INC Account Number: 179-165066-7
Washington Mutual Bank, FA
Beginning Balance
Deposits
Bectronlc & MIsc. Deposils
Card Purchases/ATM Withdrawals
Bectronic & Misc. Wilhdrawals
Checks Paid
Service Fees
EndIng Balance
Account Summary
$4,541,729,651.01
0.00
+615,444,052.72
0.00
-4,893,105,517.68
0.00
0.00
$264,088,186.05
I
Number
.J
09/02
09/02
09/03
09/03
09104
09/05
09/09
09/10
09/12
09112
09/15
09/18
09/18
09/18
09/19
aEM-S-S3
1,080.61 WIRE TRA.NSFERDEPOSIT
11,024.44 WIRETRA.NSFERDEPOSlT
7,004.31 WIRE TRA.NSFERDEPOSIT
2,423.75 WIRE TRA.NSFER DEPOSIT
3,B10,000.00 WIRE TRA.NSFERDEPOSIT
5,125,000.00 WIRE TRA.NSFERDEPOSIT
103.89 WIRE TRA.NSFERDEPOSIT
5,266,361.00 WIRE TRANSFERDEPOSIT
1,775,712.04 MfSCELLANEOUSCREDIT
10,000,000.00 WIRETRANSFERDEPOSIT
Page 1 or 3 Deposils are FDIC Insured
@
.... -....
Lf;HDA
778Z 001 01 30 093008 PACE 1 0 f 3 COLR1328 7321 3200 01AA71BZ
WGM 00008401
P.O. BOX 2395
CHATSWORTH, CA 913132395
ATTN: 5T JOHN
1301 2ND AVE 1# WMC1411
s::ATIlEWA 981012005
From: 09/01/08
09/30/0B
Need assistance?
To roach us anytime
call 1-8007887000
or vlsl us al _mu.com
9 regarding Important Information about I'ho,nn'"''10 your deposit accounts and
utual In
WASHINGTON MUTUAL INC Account Number: 179-165066-7
Washington Mutual Bank. FA
Bectronic & Misc. Deposits +615,444,052.72
0.00
-4,893.105,517.68
0.00
Card Purchases/ATM Withdrawals
Bectronic & Misc. Withdrawals
Checks Paid
09/02
09/03
09/03
09/04
09105
09/09
09/10
09/12
09112
09/15
09/18
09118
09/18
09/19
11,024.44 WIRETRANSFERDEPOSIT
103.89 WIRE TRAN SFER DEPOSIT
167,386.65 WIRE TRANSFER DEPOS1T
5,266,361.00 WIRE TRANSFER DEPOS1T
1,775,712.04 MISCELLANEOUSCREDIT
48.177.68 WIRE TRANSFER DEPOSIT
n
o EM-5-B3 Page 1 of 3 Deposils are FDIC Insured
001 07 30 093009 PACE 1 or 1 3200 01AA71B2
Number
Return
Account Nurn be r: 1791650667
From: 09/01108
Through: 09/30/08
Amount Description
ElectronIc & Miscellaneous Withdrawals
177,000,000.00 BOOK TRANSFERCREDIT
145,000,000.00 BOOK TRANSFER CREDIT
.145,160.97 WIRE TRANSFERDEPOSIT
99,999,999.00 S1R2 TREAS220 MISC PAY9116537252009292
99,999,999.00 S1R2 TREAS 220 MISC PAY911653725200929 2
34,526,526.00 51 R2 TREAS220 MISC PAY 911653725200929 2
$515,444,052.72
3,810,000.00 BOOK TRANSFER DEBIT
3,002.57 MISCelLANEOUSDEBIT
70,000.00 IRS USA.TAXPYMT 220865300699212
614,326.45 MISCELLANEOU$DEBIT
58,652.00 MIOCBlANEOUSDEBIT
112,923.51 MISCElLANEOUSDEBIT
167,386.65 BOOK TRANSFERDEBIT
59,416,600.00 DOMESnC OUTGOING WIRE
5,055,600.00 DOMESTIC OUTGOING WIRE
238,489,257.00 BOOK TRANSFERDEBIT
27,318,823.00 BOOKTPANSFERDEBIT
17,205,753.61 MISCElLANEOOs DEBIT
398.65 BOOK TRANSFERDEBIT
5.000.00 BOOK TRANSFERDEBIT
270,104.885.03 DOMESTIC OUTGOING WIRE
999.999.999.00 MISCELlANEOUSDEBIT
999,999.999.00 MISCB..LANEOUS DEBIT
999,999,999.00 MISCEllANEOUSDEBIT
674,000,003.00 MISCEllANEOUSDEBIT
49,638.000.00 DOMEsne OUTGOING WIRE
145,160.97 BOOK TRANSFER DEBIT
37,500.00 BOOKTRANSFERDEBIT
60,000.00 DOMESTlC OUTGOING WIRE
1,681,646.07 MISC8.LANEOUSDEBIT
4,101,278.69 MISCELLANEOUS DEBIT
2,197.56 WA ST D.O.R EX DTC 0000021262
$4,893.105.517.68
Card
Number
Description Amount Dale
09/19
09/19
09122
09/23
09/23
09/24
09/30
09/30
09/30
24 Items
Data
09/05
09/05
09/09
09/09
09/10
09/11
09(11
)
09/11
09/11
09/15
09115
09/15
09/15
09115
09117
09/18
09/18
09/18
09/19
09/19
09119
09/19
09119
09/19
09/22
09/22
09/22
09123
09/23
09/23
09/24
09/25
09/25
09/26
34ltems
)
Page2of3
@
Deposits are FDIC Insured tThDEii
1782 NkGA 001 07 30 093008 P...GE 2 0 f 3 COlR1J28 1321 3200 01......1182
WGM 00008402
WaMu
17112
Dalo
09/19
09/22
09/23
09/23
09/24
09/30
09/30
09/30
24/tems
Date
09/05
09/05
09/09
09/09
09/10
09/11
09/11
09/11
09/11
09/15
09/15
09/15
09/15
09/15
09/17
09/18
09/18
09118
09/19
09/19
09119
09/19
09119
09/19
09122
09/22
09122
09123
09/23
09123
09/24
09/25
09/25
09/26
34 Items
BOO K TRAN SFER CREDIT
.145,160.97 WIRE TRANSfER DEPOSIT
5,500.00 WIRE TRANSfER DEPOSIT
8,849,902.00 WIRE TRANSfER: DEPOSIT
99,999,999.00 S1R2 TREAS 220 M ISC:: PAY 9116537252009292
99.999,999.00 SlR2 TREAS 220 M ISC:: PAY 911653725200929 2
34,526,526.00 51 R2 TREAS 220 M ISC PAY 911653725200929 2
SIl1 5,444,052. 72
5,125,000.00 BOOK TRAN SFER DEBIT
3,002.57 MISCELLANEOUS DEBIT
70,000.00 IRS USA TAXPYIIII T 220865300699212
58,652.00 MISCEllANEOUSDEBIT
19,168,BOO.00 DOMESTIC OUTGOING WIRE
238,489,257.00 BOOK
27,318,823.00
3.669,654.36 DOMESTIC OUTGOING WIRE
797,072.50 BOOK TRAN SFER DEBIT
17,205,753.61 MISCB..LAN EO Os DEBIT
398.65 BOOK TRAN SFER DEBIT
999,999,999.00 MISCB..l.ANEOUSDEBIT
999,999,999.00 M ISCElLAN EOUS DEBIT
999,999,999.00 MISCELlANEOUSDEBIT
674.000,003.00 M ISICELLAN EO US DEBIT
2.848,399.06 DOMESTIC OUTGOING WIRE
49,638,000.00 DOMEsnC OUTGOING WIRE
37,500.00 BOOKTRANSFERDEBIT
60,000.00 DOMEsnC OUTGOING WIRE
1,681,646.07 MISICELLANEOUSDEBIT
<4.101 ,218.69 M I SCELLAN EO US DEBIT
2,197.56 WA ST D.O.R EX DTC 0000021262
$4,893,105,517.68
Page2of3
Account N urn be r: 179-165066-7
From: 09/01108
Through: 09/30/08
Number
are FDIC Insured
001 01 30 O9J008 PAGE 2 "f J COUI1J28 7321 3200 0111111182
Return
[!jWaMu
J
Account Number: 179-165066-7
From: 09/01/08
Through: 09/30/0B
__ r=y---;::-=-;::=-:-;:=........ .......=;_::;;......._:;;;_'I
Average Collected Balance $2,551.511,238.78 Minimum Dally Ending Balance $4,221,989.49
Number of Deposits 24 Cash Purchased $0.00
Clecks/Debits 0
Your Overdraft Umlt as of the statement end date: $1,000.00
Please note that this may be changed Bt eny time wilhout notice. CtIlow back o( statement for moro informalfon.)
Notice of Change In Terms
Bfecllve October 1, 2008, the address for deposits (other than deposit contributions to a R:!tlrement or CoverdeJl Education
Savings Account) and payments for any Business Overdraft Una of Credit sent by maills P.O. Box 659588, san Antonio, 1)(
78265-9588. Use of any other address can resullin loss or delayed processing.
J
)
Page 3 of 3 Deposits are FDIC Insured

LEHlIER
1182 NUGR 001 01 30 093008 PAGE 3 of 3 COLR732B 7321 3200 01AA1782
WGM 00008403
)
WaMu
H82
Balance
Checks
Number of Deposits
Checks/Debits
Account Number: 179165066-7
From: 09/01/08
09/30/0B
$4,221,989.49
$0.00
$0.00
Your Overdraft Umllll5 of the stalement end dale: $1,000.00
Please note that this may be changed at ony time without notice. !VIew back of statement for more information.)
Notice of Change In Terms
8fective October 1, 2008, tho address for than contributions to a retirement or Coverdell Education
Savings Account) and any Business Una of Credit sent maills P.O. Box 659588, San Antonio, 1)(
78265-9588. Use of any other address can resull in loss or delayed processing.
NIICIII 001 01 30 0930011 OOLR7326 7321 3200 01AA118Z
Return
P.O. BOX 2395
CHAThWORTli. CA 91313-2395
WASHINGTON MUTIJAllNC
AnN: TREASURYACCTGlLULU ST JOHN
13012NDAVE#WMC1411
SEATILEWA 981012005
From: 08101/08
Through: 08/31/08
Need assistance?
