Washington Mutual (WMI) - Attachments/Exhibits To The Final Report of The Examiner (Part 2/10)

WaMu Tj010Ii'lC WaMu Timeline
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WaMu
8
WaMu Tirneline
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WaMu Timeline
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Dochow 019
WaMu Timeline
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. Dochow Darrel-00001338 019
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WaMu Timeline
Docbow
WaMu Timeline
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WaMlI Timcline WaMu Timeline
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WaMu Tillleline
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.... - -
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WaMu Timeline
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Dochow Darrc)00001338 023
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Redacted
Dochow _DIlfl'cl-00001338 _024
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WaMu Tillleli.le
y,.'
2/28/0B
.. ,< ..
WaMu Timeline
Redacted
CEO Killinger met with OTS Director 10 discuss the condition of the Bank, examination concerns, and
the ros eets of raisin ca ita!'
Redacted
- -
Return
WaMu WaMu Timeline
Redacted
Return
WaMu Timolillc
4/4/08
r'-"'=-lw'R-;;:;:;;;;;;fe< DC the revised liquidity stress analysis with additional stress conditions reCluested
by WR management including: a 9 billion deposit am offamong retail, custodial and commercial
accounts, pIllS a ill Funds capacity lind 400 bp increase ill the FHLB haircut. Also
included was new info on several such as the call do upon a
"material adverse change" indicating that potential a mllch worse event shollid the FHLB of
early amortization of olllstandingbalances or immediate upon default
1\ change. Management reports thnt the)' are very close 10 signing a
deal to additional capital approximating billio/l, OTS encourages and the Board
to raise all that is possible in this transaction. agrees with 01'8 to keep JP Morgan
4/4108
WliMu Timeline
Redacted
WR providesDC thej3ank's revised Hquidity stress analysis with additional stress conditions requested
by WR management including: a $19 billion deposit tun offamong retail, custodial and commercial
accounts, plus a reduction in Fed Funds capacity and 400 bp increase in the FHLB haircut. Also
included was new info on several items such as clarification of what the FHLB's can do upon a
"material adverse change" indicating that potential exists for a much worse event should the FHLB of
SF triggers an early amortization of outstanding'balances or immediate repayment upon default
stemming from a material adverse change. Management reports that they are very close to signing a
deal to raise additional capital approxjmating $4.9 billion. OTS encourages management and the Board
to raise all thaI is possible in this transaction. Management agrees with OTS to keep JP Morgan offer
open.
Redacted
Dochow . Darrel-00001338 . 027
- -
Return
W"'VIII Timelillc
5116/08 Onsite examiners discontinued sending liquidity reports 10 D"Cbecalise oft-he recent capital infusion but
continued liquidity,
"xaminers they arc classifying all subprime loans--l
ofpa]{lTIIol1t status and as slich, would downgrade the Bank's asset quality
----"
DoclIow Darrel-00001338 028
- -
5/5/08
5/8/08
5/16/08
WaMu Timeline
Redacted
FDIC provides a revised .:;apital analysis indicating that the Bank needed an additional $5 - $7.0 billion
in capital
,[ernporarily discontinued weekly I iquidity reports to DC due to recent capital infusion
Redacted
Onsite examiners discontinued sending liquidity reports to DC because of the recent capital infusion but
'--___ liquidity,
5/29/08
... ", .
Redacted
Onsite FDIC examiner inform OTS examiners that they are classifying-all subprime loans
"substandard" regardless of payment status and as stich, would downgrade the Bank's asset quality
com anent from "3" to "4lt.
Redacted
- -
Return
WaMu Tilllclil,e WaMu Timeline
Redacted
.
Return
WaMu Timeline WaMu Timeline .
Redacted
DochowDarrcI-00001338 030
- -
Return
WaMu Timelille WaMu Timeline
Redacted
Dochow Darrel00001338 031
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WaMu
,"mung all 7125108
WaMu Timeline
Redacted
FRB informed WR Director that they would be sending an examiI1er from their Credit monitoring
department to monitor Iiauidity and related credit/collateral.
Redacted
Dochow DarreI-00001338 032
I
Return
WaMu Timelitle WaMu Timeline
Redacted
. :"' ,.
Dochow _ Darrel-00001338 _033
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WaMu ",,,,,,,u,,,
WMJIWMBMOU as
9/1D/OS FHLE. SF presentation at WR managers meeting, it
assets would FHLE. managersmofe assurance to cOllltimJe I,,,,di,,,,
andinlhe
9/7/08
9/10/08
WaMu Timeline
Redacted
WMI!WMB MOU signed by directors, Alan Fishman approved as CEO by directors, and Kerry
Killin er resi ns as CEO.
Redacted
During FHLB. SF presentation at WR managers meeting, it was discussed whother a blank.et lien on
WMB's assets would give FHLB managers more assurance to continue lendiilg to the Bank. They
indicated that it would and in the followin week, this was accoln lisned.
Redacted
Return
9/11/08
9115108
WaMu
'1'''''0''' . liquidity noted:
-Anecdotal illformation from the brallchcstoday suggests that deposit withdrawals higher than
normal; most withdrawals were ill $50,000.
'Pos!-IndyMac plans been reillilialed ill the branches, which include: emphasis on FDIC
insurance education; waiver of if customers restructure deposits to insurance co'ver.age
(with multiple accollnt owners, etc); waiver back at II
and redeposit the distrihution of flyers outside of downtown Seattle branches advertising the
current 5% CD special
.An 8 month CD at 4.25% will CIIITell! 5% 13 month special beginning on Saturday
headlines not directly impacted other funding sources so
.Fishman, and McMurray are with S&P The meeting was SCfleaUICU for
lIoxt bul was of Ihis events,
.Management is considering a third quarter pre-earnings announcement next week to attempt 10 calm
the market. They are discussing this with S&P,
all earnings annOllllcement to causa to downgrade the credit' raling
bank rating is expected to stay unchanged (BBB), although Ihe likely change
to "Negative." This will be a challge 6'om prior practice by Fitch, which has given the bank
and He
..
Branches in the Midwest and west. eem',n,,""
closed today because of increased press and network news cOI(cragcQfr.cilman, AIG, elc.
9/11/08
9115108
WaMu Timeline
Redacted
Today's liquidity meeting noted:
-Anecdotal information from the branches today suggests that deposit withdrawals remain higher than
normal; most withdrawals were in increments greater than $50,000.
-Post-IndyMac plans" have been reinitiated in the branches, which include: emphasis on FDIC
insurance education; waiver of penalties if customers restructure deposits to increase insurance coverage
(with multiple account owners, etc); waiver of penalties if customers bring back official checks at a later
date and redeposit the funds; distribution of flyers outside of downtown Seattle branches advertising the
-An 8 month CD special at 4.25% will replace the current 5% 13 month special beginning on Saturday
-The negative headlines have not directly impacted other funding sources so far
-Fishman, Rotella, Casey and McMurray are meeting with S&P today. The meeting was scheduled for
next week, but was rescheduled because of this week's events.
-Management is considering a third quarter pre-earnings announcement next week to attempt to calm
the market. They are discussing this with S&P.
They expect an earnings announcement to cause Fitch to downgrade the holding comvany credit rating
to BBB-. The bank rating is expected to stay unchanged (BBB), although the outlook will likely change
to "Negative." This will be a change from prior practice by Fitch, which has generally given the bank
and the HC the same credit ratin .
Branches in the Midwest and west reported continued higher than normal activity after the market I
closed today because of increased press and network news coverage of Lehman, AlG, etc.
Redacted
Dochow Darrel-00001338 035 .
Return
9/18/08
9/19/08
"'"-"----1
WaMu Timeline
WMB reports high traffic in branches and cormnlmr'g
$33,3 billion.
repclrtcd available liqulidily at
WMB updated DC Management on Liquidity: Funding Plans the trajectory ;)fdeposit outflows looks
like it will IndyMac ($9.5B) + 70%, or a total outflow $16-$17B over three weeks (including what
has already They are borrowing FHLBs over next two weeks. FHLB SF
now has a blanket lien and has assured. WMB they willllot any cuts in capacity.
WMB will also be getting in proceeds discoullt note maturities and sales. Repo market is shut
down. Rapo collateral is being shifted tu SEA FHLB.
Treasury Manager thil1ks that liquidity at the end of the will ill e"cess
and $10B in FHLB capacity.
M&A - Fishman, and a rep from Goldman gave an update on M&A activity. JP Morgan
is expected to complete by or tomorrow. is expected 1Cl."complete
.diligence tomorrow. Also olle otlier the name) is looking into acquiring a minority
interest. Goldman thinks a deal
OTS downgra3es WMB's comoosite rating to
FHLB -SF reports that their accountants, to follow FAS 157 value
for the collateral of problem banks and that WAMU was a problem bank" That means tltey look to
observable sales of option arms and thoy found some at firo sale prices of35 cents on dollar that
they will have.to use. On that they arc out of collateral and gave advances yesterday only because
ofthe blanket lien. FHLB of SF told management this late last night. FIILB of SF told OTS that
might be able to lend $1 to $2 billion more was II bridge to II dcal dono. OTS management
cnc:ourag"d HILBs to Icnding.
036
WaMu Timeline
Redacted
9/18/08
WMB reports high traffic in branches and continuing branch closings and reported available liquidity at
$33.3 billion .
. WMB updated DC Management on Liquidity: Funding Plans - the trajectory of deposit outflows looks
like it will be IndyMac ($9.5B) + 70%, or a total outflow $16-$17B over three weeks (including what
has already happened). They are borrowing $8.5B from FHLBs over the next two weeks. FHLB SF
now has a blanket lien and has assured. WMB that they will not have any additional cuts in capacity.
WMB will also be getting $2H in proceeds froin discount note maturities and sales. Repo market is shut
down. Repo collateral is being shifted to SEA FHLB.

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

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

Dochow_Dartel-00001338 037
-9123/08
9/24/08
9/25/08
,
WaMu Timeline
Redacted
WMB projected ending available liquidity to be $28.0 billion; however, they estimated $9.4 in FRB
availability or $2.0 billion more that estimated by the FRB. FDIC projected $20.8 billion in liquidity
because they reduced the amount ($8.5 billion) reportedly available fromFHLB-SF to $1.0 billion ..
Redacted
Latest FRB- projection indicates that WaMu liquidity would reach "0" by 1019/08 assuming
approximately $2.0 billion runoff per day.
WaMu projects available liquidity at $23.6 billion
Redacted
I
FDIC reports to OTS that while-deposit outflows are declining they are not stabillze(f,ifidthatFtILB-SF ,
is "day to day" with respect to future advances. .
Redacted
I
Daily Liquidity report provided to WR andDe senior management. Available liquidity projected at
$13.1 billion (subject io FHLB continuing to fund).
Redacted
Dochow_Darrel-00001338 037
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W!I1yfu Timeline
cateJ/;OfY,
At FOI C' s R eq u est, OTS eX!iffi!lllers di re:t:ted1iVlVITrm;;'allnm":;;g;;;en;;;,;en;;:ttittd oi,,,iT, , . ~ : ; ; T ; v , ,;;:, ~ "I>;:;;f,;;:;;J'F.:;;;dT;;;:;R (a
special purpose enlity). forfeit all apllw,dmalely $9:0 in loan collateral,
WIl1\1u Timeline
I The FRB of San Francisco moves the bank into the secondary credit
I
Redacted
At FDIC's Request, OTS examiners directed WMI management to dissolve Preferred Funding REIT (a
special purpose entity), forfeit all rights to the approximately $9:0 in loan COllateral, and assign the
collateral loans to WMB for inclusion in the receivership transaction.
Redacted
Dochow_ DarreI-00001338 _038
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WaMu Timeline
(2000/2001/2002/2003 /2004/20051,2006/2007/2008)
WaMu Timelioe
WAMUBANK
SUPERVISORY TIMELINE
(2000/2001/2002/2003 /2004/20051,2006/2007/2008)
Redacted
Dochow _Darrel-OOOOI338 _001
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WaMu Timclin"
Dochow _ DalTcl-00001338 _002
WaMll Timeline
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WaMu Timeline
003
WaMu Timeline
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WaMu Timelil1e WaMu Timeline
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Dochow _ Darrcl-00001338 _006
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WaMu WaMu TimeJine
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WaMu
4
WaMu Timeline
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WaMu Tim'Bline
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WaMu Tj010Ii'lC WaMu Timeline
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WaMu
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WaMu Tirneline
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Return
WaMu Timeline
! .. ;
Dochow 019
WaMu Timeline
Redacted
-- '.-":
. Dochow Darrel-00001338 019
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WaMu Timeline
Docbow
WaMu Timeline
Redacted
Return
WaMlI Timcline WaMu Timeline
Redacted
Dochow _DII rrel-OOOO 1338_021
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Redacted
Return
WaMu Tillleline
" ::;, - .
Dochow
. - ; '. ~ -
.... - -
". ~ .
WaMu Timeline
Redacted
Dochow Darrc)00001338 023
Return
Redacted
Dochow _DIlfl'cl-00001338 _024
Return
WaMu Tillleli.le
y,.'
2/28/0B
.. ,< ..
WaMu Timeline
Redacted
CEO Killinger met with OTS Director 10 discuss the condition of the Bank, examination concerns, and
the ros eets of raisin ca ita!'
Redacted
- -
Return
WaMu WaMu Timeline
Redacted
Return
WaMu Timolillc
4/4/08
r'-"'=-lw'R-;;:;:;;;;;;fe< DC the revised liquidity stress analysis with additional stress conditions reCluested
by WR management including: a 9 billion deposit am offamong retail, custodial and commercial
accounts, pIllS a ill Funds capacity lind 400 bp increase ill the FHLB haircut. Also
included was new info on several such as the call do upon a
"material adverse change" indicating that potential a mllch worse event shollid the FHLB of
early amortization of olllstandingbalances or immediate upon default
1\ change. Management reports thnt the)' are very close 10 signing a
deal to additional capital approximating billio/l, OTS encourages and the Board
to raise all that is possible in this transaction. agrees with 01'8 to keep JP Morgan
4/4108
WliMu Timeline
Redacted
WR providesDC thej3ank's revised Hquidity stress analysis with additional stress conditions requested
by WR management including: a $19 billion deposit tun offamong retail, custodial and commercial
accounts, plus a reduction in Fed Funds capacity and 400 bp increase in the FHLB haircut. Also
included was new info on several items such as clarification of what the FHLB's can do upon a
"material adverse change" indicating that potential exists for a much worse event should the FHLB of
SF triggers an early amortization of outstanding'balances or immediate repayment upon default
stemming from a material adverse change. Management reports that they are very close to signing a
deal to raise additional capital approxjmating $4.9 billion. OTS encourages management and the Board
to raise all thaI is possible in this transaction. Management agrees with OTS to keep JP Morgan offer
open.
Redacted
Dochow . Darrel-00001338 . 027
- -
Return
W"'VIII Timelillc
5116/08 Onsite examiners discontinued sending liquidity reports 10 D"Cbecalise oft-he recent capital infusion but
continued liquidity,
"xaminers they arc classifying all subprime loans--l
ofpa]{lTIIol1t status and as slich, would downgrade the Bank's asset quality
----"
DoclIow Darrel-00001338 028
- -
5/5/08
5/8/08
5/16/08
WaMu Timeline
Redacted
FDIC provides a revised .:;apital analysis indicating that the Bank needed an additional $5 - $7.0 billion
in capital
,[ernporarily discontinued weekly I iquidity reports to DC due to recent capital infusion
Redacted
Onsite examiners discontinued sending liquidity reports to DC because of the recent capital infusion but
'--___ liquidity,
5/29/08
... ", .
Redacted
Onsite FDIC examiner inform OTS examiners that they are classifying-all subprime loans
"substandard" regardless of payment status and as stich, would downgrade the Bank's asset quality
com anent from "3" to "4lt.
Redacted
- -
Return
WaMu Tilllclil,e WaMu Timeline
Redacted
.
Return
WaMu Timeline WaMu Timeline .
Redacted
DochowDarrcI-00001338 030
- -
Return
WaMu Timelille WaMu Timeline
Redacted
Dochow Darrel00001338 031
Return
WaMu
,"mung all 7125108
WaMu Timeline
Redacted
FRB informed WR Director that they would be sending an examiI1er from their Credit monitoring
department to monitor Iiauidity and related credit/collateral.
Redacted
Dochow DarreI-00001338 032
I
Return
WaMu Timelitle WaMu Timeline
Redacted
. :"' ,.
Return
WaMu ",,,,,,,u,,,
WMJIWMBMOU as
9/1D/OS FHLE. SF presentation at WR managers meeting, it
assets would FHLE. managersmofe assurance to cOllltimJe I,,,,di,,,,
andinlhe
9/7/08
9/10/08
WaMu Timeline
Redacted
WMI!WMB MOU signed by directors, Alan Fishman approved as CEO by directors, and Kerry
Killin er resi ns as CEO.
Redacted
During FHLB. SF presentation at WR managers meeting, it was discussed whother a blank.et lien on
WMB's assets would give FHLB managers more assurance to continue lendiilg to the Bank. They
indicated that it would and in the followin week, this was accoln lisned.
Redacted
Return
9/11/08
9115108
WaMu
'1'''''0''' . liquidity noted:
-Anecdotal illformation from the brallchcstoday suggests that deposit withdrawals higher than
normal; most withdrawals were ill $50,000.
'Pos!-IndyMac plans been reillilialed ill the branches, which include: emphasis on FDIC
insurance education; waiver of if customers restructure deposits to insurance co'ver.age
(with multiple accollnt owners, etc); waiver back at II
and redeposit the distrihution of flyers outside of downtown Seattle branches advertising the
.An 8 month CD at 4.25% will CIIITell! 5% 13 month special beginning on Saturday
headlines not directly impacted other funding sources so
.Fishman, and McMurray are with S&P The meeting was SCfleaUICU for
lIoxt bul was of Ihis events,
.Management is considering a third quarter pre-earnings announcement next week to attempt 10 calm
the market. They are discussing this with S&P,
all earnings annOllllcement to causa to downgrade the credit' raling
bank rating is expected to stay unchanged (BBB), although Ihe likely change
to "Negative." This will be a challge 6'om prior practice by Fitch, which has given the bank
and He
..
Branches in the Midwest and west. eem',n,,""
closed today because of increased press and network news cOI(cragcQfr.cilman, AIG, elc.
9/11/08
9115108
WaMu Timeline
Redacted
Today's liquidity meeting noted:
-Anecdotal information from the branches today suggests that deposit withdrawals remain higher than
normal; most withdrawals were in increments greater than $50,000.
-Post-IndyMac plans" have been reinitiated in the branches, which include: emphasis on FDIC
insurance education; waiver of penalties if customers restructure deposits to increase insurance coverage
(with multiple account owners, etc); waiver of penalties if customers bring back official checks at a later
date and redeposit the funds; distribution of flyers outside of downtown Seattle branches advertising the
-An 8 month CD special at 4.25% will replace the current 5% 13 month special beginning on Saturday
-The negative headlines have not directly impacted other funding sources so far
-Fishman, Rotella, Casey and McMurray are meeting with S&P today. The meeting was scheduled for
next week, but was rescheduled because of this week's events.
-Management is considering a third quarter pre-earnings announcement next week to attempt to calm
the market. They are discussing this with S&P.
They expect an earnings announcement to cause Fitch to downgrade the holding comvany credit rating
to BBB-. The bank rating is expected to stay unchanged (BBB), although the outlook will likely change
to "Negative." This will be a change from prior practice by Fitch, which has generally given the bank
and the HC the same credit ratin .
Branches in the Midwest and west reported continued higher than normal activity after the market I
closed today because of increased press and network news coverage of Lehman, AlG, etc.
Redacted
Dochow Darrel-00001338 035 .
Return
9/18/08
9/19/08
"'"-"----1
WaMu Timeline
WMB reports high traffic in branches and cormnlmr'g
$33,3 billion.
repclrtcd available liqulidily at
WMB updated DC Management on Liquidity: Funding Plans the trajectory ;)fdeposit outflows looks
like it will IndyMac ($9.5B) + 70%, or a total outflow $16-$17B over three weeks (including what
has already They are borrowing FHLBs over next two weeks. FHLB SF
now has a blanket lien and has assured. WMB they willllot any cuts in capacity.
WMB will also be getting in proceeds discoullt note maturities and sales. Repo market is shut
down. Rapo collateral is being shifted tu SEA FHLB.
Treasury Manager thil1ks that liquidity at the end of the will ill e"cess
and $10B in FHLB capacity.
M&A - Fishman, and a rep from Goldman gave an update on M&A activity. JP Morgan
is expected to complete by or tomorrow. is expected 1Cl."complete
.diligence tomorrow. Also olle otlier the name) is looking into acquiring a minority
interest. Goldman thinks a deal
OTS downgra3es WMB's comoosite rating to
FHLB -SF reports that their accountants, to follow FAS 157 value
for the collateral of problem banks and that WAMU was a problem bank" That means tltey look to
observable sales of option arms and thoy found some at firo sale prices of35 cents on dollar that
they will have.to use. On that they arc out of collateral and gave advances yesterday only because
ofthe blanket lien. FHLB of SF told management this late last night. FIILB of SF told OTS that
might be able to lend $1 to $2 billion more was II bridge to II dcal dono. OTS management
cnc:ourag"d HILBs to Icnding.
036
WaMu Timeline
Redacted
9/18/08
WMB reports high traffic in branches and continuing branch closings and reported available liquidity at
$33.3 billion .
. WMB updated DC Management on Liquidity: Funding Plans - the trajectory of deposit outflows looks
like it will be IndyMac ($9.5B) + 70%, or a total outflow $16-$17B over three weeks (including what
has already happened). They are borrowing $8.5B from FHLBs over the next two weeks. FHLB SF
now has a blanket lien and has assured. WMB that they will not have any additional cuts in capacity.
WMB will also be getting $2H in proceeds froin discount note maturities and sales. Repo market is shut
down. Repo collateral is being shifted to SEA FHLB.

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

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

Dochow_Dartel-00001338 037
-9123/08
9/24/08
9/25/08
,
WaMu Timeline
Redacted
WMB projected ending available liquidity to be $28.0 billion; however, they estimated $9.4 in FRB
availability or $2.0 billion more that estimated by the FRB. FDIC projected $20.8 billion in liquidity
because they reduced the amount ($8.5 billion) reportedly available fromFHLB-SF to $1.0 billion ..
Redacted
Latest FRB- projection indicates that WaMu liquidity would reach "0" by 1019/08 assuming
approximately $2.0 billion runoff per day.
WaMu projects available liquidity at $23.6 billion
Redacted
I
FDIC reports to OTS that while-deposit outflows are declining they are not stabillze(f,ifidthatFtILB-SF ,
is "day to day" with respect to future advances. .
Redacted
I
Daily Liquidity report provided to WR andDe senior management. Available liquidity projected at
$13.1 billion (subject io FHLB continuing to fund).
Redacted
Dochow_Darrel-00001338 037
Return
W!I1yfu Timeline
cateJ/;OfY,
At FOI C' s R eq u est, OTS eX!iffi!lllers di re:t:ted1iVlVITrm;;'allnm":;;g;;;en;;;,;en;;:ttittd oi,,,iT, , . ~ : ; ; T ; v , ,;;:, ~ "I>;:;;f,;;:;;J'F.:;;;dT;;;:;R (a
special purpose enlity). forfeit all apllw,dmalely $9:0 in loan collateral,
WIl1\1u Timeline
I The FRB of San Francisco moves the bank into the secondary credit
I
Redacted
At FDIC's Request, OTS examiners directed WMI management to dissolve Preferred Funding REIT (a
special purpose entity), forfeit all rights to the approximately $9:0 in loan COllateral, and assign the
collateral loans to WMB for inclusion in the receivership transaction.
Redacted
Dochow_ DarreI-00001338 _038
Return
18:52
'0604 P.002 1003
Highly Confidential
Highly Confidential
._----._-
J
. ,:?--::'C :" (),
o.;:c. . '" - . .. ------
, ------., ,
--.----..
Blincow. ' ,
Manager, Franchlse Marketing,
, Divisiori. of Resolutions and ReCeiverships,
. Corl-'oralioll.
1601 Brpll $!Il!::t.
Dal1:lS. Texas
Dear Mr. Blin.cow: '
, On behalf of JP?-. !orgilll Cha.-;e D,:tnk. Nil i\!,::>(\cbrjc;'n
('"Chase Bi:tllk''j pkaselinu. PW-:.uaul [uyow: a hid p'.1i:kilg;: fur ;l i-'t!rd::1:-."
and assumption transaction rclatingto Washington Mutual Bank.. Hf'.riderson NV (the '
lea-d tbrift>'). We ere vt:ry pleased to have the opportunity to wor}('with you and your
colleagues on this
'
For your informatiOn, we highlight the following points
reflected in our bid:'
.
We believe tbatthe authority for the acquisition of the lead t:brl:ttmust be
Seetion'13(k) of the DepoSit Insurance Act with a specific finding
'by the Board ofDirCctOI:SoftheFedoral DCposit lnJUranee Cotporation'
that the laws of any 'state now or hereafter ,enacted that wouId or
restrict Chase Bank from establishing. acquiring or reWning branches 6(
. the lead tIft acquired by Chase Bimk are orovc:rridden.' We
will continue to totcthcr with t&eJOffico of the of the '
. Cum:ncy whcther:t)us is correct. ,:
' ,
We that yOll may be corisidcrirlg revisions to the
jndemJiificationprovisions in Section We understand do
1?-otrclate'to Scction2.5,and we accept as drafted bytbe
FDIC.'
'
'
,
"
,. ' With.Iespect to the RElT preferred sccuritiesand the conditional excbangc
permitted by the tctms tbereo( the Office of the Thrift SuPervision Will '
dirm the exchaligo and the holding compaJ;Jr'immediately willcoIitribute
the trust p:rcfettCd it receiveS upOn exchange to the bank ' :,' ,
,
The OCC has asked us to speclfytbSt in eoDnection the transactiOn,
we plan to immediately transferthC 'acquired c.rCdit card bUsi.tieSs (melud,ingthe '
WociatM assctB and liabilities.) to Cbase :Sink ("Chase ,Delaware,,) ia order to
rcaiize' opcra!ional efficiencies bY having all of1hc credit card aceOunts ofthc firm in. the
same financial atChifccttire. We alSo plai1 to' imln,ediatcly merge the subsidiary thrift into'
Chase Bank to conSolidate the business in legal cnlily and operatiwal and , '
"07 M"-' NY 10172
212 %10 _ I'aatmII: li2 no 06.W
, ' ....... llSdl,IJpmchue..cDnl
FDIC 00032
FDIC 31886
18:52
'0604 P.002 1003
Highly Confidential
Highly Confidential
._----._-
J
. ,:?--::'C:" (),
o.;:c. . ' " - ;\:.::.A.o..m.: . .. ------
, - -----. '
--.----..
Blincow. ' ,
Manager, Franchlse Marketing,
, Division of Resolutions and ReCeiverships,
. Dcp;)sit Corl-'{\ralioll.
J Gu I Drpll $! Il!::t.
Dal1:lS, Texas
Dear Mr. Blin.cow: '
On bChalfofJP?o.forgilll Cha.-;e D,:tnk. i \!;:;).'lcbrjc;' n
('"Chase Bi:I,1lk''j pkaselinu. PUr:,UllUl [uyow: a hid p'.1i:kag;: fur ;l i-'t:rd::l :-."
and assumption transaction rclatingto Washington Mutual Bank.. Hf'.riderson NV (the '
<Clea-d tbrift>'). We ere very pleased to have the opportunity to work'with you and your
colleagues on this
'
For your informatiOn, we higbJight the fonowing points
reflected in our bid:'
.
We believe tbatthc authority for the acquisition of the lead tbri:.tt must be
Seetion'13(k) of the DepoSit Insurance Act with a specific finding
'by the Board ofDirCctOI:SoftheFedora1 DCposit lnJUranee Cotporation'
that the laws afany'state now or bereafter ,cnacted that would prohibit,or
restrict Chase Bank from establishing. acquiring or reWning branches 6(
the lead tJft acquired by Chase Biink are orovc:rridden.' We
will continue to consitier totcthcr with theJOfficc oftbe of the '
. Cum:ncy whcther:t)us is correct. ,:
' ,
We that yOll may be considering revisions to the
indemliificationprovisions in Section We understand do
relate 'to Section 2.5,and 12. 1 (bXxv) we accept as drafted by the
FDIC.'
'
'
,
"
,. ' With.Iespcct to the RElT prefexred sccuritiesand the conditional exchange
permitted by the tcIms tbereo( the Office of tho Thrift SuPemsion Will '
dirm the exchaligo and the holding compaJ;ly'imlncdiatcly willcorrtribuie
the trust ptcfencd it receiveS upOn exchange to the bank ' ,,' ,
,
The OCC has asked us to speclfytbSt in eoimection the transactiOn,
we plan to immediately transfer the 'acquired c.rCdit card, bUsiIiCSs (melud,ing the '
Wocia!ed assctB and liabilities.) to Cbase :Sink ("Chase ,Dela.ware,,) ill order to
reaiize' opcra!ional efficiencies bY having all ofthc credit card aceOunts ofthc firm in the
same financial atehifccttire. We alSo plai1 to' imln,ediatcly merge the subsidiary thrift into'
Chase Bank to conSolidate the business in legal emily and operatiODal and , '
"01 M"-' NY 10172
212 %10 _ I'aatmII: li2 no 06.W
, ' ....... llSdl,IJpmc:hue..eDnl
FDIC 00032
FDIC 31886
Return
SEP.24.2008 18:52
10601 P.003 /003
Highly Confidential
Highly Confidential
systcin efficiencies. In corinection with that, We" arc filing Bank Merger Act applications'
with the Office ofthc CoinptroUer of the CurrencY withtespect to (1) Chase nan}('
.
acquiring the assets'imd asswningtheliabilitics 'ofthe lead thrift; (2) Chase Bank ' .
mergingwitb the subsidiary thrift; and (3) Chase Bank trmisferring the credit ,card assetS
and liabilities to Cb8se DelaWare.
'
,"We mmy Qf.these issues with.your colleagues in the
of [he form
l,,;c:lIlst: uftl)t: iWPVIWIC"; u( ;a:::>tlUlptivlI.: tv :"11, 1)(0r(J.>.II, :wJ Ie I t1: ':
, final fOrIn of the we !;;!t it irnp.)ltrtIlI ro drl\\" Ih::sc II) your
attention.
Enclosm-es
cc
' .
. '
'Z17 PaItt A-lenir 1ft Yortc. MY 10172
211270 555l- FaatmIIc 112 DO 0659
,
FDIC 00033
I
I
( "
,
FDIC 31887
SEP.24.2008 18:52
'0601 P.003 /003
Highly Confidential
Highly Confidential
systcin efficiencies. In corinection with that, we "arc filing Bank Merger Act applications
with the Office ofthc ComptroUer of the CurrenCy with respect to (1) Chase I3ank
.
acquiring the assets'imd assumingtheliabilitics ofthe lead thrift; (2) Chase Bank ' .
mergingwitb the subsidiary thrift; and (3) Chase Bank trmisferIing the credl t .card assetS
and liabilities to Cb8se DelaWare.
.
. We mmy Qt.these issues with.your colleagUes in the
of the fNIIl
l,,;c:lIlst: uftl)t; iWPVIWIC"; vi ili.::'c ;a:::>llUiptivII.: lv : . .'IIr 1)(0rO.>.II, In t1: .:
. firm! fOrIn of the ... c li.:1t it imj..'I)lt:lll( ro drlw rh::sc I,) your
attention.
Enclosw-es
cc
.
. .
.1-, .
.J7
, .
9"
.....-;-,
" .
"".
a
L
I:' .
'Z17 PaItt 1ft YOftc. MY 10'172
211270 55Sl- FaafmIIc 112 270
.
FDIC 00033
,
,
I
I
( "
,
FDIC 31887
Return
FDIC Institution Sales
Frequently Asked Questions
A change was made to #8 to conform to the P&A Agreements
already posted to the Intralinks site.
1. How will FHLB Advances be treated in the proposed transaction?
Will the acquirer assume the advances at the existing rates without
penalty or adjustment, and take the corresponding assets?
Answer: Bids should be submitted assuming that all FHLB
advances will be assumed without penalty or adjustment. All
assets pledged to secure the advances will convey in the
transaction.
2. How will the Undrawn Lines be treated in the proposed
transaction? Will the FDIC use its powers to allow the acquirer to
cut off undrawn lines of credit in the home equity portfolio?
Answer: All assets and loan funding obligations will pass to the
acquirer in the transaction.
3. How will the REIT preferred and associated assets be treated in
the proposed transaction? Can the RE IT preferred be treated
sim ilarly with the trust preferred, and left behind with the
associated assets supporting the RE IT preferred?
Answer: The REIT preferred shares will not be assumed in the
transaction. However, the associated assets will pass to the
acquirer.
4. How will the Covered Bonds be treated in the proposed
transaction? Will the covered bonds and associated assets pass
to the acquirer, similar to the FHLB Advances?
Answer: All secured liabilities, including the covered bonds, and
associated assets will pass to the acquirer.
5. How will the Repurchase Agreements (Repos) be treated in the
proposed transaction? Will the repurchase obligations and
associated assets pass to the acquirer?
Highly Confidential
Highly Confidential
Page 1 of 4
FDIC 00034
FDIC 31888
transaction.
acquirer.
Highly Confidential
Highly Confidential
Page 1 of 4
FDIC 00034
FDIC 31888
Return
Answer: All Repos and associated assets will pass to the
acquirer.
6. How will the Utah subsidiary be treated in the proposed
transaction? Would the FDIC be willing to use the cross
guarantee liability or some other authority to place the Utah
subsidiary into receivership to eliminate contingent liabilities and
facilitate integration? Can the FDIC provide more information
regarding this institution, particularly on non deposit liabilities?
Answer: The Utah subsidiary will pass to the acquirer as a going
concern and will not be placed into receivership.
7. Will the FDIC provide additional time in order to accept or reject
leases and other contracts? Given the complexity of the target,
would the FDIC be willing to allow the acquirer to determine
whether to affirm or repudiate contracts closer to the 180 day
period the FDIC would enjoy for this power instead of 90 days?
Answer: Although we prefer that most agreements be reviewed
within 90 days, the FDIC as receiver will work with the acquirer on
a case-by-case basis for up to five months following the acquisition
to determine whether to affirm or repudiate leases and other
contracts retained in receivership.
8. What are your expectations about the treatment of employees in
connection with the transaction? What is the length of time during
which we would need to decide whether or not to hire employees?
Will there be an opportunity to use receivership powers to optimize
pension and other benefit plans?
Answer: Employees of the bank will pass to the acquirer. The
receivership will retain individual-specific employment contracts.
Any benefit plans to which the bank is a party will be retained
by the Receiver in transactions 4 and 5.
9. Are the off-balance sheet credit card portfolio and mortgage
securitizations included in the transaction? Do you expect the
acquirer to assume the servicing obligations? If there are pricing
issues associated with the contracts (e.g., the pricing is
disadvantageous to the assuming institution), can we take
advantage of the FDIC's repudiation powers to effect a repricing?
Highly Confidential
Highly Confidential
Page 2 of 4
FDIC 00035
FDIC 31889
acquirer.
Highly Confidential
Highly Confidential
Page 2 of 4
FDIC 00035
FDIC 31889
Return
Answer: The bank's interests and obligations associated with the
off-balance sheet credit card portfolio and mortgage securitizations
pass to the acquirer. Only contracts and obligations remaining in
the receivership are subject to repudiation powers.
10. Can you provide greater clarity on whether there is a deferred tax
asset at the thrift level, and if so, would it pass to the acquirer?
Answer: If there is a deferred tax asset at the thrift level , it relates
to the entity itself and can not pass in a purchase and assumption
transaction to the acquirer.
11. There is a number of class action and other lender liability matters
brought by borrowers or that may be asserted by borrowers
against Washington Mutual. Would the Assuming Bank be
required to assume these liabilities?
Answer: The Purchase and Assumption Agreement provides that
the Assuming Bank does not assume liability for claims for
payment or other monetary relief that have been or may in the
future be asserted by borrowers. Such liabilities are intended to
remain liabilities of the FDIC as receiver of Washington Mutual.
We recognize, however, that certain borrowers may attempt to
assert lender liability claims against the Assuming Bank. We
believe, based on the provisions of the Purchase and Assumption
Agreement, that such claims are likely to be found to be liabilities
of the receiver and not of the Assuming Bank. However, neither
the FDIC in its Corporate Capacity, nor as Receiver of the failed
institution, warrants such a result or indemnifies the Assuming
Bank against any losses it may suffer as a result of the assertion
of such claims against it.
12. How do I find out who won, how many bids were received and the
amount of the bids?
Highly Confidential
Highly Confidential
Answer: Information about the winning bid will be available in the
FDIC's press release immediately after closing. Any other bid
information is available through the Freedom of Information Act.
You can make a FOIA request from FDIC.gov.
Page 3 of 4
FDIC 00036
FDIC 31890
amount of the bids?
Highly Confidential
Highly Confidential
Page 3 of 4
FDIC 00036
FDIC 31890
Return
13. How are uninsured depositors treated in an insured deposit only
transaction?