To reach us anytime
call 1-800-788-7000
or yfsit us at wamu.oom
WASHINGTON MUTUAL INC Account Number: 179165066-7
29,613.00 Cust amer Deposit
$29,613.00
.J
BegInning Balance
Deposits
Electronic &MIse. Deposits
Card Purchases'ATM Withdrawals
Bectronic & Misc. Withdrawals
Checks Paid
:5ervice Fees
Ending Balance
Amount
Account Summa
$3,941,291,473.69
+29,613.00
+707,687,666.24
0.00
-107,279,101.92
0.00
0.00
$4,541,729,651.01
Deposits
Dascrlptlon
Date Amount
Description Card
Number
08104 1,366.72 WIRE TRANSFERDEPOSIT
08/04 2,440.83 WIRE TRANSFERDEPOSIT
08104 13,424.52 WIRE TRANSFER DEPOSIT
08104 4,900.49 WIRETRANSFERDEPOSlT
08/04 100,000.00 WIRE TRANSFER DEPOSIT
08/05 100,000.00 WIRE TRANSFERDEPOSIT
08106 131.34 WIRE TRANSFERDEPOSIT
08/07 6,100,000.00 WIRE TRANSFER DEPOSIT
08/07 28,000.00 WIRETRANSFERDEPOSIT
08107 25,000.00 WIRE TRANSFERDEPOSIT
08107 5,755,000.00 WIRETRANSFERDEPOSlT
08/07 535,094.92 MISCELLANEOUSCREDIT
\
oEM-5-ro Page 1 of 3 Deposits are FDIC Insured
@
....-
LENDER
7762 NtfGR 001 01 J1 0113106 PAGE 1 of J COLR1J26 132 \ 3200 0 lAA7762
WGM 00008404
WaMu
P.O. BOX 2395
CHATSWORTH. CA 91313-2395
AnN: TREASURY ACCTGlLULU Sf JOHN
13012NDAVE#WMC1411
SEATTLE WA 981012005
utual Internal C
Electronic & MIse. Deposits
Card Purcl1aseslATM Withdrawals
Checks Paid
Ending Balance
1 Item $29,613.00
Amount
+707,687,666.24
0.00
-107,279,101.92
0.00
08/04 1,366.72 WIRE TRANSFER DEPOSIT
08104 2,440.63 WIRE TRAN SFER DEPOSIT
08104 13,424.52 WIRE TRANSFER DEPOSIT
08/04 4,900.49 WIRETRANSFERDEPOSlT
08/04 100,000,00 WIRE TRANSFER DEPOSIT
08105 100,000.00 WlRE TRAN SFER DEPOSIT
08106 131,34 WIRE TRANSFER DEPOSIT
08/07 6.100,000.00 WIRE TRANSFER DEPOSIT
08/07 28,000.00 WIRETRANSFERDEPOSIT
08107 25.000.00 WIRE TRANSFER DEPOSIT
08107 5.755,000.00 WIRETRANSFERDEPOSIT
08/07 535,094.92 MISCELLANEOUS CREDIT
\
From: 08101/08
Through: 08/31/08
Need assistance?
To reach us anytime
call1..aOO7887000
or visit us al wamu.com
ion
Number
o EM-S-B3 Page 1 of 3 Deposits are FDIC Insured
001 01 31 003108 PAGE 1 of 3 COlR1J1B 7321 3200 01AA71B2
Return
Account Nurn ber: 179-165066-7
From: 08/01/08
Through: 06131/06
Electronic & Miscellaneous DeposIts
Number
)
)
..'
08107
08108
08108
08108
08/08
08112
08112
08/12
08112
08113
08114
08114
08114
08114
08115
08115
08119
08119
08120
08121
08128
08129
08129
3511ems
Date
08101
08101
08101
08101
08/04
08106
08107
08107
08108
08111
08111
06111
08112
08112
08114
08114
08114
08/15
08115
08115
08118
08120
08121
08121
08125
08126
111.83 WIRE TRANSFER DEPOSIT
103.53 WIF; TRANSFERDEPOSIT
600,000,000.00 BOOK TPANSFERCI'EDIT
3,025,682.98 WIF; TRANSFERDEPOSIT
666,769.26 MISCBJ.ANEOUS CREDIT
5,100,973.68 MISCBJ.ANEOUS CREDIT
10,095,588.68 MISCEl.1J\NEOUS CREDIT
$707.687,666. 24
Electronic & Miscellaneous Withdrawals
Amount Description
5,757,332.43 PC INITIATED OUTGOING WIRE
200,000.00 PC INITIATED OUTGOING WIRE
140,000.00 PC INinATED OUTGOING WIRE
100,000.00 PC INI1lATED OUTGOING WIRE
3,151.05 MI&:H1ANEOUSDEBIT
1,805,099.83 MISCEl.1J\NEOUSDEBIT
200,000.00 PC INITtATED OUTGOINGWIRE
192.01 DOMESTIC OUTGOING WIRE .
1,690,000.00 PC INinATEO 0 UTGOINGWIRE
7,615,000.00 PC INITIAlED OUTGOING WIRE
1,431,922.60 MI9:ELLANEOUSDEBIT
2,573,609.62 MI9:ElLANEOUS DEBIT
58,652.00 MI9:ElLANEOUS DEBIT
13,521.90 DOMEsnC OUTGOING WIRE
3,025,682.98 BOOK TRANSFERDEBIT
4,194,820.96 MISCELLANEOUS DEBIT
@
....-
LNDER
7782 NNGR 001 01 31 083108 PAGE 2 or 3 COLR1328 1]21 3200 01"""1782
WGM 00008405
WaMu
1182
Date
07
08/08
08/08
08108
08/08
08/12
08/12
08/12
08112
08113
08114
08114
08114
08114
08115
08115
08119
08119
08120
08121
08128
08129
0B/29
3SI/ems
Date
08101
08101
08101
08101
08104
08106
08107
0B/07
08108
0BI11
0B/11
08111
08112
0B/12
08114
08114
08114
08115
08115
08/15
08118
08/20
08/21
08121
08125
08/26
NNGR
Amount
319,239.88
757,B03.27
4,404,600.00
398,661.53
600,000,000.00
53,120.03
3,025,682.98
666.769.26
138,284.21
5,100,973.66
10,095,588.68
$707,687,666. 24
Amount
15,453,125.00
5,757,332.43
200,000.00
90,000.00
140,000.00
100,000.00
3,151.05
1,805,099.83
200,000.00
110,000.00
192.01
32,230,408.90
1,690,000.00
7,615,000.00
1,431,922.60
2,573,609.62
58,652.00
16.893,325.59
13,521.90
757,803.27
397,500.00
53,120.03
3,025,682.98
4,194,820.96
9,938,225.00
2,518,582.82
DOMESTIC OUTGOING WIRE
PC INITIATED OUTGOING WIRE
PC INIllATED OUTGOING WIRE
MISCELLANEOUS DEBIT
MISCELLANEOUS DEBIT
INI11A lED OUTGOING WIRE
DOMESTIC OUTGOING WIRE .
BOOK TRANSFER DEBIT
PC INIllA TED OUTGOING WIRE
PC INITIAlED OUTGOING WIRE
MISCELLANEOUS DEBIT
MISCELLANEOUS DEBIT
MISCELLANEOUS DEBIT
DOMESllC OUTGOING WIRE
BOOK TRANSFER DEBIT
BOOK TRANSFER DEBIT
BOOK TR.A.NSFER DEBIT
BOOK TR.A.N SFER DEBIT
MISCELLANEOUS DEBIT
Page 2 of 3
Account N urn ber: 1791650667
From: 08101/08
06/31/06
Card
Numbar
Deposits are FDIC Insured LENDER
OCl1 111 31 083108 PAGE l or 3 COLR1l211 13Z 1 3100 IlllIA Hlll
Return

)
Electronic & Miscellaneous Withdrawals
Amount Description
28,025.93 WA ST D.OR EX DIC 0000021262
$107,279,101.92
Account Number: 179-1650667
From: 08101/08
Through: 08131108
)
--;:;;:-;:;::-:::-=:-7':;-:::-;:;-;:-J1
Average Collected Balance $4,190,036,n9.61 Minimum Daily Ending Balance $3,919,773,148.82
Number of Depos/ls 36 Cash Purchased $0.00
Checks/DebUs 0
Your Overdrafl Umll as of the statement end date: $1.000.00
Please note that this may be changed B/ My time without not/{;{i. (View back 0' statement 'or mora Information.)

LlENDER
7102 NNGR 001 07 31 083108 PAGE 3 or 3 COlR7J20 7321 3200 OIM7702
WGM 00008406
WaMu
1192
27 Items
Checks DCJ)osiited
Number of
ChecksfDebiis
$107,279,101.92
anoe
Account
,190,036,779.61
1
36
o
Your 01lefdrafl Umll as of the iSltalemenl end dale: S1.IlOO.OO
Cash Deposited
Cash Purchased
Account Numbor: 179-1650661
From: 08101/08
Through: 08131/08
Balance .919.773,148.82
$0.00
SO.OO
Please note thaI 'hi:; may bo changed at !lilly time without notice. (\IiIllW bllQt or statemlllnt fOf moto Information.)
IIINGR 001 111 31 0113108 PAGE 3 or J COI.R1Jla HZ1 3200 OIM 1182
Return
Highly Confidential Information
WGM_00038641
2123108881
IO'Ra than.pQ-jktl-@woU.cotn
nVEMAIL
WElL, GOTSHAL & MANGES LLP
767 FirtH AveNUE' NEW YOR/(. NY /01530119
(1 I 7) 31 o 8000
FAX, (111) 110B007
September 19. 2008
Stewart M. Landefeld, Esq.
Executive Vice President & Interim Chief Compliance Officer
Washington Mutual, Inc.
1301 Second Avenue, WMC330
Seattle, W A 98101
Dear Stewart:

This will confirm Weil, Gotshal & Manges LLP's ("WG&M's")
engagement to represent Washington Mutual, Inc. (the "Company,") in the matters
described below (the "Engagement").
Scone of the Engagement
The Engagement will consist of evaluation of strategic options and
possible restructuring of the Company.
Fees and Expenses
The Company will be charged for WG&M's professional services at the
firm's regular hourly rates then in effect for the attomeys or paralegals working on the
Engagement. Currently, WG&M's billing rates range between $155 (for paralegals) and
$950 per hour, depending upon the level of seniority and expertise of the particular
attorney or paralegal involved. We will notify you of changes in billing rates within a
reasonable period of time. If you desire, we wi]) send you a schedule of our hourly
billing rates.