Answer: The acquiring bank receives the insured portion of an
uninsured depositor's account. In some instances, the FDIC will
fund a percentage of the uninsured portion (advance dividend) to
the depositor as well. A Receivership Certificate will be issued to
any depositor for the unfunded amount of their deposit(s).
14. Are deposits valued in any way? Do they playa role in the FDIC's
cost test?
Answer: Deposits are not valued by the FDIC; however, the
uninsured portion does playa role in the cost test. The FDIC will
compare "all deposits" bids to the "insured deposits" bids and the
cost of a deposit payout. An "all deposits" bid will be more costly
than an insured deposits bid, because in the insured deposits bid
or the deposit payout, the uninsured depositors share (with the
FDIC) in the ultimate losses experienced on loans and other
assets liquidated by the FDIC as Receiver.
15. What are the specific bid evaluation mechanics of the FDIC's cost
test?
Answer: The FDIC's least cost test calculations are considered
proprietary and are not offered to bidders.
16. What if the assuming bank's attorneys are uncomfortable with the
language contained in the Purchase & Assumption Agreements?
Is the final agreement language negotiable?
Highly Confidential
Highly Confidential
Answer: No the Purchase & Assumption agreement language is
not negotiable.
Page 4 of 4
FDIC 00037
FDIC 31891
transaction?
cost test?
test?
Highly Confidential
Highly Confidential
not negotiable.
Page 4 of 4
FDIC 00037
FDIC 31891
Return
transaction.
acquirer.
Highly Confidential
Highly Confidential
Page 1 of 4
FDIC 00034
FDIC 31888
transaction.
acquirer.
Highly Confidential
Highly Confidential
Page 1 of 4
FDIC 00034
FDIC 31888
Return
acquirer.
Highly Confidential
Highly Confidential
Page 2 of 4
FDIC 00035
FDIC 31889
acquirer.
Highly Confidential
Highly Confidential
Page 2 of 4
FDIC 00035
FDIC 31889
Return
amount of the bids?
Highly Confidential
Highly Confidential
Page 3 of 4
FDIC 00036
FDIC 31890
amount of the bids?
Highly Confidential
Highly Confidential
Page 3 of 4
FDIC 00036
FDIC 31890
Return
transaction?
cost test?
test?
Highly Confidential
Highly Confidential
not negotiable.
Page 4 of 4
FDIC 00037
FDIC 31891
transaction?
cost test?
test?
Highly Confidential
Highly Confidential
not negotiable.
Page 4 of 4
FDIC 00037
FDIC 31891
Return
transaction.
acquirer.
Highly Confidential
Highly Confidential
Page 1 of 4
FDIC 00034
FDIC 31888
transaction.
acquirer.
Highly Confidential
Highly Confidential
Page 1 of 4
FDIC 00034
FDIC 31888
Return
acquirer.
Highly Confidential
Highly Confidential
Page 2 of 4
FDIC 00035
FDIC 31889
acquirer.
Highly Confidential
Highly Confidential
Page 2 of 4
FDIC 00035
FDIC 31889
Return
amount of the bids?
Highly Confidential
Highly Confidential
Page 3 of 4
FDIC 00036
FDIC 31890
amount of the bids?
Highly Confidential
Highly Confidential
Page 3 of 4
FDIC 00036
FDIC 31890
Return
transaction?
cost test?
test?
Highly Confidential
Highly Confidential
not negotiable.
Page 4 of 4
FDIC 00037
FDIC 31891
transaction?
cost test?
test?
Highly Confidential
Highly Confidential
not negotiable.
Page 4 of 4
FDIC 00037
FDIC 31891
Return
Confidential Treatment
Requested by
JPMC
HIGHLY CONFIDENTIAL
Restricted For Use in Connection with Plan Confirmation Only
Confidcntial TrcatmclII Requcstcd b)' JPMC JPM EX00006878 Confidcntial TrcatmclII Requcstcd b)' JPMC JPM EX00006878
Return
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HIGHLY CONFIDENTIAL
Return
R
B
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x
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7
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1
5
7
5
W
HIGHLY CONFIDENTIAL
Return
I
n
c
o
m
e
S
t
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e
m
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n
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I
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V
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e
w
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Net
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A
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s
4
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7
3
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2
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1
3
3
2
5
66
2
Net
M
e
r
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s
t
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c
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m
e
D
e
p
o
s
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t
s
C
h
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U
a
b
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t
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s
8
7
7
8
9
0
819
9
2
7
1
0
3
71
58
R
e
t
a
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l
B
a
n
k
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n
g
3
N
e
t
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s
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e
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e
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P
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v
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s
i
o
n
1
2
8
4
1
2
6
1
1
1
6
0
1
2
5
9
99
1
0
1
1
2
4
%
P
M
l
o
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4
P
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For
L
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s
62
6
6
3
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9
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3
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N
I
M
Y
Y
5
N
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t
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n
1
2
2
2
5
9
9
184
3
4
7
163
1
415
1
0
3
8
%
N
I
E
d
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r
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c
t
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n
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s
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s
Y
Y
p
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6
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F
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s
6
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3
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9
35
70
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s
$
4
5
M
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7
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F
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s
C
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s
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n
s
60
63
61
67
6
2
1
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p
$
2
9
M
i
n
t
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g
$
1
4
M
a
n
d
8
O
t
h
e
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c
o
r
r
e
Mig
Inc
28
19
18
22
4
1
10
m
e
d
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a
$
1
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M
9
N
o
n
i
n
t
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r
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s
t
I
n
c
o
m
e
751
8
5
0
8
1
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8
3
2
20
38
6
1
P
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10
R
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S
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g
18
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11
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4
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11
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t
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t
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p
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s
e
D
i
r
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c
t
821
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4
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1
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2
12
I
n
d
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r
e
c
t
E
x
p
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s
e
2
4
8
2
6
9
260
2
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9
12
13
N
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t
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r
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E
x
p
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1
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6
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31
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14
O
p
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P
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x
9
8
4
9
0
3
798
9
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5
1
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6
15
Net
h
c
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e
b
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f
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r
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I
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c
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r
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T
a
x
9
2
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0
15
I
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m
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T
a
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s
3
4
6
39
57
6
63
17
17
N
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I
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e
5
7
6
2
8
0
1
2
12
F
4
0
1
6
9
7
18
R
A
R
O
C
7
2
7
2
3
5
1
9
2
0
2
1
3
6
3
3
9
3
7
2
1
7
4
7
5
1
9
R
O
I
C
3
2
2
4
1
5
5
2
0
9
8
0
6
5
1
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3
4
1
6
5
1
3
3
2
2
20
O
p
e
r
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t
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g
E
f
f
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c
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y
R
a
t
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o
5
2
1
5
7
3
5
8
5
5
5
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2
6
0
b
p
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j
1
1
7
b
p
s
6
4
3
b
p
s
21
A
v
e
r
a
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e
F
T
E
2
4
6
9
4
2
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3
9
3
2
6
3
2
5
2
5
0
2
5
1
3
0
0
6
3
1
1
1
M
HIGHLY CONFIDENTIAL
Return
R
B
A
v
g
B
a
l
S
h
e
e
t
I
R
V
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e
w
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v
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$
in
m
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1
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2
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m
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B
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3
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4
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5
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6
N
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k
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x
c
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7
I
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s
t
C
h
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c
k
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g
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x
c
l
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HIGHLY CONFIDENTIAL
Return
C
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HIGHLY CONFIDENTIAL
Return
B
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HIGHLY CONFIDENTIAL
Return
C
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HIGHLY CONFIDENTIAL
Return
6
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HIGHLY CONFIDENTIAL
Return
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1
HIGHLY CONFIDENTIAL
Return
LRF Reconciliation to the 2008 Plan
Income Statement
Net Interest Income
Provision
Noninterest Income
Non Interest
Expense
Minority Interest
Expense
Net Income Before Tax
Tax
Net Income
Preferred Dividends
Net Income Attrib to Common
EPS
Balance Sheet
2008 a Loan 2008
Plan Actions
Adjusted
9020
10500
6263
8500
305
4022
1774
2 248
260
2508
288
95 a
260
b
280 c
2000 d
8925
12500
6003
8220
305
75 2000 6097
2557
3540
260
3800
436
Assets
Cash 4336 4336
Investments
33703 33703
Comml Non Res and other 46361 46361
SFR and HE
185488 7578
a 177910
Card+5 7497 7497
ALLL
7500 450
d
7950
Other Assets 37105 37105
Total Assets
306990 298962
Liabilities
Deposits 197855 197855
Borrowed Funds 75331 6742 e 68590
Other Liabilities 8052
8052
Total Liabilities 281239
274497
Minority
Interest 3917
3917
Total Shareholders Equity 21841
1292
f
20549
Total Liabilities and Equity 306996 298962
Assumptions
Home Loan Details
a $75B Lower Volume $38B lower
average
balance 250bps spread
b $304B Lower Saleable Volume due to HL actions 86bps blended rate
c Approx12 year impact net of
restructuring
for
exiting wholesale lending and Home Loans retail lendinc
and associated support groups
Other Details
d Higher
than
plan credit costs
e Balancing change for lower assets and lower
deposits
f Equity change
for lower
earnings and change i
n dividend
policy
Requested by
JPMC
JPMEX00006921
HIGHLY CONFIDENTIAL
Return
Long Range Forecast Assumptions 2009 through 2012
NIM Net Interest Income
Fed Funds
Low
Mid
High
Earning Assets
Provision
Non Interest Income
Gain on Sale
Rate
Sold Volume
Non Interest
Expense
Base
Home Loans Actions
REO
Expenses Low Case
Balance Sheet
Assets
Cash
Investments
CommI Non Res Other
SFR and HE Balances
CPR
RE Volume portfolio
Card Balances
ALLL
Other Assets
Liabilities
Deposits
Borrowed Funds
Other Liabilities
Minority
Interest
Shareholders
Equity
225 300 350 350 350
225 263 288 325 350
225 225 225 300 350
<See Balance Sheet
Assumptions
below>
<Consistent with Cum Loss assumptions>
<Assume Card Securitization of Return 2nd 12 09>
497 364 399 436 474
124 140 140 140 140
40000 26000 28500 31125 33881
280 Net
<Grow Balances at 3>
<$650M off Run Rate>
255 135
<Percent of Assets >
015 015 015 015
25600 16500 17325 18711 19647
<Securitization level flat at 70>
<Based on Cum Loss Provision and CO
assumptions>
<Balancing
Account>
<Flat >
<Earnings Dividends Buybacks Equity
Issued >
Requested by
JPMC
JPMEX00006922
HIGHLY CONFIDENTIAL
Return
R
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7
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7
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2
HIGHLY CONFIDENTIAL
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HIGHLY CONFIDENTIAL
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0 2008 Plan
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Prime Portfolio
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47
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323
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Core
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et Income
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1999
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Total NonOperating Costs 1093
Provision 2094
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8
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9
7
HIGHLY CONFIDENTIAL
Return
H
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0
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2
HIGHLY CONFIDENTIAL
Return
Al
C
0
8
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9
8
HIGHLY CONFIDENTIAL
Return
C
w
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3
2
3
HIGHLY CONFIDENTIAL
Return
D
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Return
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7
HIGHLY CONFIDENTIAL
Return
C
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HIGHLY CONFIDENTIAL
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HIGHLY CONFIDENTIAL
Return
I
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HIGHLY CONFIDENTIAL
Return
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HIGHLY CONFIDENTIAL
Return
Fernando To Brian A
BesseyILONE
Rivas
cc
Subject
FW
07252008
1100 AM
From Fernando Rivas
Sent Monday July 21 2008 925 AM
To Mike Cavanagh
Cc Tim Main Gregg B Gunselman Charlie Scharf
Subject Fw
Mike apologies we sent out Thursday and didnt include
you
see email below
Let us know
i
f wld like to setup a time to discuss
Sorry again
Fernando
From
Gregg
B Gunselman
To Charlie Scharf
Cc Tim
Main Fernando Rivas
Sent Thu Jul 17 184304 2008
Subject RE
CharlieAttached
i
s the analysis of the Wamu capital alternatives including
1 The
original $14bn common equity
scenario base case
2a Aggressive hybrid issuance scenario $14bn fixed income and convertible
markets
2b Maximum market capacity scenario all $14bn done i
n fixed income market
We have also modeled the
impact
of two made
up assistance alternatives a permanent DTA relief and b
2year RWA relief on Option ARMS and
subprime portfolios under each of the three issuance scenarios We will continue to work on assistance alternatives
Pages 5 and 6 contain the financial and capital impacts
Requested by
JPMC
JPMEX00000322
HIGHLY CONFIDENTIAL
Return
From Fernando Rivas
Sent Thursday July 17 2008 1101 AM
To Charlie Scharf
Cc Gregg B Gunselman Tim Main
Subject Re
Gregg sending first two scenarios today
We are thinking through
how to make
up
the assisted scenario we may get more color tomorrow with the
regulators i
f
not will make
something up
From Charlie Scharf
To Fernando Rivas
Sent Thu Jul 17 083707 2008
Subject
when will we have wamu stuff done
West
capital
alternatives
71708ppt
Type applicationvndmspowerpoint
Name West
capital
alternatives
71708ppt
Requested by
JPMC
JPMEX00000323
HIGHLY CONFIDENTIAL
Return
Benjamin
To Jamie
DimonILONEJPMCHASE
Lopata
cc Mike
CavanaghILONEJPMCHASE
Charlie
ScharfILONEJPMCHASE
Brian A
BesseyILONEJPMCHASE
Fernando
RivasJPMCHASEJPMCHASE Sally
E
03272008
DurdanJPMCHASEJPMCHASE
Allen FriedmanJPMCHASE
0152 PM
Subject
Jamie
The firsr $72B of
preacquisition
losses
recognized by
West in the 2008
premerger
tax
year
can be used to
offset its tax liability
in06
and07
for a cash tax benefit of $252B and perhaps slightly greater depending on
the state tax impact
Note that weve assumed that
1
losses
triggered on sales of loans are on sales of loans to third
parties that
i
s
not to JPMC and 2 any
such sales are of loans held today by West itself rather than its REITs and we
understand that the bulk of the loss assets are in fact NOT in the REITs
Ben Allen
IRS Circular 230 Disclosure
JPMorgan
Chase Co and its affiliates do not provide tax advice
Accordingly any
discussion of U S tax
matters contained herein including any attachments i
s not intended or written to be used and cannot be used
in connection with the
promotion marketing or recommendation
by anyone
unaffiliated with
JPMorgan
Chase
Co
of
any
of the matters addressed herein or for the
purpose
of avoiding US taxrelated penalties
Requested by
JPMC
JPMEX00000664
HIGHLY CONFIDENTIAL
Return
Benjamin
To Brian A
BesseyILONEJPMCHASE
Lopata
cc
Subject
Fw West tax
analysis
03272008
1233 PM
FYI
IRS Circular 230 Disclosure
JPMorgan
Chase Co and its affiliates do not provide tax advice
Accordingly any
discussion of U S tax
matters contained herein including any attachments i
s not intended or written to be used and cannot be used
in connection with the
promotion marketing or recommendation
by anyone
unaffiliated with
JPMorgan
Chase
Co
of
any
of the matters addressed herein or for the
purpose
of avoiding US taxrelated penalties
Forwarded
by Benjamin LopataJPMCHASE on 03272008 1232 PM
Allen
FriedmanJPMCHASE
03272008 1206 PM
Tocharlie
scharfilonejpmchase
ccBenjamin LopataJPMCHASEJPMCHASE
fredianimarkjpmorgancomPMCHASE
Michael
AlvinoJPMCHASEJPMCHASE
SubjectFw
West tax
analysis
Forwarded
by
Allen FriedmanJPMCHASE on 03272008 1205 PM
Allen
ToSally
E
DurdanJPMCHASEJPMCHASE
Fernando
FriedmanJPMCHASE RivasJPMCHASEJPMCHASE
ccJamie
DimonILONEPMCHASE
Mike
03272008 1205 PM
CavanaghILONEJPMCHASE
SubjectWest
tax
analysis
The 34 effective tax rate for West was arrived at by 1 combining
the factors used to apportion
each of
Wests and JPMCs taxable income
among
the different
states 2 making
certain
assumptions
about the relative
levels of
profitability
of each of the two firms
as profitability
relative to
apportionment
factors
i
s
a critical
input
in
determining the state tax rate and 3 making certain assumptions about levels of
taxexempt
income
generally assumptions consistent with those that exist today The 34 rate
i
s a withwithout rate and
includes the incremental tax
or
tax
reduction
that results when for state tax
purposes
Wests income
i
s
combined with that of JPMC
The calculation of the
ability
to taxeffect the losses
see below was based on assumptions
about
1
the
purchase price we will
pay
for West and
2
the amount of net unrealized builtin loss
a
technical tax
term
on Wests books This second number was derived from a review of Wests financials and conversations with
Wests Treasurer and Tax Director
Our best estimate based on available information i
s that 1 the first $45 billion of chargeoffs on Wests loans
could be deducted for tax
purposes
at the rate of
approximately
$370 MM
pa
and
2 any chargeoffs
in excess
of that amount could be deducted for tax
purposes immediately
The above assumes a $107 B
purchase price
for West
if the purchase price i
s
higher the chargeoffs could be taken more quickly
Requested by
JPMC
JPMEX00000666
HIGHLY CONFIDENTIAL
Return
Dan To: Brian A Bessey/IL/ONE
Cooney CC:
Subject: Fw: Information Request
Daniel P. Cooney
Dan.Cooney@Chase.com
(312) 732-3171 (Chicago voice)
(312) 732-5976 (Chicago fax)
(212) 270-7094 (New York voice)
(212) 270-9643 (New York fax)
----- Original Message -----
From: "Wigand, James" [JWigandeFDIC. g o ~ ]
Sent: 09/22/2008 10:42 PM AST
To: Dan Cooney
Subject: Re: Information Request
We will try to get the information. Let me know if you have any more data room access
problems.
Jrw
Sent from my BlackBerry Wireless Handheld
----- Original Message-----
From: dan.cooney@chase.com <dan.cooney@chase.com>
To : Wigand, James
Sent: Mon Sep 22 22:08:45 2008
Jim - one point of clarification: the person denying us the information was
not their investment banker but an internal WaMu corporate development
person.
Dan
Daniel P. Cooney
(312) 732-5976 (Chicago fax)
(212) 270-7094 (New York voice)
(212) 270-9643 (New York fax)
From: Dan Cooney
Confidential Treatment Requested by JPMC
Dan To: Brian A
cc:
Fvv: lnfonnation i " ~ " U ~ c "
Dan.
(312)
(312) 732 5976
( 12) 70-709
( 12) 70- 643
From:
Sent.
To: Dan
.com
(New
09/2212008
I044PM
voice)
York fax)
Message
James" [ FDIC.