All statements for services rendered will set forth the time expended ill
rendering WG&M's services, describe those services, and, if requested, will specify the
NY I :11 S195981D1\x%TQO II DOCW998/).U025
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rp.>4HT.TVJH
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MiAMt
MUNICU
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... IfAGUE
SHANGHAI
StUCON VAttEY

WAASAW
WASHINGTON, D.C.
Return
WGM_00038642
Stewal1 M. Landefeld, Esq.
September 19, 2008
Page 2
name of the individual who rendered the services during the particular period and that
person's hourly billing rate.
In addition, the Company will reimburse WG&M for all expenses incurred
in connection with the services rendered. We will itemize all categories of reimbursable
expenses as part of our statement. For your information, we are enclosing our fee and
disbursement policy. We also may forward to you, for direct payment by the Company,
certain invoices or charges ( ~ , expert fees, court reporter charges, corporate filing fees,
etc.) received by us from third parties acting for the Company's benefit. The Company
shall be respollSible for making these direct payments in a timely mamlcr.
To the extent feasible, the Company will be billed monthly for services
rendered by us and expenses incurred by us. Please review our statements as soon as you
receive them and promptly raise any questions that the Company may have. If the
Company does not do so, we will assume that the Company accepts the statemellts as
presented. Upon receipt of each of our statements, the Company shall promptly remit the
amount due us.
Retainer
In order to assure the Company of WG&M's continued availability to
represent it, the Company will promptly remit to us an initial retainer of $350,000, to be
applied against WG&M's fees and as an advance against expenses ("Retainer").
If, at the end of the Engagement, the amount remaining in the Retainer
exceeds the outstanding balance of our fees and expenses, we will refund the unused
portion. To the extent WG&M's aggregate charges have reduced, or are about to
exhaust, the Retainer, at our request the Company will promptly remit an additional
Retainer in the amount set forth above, or as we may otherwise consider reasonably
necessary.
Conflicts Waiver
This firm is a general service law firm that the Company recognizes has
represented. now represents, and will represent numerous clients (that may include,
without limitation, the Company's or its affiliates' debtors, creditors, and direct
competitors) nationally and intemationalIy, over a wide range of industries and
businesses and in a wide variety of matters. The Company also specifically recognizes
that this firm may represent the Company's or its affiliates' adversaries, including the
adversary in the Engagement, in matters not substantially related either to the
Return
WGM_00038643
WElL, GOTSHAL& MANGES UP
Stewart M. Landefeld, Esq.
September 19,2008
Page 3
Engagement or to other legal services that WG&M has rendered, is rendering, or in the
future may render to the Company or any affiliate ("Allowed Adverse Representations").
As an example, when WG&M's financial restructuring and bankruptcy practice
represents an entity in financial distress, WG&M could be called upon to act adversely to
certain ofthat entity's numerous creditors, equity interestholders, or other parties in
interest that may also be the firm's clients in unrelated matters. Thus, without a binding
conflicts waiver, of interest might arise that could deprive the Company or other
clients of the right to select WG&M as their counsel.
Therefore, as an integral part of the Engagement, the Company agrees that
WG&M may, now or in the future, represent other clients in Allowed Adverse
Representations. This agreement allows WG&M, among other things, to serve as
counsel in litigation adversely to the Company or any affiliate on matters that are not
substantially related to (a) the legal services that WG&M has rendered, is rendering, or in
the future will render to the Company under the Engagement and (b) other legal services
that WG&M has rendered, is rendering, or in the future will render to the Company or
any affillate.
The Company also agrees that it will not, for itself or any other entity or
person, assert that either (a) WG&M's representation of the Company or any affiliate in
any past, present, or futW'e matter or (b) WG&M's actual, or possible, possession of
confidential information belonging to the Company or any affiliate is a basis to disqualify
WG&M from representing other clients in Allowed Adverse Representations. The
Company further agrees that Allowed Adverse Representations do not breach any duty
that WG&M owes to the Company or any affiliate.
This will also confirm that WG&M has not been asked to, and does not by
undertaking this Engagement agree to, (n) establish an attorney-client relationship with,
or (b) provide individual legal advice to, any entities affiliated with the Company, or their
or the Company's individual directors, officers, employees, or shareholders. WG&M
will establish an attomey-client relationship with, and provide legal advice to, these
entities or individuals only if WG&M is asked and specifically agrees to do so in writing.
WG&M may cease providing services to the Company and terminate this
Engagement as may be permitted by the applicable ethics rules or codes in effect at the
time of termination, or by order of a court or other tribunal. The Company may terminate
this Engagement at any time, but doing so, or termination by WG&M as provided in the
Return
WGM_00038644
WElL. GOTSHAL& MANGES UP
Stewart M. Landefeld. Esq.
September 19,2008
Page 4
preceding sentence, does not relieve the Company from any obligation arising during the
Engagement, including the obligation to pay our fees and disbursements and any Retainer
when due.
This agreement will continue in effect after WG&M's representation of
the Company has ceased. Once the Engagement has concluded, however, WG&M wiH
have no responsibility to inform the Company about changes in the law that affect advice
or opinions that WG&M has previously provided.
The laws of the State of New York alone (including all rules or codes of
ethics which apply to the providing of legal services), and without regard to its conflict of
law rules, shall govern this agreement and its interpretation. Any dispute relating to this
Engagement shall be decided exclusively by a state or federal court sitting in New York
County without a jury. Both we and the Company consent to the jurisdiction of these
courts and waive any right to a jury trial.
The Company acknowledges that WG&M is undertaking this Engagement
in reliance upon the Company entering into this agreement.
Finally, this agreement will also apply to all future matters in which
WG&M represents the Company for 12 months from the date of this agreement or for the
duration of this engagement, whichever is later, excepl that we will confirm in writing the
specific scope of our engagement for each future matter and the modification for that
matter, if any, to our retainer.
Please review this agreement. If the foregoing is in accord with your
understanding of our agreement with the Company, please execute the enclosed copy of
this letter, being sure to provide the Company's taxpayer identification number in the
space provided therefore, and return it to us with a check for any applicable Retainer. or
Return
WGM_00038645
Stewali M. Landefeld, Esq.
September 19,2008
Page 5
We are pleased to be of service in this matter, and we assure you of our
continuing desire to be of service in the future.
AGREED TO AND ACCEPTED
-!
/.,) .', '''-.,
U han D. Polkes---..........
this day of September, 2008
STEWART M. LANDEFELD
By:

Stewart M, Landefeld
-----------_._--
Return
WMMRIC
Item
WM Mortgage Reins
Beginning Balance 238,747,640
Taxable Income/(Loss)
Net Taxable Income/(Loss)
Tier-Up Adjustment
Ending Balance
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WGM_00038646 Return Return
DRAFT For Discussion Purposes Only
PRIVILEGED AND CONFI[)fIl\lTIAl- PREPARED AT THE REQUEST OF COUNSEl IN ANTICIPATION OF LiTIGATION
SU8JECT TO ATIOR.NYOJNT AND WORK PRODUCT PlRlVitEGES
E,timated Ta. Refund
Washington Mutual, Inc, Subsidiaries
Potential Tax Items
E,tlmated
Type ofTa:.: Type of (lalm T.axYear{s) Estimated Amount Setilemefit D2Ite Interest

NormailOO8 Los:> CarrybaCK loss urryback Net of Adjustments 1,811,164,002 10/7/2010 2S,D49,8S6
Due 10 Extended NOl C",rrybilck Federal loss carryback Net of Adjustments 2,713,328,755 10/7/2010 65,639,712
feoJ!'fal Net Refund EstImated Payment for 2009 1008 2],687,622 10/7/2010 548,850
2009 R.e-fund f .. der./l! Refund for 2009 1009 10,{)()(),OOO 10/30/2010
Tax Penalty" 2004 federal Abatement of PreVl0us!y Pald Periilfty 2004 9,927,843 10/7/1010 Vtlfi,599
2003 f .. 1Iure to Pay Penalty Ft'deral Reversal of Assessed PeMlty 2003 18,981.655 10/7/2010 4c 'l80,61B
Overp3vm<ent Federal Pot1!'ntHII R.efund Galm 2003 12,000,000 699,392
'1 1003 hx Refund (from Appeals Settlement) fedl!tral Refund Approved 2003 9/30/2010 24,911,708
12 2001-02 T ax (from Appuls Settlement) Federal Refund Approved 2001-2002 9/30/2010 97,490,841
Irweslme:nt BJlnker Fee-,; federal Deducted on Dime's Return 2001 3,026,907 3/31/2011 984,505
BllIndHt'lg fhght5 - SUPd!fVt:>ory GOOdW1H Refvnrl Claim
Qb!!g;fttOn redl!'ril! Refund C!.lIm 1997 10/30/2010 2,489,353
Obltgatkm f1!'dt'!ral Rt'fund Claim 1997 10/30/2010
0 1905 Agency Feder.! Refund Claim lJtlg;mtion 47,503.729 6/30/20U 40,060.251
Ahm;lim<on NOl uffyblld;: F<e>der<tl origmally suspended by pending br.ar:.chmg nghts ca'>d! 1993 & 8,059,025 10/30/2010 &,074,216
S.l:M,s<lS,IS6 391,.144,;350

Rt'f!.mds (Gross) 383,826,203 54,::>40,224
Potentt1l1 Off,>.et to Refunds (Of Ass..erted Staid! Tax UlIbdlt"'$ (220,070,430) (98,742,835)
",,_.s.m_
lGl,7SS,n3-

The st"l.e t.:ox rt'erund amounu above- !eprd!1ent refUrld b",fore all\{ offset for potentLillJ state tax 't'!xp05ure
15 based on Oul o'I1nJllysi'\. to d<lite If\ the (-all: It j$ subjf'ct to change bJ>$ed on future f111dmgs
Not Part ot hn;!ll
S-eWement
1,&27,394
Refund Arno\mi from FJ1)<lIi JRS
(2003 NCl R'fund)
!nduded In (2001"03 APpuls.