PM AST
ect: Re: Information Request
TiiTe will get the information
Jrw
Let me
Sent my reless Handheld
Message-----
From: dan. .com <dan.
To' James
Sent: Mon Sep 2 2 :08: 5 008
ect: Fw: Information Request
if
. com>
have more data
Jim - one f clarification: the person us the information was
not their investment banker but an internal TiiTaMu corporate
person.
Dan
Daniel P. Cooney
Dan. .com
(312)
( 12) 7
( 12) 70-7094 (New York voice)
(212) 270-964 (New York fax)
Message
From: Dan Cooney
Confidential Treatment JPMC
access
Daniel P. Cooney
Dan
Cooney
0912212008
10:44 PM
To: Brian A Bessey/ILIONE
cc:
(312) 732-5976 (Chicago fax)
(212) 270-7094 (New York voice)
(212) 270-9643 (New York fax)
Original Message -----
From: "Wigand, James" [JWigand@FDIC.gov]
Sent: 09/22/2008 10:42 PM AST
To: Dan Cooney
We will try to get the information.
problems.
Let me know if you have any more data room access
Jrw
-----Original Message-----
To: Wigand, James
Sent: Mon Sep 22 22:08:45 2008
person.
Dan
Daniel P. Cooney
(312) 732-5976 (Chicago fax)
(212) 270-7094 (New York voice)
(212) 270-9643 (New York fax)
Original Message
From: Dan Cooney
Confidential Treatment Requested by JPMC JPM EX00000077
Return
Sent: 09/22/2008 08:56 PM CDT
To : "James Wigand" < j wigandefdic . gov>
Subject: Information Request
Jim - Sorry to bother you but we have asked the target for the following
information and have been advised by their investment bankers that they
will not provide any further information unless Charlie Scharf calls Alan
Fishman and personally explains why it is necessary. This process seems
counterproductive to an efficient resolution of this situation and we were
wondering if there were anything the FDIC could do to expedite this
request.
Specifically, we have asked for the following information:
"What is the deferred tax asset at the Bank and Holdco level as of Aug 31,
2008 and what is it projected to be at the end of September."
This request is a focused one and one which we need to help us properly
allocate value between the bank and the holding company.
Feel free to call my cell if you have any questions - 847-477-6825 - or my
NY # below in the morning.
Thank you in advance for your help
Dan
Daniel P. Cooney
(312) 732-5976 (Chicago fax)
(212) 270-7094 (New York voice)
(212) 270-9643 (New York fax)
This transmission may contain information that is privileged,
confidential, legally privileged, and/or exempt from disclosure
under applicable law. If you are not the intended recipient, you
are hereby notified that any disclosure, copying, distribution, or
use of the information contained herein (including any reliance
thereon) is STRICTLY PROHIBITED. Although this transmission and
any attachments are believed to be free of any virus or other
defect that might affect any computer system into which it is
received and opened, it is the responsibility of the recipient to
ensure that it is virus free and no responsibility is accepted by
JPMorgan Chase & Co., its subsidiaries and affiliates, as
applicable, for any loss or damage arising in any way from its use.
If you received this transmission in error, please immediately
contact the sender and destroy the material in its entirety,
whether in electronic or hard copy format. Thank you.
Sent: 09/22/2008 08:56 PM eDT
To: "James j fdic.
ect Information Request
Jim Sorry bother you but we asked the target for the
information and have been advi r investment bankers that
will not any further information unless Charlie Scharf calls Alan
it is necessary. This process seems
efficient resolution of this situation and we were
the FDI could do to this
request.
as for the information have
"What is the deferred
2008 and what is it
tax asset at the Bank and Holdco level as of Aug 31,
ected to be at the end f
This request is focused one and one which
allocate value between the bank and the
Feel free to call my cell if you have any
NY # below in the
Thank in advance for
Dan
Daniel P. Cooney
Dan.
( 12) voice)
( 12) 732 fax)
(212 ) 270-7094 (New York voice)
(212) 270-964 ( York fax)
This transmission may contain information that is
us
847 477
and/or exempt from disclosure
are disclosure,
use f the information contained herein
thereon) is STRICTLY PROHIBITED.
attachments are believed
intended
, distribution,
any reliance
defect that affect any computer system
received and it is the
ensure that it is
JPMorgan Chase & Co., its subsidiaries and
825
for any loss or ari
is
affiliates, as
in any way from its use.
If received this transmission
contact the sender and
whether in electronic
in error,
material in
format Thank
entirety,
or my
Sent: 09/22/2008 08:56 PM CDT
To: "James Wigand" <jwigand@fdic.gov>
request.
Thank you in advance for your help.
Dan
Daniel P. Cooney
(312) 732-5976 (Chicago fax)
(212) 270-7094 (New York voice)
(212) 270-9643 (New York fax)
Return
Cooney CC:
Daniel P. Cooney
(312) 732-5976 (Chicago fax)
(212) 270-7094 (New York voice)
(212) 270-9643 (New York fax)
Sent: 09/22/2008 10:42 PM AST
To: Dan Cooney
problems.
Jrw
To : Wigand, James
Sent: Mon Sep 22 22:08:45 2008
person.
Dan
Daniel P. Cooney
(312) 732-5976 (Chicago fax)
(212) 270-7094 (New York voice)
(212) 270-9643 (New York fax)
From: Dan Cooney
Dan To: Brian A
cc:
Dan.
(312)
(312) 732 5976
( 12) 70-709
( 12) 70- 643
From:
Sent.
To: Dan
.com
(New
09/2212008
I044PM
voice)
York fax)
Message
James" [ FDIC.
PM AST
Jrw
Let me
Message-----
To' James
Sent: Mon Sep 2 2 :08: 5 008
if
. com>
have more data
person.
Dan
Daniel P. Cooney
Dan. .com
(312)
( 12) 7
(212) 270-964 (New York fax)
Message
From: Dan Cooney
access
Daniel P. Cooney
Dan
Cooney
0912212008
10:44 PM
cc:
(312) 732-5976 (Chicago fax)
(212) 270-7094 (New York voice)
(212) 270-9643 (New York fax)
Sent: 09/22/2008 10:42 PM AST
To: Dan Cooney
problems.
Jrw
To: Wigand, James
Sent: Mon Sep 22 22:08:45 2008
person.
Dan
Daniel P. Cooney
(312) 732-5976 (Chicago fax)
(212) 270-7094 (New York voice)
(212) 270-9643 (New York fax)
Original Message
From: Dan Cooney
Return
Sent: 09/22/2008 08:56 PM CDT
request.
Dan
Daniel P. Cooney
(312) 732-5976 (Chicago fax)
(212) 270-7094 (New York voice)
(212) 270-9643 (New York fax)
Sent: 09/22/2008 08:56 PM eDT
To: "James j fdic.
request.
2008 and what is it
NY # below in the
Dan
Daniel P. Cooney
Dan.
( 12) voice)
( 12) 732 fax)
(212 ) 270-7094 (New York voice)
(212) 270-964 ( York fax)
us
847 477
are disclosure,
intended
, distribution,
any reliance
ensure that it is
825
for any loss or ari
is
affiliates, as
in error,
material in
format Thank
entirety,
or my
Sent: 09/22/2008 08:56 PM CDT
request.
Dan
Daniel P. Cooney
(312) 732-5976 (Chicago fax)
(212) 270-7094 (New York voice)
(212) 270-9643 (New York fax)
Return
Cooney CC:
Daniel P. Cooney
(312) 732-5976 (Chicago fax)
(212) 270-7094 (New York voice)
(212) 270-9643 (New York fax)
Sent: 09/22/2008 10:42 PM AST
To: Dan Cooney
problems.
Jrw
To : Wigand, James
Sent: Mon Sep 22 22:08:45 2008
person.
Dan
Daniel P. Cooney
(312) 732-5976 (Chicago fax)
(212) 270-7094 (New York voice)
(212) 270-9643 (New York fax)
From: Dan Cooney
Dan To: Brian A
cc:
Dan.
(312)
(312) 732 5976
( 12) 70-709
( 12) 70- 643
From:
Sent.
To: Dan
.com
(New
09/2212008
I044PM
voice)
York fax)
Message
James" [ FDIC.
PM AST
Jrw
Let me
Message-----
To' James
Sent: Mon Sep 2 2 :08: 5 008
if
. com>
have more data
person.
Dan
Daniel P. Cooney
Dan. .com
(312)
( 12) 7
(212) 270-964 (New York fax)
Message
From: Dan Cooney
access
Daniel P. Cooney
Dan
Cooney
0912212008
10:44 PM
cc:
(312) 732-5976 (Chicago fax)
(212) 270-7094 (New York voice)
(212) 270-9643 (New York fax)
Sent: 09/22/2008 10:42 PM AST
To: Dan Cooney
problems.
Jrw
To: Wigand, James
Sent: Mon Sep 22 22:08:45 2008
person.
Dan
Daniel P. Cooney
(312) 732-5976 (Chicago fax)
(212) 270-7094 (New York voice)
(212) 270-9643 (New York fax)
Original Message
From: Dan Cooney
Return
Sent: 09/22/2008 08:56 PM CDT
request.
Dan
Daniel P. Cooney
(312) 732-5976 (Chicago fax)
(212) 270-7094 (New York voice)
(212) 270-9643 (New York fax)
Sent: 09/22/2008 08:56 PM eDT
To: "James j fdic.
request.
2008 and what is it
NY # below in the
Dan
Daniel P. Cooney
Dan.
( 12) voice)
( 12) 732 fax)
(212 ) 270-7094 (New York voice)
(212) 270-964 ( York fax)
us
847 477
are disclosure,
intended
, distribution,
any reliance
ensure that it is
825
for any loss or ari
is
affiliates, as
in error,
material in
format Thank
entirety,
or my
Sent: 09/22/2008 08:56 PM CDT
request.
Dan
Daniel P. Cooney
(312) 732-5976 (Chicago fax)
(212) 270-7094 (New York voice)
(212) 270-9643 (New York fax)
Return
MARCH 2008
Project West
Requested by
JPMC
HIGHLY CONFIDENTIAL
Return
CONFIDENTIAL
Table of contents
1
JPMorgan
1
2 Sullivan
F
t
Cromwell 10
3
Goldman
Sachs
F
t
Co 11
4 Lehman Brothers 12
Requested by
JPMC
JPMEX00000871
HIGHLY CONFIDENTIAL
Return
CONFIDENTIAL
1
JPMorgan
Name Position
Michael Cavanagh
EVP CFO
Contact details
Tel +2122702288
Mobile to be provided
email mikecavanaghjpmchasecom
Jay Mandelbaum Tel +2122701049
EVPStrategy
8 Development Exec
Charles Scharf
EVPICEO Retail Financial Services
email jaymandelbaumjpmchasecom
Tel +2122705447
email charliescharfchasecom
Name Position
Scott Powell
SVP CEO Consumer Banking
Chad Borton
SVP LOB CFO
Keith Budzynski
1st VP Marketing analysis Sr Manager
Tom Cartwright
EVP LOB Business Manager
Charles Heiden
SVP Senior Business Manager
Contact details
Tel +2122704531
email scottepowellchasecom
Tel +6142139439
Mobile 6145301191
email chadmbortonjpmchasecom
Tel +6142441858
email keithbudzynskichasecom
Tel +6142137563
email tomhcartwrightchasecom
Tel +6142131237
email chucktheidenchasecom
Anne Leyden Tel +3123363853
SVP HR Bus Partner Executive Mobile 8472172825
email anneleydenchasecom
Ryan McInerney Tel +3127325445
SVP Head of Retail Marketing Mobile 2027445789
email ryanmmcinerneychasecom
Christopher Sieve Tel +6142136177
SVP CTOLOB Mobile to be provided
Art Weston
SVP Marketing Director
I
a
7
J
Name Position
Kevin Watters
SVP Business Banking Executive
email christopherlsievechasecom
Tel +6142131687
Mobile 6144413226
email artwestonchasecom
Contact details
Tel +2122703928
email kevinwatterschasecom
1
Requested by
JPMC
HIGHLY CONFIDENTIAL
Return
CONFIDENTIAL
Name Position Contact details
Mark Sheehan Tel +6142179643
SVP Product Executive Mobile to be provided
email markrsheehanchasecom
Michael Weinbach
SVP Sales Executive
Tel +3127324492
email michaelweinbachchasecom
Kent Ziegler
SVP LOB CFO
Tel +2125529118
email kentwzieglerchasecom
Ina Drew Tel +2128345000
Chief Investment Officer Mobile 9175187287
email inadrewjpmorgancom
Althea Duersten Tel +2128345002
Managing Director Mobile to be provided
email althealduerstenjpmchasecom
Joseph Bonocore Tel +2128349311
Managing Director Mobile 9174466285
email josephsbonocorejpmorgancom
Joan Rogers Tel +2128344460
Executive Director Mobile to be provided
email joanrogersjpmorgancom
mom
S Todd Maclin Tel +2149652387
Head Commercial Banking Mobile to be provided
email toddmaclinchasecom
Glen Davis
PA Director
Tel +3123255159
email glenpdavischasecom
Christian Desavino Tel +6022211368
Head REB Housing Credit Mobile 6026148448
email chrisadesavinochasecom
Jim Hibbert Tel +7132165364
Head REB Commercial Credit Mobile 7138266213
Karen Parkhill
LOB CFO
Name Position
Gordon A Smith
CEO Card Services
email jameshibbertchasecom
Tel +3127325743
Mobile 3129618039
email KarenIparkhilljpmorgancom
Contact details
Tel +3022823100
email gordonsmithchasecom
2
Requested by
JPMC
HIGHLY CONFIDENTIAL
Return
CONFIDENTIAL
Jay C Astle Tel +3022822919
Senior Financial Associate Mobile to be provided
email jayastlechasecom
Jeff Courtney Tel +3022826173
Operations Director Sr Mobile to be provided
email jeffcourtneychasecom
Raymond Fischer Tel +3022824303
CFO LOB Mobile to be provided
email raymondfischerchasecom
David Hoyt Tel +3022824175
Card Finance Senior Director Mobile to be provided
Michael
Looney
Operations Executive
email davidhoytchasecom
Tel +3022823916
email michaellooneychasecom
Michael Zbranak Tel +3022824090
CTO LOB Mobile 3025459353
email michaelazbranakchasecom
David Lowman Tel +6367352121
CEO Home Lending Mobile to be provided
email davidblowmanjpmchasecom
Brad Conner Tel +6022212855
EVPHome Lending Sr Executive Mobile to be provided
email bradconnerchasecom
Kim Greaves Tel +6144225748
SVPIHome Lending Sr Executive Mobile to be provided
email kimgreaveschasecom
Chris C Henry Tel +6022213465
SVPFinancial Analysis Director Mobile to be provided
email christopherjhenrychasecom
Ramesh Lakshminarayanan Tel +7324528278
SVP Consumer Risk
Mgmt
Executive Mobile to be provided
email Ixrameshjpmchasecom
Jim Miller Tel +9725843203
email jimamillerchasecom
William J Murray Tel +7324528696
SVPFinancial Analysis Director Mobile 2013232864
email williamjmurrayjpmchasecom
David Nunn Tel +7324528799
SVPIHome Lending Executive Mobile to be provided
email davidnnunnchasecom
Chuck Pursh Tel +6022214627
SVPICredit Risk Director Mobile to be provided
email chuckpurshchasecom
Pablo Sanchez Tel +7324526655
email pablozsanchezchasecom
3
Requested by
JPMC
HIGHLY CONFIDENTIAL
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CONFIDENTIAL
Robert Segnini Tel +6144222646
SVP Business Unit CFO Mobile 6149756201
RaviShankar
SVPLOB CFO
Patrick Sheehy
EVPHome Lending Sr Executive
email robertasegninichasecom
Tel +7324528220
email ravinshankarjpmchasecom
Tel +7034865630
email patrickmsheehyjpmchasecom
David
Brigstocke Tel +2126481815
email davidhcbrigstockejpmorgancom
Name Position
Sally Durdan
EVPCorporate Finance Executive
Contact details
Tel +2122708805
Mobile 9175743314
email sallyedurdanjpmchasecom
Corrine Burger Tel +6142446067
SVP Senior Controller Mobile to be provided
M Shane Tilson
MD Treasury
email corrinemburgerchasecom
Tel +2122706857
email mshanetilsonjpmchasecom
Melissa Moore Tel +2125524611
EVPCEO LOB Mobile 8478588680
email melissajmoorejpmchasecom
Lou Rauchenberger Tel +2122703632
MD 8 Corporate Controller Mobile to be provided
Gina ManganoCandy
Managing Director
Shannon Warren
Managing Director
email Louisrauchenbergerjpmorgancom
Tel +2126482009
Mobile 4845575624
email Ginamanganocandyjpmorgancom
Tel +2126480906
email warrenshannonjpmorgancom
4
Requested by
JPMC
JPMEX00000875
HIGHLY CONFIDENTIAL
Return
CONFIDENTIAL
Name I Position Contact details
Martha
Gallo Tel +2122703202
EVP General Auditor Mobile to be provided
email gallomjpmorgancom
Jan Wilson Tel +6142134544
SVP Client Service Partner Mobile 6149373727
email janiceawilsonjpmchasecom
Name Position
Barry Zubrow
EVP Chief Risk Officer
Contact details
Tel +2122700593
email barrylzubrowjpmchasecom
Stephen Bauer Business Banking Tel +9374338632
SVP Risk Executive Mobile to be provided
email steveabauerchasecom
Christina Davies Tel +2153234249
SVP Risk Manager 1
1
email chrisdavieschasecom
Jose De La Vina Tel +6022213384
VP Credit Risk
Manager
email joseedelavinachasecom
Marge
Hannum Credit Card Tel +3022827567
Credit Executive Mobile to be provided
email margehannumchasecom
Robert Izzo Commercial Tel +3123362066
Head Commercial Credit Mobile to be provided
email robertjizzochasecom
Greg Johnson Tel +6144221412
VP Portfolio Monitoring Mgr Mobile 2164014064
email gregorysjohnsonjpmchasecom
Jeff Schmidt Tel +6144221233
SVP Business Unit CFO Mobile to be provided
email jeffreyaschmidtchasecom
Paul Thompson Tel +6142442353
VP Risk Officer 111 Mobile to be provided
email paulxthompsonchasecom
John Watkins Retail Tel +2122704055
SVP Consumer Risk Mgmt Executive Mobile to be provided
Bob Wiederecht
SVP Risk Manager 1
1
go=
Name Position
Stephen Cutler
EVP General Counsel
email johnwwatkinsjpmchasecom
Tel +5167453102
Mobile 5165826673
email bobwiederechtchasecom
Contact details
Tel +2122703220
Mobile 2022710650
email stephenmcutlerjpmorgancom
5
Requested by
JPMC
JPMEX00000876
HIGHLY CONFIDENTIAL
Return
CONFIDENTIAL
NameI Position Contact details
Dan Cooney Tel +3127323171
SVP General Counsel Mobile 8474776825
email dancooneychasecom
Neila Radin Tel +2122700938
email neilaradinchasecom
Nancy Lindsay Tel +3127328111
SVP General Counsel Mobile to be provided
email nancylindsayjpmchasecom
Michael Lipsitz Tel +3127324223
Laura OHara
SVP General Counsel
email michaellipsitzchasecom
Tel +7324528355
email lauraoharachasecom
Mark Segall Tel +2125523042
email marksegallchasecom
+
f
i =
RPA
Frank
Bisignano Tel +2122707732
Chief Administrative Officer Mobile to be provided
email frankjbisignanojpmchasecom
John Bradley Tel +2122702935
Director of Human Resources Mobile 9179129117
email bradleyjohnjpmorgancom
Brad Fusco Tel +2125526111
SVP Compensation Executive Mobile to be provided
email bradleyfuscojpmchasecom
William Kager Tel +2122703313
email williamrkagerjpmchasecom
Kenneth OGara Tel +2122703322
email kennethjogarajpmchasecom
Bernadette Ulissi Tel +2125523372
SVP Benefits Executive Mobile 2018054717
email ulissibernadettej pmorgancom
William King IB Tel +2128345542
Head of Securitized Products email williamkingjpmorgancom
Gregory Boester Tel +2128342499
Managing
Director Mobile 9174994001
email gregboesterchasecom
6
Requested by
JPMC
JPMEX00000877
HIGHLY CONFIDENTIAL
Return
CONFIDENTIAL
Paul White Tel +2128345440
email paulhwhitejpmorgancom
David B Lawrence Tel +2128344246
Mobile 9083475478
email davidblawrencejpmorgancom
Eric C Norquist Tel +2128342499
email ericcnorquistjpmorgancom
Poomarintr Sasinin Tel +2128345841
email poomarintrsasininjpmchasecom
John J Sim Tel +2128343124
Executive Director Mobile 9739603467
email johnsimchasecom
Eric Wiedelman Tel +2128345658
email ericwiedelmanjpmorgancom
Limin Zhang Tel +2128342605
email liminxzhangjpmchasecom
Name Position
Ben Lopata
Managing
Director
Contact details
Tel +2125521040
email Lopatabenjaminjpmorgancom
Mark Frediani Tel +2125521124
Allen Friedman
Managing Director