5,611.6-39 Ifldudt:'d Rule
Totar
1,336,213,859
.l,HS,%8,477
23,236,472
10,000.000
11,854,441
23,362,273
11,699,392
125,659,745
443,954,783
4,011,412-
243, 7al, 164
4,707,898
7,200,369
14,133,241
5,627,941,5<)6
433,366,427
(318,813,165)
11!;5S1,l6-2
S,146,$OO,""
AmOtlnt Collected
fOrt. 7, ::W-1O}
1,812,929,845
2,773)&34,144
23,193541
1l,an539
23,319,110
125,427,581
4,17G,S36,759
4lS,nS
',110,955,_
Amounts Are EstImates Subject to Change
Balance
23,284.014
5,134,31-4
10,.ooo,{J()(}
43,163
12,699,392
132,16::'
443,954,783
)43,7B1,164
7,200,369
87,563,980
85',110,741
(318,813,1650)
llg,134A37
'1$,!I4S.1J!5
1
R
e
t
u
r
n
WashingtonMutualInc.&Subsidiaries
NOLCarryforward
ForYearEndedDecember31,2009
TaxYearEnding OriginalNOL Ref 2008AuditAdjustments 20085yearNOLCarryback NOLCarryover
12/31/2003 2,043,586,135
12/31/2004 4,041,665,786
12/31/2005 1,981,578,624
12/31/2006 4,387,033,263
12/31/2007
12/31/2008 (32,532,067,854) PBC/ 2,334,421,634 12,453,863,808 (17,743,782,412)
12/31/2009 (88,339,553) (88,339,553)
Total (32,620,407,407) 2,334,421,634 12,453,863,808 (17,832,121,965)
Notes:
Adjustments:
1)ANOLmaybecarriedback2years,withtheexceptionofthe5yearNOLcarryback,andforward20years.
WGM_00038649
Return
WMMRC
EstimateofTaxBasisBalanceSheet
December31,2009(AdjustedforPaymentofLiab.toWMI)
Description BookAmount* TaxAdjustments** TaxBasis Comments
Assets:
InvestmentsHeldinTrust 455,602,679 (7,498,907) 448,103,772 RecognizeDTLforUnrealizedGainonInv.
Cash&Equiv. 1,302,097 1,302,097
FixedMaturitySecurities 6,641,436 6,641,436
AccruedInv.Income 4,367,163 4,367,163
PremiumsReceivable 4,015,068 4,015,068
TotalAssets 471,928,443 (7,498,907) 464,429,536
Liabilities:
Losses&LossAdj.Exp 256,425,831 (29,415,265) 227,010,566 NotDeductedforTaxNotaxliab
ContingencyReserve 91,452,188 (91,452,188) NotDeductedforTaxNotaxliab
LossesPayable 2,636,491 2,636,491
UnearnedPremiums 1,002,417 (200,483) 801,934 DTAforUnearnedPremiumLiab.Basislessthanbook
AccruedCedingCommisionExp 467,059 467,059
NotesPayabletoParent 12,510,871 (12,510,871) *** AssumesLiab.PaidwithTaxRec'blewhichisnotbooked.
AccountsPay&AccruedExp 44,886 44,886
364,539,743 (133,578,807) 230,960,936
Equity:
TotalShareholdersEquity 107,388,700 126,079,900 233,468,600
TotalLiabilities&ShareholdersEquity 471,928,443 (7,498,907) 464,429,536
* Per12/31/09AuditedFinancialStatements
** FromDetailSchedulesofDeferredTaxItemsprovided(reconciledtoNoteDComponentofDeferredIncomeTaxesof12/31/09FinancialStatementsgrosseduptoreflectbasisadjustments)
*** RemovedLiabilitywhichistobepaidwithtaxreceivablein2010.TaxReceivablereflectedaszeroonfinancialstatementsduetocollectibilityconcerns.
ComputedTaxGain(Loss)onAssetSaleatVariousPrices:
AssumedCashPrice 100,000,000 150,000,000 200,000,000
LiabilitiesAssumed 230,960,936 230,960,936 230,960,936
TotalProceeds 330,960,936 380,960,936 430,960,936
Less:EstimatedTaxBasisofAssets 464,429,536 464,429,536 464,429,536
NetTaxGain(Loss) (133,468,600) (83,468,600) (33,468,600)
WGM_00038650
Return
Exper t Repor t of St even Zel i n,
Bl ac kst one Advi sor y Par t ner s, L.P.
October 26, 2010
PRIVILEGED AND CONFIDENTIAL
Prepared at the Request of Counsel
Restricted for Use in Connection with Plan Confirmation Only Highly Confidential - Attorneys' Eyes Only Information.
Restricted For Use in Connection with Plan Confirmation Only WMI-BX_701361066.00001
Return
Washi ngt on Mut ual , I nc .
1 Confidential
Di sc l ai mer
This expert report (Expert Report) of certain assets of Washington Mutual, Inc. (WMI or the Debtors) has been prepared by Blackstone
Advisory Partners L.P. (Blackstone) solely for informational purposes using certain information provided by the Debtors, its legal and financial
advisors, and publicly available information (collectively, the Sources). Blackstone makes no representation or warranty, express or implied, as to
the accuracy or completeness of the information obtained from the Sources, and nothing contained herein is, or should be relied on as a promise or
representation, whether as to the past or the future. Blackstone has not independently verified information obtained from the Sources. The Expert
Report is not a proposal or a solicitation and is non-binding on all parties.
This Expert Report includes certain statements, estimates, and projections prepared and provided by the Sources with respect to, among other things,
the anticipated operating performance of the Debtors. Such statements, estimates, and projections reflect various assumptions by the Sources
concerning anticipated results that are inherently subject to significant economic, competitive, and other uncertainties and contingencies and have been
included solely for illustrative purposes. No representations, express or implied, are made as to the accuracy or completeness of such statements,
estimates, or projections or with respect to any other materials herein. Actual results may vary materially from the estimates and projected results
contained herein.
By accepting the Expert Report, each recipient agrees that Blackstone shall have no liability on any basis (including, without limitation, in contract, tort,
under United States or other countries federal or state securities laws or otherwise) for any representations, express or implied, contained in, or for any
omissions from, this Expert Report or any other written or oral communications transmitted to the recipient by or on behalf of the Debtors or Blackstone
in the course of the recipients evaluation of the Expert Report. The information contained herein has been prepared to assist the recipients in making
their own evaluation and does not purport to be all-inclusive or to contain all of the information that may be material.
The information and data contained herein are confidential and may not be divulged to any person or entity or reproduced, disseminated, or disclosed,
in whole or in part, except as required by applicable law or regulation, as requested by regulatory authorities, or with the consent of Blackstone.
This presentation is not intended to furnish legal, regulatory, tax, accounting, investment or other advice to any recipient. This presentation should be
reviewed by each recipient and its legal, regulatory, tax, accounting, investment and other advisors. Recipients should not regard it as a substitute for
the exercise of their own judgment.
Return
2 Confidential
Tabl e of Cont ent s
Comparable Company Analysis 60
Reorganized WMI Financial Model Support 48
Steven Zelin Qualifications 46
Appendix 45
IV. Subscription Rights Valuation 43
(e) Reorganized WMI Valuation 382(l)(6) Value 41
(d)(ii) Adjusted Financial Model (Including NOLs) 37
(d)(i) Financial Model (Including NOLs) 33
(d) Reorganized WMI Valuation - DCF Analysis Including NOLs 31
(c) Reorganized WMI Valuation - NOL Valuation Summary 28
(b) Reorganized WMI Valuation - Precedent Transactions 26
(a)(ii) Adjusted Financial Model (Excluding NOLs) 22
(a)(i) Financial Model (Excluding NOLs) 18
(a) Reorganized WMI Valuation - DCF Analysis Excluding NOLs 15
III. Reorganized WMI Valuation Summary 12
II. Documents Reviewed by Blackstone 9
I. Introduction 3
Return
Confidential
I . I nt r oduc t i on
Return
4 Confidential
I nt r oduc t i on
f This Expert Report has been prepared by Steven M. Zelin and others under his supervision at Blackstone at the request of Washington Mutual,
Inc., et al. before the US Bankruptcy Court for the District of Delaware (Bankruptcy Court)
f Mr. Zelin is a Senior Managing Director in Blackstones Restructuring and Reorganization Group, an industry leader in providing advice to
debtors and creditors in large, complex restructurings
f Mr. Zelin will provide expert testimony regarding his opinion of the following assets of WMI (together the WMI Assets):
Valuation analysis of WMI as collectively reorganized (Reorganized WMI or the Company), which includes WM Mortgage
Reinsurance Company (WMMRC), WMI, and WMI Investment Corp., as of December 31, 2010
Valuation analysis of Reorganized WMIs net operating losses (NOLs) as of December 22, 2010
Valuation analysis of the Subscription Rights to the Rights Offering as contemplated in the Plan of Reorganization (the Plan) as of
December 31, 2010
f Mr. Zelins testimony is part of the services provided by the engagement of Blackstone by WMI. The compensation for such engagement
(1)
is as
follows:
A retainer fee of $500,000 earned upon Bankruptcy Court approval of Blackstones retention
An additional fee of $850,000 earned upon completion of Blackstones valuation
A monthly fee of $75,000 beginning on September 1, 2010, subject to approval by the Bankruptcy Court
Reimbursement of expenses incurred in connection with Blackstones retention and valuation
f In addition, Blackstone has been asked by the Company to represent it in the potential sale of the WMMRC asset. If the sale process
commences, compensation for the engagement is as follows:
A transaction fee of $2,000,000, payable upon the consummation of a sale, which includes a non-refundable $500,000 retainer fee
Reimbursement of expenses incurred in connection with advising on the sale
f Blackstones compensation is not contingent on the conclusions reached in this Expert Report and / or any outcome of any proceedings pending
before the Bankruptcy Court
________________________________________________
(1) All terms used but not defined herein shall have the meanings ascribed to them in the Sixth Amended Joint Plan of Affiliated Debtors
Pursuant to Chapter 11 of the United States Bankruptcy Code, dated October 6, 2010.
Return
5 Confidential
Gener al Bac k gr ound
f Mr. Zelin is a Senior Managing Director with Blackstone and has been with the firm in excess of twelve years, including nine years
as a Senior Managing Director
f Prior to joining Blackstone, Mr. Zelin was a Partner in the Restructuring & Reorganization Group of Ernst & Young LLP, having
been involved full time in restructuring advisory work since 1988
f Mr. Zelin has been named as one of the countrys leading restructuring advisors in each of the 2003 through 2010 K&A
Restructuring Register, a peer group listing of the top legal and financial advisors who practice in the United States
f Mr. Zelin received a BS in 1984 from the University at Albany, where he serves as a member of the School of Business Advisory
Board, and an MBA in Finance in 1991 from New York Universitys Stern School of Business where he serves as the Chairman of
the Deans Executive Board. Mr. Zelin is a Certified Public Accountant
f Some of Mr. Zelins most notable publicly disclosed assignments include:
St even Zel i n Qual i f i c at i ons
f AbitibiBowater Corp.
f Aeromexico, S.A. de C.V. / Mexicana
Airlines, S.A. de C.V.
f American Axle & Manufacturing, Inc.
f Apex Silver Mines Limited
f Centaur LLC
f Delphi Corp.
f Enron Corp.
f Entergy New Orleans, Inc.
f Ferruzi Finanziaria S.p.A.
f Ford Motor Co.
f General Motors Corporation
f Goodyear Tire & Rubber Corporation
f Inacom Corporation
f Integrated Resources, Inc.
f Intrawest LLC
f Iridium LLC
f Jefferson County, Alabama
f Marvel Entertainment Group, Inc.
f The Pacific Lumber Company / Scotia
Pacific Company LLC
f R.H. Macy & Co.
f SemGroup, L.P.
f Vencor, Inc.
f Xerox Corp.
Return
6 Confidential
Pr i or Test i mony
(1)
f AbitibiBowater Corp.
f American Banknote Corp.
f Apex Silver Mines Limited
f Audio Visual Services, Inc.
f Big V Supermarkets (ShopRite)
f Centaur LLC
f Enron Corp.
f Indesco Corporation
f Meridian Automotive Systems, Inc.
f The Pacific Lumber Company / Scotia
Pacific Company LLC
f Paragon Trade Brands, Inc.
f The Penn Traffic Company
f Safelite Glass Corp.
f SemGroup, L.P.
f Vencor, Inc.
Pr esent at i ons
f February 2010 NYU Stern School of Business guest lecturer regarding
restructuring trends
f January 2010 JPM high-yield conference, panel discussion regarding
restructuring trends
f April 2008 Debtwire Distressed Debt Forum regarding restructuring trends
f September 2007 Deutsche Bank high-yield conference, panel discussion
regarding restructuring trends
f February 2007 VALCON Conference regarding distressed hedge funds
f November 2006 NYU Distressed Investors Conference panel discussion
regarding automotive restructurings
f October 2006, October 2005, April 2004, October 2003 NYU Stern School
of Business guest lecturer regarding restructuring trends
f September 2005 Lehman hosted investors conference regarding the new
bankruptcy code
f March 2004 VALCON: The Conference on Bankruptcy Valuation,
presentation regarding valuation methodology in chapter 11
f May 2003 Morgan Stanley Equity Conference, presentation regarding
recent trends in commercial banks approach to restructurings
f March 2003 Lehman High Yield Conference, presentation regarding
energy industry restructuring trends
St even Zel i n Qual i f i c at i ons (Cont d)
________________________________________________
(1) Testimony since 2001, including depositions and proffers.
Return
WashingtOD MUbla., Inc.
I. InUoducH n
Signature Page
~ I reserve the right to supplement the opinions, analyses and conclusions presented in this expert report based on any
subsequently obtained information, including but not limited to, any objections, testimonies, reports of other experts and new
market information
.. I further reserve the right to create additional exhibits, as a p p r o P r i ~ p
Steven Zelin
Confidential
7
Senior Managing Director
Blackstone Advisory Partners L.P.
Date
_ Advisory Partners
Return
8 Confidential
Val uat i on Summar y
($ in millions)
125
115
165
145
$- $50 $100 $150 $200
Including NOLs
Excluding NOLs
f Discounted cash flow analysis and precedent transaction
analysis; assumes post-emergence net operating losses are
not available to shelter any Reorganized WMI taxable
income
f Same as above, however, assumes post-emergence net
operating losses are available to shelter any taxes payable
f Level of post-emergence NOLs assumes Company emerges
on or before December 22, 2010 or after January 1, 2011
Recommended Value Range Methodology
0.0%
0% 5% 10% 15% 20%
$100 million
of Subscription
Rights
Reorganized WMI
Subscription Rights
f Given the timing and amount of the potential NOLs,
Blackstone attributes no value to the Subscription Rights
f Should the Debtors emergence be delayed until next year,
the value of the Subscription Rights may change
Return
Confidential
I I . Doc ument s Revi ewed by Bl ac kst one
Return
10 Confidential
Doc ument s Revi ew ed by Bl ac k st one
I I . Doc ument s Revi ewed by
Bl ac kst one
Publ i c l y Avai l abl e Doc ument s
f WMI Disclosure Statement
f Plan of Reorganization
f Global Settlement Agreement
f Corporate filings (such as 10-Ks, 10-Qs, 8-Ks, and press releases) for comparable companies and companies involved in
precedent transactions
f Equity and industry research reports
f Tax cases (Briarcliff Candy Corp. v. Commr, 54 T.C.M. (CCH) 667 (1987).; Enbridge Energy Co. v. United States, 354
F. Appx. 15 (5th Cir. 2009).)
Doc ument s Rec ei ved f r om Debt or and Al var ez & Mar sal Nor t h Amer i c a, LLC ( Al var ez & Mar sal )
f WMMRC unaudited actual financial results through July 2010
f Monthly WMMRC financial forecasts through December 2019 assuming Companys post-emergence NOLs are available
to shield taxable income
f Monthly WMMRC financial forecasts through December 2019 assuming post-emergence NOLs are not available to shield
taxable income
f WMMRC Cash Flow Projection detailing minimum and withdrawal capital requirements
f WMMRC Cash and Investments Detail
f Captive Summary based on Cession Statements
(1)
as of July 2010 for each primary mortgage insurer
f Detailed book-by-book buildup of premiums, losses incurred, losses paid, and reserves for each primary mortgage insurer
f Historical book-by-book buildup of premiums from January 1997 March 2009 for each primary mortgage insurer
f WMMRC Fact Sheet and Organization Chart
________________________________________________
(1) Cession Statements are the periodic statements of premiums and the losses and expenses incurred under the reinsured policies, provided by the
primary insurer to a reinsurer.
Return
11 Confidential
Doc ument s Revi ew ed by Bl ac k st one (Cont d)
I I . Doc ument s Revi ewed by
Bl ac kst one
Doc ument s Rec ei ved f r om Debt or and Al var ez & Mar sal (Cont d)
f Risk-in-force
(1)
and insurance-in-force
(2)
analysis comparing WMMRC to its peers based upon various loan metrics
f Estimate of worthless stock loss under scenarios assuming both pre-emergence and post-emergence triggers of worthless
stock deduction
f Washington Mutual, Inc. Recovery Analysis
f Washington Mutual, Inc. Claims Calculation
f Schedule of WMMRC investments for December 2009 and May 2010
f Unsolicited bids for WMMRC dated February and April 2009
Doc ument s Rec ei ved f r om Mi l l i man, I nc .
f WMMRC December 2009 Reinsurance Performance Metrics executive summary
f WMMRC draft and final December 2009 reinsurance performance metrics
f WMMRC draft and final December 2009 home loan forecasting exhibits
f WMMRC draft and final December 2009 WM II forecasting exhibits
f WMMRC draft December 2009 forecasting exhibits
f WMMRC draft March 2010 WM reinsurance performance metrics quarterly breakdown of losses and premiums
f WMMRC draft June 2010 WM reinsurance performance metrics forecasting exhibits
________________________________________________
(1) Represents the aggregate unpaid balances of loans insured multiplied by the amount of coverage of such loans.
(2) Represents the total amount of insurance outstanding.
Return
Confidential
I I I . Reor gani zed WMI Val uat i on Summar y
Return
13 Confidential
Reor gani zed WMI Val uat i on Summar y Dec . 31, 2010
(Ex c l udi ng Pr oc eeds of t he Ri ght s Of f er i ng)
I I I . Reor gani zed WMI Val uat i on
Summar y
Ex c l udi ng NOLs
($ in millions)
115
150
110
145
210
130
$75 $100 $125 $150 $175 $200 $225
Blackstone
Recommended
Value Range
Precedent
Transactions
Discounted
Cash Flow
Return
14 Confidential
Val uat i on Appr oac h
I I I . Reor gani zed WMI Val uat i on
Summar y
Key Assumpt i ons
f Financial model provided by the Debtors (Financial Model) including NOL utilization dated September 21, 2010
f Financial Model provided by the Debtors adjusted to exclude NOL utilization
f Milliman actuarial analyses of premium income and loss payments used in the preparation of the Financial Model
f State of Hawaii regulatory requirements remain as set forth in the Financial Model
f Valuation prepared assuming effective date as of December 31, 2010
Appr oac hes
f Discounted Cash Flow
Analysis of projected dividend stream payable to holders of Reorganized WMI equity
z Based upon diligence with Milliman and Alvarez & Marsal, Blackstone considered in its valuation the impact of a
10% improvement in the level of loan loss reserves as forecasted by Milliman (the Adjusted Financial Model)
Discount rate estimates based upon:
z Weighted average cost of capital (WACC) based upon public comparable company analysis
z Blackstones judgment as to the returns required by acquirers of similar assets
f Precedent Transactions
Price-to-book multiples paid in precedent transactions of both run-off and going-concern portfolios for transactions of
comparable size to the WMMRC portfolio
f Comparable Companies
Given the size and the ongoing nature of the comparable company universe, a comparable company analysis was not
relied upon in determining the value of Reorganized WMI
Return
Confidential
(a) Reor gani zed WMI Val uat i on - DCF Anal ysi s Exc l udi ng NOLs
Return
16 Confidential
Di sc ount ed Cash Fl ow Cal c ul at i on
(Ex c l udi ng NOLs)
(a) Reor gani zed WMI Val uat i on - DCF
Anal ysi s Exc l udi ng NOLs
($ in thousands)
2011 2012 2013 2014 2015 2016 2017 2018 2019 Total
Financial Model (Excluding NOLs)
Projected Dividend Stream (see page 19) $ $ $ $ 40,166 $ 20,874 $ 35,797 $ 49,925 $ 41,303 $ 61,828 $ 249,893
13% WACC Discount Factor
(1)
0.97 0.86 0.76 0.67 0.59 0.53 0.47 0.41 0.36
Present Value of Projected Dividend Stream 26,999 12,417 18,845 23,258 17,028 22,557 121,105
(1)
0.97 0.84 0.73 0.63 0.55 0.48 0.42 0.36 0.32
Adjusted Financial Model (Excluding NOLs)
Projected Adjusted Dividend Stream (see page 23) $ $ $ $ 41,998 $ 32,717 $ 41,653 $ 49,882 $ 47,576 $ 55,181 $ 269,008
(1)
0.97 0.86 0.76 0.67 0.59 0.53 0.47 0.41 0.36
Present Value of Projected Adjusted Dividend Stream 28,231 19,462 21,927 23,238 19,614 20,132 132,605
(1)
0.97 0.84 0.73 0.63 0.55 0.48 0.42 0.36 0.32
Recommended Value Range 110,000
130,000
________________________________________________
(1) Per projections, assumes all dividends are paid in March of the corresponding year.