email fredianimarkj pmorgancom
Tel +2125521039
email friedmanallenjpmorgancom
Michael Alvino Tel +2125520130
Vice President Mobile to be provided
email michaelalvinochasecom
Thom Wilson Tel +2125524893
Financial Director Mobile to be provided
email thomascwilsonchasecom
Ned Wood Tel +2125524894
Financial Director Mobile to be provided
email nedwoodchasecom
Name Position
Mark Kleinman
SVP
Contact details
Tel +2122706562
Mobile 9143309366
email markikleinmanjpmchasecom
7
Requested by
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HIGHLY CONFIDENTIAL
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CONFIDENTIAL
Tod Gordon Tel +2122706575
email todgordonjpmchasecom
Brent Barton Tel +2122703254
email brentbartonjpmchasecom
Anthony Rose Tel +2122701571
Vice President Mobile 9176849459
Darren Gebler
1st VP
Stephen Krol
SVP
Name Position
Brian Bessey
Sr Vice President
email anthonyjrosejpmchasecom
Tel +2122706359
Mobile 9145641237
email darrendgeblerjpmchasecom
Tel +2126233268
Mobile 2012476601
email stephenjkrolchasecom
Contact details
Tel +2122705553
Mobile 2039400943
email brianabesseyjpmchasecom
Alice Lin Tel +2122709037
email alicelinjpmorgancom
Giuseppe Incitti Tel +2122708313
Analyst Mobile 9174567360
email giuseppexincittijpmchasecom
8
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CONFIDENTIAL
EMPIRE
MName
Position Contact details
Doug Braunstein Tel +2126221020
Head of Americas IBC and MA Mobile 9178376775
email douglasbraunsteinjpmorgancom
Tim Main Tel +2126227272
Head of NA FIG Mobile 9175936069
John Chrin
Managing Director
email timmainjpmorgancom
Tel +2126226030
Mobile 9177472931
email johnrchrinjpmorgancom
Tom Novack Tel +2126226094
email thomasdnovackjpmorgancom
Fernando Rivas Tel +2126226115
Managing
email fernandorivasjpmorgancom
Steve Wolf Tel +2128343226
email stevewolfjpmorgancom
Gregg Gunselman Tel +2126222431
email greggbgunselmanjpmchasecom
Frode Riksfjord Tel +2126226321
email frodexriksfjordjpmorgancom
Michelle Liang Tel +2126226078
Associate Mobile 7345071298
email michellealiangjpmorgancom
Josh Choi Tel +2126226126
email joshuadchoijpmorgancom
Vishal Idnani Tel +2126226981
email vishalxidnanijpmorgancom
Genevieve Hovde Tel +2126228535
email genevieveehovdejpmorgancom
9
Requested by
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JPMEX00000880
HIGHLY CONFIDENTIAL
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CONFIDENTIAL
2 Sullivan
8
t
Cromwell
Name I Position
H Rodgin Cohen
Partner
Contact details
Tel +2125584000
email cohenhrsullcromcom
Mitchell S Eitel Tel +2125584000
Partner Mobile to be provided
email eitelmsullcromcom
Camille L Orme Tel +2125584000
Associate Mobile to be provided
email ormecsullcromcom
10
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CONFIDENTIAL
3
Goldman
Sachs
8
t
Co
Name I Position
John Mahoney
Managing
Director
Contact details
Tel +2129029963
Mobile 9142606470
email johnmahoneygscom
Todd Owens Tel +3104075759
email toddowensgscom
Huntley Garriott Tel +212 9026314
email huntleygarriottgscom
Samir Shah Tel +3104075891
email samirshahgscom
Ankur Vyas Tel +2129025944
email ankurvyasgscom
David Bloch Tel +3104075614
email davidblochgscom
Anand Krishnamurthy Tel +2129025818
email anandkrishnamurthygscom
11
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CONFIDENTIAL
4 Lehman Brothers
Name I Position Contact details
Jeffrey Weiss Tel +2125266171
Managing
Global Head of FIG email jweisslehmancom
Frank Cicero Tel +2125264425
email fcicerolehmancom
Bill Curley Tel +2125266565
email williamcurleylehmancom
Nancy McAllister Tel +2125262301
Managing
email nmcallislehmancom
Steve Wolitzer Tel +2125262345
email swolitzelehmancom
Tony Viscardi Tel +2125266631
email tonyviscardilehmancom
Jacob Gaffey Tel +401 245 4838
Senior Vice President Mobile to be provided
email jacobgaffeylehmancom
Michael Reilly Tel +2125267867
email michaelreillylehmancom
Jason Trock Tel +2125263912
email jasontrocklehmancom
Nicholas Rieser Tel +2125265969
email nicholasrieserlehmancom
Javier Alvarez Tel +2125261621
email javalvarlehmancom
Avinash Reddy Tel +2125264782
email avinashreddylehmancom
Ishaan Pohoomul Tel +2125261954
email ispohoomlehmancom
12
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Analysis at various prices
ZI
l l 1 1 1 1 l
o I
Ill
s
1 l l
o I l
Is 11
1 1o
11 s
I l
11 11
o 1
11
o l
1 11
so
Is 11
11 11
o
l
I
l
l
s
o
1
1
1
1 s
o
s
o 11111o
s
o I
11 11 1111 11 11 1 Is 11 11 11
l l
s
1
7
o I l
11 11
o 1
11 s
Is
I
s
s
so so s S
o
1
zooe1
111 lq y h
1U
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Brian A
Bessey
03152008
1008 PM
To David
Brigstocke <davidhcbrigstockejpmorgancom>
cc
Subject
Fw Material for our 500 Call
today
Thanks for
checkingin
See note below that I sent out earlier
today
I have kept you
off the distributions until we know what if
any
info we
may
have for
you
Happy to add
you
sooner rather than later if
you
like
BAB
Brian A
Bessey
Original Message
From
Brian A Bessey
Sent 03152008 0232 PM EDT
To Project West Leaders
Subject Material for our 500 Call today
See below for info to be discussed
duiring our 500
today a
Word version
i
s also attached
below
Same dialin details as before
8668708212 domestic 6175975026
global
82323821
participant
code
BAB
Project
West
Daily
Team Leaders Call
Saturday March 15
2008
Data room timing
Remains TBD latest
report
was by Monday maybe Saturday
and more likely Sunday
Names requiring access have been provided to Wests bankers
Onsite Due
diligence meeting
scheduled for next week
Dates and times remain TBD other than a start at 100 Monday and completion by Wednesday
Current list of onsite
meetings
and attendees
Retail
Scharf Powell Watters McInerney Sieve Durdan
Home Lending Scharf Lowman Shankar Sanchez Sheehy Conner Durdan
Consumer Real Estate Credit Scharf Powell Lowman Shankar Durdan
Funding
and
Capital Scharf Durdan Tilson
Investment Portfolio ALCO
Scharf Durdan Tilson
Accounting Durdan Burger
Requested by
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Card
Mandelbaum Smith Fischer
Card Credit
Mandelbaum Smith Fischer
Hannum
by phone
Commercial Mandelbaum Maclin Desavino Hibbert
Corporate
Tech and
Ops Mandelbaum Sieve Kager
Corporate
Staff
Mandelbaum Kager
Corporate Real Estate Mandelbaum Kager
Legal Compliance Regulatory Litigation
Contracts
Cooney Lipsitz
2008
Budget and LT Forecast Review Scharf Mandelbaum Durdan
Current List of
telephonic meetings
and attendees
MSR and MSR Hedging Lowman Shankar Nunn Tilson Duerston
Tax
Lopata
and
team
Audit
Gallo
and
Wilson
HR
Bradley Leyden
The due
diligence
location
i
s the Red Lion Hotel
11211
Main
Street Bellevue
WA
98004
Tel
4254555240
Please note that this
i
s not the Red Lion Hotel near the Seattle
Airport
You do
NOT need to make room reservations for Monday or Tuesday This will be done by West
Dress
i
s business casual
Anyone
who will arrive
Sunday night
and be
staying
at the Red Lion must contact Gen Hovde
by
Sunday
at noon
Traveling Corporate from NY
Charlie Scharf Gordon Smith
Brian
Bessey
Bill
Kager
Fernando Rivas Gen Hovde
Ravi Shankar Kevin Watters
Sally
Durdan Scott Powell
Tim Main Shane Tilson
Tom Novack
Arrive at White Plains
Hanger D1
b
y 7
45AMfor
an 8 00AA11
departure
Ground
transportation on the other end will be
Providedfor
those
using Corporate
travel
Those scheduled to make their own travel
arrangements are as follows
assumes they
will not be
coming
from the New York
area
Brad Conner
Chris Sieve
Corrine
Burger
Chris Desavino
Dan
Cooney
Dave Lowman
Jay
Mandelbaum
Jim Hibbert
Pablo Sanchez
Patrick
Sheehy
Ray
Fischer
Ryan McInerney
Tod Maclin
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This
group
will need to make its own
arrangements for
Ground
transportation
on the
other end
A reminder of other
upcoming meetings
Sunday March 16
500PM
Daily
Team Leaders call
TBD Financial Model call
only
if access to data room has been
provided
Monday March 17
Wednesday March 19
TBD Daily Team Leaders call
TBD Financial Model Call
Thursday
March 20
800AM Due diligence reports
due for all areas
To be based on all
meetings
and review of all information in data room
Template
to be
provided expect
all
groups
to follow this format
830AM Financial Model call
500PM
Daily
Team Leaders call
Thereafter
830AM Financial Model call
500PM Daily Team Leaders call
Other
meetingsreviews
TBD
Other due
diligence
reminders
%
Avoid
any
business discussions eg valuation business issues your perspective on the business the
process etc
in
public places including
hotel lobbies and elevators
% Avoid
any logo bags etc
%
Limit the amount of time if
any
that
you disengage
from the
diligence
sessions for other business
try
to use the allotted breaks for
checkingin
with the office
%
Do not use blackberries or cell phones while in
diligence presentations or breakout sessions
%
Present a sincere interest in the
target business to do that
effectively you
should
express a positive
view of the
company
in their
presence
%
Reserve discussion of areas of concern for internal team debrief meetings
%
We
encourage you
to ask the sellers
questions
about their business in a manner that allows
you
to
get
the answers
you need
but in a manner that could not be construed to be
negative or condescending
%
Although the diligence meetings are designed to allow us to gain knowledge of West the seller will
also be
using
this time to
develop opinions on the
suitability
and fit of us as a buyer
%
Any problemsissues
should be recorded and raised for discussion
during daily
debrief
meetings
%
Do not provide negative opinions about people processes
or West
%
Do not criticize the
strategy direction operating
model and
management
of West even if we believe
we would
approach
the business
differently
%
Focus on factbased
questions
but feel free to ask the sellers their
opinions on business issues
%
Do not
speculate or respond
to
questions
about the future
performance
of us or West
% Do not speculate or respond to questions
about what we
may
do if we do or do not buy
the business
Daily Call 31508doczip
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Brian A
Bessey
To Kevin WattersJPMCHASE
cc
Subject
Re West Document Destruction
04082008
0505 PM
the numbers in the model but not the model itself
BAB
Kevin WattersJPMCHASE
Kevin ToBrian A BesseyILONEJPMCHASE
WattersJPMCHASE cc
SubjectRe West Document Destructionf1
04082008 0504 PM
does that include our internal models we built
Thanks
Kevin Watters
Chase Business Banking
2122703928
kevinwatterschasecom
``Brian A
BesseyILONE
Brian A
ToProject
West ALL
BesseyILONE cc
SubjectWest Document Destruction
04082008 0500 PM
Given the
capital
raise transaction announced
today by West we are asking
that
you promptly destroy any
confidential West information that
you may
have in
your possession This includes
any
such information that
you may
have in electronic form
Further as I indicated in
my
note to
you yesterday we remind
you
of our ongoing confidentiality obligations
with
regard
to all information related to this transaction including
the fact that we considered a potential
transaction
Thank
you again for all the effort and please do not hesitate to contact me should
you
have
any questions
BAB
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Brian A To Alice Lin
<alicelinjpmorgancom>
Bessey
cc
Subject
Fw West
update
06132008
0436 AM
`
Gregg
B Gunselman
Original Message
From
Gregg
B Gunselman
Sent 06122008 0913 PM EDT
To Charlie Scharf Sally Durdan
Cc Douglas Braunstein Tim Main Fernando Rivas Brian
Bessey
Subject West update
Attached
i
s the
updated analysis
of West
The first
page
summarizes the impact of significant changes versus the 33108 analysis also attached $500
offer
price
and makewhole on Wests $72bn
capital
raise
The second
page
of the deck provides a snapshot of what
you
need to know about the transaction
The last
page
of the deck
i
s
a list of
open
items and items that were implemented
in this version
Gregg
Project West Merger Package 6122006pptzip Project West Merger Package 3312008 v4pptzip
Gregg
B Gunselman
Investment
Banking Coverage
FIG
JPMorgan Securities
Inc
Phone
212
6222431
Mobile
773
3433226
Fax
917
5462565
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JUNE 12, 2008
[DRAFT]
Merger Package
JPMorgant)
JUNE 12, 2008
[DRAFT]
Merger Package
JPMorgant)
Return
Summary
of material changes from 3312008
AmlYZii3131O S
Impact of
Pak stack phca 4 $5
Pak natlncoma 1+$11 bn In 10 $005 $004
5017
$004
NA
15 $0 00
36 $5227 00
109 1$72001 00
NA $0 01
07 $994 01
DTA daducti fmm Tlat V 5015
Wart$7bn apltaaPsa Pth $31bn make'hola $003
PakPm forma for BSC N $60bn 080 NA
SFAS 141 R adjustments for loans acquired $003
0t bar $011
Currenf analyzer 5W1SZ008 $031 9 W4 $000 $Y564
Caplbl required to ntaln80Tlari f uming hybrld
$404d
to15f Tlari
cge In IBES median 200110 0 PEPS of $454 33120080081 Ii to $44 161220081 at
p
tlon of han
Sae page I fordebll
IncWdes other opeatlng model changes
JPMorgan c
PROJECT WEST I
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Key
transaction facts
Credit related marks and PM adj is
R Cturing charge
+ Qua fng hybrldYY
PF tai
$17022
$15164
daat aid ammo q aisa
JPMorgan
PROJECT WEST 2
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HIGHLY CONFIDENTIAL
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Analysis
at various
prices
2001
12 S21112 S21121
s201
1
JPMOIgani
Nom Market d ss of1one ii zone
TTresearm
PROJECT WEST 3
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HIGHLY CONFIDENTIAL
Return
Accretiondilution sensitivity
to
key
drivers
a C
S 100 27 02 001 42
income 1000 64 08 P04 139
1000 66 06 P03 114
bx resructuring charge 5000 31 1014 544
Source pfgs
N Ma dab as of June 11 2008
JPMorgan
Requested by
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Return
Capital adequacy analysis
P
i
Parl
Transaction Pro form
P re ca pi tal rase
C I
impact
Pro forma
capital me
Tier 1 capital 822 7313 740 824
Leverage 583 577 529 589
TCE MRWA Moodys 705 484 659 733
Source Cpf hgs Fac IBES Equlry researcM1 Pak Wes erts
JPMorgan
PROJECT WEST 5
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Agenda
JPMorgan 3
Page
PROJECT WEST 6
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Capital need after PAA
WWSt TCE 123108
TOtsl PAA adjust into equlry aftWrt<
Conforrning a I W
Adlurted TCE
$16
10
dRWA 123108
Total PAA adlusVnenK
Asset saIWS f$102bn
Adlurted RWA
Tc I caul at 800 Tc I k based t31 atlo
West capital components
Add TCE $4
Ca
Park stand alone rid al capacity at 1231081
RWStrlCted aPltal lnscruments 15 FWd
RWStrlCted aPltal lnrtru menu 25 FWd
WITS and ORS Preferred 33 SOPS
i0
Mandatary ar blW Into common 50 SOPS
Park rid capital caoacit pro forma o ital rir t raise let 1231081
20073
RWrtdcted appal Instruments 15Fed 0
RWrtrlcted aPltal Inrtrumens 25Fed 16688
WITS and ORS Preferred 33 SOPS 3320
Mandate
Source
18126
JPMO
Loans
TmdA
S Sec
OWPsts
FHLB Borr gs
Loan to
114
$16530 $10$051
At close
NTM pretax earnings $5004
Less NTM NCO 3891
Taxable income less NCOs $1113
Tax effect 390
Deferred tax assets $5617
Less Tax effect 390
Deduction from Tier 1 capital $5227
PROJECT WEST 7
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HIGHLY CONFIDENTIAL
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Assumptions
COnsldeltl0n mlx
Earnln gz on tbIlse prebs
Shares Issued ro West mm
Shares Issued for makewhole mm
Shareslssued for t Ilse mm
Park tas Ice
Wes tas Ib
100st k
Based on forward Fed Funds curve
230 mm
83 mm
408 mm
350
340
TPG Inrtltutlonal Investors makewhole I f purchase price < $875 pay dlfferen Ce between $875 and purchase I n 823mm shares
Pro forma net Income not adusted for poten ti Impact of neu Vallzing duatlon and Convexlry risk
Park $3713
GAAP EPS
Cash EPS
Avg 0lwted share count mm
Nec lnoome$mm
LTG
West $606
GAAP EPS
108
$096
$14250
i
o
$
1
6
1
Cash EPS $044 $163
Avg 0lwted share count mm 1727 1883
Memo Newshares Issued during 823 823
Ill $1657 $3037
Note dab as of June 11 2008 Assumes IBES erts for Pak and management ertsfor West
JPMorgan
PROJECT WEST 8
Requested by
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HIGHLY CONFIDENTIAL
Return
Accretiondilution
mgs
P g
Cost of ash balance=
I from proceeds of equltyake
Sg on dudd hybrids
ding gcharge
Pro forma Con Vlbt from West
Pro forma PNet Income
Exlrting Park amortlzatlon
New amortlzatlon
Pro forma ash net Income
Park fully dll ted shares
Shares Issued to West aplbl alse
Share repurchases
Pro forma fully diluted shares
Stand alone Park 6APP EPS
Std alone Park ash EPS
Pro forma PEPS
336 344
0 0 8
$2078 $3375 S3858
$15186 $17625
$461
21
178 284
4074 3908 3785
$385 $424 $466
$404 $439 $480
PMorgan C Note Market dab as of J112008COSt synergies and ftt flnCble assets lncoryoated In West eamings
PROJECT WEST 9
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Pro forma
summary
balance sheet
JPMorgan
S a Cpsry f hgs Fst IBES Ery saar<n Pak sd Wasc asnrnacas
Make dab ss of June 11 2008 PROJECT WEST 10
Requested by
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HIGHLY CONFIDENTIAL
Return
IRR and ROIC calculations
l=a rah=a c
Cash neIn come h
Tertnlnal value
Incremen bl cash How
542
4354
438
444 5 1130 30
4512
$26 9 4897 490 55125
I
M
Invested capital for acquisition
Purchase price $11613 $11613 $11613 $11613
Capital raise 15164 15164 15164 15164
Capital release cumulative 0 2 258 3 459 4 001
Inested capital $26 $24519 $23318 23331188
2
$22776 6
Return
Cash net income 2686 3929 4354
WIf21 lIM 76 104
JPMorgan PROJECT WEST 11
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Model updates open
issues
% Operating model not implemented
% $5bn incremental credit losses TBDShaneSallyCharlie
% Update portfolio marktomarkets to reflect current wider new volume spreads
% Updated liquidating portfolio projectionstemplate operating modelShane