Return
17 Confidential
Wei ght ed Aver age Cost of Capi t al
(I nf or mat i on as of Oc t ober 14, 2010)
($ in millions, except per share amount)
(a) Reor gani zed WMI Val uat i on - DCF
Anal ysi s Exc l udi ng NOLs
2-Year Average 5-Year Average
Net Market Net Debt/ Levered Unlevered Levered Unlevered
Company Name Description Debt Cap
(1)
Total Cap Beta
(2)
Beta
(3)
Beta
(2)
Beta
(3)
Distressed Insurers
PMI Group Inc.* Thrifts and Mortgage Finance $ (433.8) $ 678.5 NM 3.71 6.35 3.53 6.04
Radian Group Inc.* Thrifts and Mortgage Finance 1,265.9 1,184.5 51.7% 4.30 2.54 3.03 1.79
Genworth Financial Inc.* Insurance 6,421.0 6,395.6 50.1% 3.72 2.25 3.23 1.96
MGIC Investment Corp.* Thrifts and Mortgage Finance (1,134.6) 2,106.7 NM 3.54 5.44 3.11 4.78
MBIA Inc.* Insurance 15,512.9 2,605.4 85.6% 3.24 0.66 2.57 0.53
Diversified Insurers
AFLAC Inc. Insurance $ 516.0 $ 25,815.0 2.0% 1.87 1.85 1.72 1.70
Ameriprise Financial Inc. Insurance, other 3,726.0 12,612.7 22.8% 1.90 1.59 1.97 1.65
Lincoln National Corp. Insurance 2,264.0 8,004.3 22.0% 3.60 3.04 2.54 2.14
MetLife, Inc. Insurance 20,550.0 32,522.2 38.7% 2.61 1.85 1.80 1.27
Old Republic International Corp. Insurance 281.5 3,277.3 7.9% 1.35 1.28 0.91 0.86
Principal Financial Group Inc. Insurance 871.5 8,542.7 9.3% 2.62 2.46 2.87 2.69
Prudential Financial, Inc. Insurance 19,186.0 25,302.1 43.1% 2.63 1.76 2.40 1.61
Torchmark Corp. Insurance 1,086.1 4,413.0 19.7% 1.95 1.69 1.62 1.39
Unum Group Insurance 2,445.5 7,359.1 24.9% 1.82 1.50 1.72 1.42
Mkt. Cap Weighted Average 27.3% 2.48 1.96 2.10 1.68
*Distressed Insurers 46.6% 3.65 2.69 3.07 2.33
WACC - 2 Year Average WACC - 5 Year Average
Debt/
Assumptions Capitalization 1.86 1.96 2.06 2.23 2.33 2.43
10 Year U.S. Treasury Yield (at 10/14/10) 2.52% Total Universe
Historical Risk Premium
(4)
6.50% 0.0% 14.6% 15.2% 15.9% 12.8% 13.4% 14.1%
Tax Rate 35.00% 10.0% 14.4% 15.0% 15.6% 12.6% 13.3% 13.9%
Est. Cost of Debt 7.00% 20.0% 14.1% 14.7% 15.4% 12.5% 13.1% 13.7%
30.0% 13.9% 14.5% 15.1% 12.3% 12.9% 13.5%
40.0% 13.7% 14.3% 14.8% 12.2% 12.7% 13.3%
Distressed Insurers
0.0% 19.4% 20.0% 20.7% 17.0% 17.6% 18.3%
10.0% 19.0% 19.6% 20.2% 16.7% 17.3% 17.9%
20.0% 18.6% 19.2% 19.8% 16.4% 17.0% 17.6%
30.0% 18.2% 18.8% 19.4% 16.1% 16.7% 17.2%
40.0% 17.8% 18.4% 18.9% 15.8% 16.3% 16.9%
Recommended WACC Discount Factor Range 13.0% 15.0%
________________________________________________
Note: Comparable company list excludes multi-national reinsurance businesses.
(1) Based on stock price as of 10/14/2010.
(2) Per Capital IQ.
(3) Unlevered Beta = Levered Beta/(1+((Debt/Equity)*(1-Tax Rate))).
(4) Long-Horizon Equity Risk Premium from 1926 to 2008 per the 2009 Ibbotson Associates Risk Premia over Time Report.
Return
Confidential
(a)(i ) Fi nanc i al Model (Exc l udi ng NOLs)
Return
19 Confidential
Fi nanc i al Model (Ex c l udi ng NOLs)
Cash Fl ow St at ement
($ in thousands)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2011 - 2019
Cash Flows from Operating Activities
Net Income (Loss) $ (2,989) $ 7,080 $ 13,128 $ 12,195 $ 9,014 $ 6,499 $ 3,304 $ 1,914 $ (8,401) $ 41,744
Accrued Investment Income 382 111 31 120 47 91 142 118 223 1,264
Premiums Receivable 551 495 634 505 428 286 293 221 3,412
Losses and Loss Adjustment Expenses (106,066) (42,199) (25,942) (9,378) (1,629) (660) (323) (186,196)
Losses Payable (10,372) (3,569) (1,818) (1,858) (727) (121) (36) (27) (18,527)
Unearned Premiums (127) (110) (127) (116) (98) (80) (56) (106) (822)
Accrued Ceding Commissions Expense (55) (51) (65) (57) (43) (28) (27) (26) (353)
Accrued Interest on Notes Payable
Federal Income Tax Payable to Parent (1,609) 3,812 4,866 (502) (1,713) (1,354) (1,720) (748) (5,555) (4,524)
Accounts Payable and Accrued Expenses 81 3 4 4 4 4 4 (139) (36)
Accrued Investment Expense 50 (6) (2) (7) (3) (5) (8) (7) (13)
Net Cash Provided by Operating Activities (120,154) (34,434) (9,292) 905 5,279 4,633 1,573 1,200 (13,746) (164,036)
Net Cash Provided by Investing Activities
Cash Flow from Financing Activities
Dividend of Unrestricted Cash (40,166) (20,874) (35,797) (49,925) (41,303) (61,828) (249,893)
Proceeds from Issuance of Notes Payable to Parent 0 0
Net Cash Provided by Financing Activities (40,166) (20,874) (35,797) (49,925) (41,303) (61,828) (249,893)
Net Change in Cash and Cash Equivalents (120,154) (34,434) (9,292) (39,261) (15,595) (31,164) (48,352) (40,102) (75,574) (413,928)
Beginning Cash and Investments Balance 413,928 293,774 259,340 250,049 210,787 195,192 164,028 115,676 75,574 413,928
Ending Cash and Investments Balance $ 293,774 $ 259,340 $ 250,049 $ 210,787 $ 195,192 $ 164,028 $ 115,676 $ 75,574 $ (0) $ (0)
________________________________________________
Source: Financial Model.
Return
20 Confidential
I nc ome St at ement
($ in thousands)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2011-2019
Premiums Written $ 37,142 $ 30,846 $ 22,811 $ 16,162 $ 10,532 $ 6,767 $ 2,909 $ $ $ 127,167
Change in Unearned Premiums 127 110 127 116 98 80 56 106 822
Net Premiums Earned 37,270 30,955 22,938 16,278 10,630 6,847 2,965 106 127,989
Losses Paid 154,087 66,716 33,222 10,928 2,203 756 323 268,235
Provision for Losses and IBNR (106,066) (42,199) (25,942) (9,378) (1,629) (660) (323) (186,196)
Ceding Commission 3,860 3,219 2,381 1,630 1,058 690 340 13,176
Underwriting Expense 51,882 27,735 9,661 3,180 1,632 786 340 95,215
Underwriting Income (Loss) (14,612) 3,220 13,277 13,098 8,998 6,061 2,625 106 32,774
General & Administrative Expenses (1,487) (1,532) (1,578) (1,625) (1,674) (1,724) (1,776) (11,397)
Interest Expense
Investment Income 11,501 9,205 8,498 7,288 6,543 5,662 4,234 2,839 422 56,192
Gain/(Loss) on Commutation (13,347) (13,347)
Income (Loss) Before Tax Provision (4,599) 10,892 20,197 18,761 13,867 9,999 5,084 2,945 (12,925) 64,222
Federal Income Tax Expense (1,609) 3,812 7,069 6,566 4,854 3,500 1,779 1,031 (4,524) 22,478
Net Income (Loss) $ (2,989) $ 7,080 $ 13,128 $ 12,195 $ 9,014 $ 6,499 $ 3,304 $ 1,914 $ (8,401) $ 41,744
________________________________________________
Return
21 Confidential
Bal anc e Sheet
($ in thousands)
Assumed
Emergence
Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-10 - Dec-19
Cash and Investments $ 413,928 $ 293,774 $ 259,340 $ 250,049 $ 210,787 $ 195,192 $ 164,028 $ 115,676 $ 75,574 $ (0) $ (413,928)
Accrued Interest 1,264 882 771 740 621 574 482 341 223 (1,264)
Reinsurance Premiums Receivable 3,412 2,861 2,366 1,732 1,227 800 514 221 (3,412)
Total Assets $ 418,605 $ 297,517 $ 262,478 $ 252,521 $ 212,636 $ 196,566 $ 165,024 $ 116,238 $ 75,796 $ (0) $ (418,605)
Accrued Expenses $ 36 $ 117 $ 120 $ 124 $ 127 $ 131 $ 135 $ 139 $ $ $ (36)
Accrued Investment Expenses 50 44 42 35 32 27 19 13
Accrued Ceding Fees 353 297 246 181 124 80 52 26 (353)
Federal Income Tax Payable (Receivable) (1,609) 2,203 7,069 6,566 4,854 3,500 1,779 1,031 (4,524) (4,524)
Allowance for Doubtful Accounts
Notes Payable 0 0
Interest Payable
Unearned Premiums 822 695 585 457 341 243 163 106 (822)
Losses Payable 18,527 8,155 4,586 2,769 911 184 63 27 (18,527)
Loss Reserves and IBNR 186,196 80,130 37,931 11,990 2,611 983 323 0 0 0 (186,196)
Total Liabilities 205,933 87,834 45,715 22,631 10,716 6,507 4,263 2,097 1,043 (4,524) (210,457)
Paid in Capital 82,968 82,968 82,968 82,968 82,968 82,968 82,968 82,968 82,968 82,968
Retained Earnings (Accumulated Deficit) 128,961 129,704 126,715 133,795 146,923 159,117 168,131 174,630 177,935 179,849 50,888
Net Income (Loss) - YTD 743 (2,989) 7,080 13,128 12,195 9,014 6,499 3,304 1,914 (8,401) (9,144)
Cumulative Dividends Paid (40,166) (61,040) (96,837) (146,762) (188,064) (249,893) (249,893)
Total Stockholder's Equity 212,672 209,683 216,763 229,891 201,919 190,059 160,761 114,141 74,753 4,524 (208,148)
Total Liabilities and Stockholder's Equity $ 418,605 $ 297,517 $ 262,478 $ 252,521 $ 212,636 $ 196,566 $ 165,024 $ 116,238 $ 75,796 $ (0) $ (418,605)
________________________________________________
Return
Confidential
(a)(i i ) Adj ust ed Fi nanc i al Model (Exc l udi ng NOLs)
Return
23 Confidential
Adj ust ed Fi nanc i al Model (Ex c l udi ng NOLs)
($ in thousands)
(a)(i i ) Adj ust ed Fi nanc i al Model
(Exc l udi ng NOLs)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2011 - 2019
Net Income (Loss) $ 6,830 $ 12,529 $ 15,195 $ 13,051 $ 9,496 $ 6,735 $ 3,496 $ 2,008 $ (14,492) $ 54,848
Losses Payable (9,334) (3,212) (1,636) (1,672) (654) (109) (32) (24) (16,674)
Federal Income Tax Payable to Parent 3,678 3,069 1,436 (1,155) (1,914) (1,487) (1,744) (801) (8,884) (7,803)
Net Cash Provided by Operating Activities (103,254) (30,299) (9,479) 1,924 5,713 4,813 1,776 1,261 (23,158) (150,702)
________________________________________________
Source: Adjusted Financial Model.
Return
24 Confidential
($ in thousands)
(Exc l udi ng NOLs)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2011-2019
Losses Paid 138,678 60,044 29,900 9,835 1,983 680 291 241,412
Underwriting Income (Loss) (10) 10,806 15,605 13,563 9,169 6,087 2,625 106 57,952
Interest Expense
Income (Loss) Before Tax Provision 10,507 19,276 23,378 20,078 14,609 10,361 5,379 3,089 (22,295) 84,382
Federal Income Tax Expense 3,678 6,747 8,182 7,027 5,113 3,626 1,883 1,081 (7,803) 29,534
Net Income (Loss) $ 6,830 $ 12,529 $ 15,195 $ 13,051 $ 9,496 $ 6,735 $ 3,496 $ 2,008 $ (14,492) $ 54,848
________________________________________________
Return
25 Confidential
Bal anc e Sheet
($ in thousands)
(Exc l udi ng NOLs)
Assumed
Emergence
Total Assets $ 424,398 $ 320,263 $ 289,372 $ 279,229 $ 238,529 $ 211,017 $ 173,782 $ 125,243 $ 78,570 $ (0) $ (424,398)
Federal Income Tax Payable (Receivable) 3,678 6,747 8,182 7,027 5,113 3,626 1,883 1,081 (7,803) (7,803)
Notes Payable 0 0
Interest Payable
Losses Payable 16,674 7,340 4,127 2,492 820 165 57 24 (16,674)
Total Liabilities 202,436 91,471 48,051 22,712 10,959 6,668 4,352 2,199 1,094 (7,803) (210,239)
Paid in Capital 82,968 82,968 82,968 82,968 82,968 82,968 82,968 82,968 82,968 82,968
Net Income (Loss) - YTD 10,034 6,830 12,529 15,195 13,051 9,496 6,735 3,496 2,008 (14,492) (24,525)
Total Stockholder's Equity 221,963 228,792 241,322 256,517 227,570 204,349 169,430 123,044 77,475 7,803 (214,159)
________________________________________________
Return
Confidential
(b) Reor gani zed WMI Val uat i on - Pr ec edent Tr ansac t i ons
Return
27 Confidential
Deal Deal Value / Deal Value / Deal Value
Buyer / Target Nature of Portfolio Announced Completion Value Book Tangible Book / Revenue
Run-Off Precedents
Citadel Risk Management / Arthur J Gallagher Property & casualty; health & welfare; retirement 2/22/2008 3/26/2008 $ 38.0 1.1x 9.3x 0.7x
White Mountains Insurance/ Helicon Re Holdings Ltd. Property & casualty 1/7/2008 1/7/2008 150.2 1.0 NA NA
Fortress Investment Group / Alea Group Holdings Property & casualty 4/4/2007 7/20/2007 319.7 0.7 0.7 1.5
Catalina Holdings / Overseas Partners Re Property & casualty 9/3/2005 9/21/2005 170.5 0.7 NA NA
Fairfax Financial Holdings / Markel Corp Property, aviation, marine and credit 1/1/2005 1/11/2005 57.0 1.0 NA NA
Enstar Group Inc. / Toa-Re Insurance Co. (U.K.) Life insurance 3/31/2003 4/2/2003 46.0 0.8 NA NA
Going-Concern Precedents
SCOR / PartnerRe Life Insurance Co. Life insurance 4/12/2000 8/4/2000 $ 145.0 1.4x NA 0.7x
Swiss Reinsurance Co. / Underwriters Re Group Inc. Property & casualty 12/13/1999 5/10/2000 659.1 1.6 NA NA
Gerling-Konzern Versicherungs / Constitution Re Property & casualty 7/24/1998 10/27/1998 700.0 1.3 NA NA
Low (All) 38.0 0.7x 0.7x 0.7x
Mean 253.9 1.0x 5.0x 1.0x
Median 150.2 1.0x 5.0x 0.7x
High (All) 700.0 1.6x 9.3x 1.5x
Mean (Run-Off) 130.2 0.9x 5.0x 1.1x
Median (Run-Off) 103.6 0.9x 5.0x 1.1x
Pr ec edent Tr ansac t i ons
($ in millions)
(b) Reor gani zed WMI Val uat i on -
Pr ec edent Tr ansac t i ons
Cr i t er i a f or Publ i c l y Di sc l osed Pr ec edent Tr ansac t i ons
f Targets are reinsurance portfolios or businesses
f Portfolio size less than $700 million
Recommended Price-to-Book Multiple Range 0.7x 1.0x
Projected Book Value of Equity - Dec. 31, 2010 $ 212.7 $ 212.7
Total 148.9 212.7
Recommended Value Range $ 150.0 $ 210.0
________________________________________________
Source: Press releases, 10-Ks, 10-Qs, 8-Ks, publicly available news articles.
Return
Confidential
(c ) Reor gani zed WMI Val uat i on - NOL Val uat i on Summar y
Return
29 Confidential
NOL Val uat i on Dec . 22, 2010
(Ex c l udi ng Pr oc eeds of t he Ri ght s Of f er i ng)
(c ) Reor gani zed WMI Val uat i on - NOL
Val ue of NOLs
($ in millions)
10
5
15
20
10
25
$- $5 $10 $15 $20 $25 $30 $35 $40
Blackstone
Recommended NOL
Value(1)
Post-Change
382(l)(6) Limitation
NOLs utilized by
Reorganized WMI
Reor gani zed WMI Val ue (I nc l udi ng NOLs)
(2)
($ in millions)
125
150
125
165
210
155
$75 $100 $125 $150 $175 $200 $225
Blackstone
Recommended
Value Range
Precedent
Transactions
Discounted
Cash Flow
________________________________________________
(1) Total Adj. NOL Value based on estimated probability of NOLs being recognized as ordinary income.
(2) Level of post-emergence NOLs assumes Company emerges on or before December 22, 2010 or after January 1, 2011.
Return
30 Confidential
Net Oper at i ng Loss Val uat i on Summar y
Key Assumpt i ons
f Summary of available NOLs
(1)
f Reorganized WMI generates no additional taxable income beyond that forecasted in the Reorganized WMI financial projections
Appr oac h
f NOLs utilized by Reorganized WMI - utilization of post-emergence NOLs to shelter taxable income generated by the existing portfolio
Discount rate estimates based upon similar discount rates used to value the underlying portfolio
f Post-Change 382(l)(6) Limitation Value (Post-Change Value) - valuation based upon the present value of the assumed maximum
usage pursuant to the 382(l)(6) limitation under the assumption that Reorganized WMI is sold to a third party
Discount rate estimate of 25% - 35% incorporates a premium for transaction risk
Applicable federal tax rate for 382(l)(6) limitation 3.98% (October 2010)
________________________________________________
(1) Based on analysis provided by the Debtors, Alvarez & Marsal and Weil, Gotshal & Manges, LLP (Weil).
(c ) Reor gani zed WMI Val uat i on - NOL
Comments
Calculation of Pre-Emergence NOL
WMI's Adjusted Tax Basis in the stock of WMB $ 19,750
Less: The Amount of WMB NOLs used to offset
Taxable Income
(14,300)
Less: CODI Attribute Reduction at the WMI Level (500)
Total $ 4,950
Amount Subject to Limitation $ 4,744 12/22/10 trigger of WMB worthless stock
deduction assumes pre-emergence timing
Amount Not Subject to Limitation 108 Post-emergence trigger of worthless stock
Total $ 4,852
Amount assumed utilized by WMMRC $ 100
Return
Confidential
(d) Reor gani zed WMI Val uat i on - DCF Anal ysi s I nc l udi ng NOLs
Return
32 Confidential
(I nc l udi ng NOLs)
(d) Reor gani zed WMI Val uat i on - DCF
Anal ysi s I nc l udi ng NOLs
($ in thousands)
2011 2012 2013 2014 2015 2016 2017 2018 2019 Total
Financial Model (Including NOLs)
Projected Dividend Stream (see page 34) $ $ $ $ 49,510 $ 27,443 $ 40,651 $ 53,424 $ 43,082 $ 62,859 $ 276,969
(1)
0.97 0.86 0.76 0.67 0.59 0.53 0.47 0.41 0.36
(1)
0.97 0.84 0.73 0.63 0.55 0.48 0.42 0.36 0.32
Adjusted Financial Model (Excluding NOLs)
Projected Adjusted Dividend Stream (see page 38) $ $ $ $ 61,074 $ 39,757 $ 46,767 $ 53,508 $ 49,459 $ 56,262 $ 306,827
(1)
0.97 0.86 0.76 0.67 0.59 0.53 0.47 0.41 0.36
(1)
0.97 0.84 0.73 0.63 0.55 0.48 0.42 0.36 0.32
(Including NOLs) 155,000
(Excluding NOLs) 130,000
(NOLs) 25,000 ________________________________________________
(1) Per projections, assumes all dividends are paid in March of the corresponding year.