% $100mm incremental indirect expense saves SallyBill Kager
% Retail banking update to employee benefit expenses Chad Borton
% Increase i
n
projected card credit losses Gordon Smith
% Inclusion of Commercial aggressive build case Karen Parkhill
% Updated BOLL assumptionsprojected income CIO analysis with Cavanagh approval
% Update of CIO investment portfolio forecast Joe Bonocore
% ALCO overlay TBDGebler
% Merger Operating model changes implemented 612
% CDI increase from $37bn to $47bn
% SFAS 141R adjustments for loans acquired
% Update earnings on capitalcost of financing to reflect forward rate curve merger modelFIG
% Update marginal tax rate to 35 from 34 for use on PAA and deal adjustments operatingmerger modelBen
LopataFIG
% DTA amortization and impact valuereflect imbedded basis calculation and amortization operating modelBen
LopataFIG
JPMorgan
PROJECT WEST 12
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MARCH 31, 2008
Merger Package
JPMorgant)
MARCH 31, 2008
Merger Package
JPMorgant)
Return
Key
transaction facts
C08ditr8Aated marks
Other PMadj o0o
+ Quallfng hybrids
Toll dtl
PF aol i
RM $215596
201
e p
p e $046
Capital required
Capital 0808
$17248
$18224
$m
0
$
1
1
e s are $0 66 10
neIncom
e
11 ne Income
$3444
$3941
$m
oic 1
5
11 00 mulatlve excess capital $13149
JPMorga
8Si 821 n of mmmon
8 888 ml nom vary cmama aa Isso6mml nom msa aa omar
PROJECT WEST I
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Purchase accounting adjustment details
M
716 8703
lol 3249
1404
1340
24
475
p0
867
104
1342
13oo
25998
oCMM 11111 RE 615
5
0
519 5
1
4
0 91
T5244 306 5229 206 000 521 4$23 523 494 5204 474
HIInre r IOZn I
$2571 $7950 $6632 2414 $4218 $332
TotalI recagnlzed S14 $2414 IS16S $200742
PurhmgMerger res
Sev rtls $852
Lease b o fiusewrl to ffB 598
gcost 35
H Sts 15H
t camaa0 axvasa 10
Other rertructuring 85
Total $1730
JPMorgan
3
PROJECT WEST 2
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JPMC
HIGHLY CONFIDENTIAL
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Summary
balance sheet
adjustments
$0
010== 5403
Gd11 7287
CDI 63
CC 321 248 572 0
11h 4 4 4
01 27924 34045 480 0 34725
1otal1 zdlust $9553 $1593
DIIIIIII $181926 513149 $114 0 513483
g 34758
m0 2119 16912 2544 1593
Total IObilitO and e9uity dj1 $9553 51593
TCE $13513 $1377 IS1i8811 151 5951
JPMorgan
PROJECT WEST 3
Requested by
JPMC
HIGHLY CONFIDENTIAL
Return
Capital raising alternatives
CEWa RWA
Hyb of VTCE
i ieiweom m
$5657 $4686
$619 $o $o $o $o
$17222 $1048 $5481 $281 5 $14249
122 122 122
o 21465 31 31436 1 922
$o
$
$
4
1 $o $ss $2518
29 $9879 $6279 $5926 $13498
6 5
$10
5
13 5
PROJECT WEST 4
Requested by
JPMC
HIGHLY CONFIDENTIAL
Return
Analysis
at various
prices
JPMargan N Pmm ns1 P aamaa P vP aaas 01 11 111
Pff
Ill o
I
P111111
PROJECT WEST
Requested by
JPMC
HIGHLY CONFIDENTIAL
Return
to
key
drivers
1000 61 106 003 111
1000 83 1061 1003 114
1001kIssuance 111 of base case caplbl mise 38 1019 698
Increase In prebx rartructuring cbarge 5000 28 014 515
Source pfllingz
N das of M 28 2008
JPMorgan
PROJECT WEST 6
Requested by
JPMC
HIGHLY CONFIDENTIAL
Return
Earnings
cushion to breakeven accretion
2009 2010 2011
West GAAPnet income contribution $1627 $j444 $3941
GAAP EPS accretion diWtion $
GAAP EPS accretion I dilution
GAAP EPS accretion diWtion $mm
West GAAP net income to breakeven
Pretax cushion
source Cp fgs
N Ma dab as of March 28 2008
JPMorgan
$041 $059
90 119
$1547 $2181
$2006 $1833
$2179 $3194
PROJECT WEST 7
Requested by
JPMC
HIGHLY CONFIDENTIAL
Return
Accretiondilution
Pearninge
Cost pf ash balance=
co me from proceeds of plty
Savings on excluded hybrids
dg restncturing charge
Pro forma Contrlbutlon from West
New amortlzatlon
Share Issued to West aplbl alse
Share repurchases
Ollutlve effect of cont ble preferred MEOs
Sbnd alone Park SAAP EPS
EPS
GIWPERSaretion IEilutianl
Proected tk p
0 0
$16D $3444 $3941
$15744 $18752 $20464
3786o3674
JPMorgan C Npte Madre dab as pf March 28 2008 Cost synergies and t pf InCble assets Incprypated In West eamings
PROJECT WEST 8
Requested by
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HIGHLY CONFIDENTIAL
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Pro forma
summary
balance sheet
PMorgan
sourcecornvary fwES FacrsecveiEis Equity rasaar<n Pad and west esnmates
Note Market dab as of Mh 28 2008 PROJECT WEST 9
Requested by
JPMC
HIGHLY CONFIDENTIAL
Return
Part
pojected123108 Transaction
Park West
Pro forma
Pre capitalraise
Pro form
c ptal raice
Tier 1 capital 844 856 837 7283 722 843
Leverage 602 684 593 587 518 605
TCE MRWA Moody 694 650 701 483 597 699
Source Cp flllnES Fac IBES Equlry researcM1 Pak sess
JPMorgan
PROJECT WEST 10
Requested by
JPMC
HIGHLY CONFIDENTIAL
Return
S222237 552414
313
$6631 44448 5112 4831 4183 55135
Ihteidal rate
Purchase price $4413 $4413 $4413 $4413
Capital raise 18224 18224 18224 18224
Inested capital $2222637 $22312 $21091 2109091
12
$20602 02
Return
RDIC j 4 5 18 4 H
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JPMC
HIGHLY CONFIDENTIAL
Return
Consolidated income statement
o adj f fon=t
aoneni< inIMareeeai
JPMorgan 2
PROJECT WEST 12
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Consolidated balance sheet
ash a
s Funds s
sea
Loa
AFS
Loan he
Loan M1eId In portfolio
lUlmv for loan and lease losses
nt In Home Loan Banks
Mortgage g Cht
Lt
ToHIM
8 Et
Total deposits
I Home Loan Banks
Tot
To
110
1btaI R Oilkies 8 qY $344288 $3279l 3 5306748 $299935 $268 185$233845 5214284 $241502
Total 62600144 B egwty Plusint0giblaz 4cre2i
JPMorgan
$261 409$236405 3221245 $208929
PROJECT WEST 13
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JPMEX00003938
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Assumptions
Shas
Pro forma net Incom e n of adjusted for potenti Impactof neu t fring duati and lryrisk
Park$4271
MP EPS
Avg owted snare t mm
Nec hoome $mm
LTd
West $1012
GIP EPS
Cash EPS
Arg owted snare t mm
Net hoome $mm
Note Market dab as of Ma
JPMorgan 3
IS ert1S for Park and managemen
$14117
$125
$130
904
$1127
$454
$469
PROJECT WEST 14
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Assumptions
Plain vanilla TP $813 850 355 $29
Equity enhanced TRUP CENtf 1330 850 499 66
ORD 3392 800 711 241
RSIT preferred 0 850 523 0
WITS 0 825 507 0
Mandatnrycorve tble MESS 0 825 507 0 200 3years $5125 00
Corvetiible preferred 0 533 533 0 325 5 years $5659 00
Common equity 18224
268 S336 Total aplal alse $112689 $336
Note Market data aS of March 28 2008
JPMorgan c
PROJECT WEST 15
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JPMC
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HIGHLY CONFIDENTIAL
JUNE 12, 2008
[DRAFT]
Merger Package
JPMorgant)
JUNE 12, 2008
[DRAFT]
Merger Package
JPMorgant)
Return
Summary
of material changes from 3312008
AmlYZii3131O S
Impact of
Pak stack phca 4 $5
Pak natlncoma 1+$11 bn In 10 $005 $004
5017
$004
NA
15 $0 00
36 $5227 00
109 1$72001 00
NA $0 01
07 $994 01
DTA daducti fmm Tlat V 5015
Wart$7bn apltaaPsa Pth $31bn make'hola $003
PakPm forma for BSC N $60bn 080 NA
SFAS 141 R adjustments for loans acquired $003
0t bar $011
Currenf analyzer 5W1SZ008 $031 9 W4 $000 $Y564
Caplbl required to ntaln80Tlari f uming hybrld
$404d
to15f Tlari
cge In IBES median 200110 0 PEPS of $454 33120080081 Ii to $44 161220081 at
p
tlon of han
Sae page I fordebll
IncWdes other opeatlng model changes
JPMorgan c
PROJECT WEST I
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HIGHLY CONFIDENTIAL
Return
Key
transaction facts
Credit related marks and PM adj is
R Cturing charge
+ Qua fng hybrldYY
PF tai
$17022
$15164
daat aid ammo q aisa
JPMorgan
PROJECT WEST 2
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JPMC
HIGHLY CONFIDENTIAL
Return
Analysis
at various
prices
2001
12 S21112 S21121
s201
1
JPMOIgani
Nom Market d ss of1one ii zone
TTresearm
PROJECT WEST 3
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JPMC
HIGHLY CONFIDENTIAL
Return
to
key
drivers
a C
S 100 27 02 001 42
income 1000 64 08 P04 139
1000 66 06 P03 114
bx resructuring charge 5000 31 1014 544
Source pfgs
N Ma dab as of June 11 2008
JPMorgan
Requested by
JPMC
HIGHLY CONFIDENTIAL
Return
P
i
Parl
Transaction Pro form
P re ca pi tal rase
C I
impact
Pro forma
capital me
Tier 1 capital 822 7313 740 824
Leverage 583 577 529 589
TCE MRWA Moodys 705 484 659 733
Source Cpf hgs Fac IBES Equlry researcM1 Pak Wes erts
JPMorgan
PROJECT WEST 5
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Agenda
JPMorgan 3
Page
PROJECT WEST 6
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Capital need after PAA
WWSt TCE 123108
TOtsl PAA adjust into equlry aftWrt<
Conforrning a I W
Adlurted TCE
$16
10
dRWA 123108
Total PAA adlusVnenK
Asset saIWS f$102bn
Adlurted RWA
Tc I caul at 800 Tc I k based t31 atlo
West capital components
Add TCE $4
Ca
Park stand alone rid al capacity at 1231081
RWStrlCted aPltal lnscruments 15 FWd
RWStrlCted aPltal lnrtru menu 25 FWd
WITS and ORS Preferred 33 SOPS
i0
Mandatary ar blW Into common 50 SOPS
Park rid capital caoacit pro forma o ital rir t raise let 1231081
20073
RWrtdcted appal Instruments 15Fed 0
RWrtrlcted aPltal Inrtrumens 25Fed 16688
WITS and ORS Preferred 33 SOPS 3320
Mandate
Source
18126
JPMO
Loans
TmdA
S Sec
OWPsts
FHLB Borr gs
Loan to
114
$16530 $10$051
At close
NTM pretax earnings $5004
Less NTM NCO 3891
Taxable income less NCOs $1113
Tax effect 390
Deferred tax assets $5617
Less Tax effect 390
Deduction from Tier 1 capital $5227
PROJECT WEST 7
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Assumptions
COnsldeltl0n mlx
Earnln gz on tbIlse prebs
Shares Issued ro West mm
Shares Issued for makewhole mm
Shareslssued for t Ilse mm
Park tas Ice
Wes tas Ib
100st k
Based on forward Fed Funds curve
230 mm
83 mm
408 mm
350
340
TPG Inrtltutlonal Investors makewhole I f purchase price < $875 pay dlfferen Ce between $875 and purchase I n 823mm shares
Pro forma net Income not adusted for poten ti Impact of neu Vallzing duatlon and Convexlry risk
Park $3713
GAAP EPS
Cash EPS
Avg 0lwted share count mm
Nec lnoome$mm
LTG
West $606
GAAP EPS
108
$096
$14250
i
o
$
1
6
1
Cash EPS $044 $163
Avg 0lwted share count mm 1727 1883
Memo Newshares Issued during 823 823
Ill $1657 $3037
Note dab as of June 11 2008 Assumes IBES erts for Pak and management ertsfor West
JPMorgan
PROJECT WEST 8
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Accretiondilution
mgs
P g
Cost of ash balance=
I from proceeds of equltyake
Sg on dudd hybrids
ding gcharge
Pro forma Con Vlbt from West
New amortlzatlon
Park fully dll ted shares
Shares Issued to West aplbl alse
Share repurchases
Pro forma fully diluted shares
Stand alone Park 6APP EPS
Pro forma PEPS
336 344
0 0 8
$2078 $3375 S3858
$15186 $17625
$461
21
178 284
4074 3908 3785
$385 $424 $466
$404 $439 $480
PMorgan C Note Market dab as of J112008COSt synergies and ftt flnCble assets lncoryoated In West eamings
PROJECT WEST 9
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JPMEX00003921
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Pro forma
summary
balance sheet
JPMorgan
S a Cpsry f hgs Fst IBES Ery saar<n Pak sd Wasc asnrnacas
Make dab ss of June 11 2008 PROJECT WEST 10
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HIGHLY CONFIDENTIAL
Return
l=a rah=a c
Cash neIn come h
Tertnlnal value
Incremen bl cash How
542
4354
438
444 5 1130 30
4512
$26 9 4897 490 55125
I
M
Purchase price $11613 $11613 $11613 $11613
Capital raise 15164 15164 15164 15164
Inested capital $26 $24519 $23318 23331188
2
$22776 6
Return
WIf21 lIM 76 104
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Model updates open
issues
% Operating model not implemented
% $5bn incremental credit losses TBDShaneSallyCharlie
% Update portfolio marktomarkets to reflect current wider new volume spreads
% Updated liquidating portfolio projectionstemplate operating modelShane
% $100mm incremental indirect expense saves SallyBill Kager
% Retail banking update to employee benefit expenses Chad Borton
% Increase i
n
projected card credit losses Gordon Smith
% Inclusion of Commercial aggressive build case Karen Parkhill
% Updated BOLL assumptionsprojected income CIO analysis with Cavanagh approval
% Update of CIO investment portfolio forecast Joe Bonocore
% ALCO overlay TBDGebler
% Merger Operating model changes implemented 612
% CDI increase from $37bn to $47bn
% SFAS 141R adjustments for loans acquired
% Update earnings on capitalcost of financing to reflect forward rate curve merger modelFIG
% Update marginal tax rate to 35 from 34 for use on PAA and deal adjustments operatingmerger modelBen
LopataFIG
% DTA amortization and impact valuereflect imbedded basis calculation and amortization operating modelBen
LopataFIG
JPMorgan
PROJECT WEST 12
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MARCH
13
2008
I
Z
uJ
Z
0
U
Z
I
>
J
I
U
I
P
r
o
j
e
c
t
West
NoteShadeditnsre esenthi tiriaritieuestsv Mere
JPMorganChase Q
accessin advance o themeetirgswoulbeusefa
Requested by
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JPMEX00004001
HIGHLY CONFIDENTIAL
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CON F I D E N T I A L
Table of contents
1 Lines of Business 1
Branch Banking 1
Business Banking 5
Credit Risk 8
Home
Lending
13
Card 18
Commercial 21
Investments E
t
MSR Hedging 22
Other Business Activities 23
2 Functions 24
Accounting
24
Audit
Finance
Administrative
TEtO
and
Corporate Sector
Real Estate
E
t
ProcurementContracts
Human Resources
E
t
Corporate
Benefits
Legal E
t
Compliance
Tax
Treasury E
t
Insurance
Balance Sheet Detail
Real Estate Credit
Credit Card
uJ flotesSljadedItemsre>resentf i1 r i r
i
r nestsu here aec ss r a var ceoftl eeti wouldt eusefI
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uJ
1 Lines of Business
Branch
Banking
Our
preferred
definition of Retail
Banking
would include the
following components
Consumer
Banking
Small Business
Banking
Investment
Advisory
and
Brokerage
Services
Excluding Home Equity Loans and Lines
Information
Request
PElt s20052007AnriualMonthlyfor2007
an d 2008 Budet
y g forRetaitBanl ingandatany
tower
Levelsthatareava
fablee Consumer
Banking
onl 5n aft Business
Deposit Balance Metrics For allrequests betow
Home E u
i
t
product type breakdownis defined
a
s
followsoratthe
lowesitlevelyou
have available
% Total Personal
Checking
a
b
Personal Noninterest
eg
Free
Checking
Personal Interest
eg Platinum
% Total Personal
Savings
a
b
c
Regular savings eg
Statement Savings
Money
market
savings eg
Guaranteed Great Rate
Other Savings
% Total Time
deposits
a Traditional CDs
Liquid CDs
Broker CDs
% Total Personal Deposits
% NOTE Provide the same breakdown as above for NonPersonalSmall Business
For eachroductt è
foilowing
>rovidea5 ear annual trend with last 18 Months by month for
% Total balances by product type provide any
stratification
you
have available breaking
i
t down
by tier eg Savings
balances $01 OK $1025K $2550K etc
% Number of accounts
%
Average
balance
per
account
% Funds Transfer Rate $ and
%
Average Customer Rate $ and
% Net
Spread
earned
$
and
FeeOtl er I one >
B
y
f t` e i 5 ear annual trendlast 18
product YP
bave lat i
s
t
h eY
r
r
onthsb month for fee income for
v
% Personal service charges by account type
E tet hadedi e1i3sreresenthigh rlorit >requestshereaccess inadvanceofthemeetin swouldbeuseful
>sI g
1
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% Business
nonanalyzed
service
charges
% Business analyzed service charges
% Total service
charges
% Debit
interchange by
account
type
% Total NSF OD fees
a Gross NSFOD fees by type of occurrence eg Debit card at POS ATM Check
b of accounts that have an occurrence average
number of items
per
occurrence
c $ and refunded to customer
d $ and
charged
off
both principal amount and
fees
e Description
of how internal overdraft
policy
works
eg large
to small
transactions tiering what transactions can take a customer into
overdraft
% Other deposit and or branch based noninterest income
eg foreign ATM fees
noncustomer
ATM
surcharge
check orders wires safe
deposit box check
cashing money
orders etc
% Investment Sales revenue and
by product eg annuities mutual funds etc
% Crosssell of
nondeposit products eg
Home
equity mortgage
credit
card etc
what
i
s the revenue sharing policy
5
Key
Per Branch and Per Banker Sales Metrics Trend over the
past
24 months
for
units
and dollar
volume
on both a
per
branch and
per
sales banker basis for the
following
products
% New
personal checking accounts
% New business
checking
accounts
% New
Savings
accounts
% New CD production
% Home Equity
Lines
Originated Closed
Home
Equity
Lines
Applications
% Home
Equity
Loans
Originated
Closed
% Home Equity Loans Applications
%
Mortgages OriginatedClosed
%
Mortgages Applications
% Credit Cards
% Investment Sales
a Annuities
b Mutual Funds
c Managed Money
d Other
% Also provide copy
of
any key performance metricsbranch management dashboard
reporting that
you
use to
manage
the field
Branch Netork Met CS
E tie
S
l
tided item s represent h
i
l rlurit>requests i here access in advance of t e meetings would be useful
g
2
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JPMEX00004004
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% Number of branches
by regionstatecity
and
by
format
type
a Freestanding
b Inline
c Instore
d Outline the number of branches
by regionstatecity
that are Occasio format
utilize teller towers no teller windows versus NonOccasio Nationally and by
State
%
Average deposits per
branch
by
format
type by regionstatecity
% Branch
Expense
Detail Schedule of the branch level
operating expenses by category
eg
branch
employee
salaries and benefits occupancy expense technology
telecom etc List
any
nondirect
expenses
like allocations from corporate etc
Provide breakdown of how this varies
by geography eg
California vs Arizona vs
Florida Where
possible
define the
expense category eg Occupancy Expense
= rent
or allocation cost taxes utilities cleaning depreciation other etc
% Percent of branches that are owned vs leased by regionstatecity
7 BranchJob
Family
Structure
% Branch
Staffing
a List of all Job Families Job Families include specialists like Financial Advisors
Loan Officers etc that
support
branches in additional to traditional branch
employees eg Bankers Tellers
Branch
Managers
b Description of Job Family roles and responsibilities
c Outline
average
branch
staffing
model
d
High
level organizational chart of Branch
job family reporting Both
direct and
dotted line
e Headcount and FTE by Job Family and in Total
% Compensation
Average Salary E
t
Benefits per employee for each Job Family FT and PT
Average Incentive per employee for each Job Family
c Copy of Branch production incentive plan
d
Copy
of other Branch incentive
plans eg
Branch
Manager
% Job
Family
Trends and Turnover
a Branch headcount and FTE
by
Job
Family
24 month trend FTPT mix where
applicable eg
Tellers
b Overtime hours as a percentage of total hours
c Turnover
by
Job
Family
24 month trend
d Branch Production incentive
plan payout
trend for last 24 months
e Other incentive
plans payout trends
for last 24 months
Home Of fice X> er se Croratie erl ead eE
% List the total number of headcountFTE and total
operating expenses
for the
following
functions
or
how
you define
Note Sladed items represent h
i
l rlorit requests i here access in advance of t e meetings would be useful
g
3
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JPMEX00004005
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a Telephone Banking provide additional metrics eg
total call volume
per month
through IVR vs handled by agent average
handle time
per
call
b Finance
c Human Resources
d
Marketing Split
out
Marketing
staff
expense vs Marketing spend eg
direct
mail agency media acquisition campaigns
e Technology
f ATM
operations Split out ATM costs to operate eg depreciation maintenance
telecom vs ATM
ops
staff
g Deposit
RiskFraud
Operations
h Brokerage Investment Operations
i Other
% Provide total
expense by category
of
Corporate
Overhead that
gets
allocated down to
the Retail
Banking
PILL
% Provide 5
year
trend last 18 months by month of FraudNet
Operating
Losses
by type
eg Check Fraud Debit Fraud internal fraud money movement fraud etc
9
Technology
Overview of branch IT
systems eg
total number of
unique deposit systems
large development
initiatives
underway current outsourcing arrangements
list of
key
platform types
see
technology section below
10 Management Repc rung Any
c
I
S
reports mor hly or quarterly used l y management for
reviewiin the business
Note Sladed items represent h l rlerit requests i here access in advance of t e meetings would be useful
i I g
4
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Business
Banking
Information
Request
General
1 Business overview
% 7 actuals by month 08 actuas YTD by month
08
Budget versus actual
Strategic pLarlincluding xQ8w 9 I udget
History
on number of
accountrelationships
neludn number a ene numbe
% Detail on
deposit pricing planphilosophy
%
2year monthly trend in deposits by product Average balance Number of accounts
% Channel
specific capabilities
for Business
Banking RMBranchATMPhoneInternet
% Channel
usage
statistics branch online phone
internet volumes
% L st of
tip 25 commercial customers
aril related revenues List of
top
25
Loans arid
e
cposures Listiof
top25 nor performing loans
2 Customer Information
% Number and
percent balances
of those
checking with checking only
% Number and
percent balances
of those
checking with
checking
and
savings
Number
and percent balances of those
savings
with
savings only
% Number and percent balances of those CDs with CDs only
35reortsrr oritiitor uarterl usedb
management
for revieU in t he business
4
Policy
and trend of new and existing account fee waiversrefunds
5 Provide details of AMLKYC
procedures policies
6 Provide a schedule of legal reserves
for
Banking
Credit Risk
a
t
r uer cy definitionlrr eth odo1o
t ollections f olicies Procedures
%
Timing of collection calls and letters
% Collection
systems
used
%
Curing reage
extension and rewrite
policies
% Non accrua and write off
policy
%
Bankruptcy cases loss recognition and other relevant policies
2
Servicing
l i %
per t i Model for gerV c i > dedicated 1 Trite ratted with other roducts rtc U n p g g g I g
f` nia ofsitelocationsandheadcotirtbservcn unctions
y
%
Description of loan documentation preparation
NoteiShadeditemsreresenthil rlorit >requests hereaccessinadvanceoftle meetinswouldbeuseful
g
5
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% Unit cost trends on core servicing transactions expense vs
average
accounts serviced
and trendsmetrics on
per
unit basis headcount etc
% Contact Center activities specialist generalist model
%
Key
Call Center
performance
metrics IVR utilization
rate
Service Level Average
Speed
of Answer Average
Handle Time etc
% Policies and
procedures
for General
Servicing
3 Credit
Origination
% A
chronology
of the credit
product policies
under which the
portfolio was
underwritten
% f kgex sk orrritte e t na a and minutes f r theLast6 months
R
i
% Details of all CRA lending initiatives
% Use of credit
scoring
in the decision
making process
4 Portfolio Indicators
% Risk limits
descriptions
and
reports
% MIS fir the t tat rtfo andeach rWUC Rd r3 ears and ear to d 1 p Y
%
Application volumes and approval rates
% Utilization rates for line
products
%
Delinquency
MIS for the last 36 months with Channel
5 Losses
% Writeoffs for the past 36 months
I
N
I
N
and losses
Luss bud etfor OtiBanal tod resutts> tuats< fs<foreCasted>for 07b y y
rigorithuarter
Any
e lar atior on method
i
f ossibl
1o Curren amounti cif oanloss reserve and recent pro s or $ and for each of the fast 3
years
% Quarterly Loan Loss Reserve documentation for the last 4
quarters
% How
i
s the need for a reserve determined including
the
methodology
and the time
period
covered
note any changes in the methodology over the last 3 years
% Are there
any
other credit related reserves
Marketing
1 Provide current
year marketing plan
and
budget i
f available for the
upcoming year
2 Provide 2007 historical marketing campaigns blitzes and product promotions
3 Provide
descriptions terms and conditions of each
product deposits
and
loans
in the
portfolio
to be reviewed
4 Provide
pricing policies
and
procedures
5 Provide
prior year advertising copy
6 Provide the marketing plan risk profile pricing underwriting terms and conditions and
documentation
requirements
for
any
new products
Note Sladed items represer t
h
i
l rlorit requests t here access in advance of
t
l e meetings would be useful
g
6
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Sales
1 Amoverview of sales stmt and structure inelud r corn en ton plans f r th sales
force and the centers
2
Copy
of all
policies procedures
and workflows
3
Copy
of
key performance
metrics and results
4 Sales plans for ethnic markets CPAs womenowned businesses attorneys physicians
Note i
S
l
tided items re resent hi l
r
i iit requests where acre s in advance of t e meetings could e useful
7
Requested by
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JPMEX00004009
HIGHLY CONFIDENTIAL
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uJ
Credit Risk
Applies to both Retail and Business Banking
Information
Request
All Consumer
noncard
assets
please provide
the
following
information as
appropriate
Front End
1 A
chronology
of the credit l
product
ollcie under which the
portfolio
was underw
or R omtteebeetisn`
Package
ar d minutesf helast
g
6 m nt s
tten
Broker Arid
Correspondent monitoring
eetir acka e w th minutes MIS of brokers ar d
r r Correspondents t rnnaedn07 with ea u o rayon fo t20e rte ninatioi
4 Details of all
minority lending
initiatives
setection ofappraisers
i
t A>>raisal >rocessnellin rtfoise >gat t check
process pp n a rasats and criteria for
P p g
6 Use of credit scoring in the decision making process
i<
r
i
seif an oarfc3ntell encetonderwate allorpQrtonloanseFraud U y
esefic
8
Underwriting
functions contracted out or performance internally
Portfolio
Indicators
1 Risk limits
descriptions
and
reports
2 MIS for the total portfolio and for each
product prior 3 years
and
yeartodate
3 Application volumes and approval rates
4 Volume
approved by score range
5 Volume of
exceptions approved
6 Volume
by acquisition
channel
7 Utilization rates for line products
8 Distribution by significant segments
9 Distribution by LTV
ranges
the last 3 months j th
relevant
s
e
r
e
n
11 Curing and rewrite volume and performance
er since 2002 and month an
16 Collections metrics to track collection center effectiveness
1 b 1 > Deti aeic and osses V nta e b Qar q Y g Y
13
Aging
of loans in foreclosure
process
14 OREO
aging
15 Performance of exceptions
any otF r
book tracking
Notei laded iteri s represent h
i
l rlorit requests i here access in advance of
t
l e meetings would be useful
g
8
ChannelLTV>Oeogra
h and
gPY
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Collections Policies Procedures
1 > Delin ue definit or I methodolo
Timm ofotltin calls
a
i
lel ers
g
otte tion
y
s
r
t
users
i fur ng r age
extension
and reurt ppt c s
Non accrual andwrite
f
f
policy
pestM00 ffresta e pres
lnctudrr tmn to obtain title
g g
Bankruptcycases Loss recognition and other relevant policies
Foreclosure writedownWalk policy artd methodology
Foreclosure Inventory Ageing and Valuation
1a ORMv WrIt down policy
11 OREO Inventory Ageng and Vatuation including bidding strategy
CollectionsServicing
1 Collections
% Collections
procedures
and documentation
% Collections
a 30 60 90 120+
day delinquency trends $ units
b Full balance chargeoff trends
c Delinquency
movement matrix
d
Average days to repossession
Average days past
due at time of
repossession
Loss components full balance charge off deficiency balance charge off etc
Bankruptcy filing trends 7s 13s
h
Filing trends bankruptcys as a $ of
outstanding
i Bankruptcy filings per day
j Bankruptcy days delinquent
at time of
filing
k Bankruptcy losses
1
Bankruptcy
losses as a of
charge
offs
m Chargeoff by type
n
Recovery agents
o Recovery attorneys
2
Servicing
%
Operating
Model for
Servicing dedicated integrated
with other
products including
map
of site locations and headcount
by servicing
functions
%
Description
of loan documentation
preparation
Note Sladediiems represent h
i
l rlurit>reuests i here access in advance of t e meetings would be useful
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% Unit cost trends on core servicing transactions expense vs
average
accounts serviced
and trendsmetrics on
per
unit basis headcount etc
% Contact Center activities specialist generalist model
%
Key
Call Center
performance
metrics IVR utilization
rate
Service Level Average
Speed
of Answer Average
Handle Time etc
% Web
Servicing capabilities email online transactions
% Policies and
procedures
for General
Servicing research activities payment processing
titles
credit
extensions
due date
changes refinance etc
% Process for subvention reconciliation i
f
any
% Process for general ledger reconciliation unapplied payments miscellaneous
receivables etc
% Credit balance refund timeliness
% Procedures for
payment application
and
backdating
%
Privacy
information
sharing policies
%
Dispute
resolution turn time including
credit bureau
updates
% Lien Title perfection E
t
custody process
% Title Collection activities and rate of titles not found
% Validation of contracts and titles on file I in house
Losses
r WriteOff rossrecovenet f UtksnE thers se arate yLforthe st 36 g
a p
months
raid
asses>
>incudir
g g an aiii of items dis <
pted
b
Ycustomers
here fra
i
t
i
s claimed
g
Bankruptcyosses
r Loss loud èt f 2
g
8 and ear t0 date realts ActualVs forecasted for 2447b
Y
rnOnth7q rte> Arty expl natipn nmethedfposs bte
Current amount of loan toss reserve
a
r
d recent
provisions
and for each of
t
t el
uarterl >Loari toss Reserve docamen atien
Howistheneedforareservedetermined
covered ate
for the last 40garters
ast ears Y
including the methodology dthe tin eip riod
ari chary es r the rriethodoto overt hie Last 3 Years g
Are there
any
other credit related reserves
any
Account Management Data Integrity
1 Helot line
management process
yy
i N d w th 2O 7nurnber ofl rtes re ace 5 TB reduced Custom er ex erienc on line
management
isn terms of ser de dom>laints MS et
3 Reconciliation of
portfolio outstanding
with the General
Ledger
Note Shaded items represer t
h
i
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uJ
Other
1 Underwriting
%
Copy
of
underwriting procedures
and workflow documents
%
Copy
of
key performance
metrics and results
%
Description of the credit authority approval process exception approval process
what
positions are granted credit authority use of
any
credit committee to
approve loans
and what credit functions are centralized vs decentralized
% Funds disbursement
policies
and
process how disbursed control
procedures
how
funds are accessed or made available to clients for consumer revolving products
% Account management process periodic review annual quarterly credit line
increasesdecreases other monitoring and crossselling consumer vs commercial
% Internal rate lock extension relock loan
registration procedures
% Construction
lending programs
i
f any
% Credit training programs
for underwriters and production personnel
2 Broker
Correspondent
%
Approval policy
%
Sample QC reports
% Performance
tracking capability
and
sample reports
%
Organizational
location of investor
accounting
for
servicingretained business
including area to which this function
reports
%
Monthly pullthrough reports
of locked
pipeline by brokercorrespondent
for
period
% Documentation of performance tracking by brokercorrespondent ie delinquency
early payment default FICOor OMNI score tracking
%
Correspondent recourse process and aging of recourse
% Documentation and
sample reports on profitability by
broker
3 A chronology of the default
chargeoff policies
under which the loan
portfolio
has been
serviced including
%
Chargeoff timing including FFIEC partial writedown treatment
% Extensions
% Rewrites
%
Bankruptcy handling
% Due date
changes
% Asset remarketing
4
Samples
of credit product
and default
policy monitoring reports policy exception
reporting
5 An overview of collections
recovery strategy
6 An overview of
any
title followup process including any reporting that tracks titling
exception
levels
7
Vintage
loss
performance reporting
RoteSlad edistel7 s represent h
i
h not it>Cequests where access in advance of the
1
1
eetin s would be useful
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8 Portfolio
performance reporting Delinquency Losses Liquidation Rates Repossession
Rates etc
9 Fraud Losses and Prevention
%
Copy
of fraud detection
policies
and
procedures
% Recent fraud
experience
and trends
% Current
investigations
10 A
randomly
selected
sample
of 100 loan files for a full file review
11 An overview of credit
origination
scorecards
including
but not limited to
% Scorecard
segmentation
list of characteristics description
of
any adjustments
made
to the
scoring
models since their
development
and
summary
information about the
development sample
12
Reporting
of
operational
metrics for assessment of collections performance
13 A
copy
of
any policy regarding
force
placed
insurance and details
regarding
14 Accounts
Outstanding
balance in the
portfolio with force
placed
insurance
15 Premium billing method monthly payment EOT addon etc
16 An overview of the
policy
for the
granting
of
lending authority
17 Rate Variance
authority
and
exception reporting
18 Portfolio electronic file of
key
data
19
Originations
electronic file of application data
20 Origination Trend Reporting showing over a period of time 13 months ideal weighted
averages
for booked deals in such areas as advance LTV PTI DTI
bureau score and
custom score
21
Description
of
pricing how pricing
tiers are determined
ie empirically
model driven
how are loss and expense level assumptions included in the pricing process
22
Management
MIS
%
Copies
of credit related
monthly or quarterly portfolio reports prepared
for
management for December 2007 and
January
2008
23 Dollar amount and number of loans sold with recourse back to the Company i
f
any
24
I
s there a Captive MI company and details of capital and the expected losses for the last of
0507
production
25 Uninsured government loans in the
Companyowned portfolio
i
f any
dollar
amount
number credit score
distribution and LTV distribution
26 Exposurelimit violations dealer sales limits
27
Description
of
linkages
between risk
management
and
inventory
control
systems
Note Sladeditems represent h
i
l rlorit requests t here access in advance of
t
l a meetings would be useful
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Home
Lending
Information
Request
General
1 Organization sinessand people
7Tact 3als 8
planand>tdresl
lts
P
3
Strategic repositioning underway
4
Key
issues
Finance
1 Provide Organization chart for finance accounting Capital Markets andMSR risk
management organizations
Income stater ent alarace sheet grid cash flo statement for ear
e
i
ded 2 1
Y
including audited financial stat ments where available
items
S
e
f mar a9
t
i er ormancea0
nana re ortsfo
p Q
3
07 and 407 I
ate
i
s and fir ancial > lans 2008 budèt and `datesth ereto
isi Bud et detiajl
including pro
forecasts and > roftab l t channel
Channel PEtI for last 4 Quarters
vicing PL for last 4 Quarters
Cstto service i
n
core sere cmg
and defadl fr last 4 quarters
i i uct P Ica for riinatdn
r
r x b rrta r rod e fir the Last A Y J P