Return
Confidential
(d)(i ) Fi nanc i al Model (I nc l udi ng NOLs)
Return
34 Confidential
Fi nanc i al Model (I nc l udi ng NOLs)
($ in thousands)
________________________________________________
2011 2012 2013 2014 2015 2016 2017 2018 2019 2011 - 2019
Net Income (Loss) $ (4,599) $ 10,892 $ 20,252 $ 18,780 $ 13,867 $ 9,999 $ 5,084 $ 2,945 $ (12,925) $ 64,297
Losses Payable (10,372) (3,569) (1,818) (1,858) (727) (121) (36) (27) (18,527)
Federal Income Tax Payable to Parent
Return
35 Confidential
($ in thousands)
________________________________________________
2011 2012 2013 2014 2015 2016 2017 2018 2019 2011-2019
Losses Paid 154,087 66,716 33,222 10,928 2,203 756 323 268,235
Underwriting Income (Loss) (14,612) 3,220 13,277 13,098 8,998 6,061 2,625 106 32,774
Interest Expense
Income (Loss) Before Tax Provision (4,599) 10,892 20,252 18,780 13,867 9,999 5,084 2,945 (12,925) 64,297
Federal Income Tax Expense
Net Income (Loss) $ (4,599) $ 10,892 $ 20,252 $ 18,780 $ 13,867 $ 9,999 $ 5,084 $ 2,945 $ (12,925) $ 64,297
Return
36 Confidential
Bal anc e Sheet
($ in thousands)
________________________________________________
Assumed
Emergence
Total Assets $ 418,605 $ 297,517 $ 262,478 $ 254,780 $ 212,638 $ 196,566 $ 165,024 $ 116,238 $ 75,796 $ (0) $ (418,605)
Federal Income Tax Payable (Receivable)
Notes Payable 0 0
Interest Payable
Losses Payable 18,527 8,155 4,586 2,769 911 184 63 27 (18,527)
Total Liabilities 205,933 89,444 43,512 15,562 4,150 1,653 763 317 13 0 (205,933)
Paid in Capital 82,968 82,968 82,968 82,968 82,968 82,968 82,968 82,968 82,968 82,968
Net Income (Loss) - YTD 743 (4,599) 10,892 20,252 18,780 13,867 9,999 5,084 2,945 (12,925) (13,668)
Total Stockholder's Equity 212,672 208,073 218,966 239,218 208,489 194,913 164,261 115,920 75,784 (0) (212,672)
Return
Confidential
(d)(i i ) Adj ust ed Fi nanc i al Model (I nc l udi ng NOLs)
Return
38 Confidential
Adj ust ed Fi nanc i al Model (I nc l udi ng NOLs)
($ in thousands)
________________________________________________
(d)(i i ) Adj ust ed Fi nanc i al Model
2011 2012 2013 2014 2015 2016 2017 2018 2019 2011 - 2019
Net Income (Loss) $ 10,507 $ 19,369 $ 23,676 $ 20,169 $ 14,610 $ 10,361 $ 5,379 $ 3,089 $ (22,295) $ 84,864
Losses Payable (9,334) (3,212) (1,636) (1,672) (654) (109) (32) (24) (16,674)
Federal Income Tax Payable to Parent
Return
39 Confidential
($ in thousands)
________________________________________________
2011 2012 2013 2014 2015 2016 2017 2018 2019 2011-2019
Losses Paid 138,678 60,044 29,900 9,835 1,983 680 291 241,412
Underwriting Income (Loss) (10) 10,806 15,605 13,563 9,169 6,087 2,625 106 57,952
Interest Expense
Income (Loss) Before Tax Provision 10,507 19,369 23,676 20,169 14,610 10,361 5,379 3,089 (22,295) 84,864
Federal Income Tax Expense
Net Income (Loss) $ 10,507 $ 19,369 $ 23,676 $ 20,169 $ 14,610 $ 10,361 $ 5,379 $ 3,089 $ (22,295) $ 84,864
Return
40 Confidential
Bal anc e Sheet
($ in thousands)
________________________________________________
Assumed
Emergence
Total Assets $ 424,398 $ 320,263 $ 293,144 $ 290,046 $ 238,541 $ 211,017 $ 173,782 $ 125,243 $ 78,570 $ (0) $ (424,398)
Federal Income Tax Payable (Receivable)
Notes Payable 0 0
Interest Payable
Losses Payable 16,674 7,340 4,127 2,492 820 165 57 24 (16,674)
Total Liabilities 202,436 87,794 41,305 14,532 3,932 1,555 726 316 13 0 (202,436)
Paid in Capital 82,968 82,968 82,968 82,968 82,968 82,968 82,968 82,968 82,968 82,968
Net Income (Loss) - YTD 10,034 10,507 19,369 23,676 20,169 14,610 10,361 5,379 3,089 (22,295) (32,328)
Total Stockholder's Equity 221,963 232,470 251,839 275,515 234,609 209,462 173,056 124,927 78,557 (0) (221,963)
Return
Confidential
(e) Reor gani zed WMI Val uat i on 382(l )(6) Val ue
Return
42 Confidential
Post -Change Val ue
(e) Reor gani zed WMI Val uat i on
382(l )(6) Val ue
Year
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Value of Reorgnized WMI Excluding 382(l)(6) Value $ 125.0
382(l)(6) Value 8.2
Value of Reorganized WMI Including 382(l)(6) Value $ 133.2
Available Taxable Income Shield 5.3 5.3 5.3 5.3 5.3 5.3 5.3 5.3 5.3 5.3 5.3 5.3 5.3 5.3 5.3 5.3 5.3 5.3 5.3 5.3
Tax Savings 1.9 1.9 1.9 1.9 1.9 1.9 1.9 1.9 1.9 1.9 1.9 1.9 1.9 1.9 1.9 1.9 1.9 1.9 1.9 1.9
25% Discount Factor
(1)
0.89 0.72 0.57 0.46 0.37 0.29 0.23 0.19 0.15 0.12 0.10 0.08 0.06 0.05 0.04 0.03 0.03 0.02 0.02 0.01
Present Value of Tax Savings 1.7 1.3 1.1 0.8 0.7 0.5 0.4 0.3 0.3 0.2 0.2 0.1 0.1 0.1 0.1 0.1 0.0 0.0 0.0 0.0
382(l)(6) Value 6.0
Tax Savings 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8
35% Discount Factor
(1)
0.86 0.64 0.47 0.35 0.26 0.19 0.14 0.11 0.08 0.06 0.04 0.03 0.02 0.02 0.01 0.01 0.01 0.01 0.00 0.00
382(l)(6) Value 10.8
Tax Savings 2.4 2.4 2.4 2.4 2.4 2.4 2.4 2.4 2.4 2.4 2.4 2.4 2.4 2.4 2.4 2.4 2.4 2.4 2.4 2.4
25% Discount Factor
(1)
0.89 0.72 0.57 0.46 0.37 0.29 0.23 0.19 0.15 0.12 0.10 0.08 0.06 0.05 0.04 0.03 0.03 0.02 0.02 0.01
382(l)(6) Value 8.1
Tax Savings 2.4 2.4 2.4 2.4 2.4 2.4 2.4 2.4 2.4 2.4 2.4 2.4 2.4 2.4 2.4 2.4 2.4 2.4 2.4 2.4
35% Discount Factor
(1)
0.86 0.64 0.47 0.35 0.26 0.19 0.14 0.11 0.08 0.06 0.04 0.03 0.02 0.02 0.01 0.01 0.01 0.01 0.00 0.00
________________________________________________
(1) See page 17 for recommended range of Discount Factor.
Return
Confidential
I V. Subsc r i pt i on Ri ght s Val uat i on
Return
44 Confidential
Ter ms of t he Ri ght s Of f er i ng
I V. Subsc r i pt i on Ri ght s Val uat i on
f $100 million rights offering
f No backstop
f No discount to value of Reorganized WMI
f Offered to the holders of the PIERS claims
f $2 million minimum participation
f The Rights Offering will be subject to 1145 limitations
f The Rights Offering will commence on the date Ballots and Subscription Forms are
mailed to Voting Nominees on behalf of holders of the PIERS claims; the date by which
holders of Subscription Rights must elect to subscribe to the Rights Offering is defined in
the Plan as the Subscription Expiration Date
f The equity in Reorganized WMI purchased through the Rights Offering will be
distributed on the Effective Date or as soon as practicable thereafter
f To the extent a holder of a PIERS claims elects to exercise Subscription Rights and
receives equity in Reorganized WMI, such holders distribution of Creditor Cash or Cash
to be received on account of Liquidating Trust Interests, shall be reduced, on a dollar-for-
dollar basis, by the value of the Subscription Rights exercised
f Subject to the Debtors sole and absolute discretion, each eligible holder of Subscription
Rights that exercises its Subscription Rights in full will also have an over-subscription
right to purchase any additional shares of Reorganized WMI equity not purchased by
other eligible holders of the Subscription Rights pursuant to the Rights Offering
As part of the Plan of
Reorganization, a
rights offering is being
offered to holders of
the PIERS claims to
invest in Reorganized
WMI.
________________________________________________
Source: Sixth Amended Disclosure Statement, dated October 6, 2010.
Note: Pursuant to Section 34.7 of the Plan, in the event the Debtors enter into a Retention/Sale Transaction, no Additional Common Stock
will be issued and the Debtors will return all payments made pursuant to the Rights Offering.
Return
Confidential
Appendi x
Return

Washington Mutual (WMI) - Attachments/Exhibits To The Final Report of The Examiner (Part 5/10)

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