r
a onhs
17007
10 Portfolio
Management
PL
by product segments along
with current
year
forecast
Covering
prime HE sub prime and Option Arm portfolio separately
Secondary
and
Capital
Markets
1
Secondary
market PEtL for last 6
quarters including
last two months
2 Warehouse
ageing report
distributed
by product
Please cover
ageing by
<90
days
and
more than 90 days
3 Trends of loans submitted for
repurchase
and loans
bought
back with 12 months trend and
also cover valuation and
disposition practice
4 Detailed discussions on structures used for Non
Agency MBS Option arms
and home
equity
securities
5 Please provide the name of
any Captive Insurance Companies ownedutilized including the
type year organized domiciled name of
mgt company capital structure and
coverages
i
t
provides
6 Contingent liability unrecorded assignments for securities issued and recourse obligations
7 A listing by transaction of loss triggers
Note Shad ed Ms represent h
i
h to it requests where access in advance of the meetings would be useful
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MSR Risk
management
1 Detailed discussion on Valuation methodology separately covering Prime Option arms and
sub
prime servicing
books
2 Product distribution of serviced assets with valuation of each
product
at
year
ended
12312007 Please cover High
level
product categorization by key product
serviced with
appropriate servicing
values
assigned
Or share
thirdparty compares
used for the
year
end
like OCC
survey
PWC
survey
of others
i
f
any
3 Discus
option cost modeling hedging philosophy Hedging
results over last 4
quarters
and
adjustments
carried out to models in last 6 months
including
valuation
Accounting Estimates
1 Year end valuation of the warehouse
Methodology
2 Year end valuation of OREO asset
3 Review of other assets in
particular servicing
advances and how we model provisions
4 Description of Fair value accounting and SAB 109
i
f applicable
Production
Wholesale
l at aiZ1t 3 nano nmidrnaorroduct
f artheas aa sand YTD200 dolLars
y P iy yP
and lints
Re uebreakout L neitem with defin tion foreac line
n
i
a
l
for tact 2 èar and
YTD 2008
D1 ect Ors matzo >ortia riua1 e rise breakout sa s o rtIors >si
pp p Y > P
fortastears
y
andYTO2008
4 Indirect
expense
breakout
b
y
major
functional
support area
with details on of staff
fixed and variable costs and costs that would not be transferred with business annual for
last 3
years
and YTD 2006
5 Number of AEs and trend for last 3
years including geography covered
6 AE attrition rate and tenure with
special emphasis on major geographies
BrokerCorrespondent Approval and Performance Tracking
1 Approval policy
2
Sample QC reports
3 Performance
tracking capability
and
sample reports
4
Monthly pullthrough reports
of locked
pipeline by brokercorrespondent
for
period
5 Documentation of performance tracking by brokercorrespondent ie delinquency early
payment default
FICO or OMNI score tracking
NotetShadeditemsrepiesenthgh of it requests where access in advance of the meetings would be useful
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g
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uJ
Retail Branch Bank
1 Business Model overview including org
charts
2 > ndO Production
reports
b Divsio ite for fbranch roduct Q6 a
% branch bank
coverage volume productivity
and model to
expand
3
MarketingABA agreements
4 Sales and Ops Productivity 07 and 08 plan
5 List of physical locations
6 Joint Ventures including financials
7
Appraisal ordering
vendor selection and
quality assurance process
flows and
policies
Direct to Consumer
1
Org chartsorg structure
2
Origination systemss
% Numbers of
employees by
location and
job
function
% Cost to originate statistics
b
y
function sales processing uw closing etc
%
Closing process
% Booked Volume
% Loan sizes
% Product distribution
5 Production Statistics
%
By
lead sourcechannel
%
App
Volume
% Conversion statistics
eg
call to
app app
to
approve approved
to book
etc
PrLs
By GlandueadSource
By Product
4
Originations
% Loan center locations
Home
Equity
1
Org chartsorg
structure
2
Origination systems
PtLS
Losses tier vintagegeographychannel
i
t >Pcor omk v AAP
ByCra nrelLedSource
4 Origination
Notei Shaded items r resent
h
i
h not it requests where access n advance of the meetings would be useful
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% Loan center locations
% Numbers of employees by location and job function
% Cost to originate
statistics
by
function
sales processing uw closing etc
5
Origination process
% Use of AVMs or other valuation tools
% Use of automated
decisioningcustom
scorecards
% Use of imagingelectronic documents
%
Closing process
f
I
n branches
g By phone
h Use of notaries
% Production Statistics
a By
lead sourcechannel
b
App
Volume
c Booked Volume
d Loan sizes
e CLTV data
f FICO data
g
DTI data
h Stated Income data
i Production Statistics
j Conversion statistics eg
call to
app app
to
approve approve
to vendor order
vendor order to book
uJ
6 Please list and describe any 3rd
party partnerships relationships
7 Please list and describe all vendor partnerships relationships
8 On what
systems are HELOCs serviced
9 On what
system are HELOANs serviced
10
I
s the interest method on your
HELOANs
daily simple
interest or scheduled balance
11 Please describe
your
line management process
% Line blocks
% Line reductions
12 Organizationally where does line management reside risk operations central etc
% Guidelines for credit deterioration
% Guidelines for
property
value deterioration
% What
portion
of
your portfolio i
s
currently
blocked
%
I
s
i
t an
ongoing program Monthly Quarterly
% How often do
you
refresh
your property values of
your portfolio
% What method do
you
use
RoteSlad edistemsrepresenthigh of it requests where access in advance of the
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% How often do
you update
FICOs
% How do
you
obtain refreshed FICOs
13 Please describe
your
subordination
process
14
Organizationally
where does
i
t reside
risk
central
utility
loan
centers etc
15 Do
you
reunderwrite the loan in order to subordinate
Credit and Risk Management
See separate Credit section
Operations
and
Technology
1 Overview of Production and Servicing Platforms
2 IT
strategic
initiatives
3
Major
IT
partnershipsoutsourcing
4
Capital
and
expense 06 07 08
plan
investment versus
production
Servicing
and
Default
1 Servicing Organization
Servicin Portfol o details
3
Servicing systemlocation
and employees
Servidng expenses
for 3
years with trends and bent
marks
5
Key
Issues
6
Strategic
initiatives
Default Management
1 DefaultOrganizat n hart
D fault inventories coveriri
g
portfoliobProduct
foreclosure and REQ b rod t Y p
3 Overview of loss mitigation modification
process
4 Overview of Default
systemscore and plugins
product delinq by uer
y
5>Defauttexenses3yeartrendc
fcollecticsnanddefauttactivities
6 Locationsite
strategies
and
outsourcing
7 Default
projections
and
capacity plan through
`09
8 Key Issues
9 Strategic initiatives
NoteiStadeditemsrepresenthiti rlorit re uestshere accessinadvanceoft a meetinswouldbeuseful
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Card
Information
Request
General
Financial
1 Previous three
years
of Income and
activity reporting
%
Management Reports
% Vintage PEtLs broke out by acquisition channel product type and customer
type prime
E
t
nonprime
% Net Receivables
% Sales Volumes
purchase
and cash
% Balance transfer and convenience check volumes
% Earned income
by
revenue source
% New Accounts
% Statemented Accounts
%
Operating expenses by category
of
expense
% Loan Loss Provision
% Delinquency buckets
2 Stratification of accounts and balances
% Promotional APR
% Go to APR
% Geography state
3 Balance Sheets for the last three full
years including
loan loss reserve and non earning
assets
4 Details of
extraordinary
income
expenditures
for the last two full
years
5 Forecasts for the next two
years by portfolio
% Income Statements
% Balance Sheets
%
Activity
Volumes
Sales
and
Receivables
6 For the last full
yearend
and current date details of
Analysis
of
significant
accruals and
reserves
7 Budget vs Actual for 2007
8 New account acquisition
models
by acquisition channel product type
and customer type
% Return hurdles and
performance
metrics
%
Pricing assumptions
Rote Shad edistel7 s represent h
i
h to it>Cequests where access in advance of the meetings would be useful
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% Loss
assumptions
%
Campaign level actual vs modeled performance
uJ
CreditRisk
Managements
Data Requirements
1 Losses and total collections for the past two full
years by portfolio vintage charge off
category product type
FICO score
range
on a monthly
basis
2
Original
and recent FICO Distribution
by
% Credit Line
%
Outstandings
% Accounts active
% 30+ Past Due
% 60+ Past Due
% APR
3 BehaviorCredit Bureau Score Distribution
%
by Category
%
Migration
trends
past
4
quarters
4 Previous FY 12+0 and Current FYF 11+1
5 Roll Rates
% Losses
by category
6 MIS
Reports past
24 months
% Collection Reages dollars
and
accounts
% Reages as a percent of 2+cycles delinquent
% Restructured Loans dollars and accounts
% Annualized recovery rate by charge
off
category
% Batch liquidation for evaluating outside collection
agencies
% Vintage reports by portfolio revenue activity losses and delinquency
7
Changes
in Credit and Collections Policies and Procedures for the
past
2
years in
house
and
outsourced
SystemsOperations
1 Highlevel description of major vendors and services provided
Cardmember services
1
Copies
of
production reports
for the
past year
2
Copies
of Switch
reporting stats
on talk time hold time
etc
Note Shaded items represent h
i
h not It requests where access in advance of the
1
1
g
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3
Copies
of historic service level
reports
4 Copies of customer
survey
results over the past 3
years
Description
o
f
Services Provided
by
outside vendors
Product and
Marketing Information
Data
Requirements
1 Definition of each
product
2 Current
pricing configurations
3 Historic
pricing
and
corresponding change
in terms notification history
4 Provide a Timeline
summary
of marketing acquisition
efforts
last 3
years by channel
5 Provide a Timeline
summary
of
marketing portfolio efforts last
3
years with performance
statistics
6
Copies
of
acquisition
volume
reports web statistics pieces mailed responses approvals
cost
per account by
channel for the
past years
solicitations
7 Listing of enhancement products
8 Revenue services
product listing
with
descriptions and rates
9 Provide a cost structure
report
for marketing programs by
each solicitation channel
Partnership Marketing
1 Describe material partnerships and related products
Note Shaded items represer t h h rierit requests t here access in advance of the meetings would be useful
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4
5
Commercial
Information
Request
1 Overview of Commercial
Group
% General
Strategy
%
Organization
Structure
%
Competitive Landscape
% Risks and
Opportunities
2 Detailed Loan Portfolio Review
tfoli U Vie floan
portfolio
b
i
mitre er t size
1
2lmm I loan detaal
history additional derivative exposure associated with loan and reserve
date of origna
i
t
tior te
$
or produ type and geography >
ratefloati sfxed tment currenttstandtr rsrt3nerfornance g g g P
View of lean rtfal o by risi ratan lnct de discussMdof Risk Rahn Aeth ogy g
% Specific discussion on loans > a certain size $5mm
% Discussion on REO how much i
f
any Handled internally or by a third party
% Discussion on reserve methodology and capital allocation
3
Deposit
and other
feegenerating
business from Commercial customers
View of de
posits produtpe
Viewofother
%
Pricing
lists for
deposit and other
Treasury
Services
products
% Discussion on pricing policy
and
procedures
Expenses
I
%
View of direct vs allocated Include discussion of
expense
allocation methodology
View of detailed line items that
comprise
total
expenses
Staffing
a
IJman
perations M
View of headcount breakdo n b ob function mana ers
bankersp
roduc
r
s
b
y
J g
underwriters i viii re lit a avers > customer sew oe loan administration and
p
l
x x
resour es > snance and ac ountin
g
other
Note Shaded iteri s rer ser t hil riorit requests where access in advance of t e meetings would be useful
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Investments t MSR
Hedging
Information
Request
Investments
Avaiablef grsalesecurity ortfoliolistby notional amount securtdescription CUSIR
and Kook price Detail on key valuation model assumptions used including prepayment
model metrics
i
t edule ofassociated hedes` sncludin b t not limited tasswaps options an d
g g p
fu uses and detail
o
n
FASB 133 process
3 Organizational chart
4 Detail on financing of the investment portfolio including u of MBS roll rna ket
5 Models and
systems
used for
portfolio
valuation and
management
6
Description
of asset allocation and investment guidelines
7 Detail regarding the method of accounting utilized for the investment portfolio including
any
lower of cost or market
adjustment
and
any impairment charges
MSR
1 MSR asset model and valuation metrics covered separately
re and to hed
ìng
of the MSi > summ of risk seas tivities for the asset includin ith
g g g
`
S e and
`
i interest rate AABS has IKTCUrye end oat
C
y
e cposure
Summary
>ofhed escurrently in place to FedgeMSRex>osure
4 Description of risk management systems and platform
E ote Shadediteri srepreser t
h
i
l riorit >requests Hereaccessiriadvariceoft a meetings wouldbeuseful
g
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Other Business Activities
Information
Request
Asset
Management
Investment
Advisory
and Private Client Services
1 Nature and
scope
of
any
asset
management
activities
2 Description of brokerage activities including nature volumes how
many branches flows
production
AUS
3
Description
of investment advice
provided through
the branches including
how
i
s
i
t
branded i
s
i
t
separated
etc
4 Description of how high wealth branch customers are identified
5 Client
segmentation
information related to key wealth characteristics including net worth
assets etc
6
Organizational
information for
any high
wealth client
coverage personnel together
with
product
information and financial results statistics
InternetECommerce Data Request
1 Provide a basic schematic of all web sites technical and functional
2
Organizational
chart
by
function
3
Expense
and headcount detail
4 Products supported and detail
on volumes total
and active users by product transaction
volumes eg bill
pay epay
other
money movement etc
5
Key vendor contracts and details eg software bill
pay processing development
infrastructure
6 Location of employees and contractors onshore vs offshore by type of employees
7 Information on
any
commercial
platforms
Note Sladed items represer t h l
r
i rit requests i here access in advance of t e meetings would be useful
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uJ
2 Functions
Accounting
Information
Request
Accountin olio
a
del nes and manna
p g
% Details on all loan accounting policies and procedures including systems used for
various
loans
FAS 91 deferral
calculations charge
off
timing
for all
categories
loan
loss
reserve
nonaccrual
loans
restructured
loans
and movement of loans in and out
of held for sale or investment
portfolio
% Details on auto lease accounting Direct Financing vs
Operating
Evaluation of
residual
exposure i
f
any
ion of Lo l ossReserve twe
3iu7 and I
2 1 > nc
l
U
J
n
% Details on statistical methods used for
calculating
the reserves
%
Description
of loss
emergence period
as well as loss
severities estimates
% Calculations supporting FAS 114 reserves
% Documents
supporting
conclusions of reserve
adequacy
and
incorporation
of
managements judgment
into the calculation
3 Independent certified public accountant audit reports and management letters and
responses
for the last three years
4 Internal Audit and Audit Committee
Reports including
SOX and ORM summaries
5 Investment
security
summaries with associated
accounting policies
6 Accounts receivable summaries
historical
and
projected
% Writeoffs and bad debt reserves
%
Descriptions of writeoffs and collections
policies and procedures
% Concentration
by
customer
industry geographical region
%
Aging reports
7 Fixed assets summaries
%
Depreciation policies and procedures
%
Depreciation
b
y asset
category type
8
Capital expenditure
and
project expense
summaries
historical
and
projected
%
Summary
of
capital expenditures by program
%
Capital expenditure writeups
% Contracts or commitments
relating
to
capital expenditures or the sale distribution or
purchase
of
any products or services for the
Company or any
of its subsidiaries
tstof gnfcnt ntangbl assetalrrces
% Accumulated depreciation amortization
%
Expected useful life assumptions
%
Impairment test results
E Shadefl tel7 s represent h
i
h not it requests where access inadvance of he meetings would be useful
g
24
Requested by
JPMC
JPMEX00004026
HIGHLY CONFIDENTIAL
Return
%
Expected
future amortization
% Breakout of
mortgage portfolio
and related MSR into
major servicing categories
11 Other assets and liabilities
% Details
by category
and balances as well as
aging
% Provide a listing of the types and amounts of other reserves on the balance sheet
including
all
contingent liability reserves
12 Review of reconciliations and
appropriate aging
10 Review of
r
r ort e
servicing rights
I
ctuding key
assure tioi s usedin luatic ris
aluatlonolicesand
%
Description
of
methodology
and
process
for
determining inputs to the models
%
Summary
of
key inputs
for 1231 07 and 1231 06
% A schedule of types amounts and methodology for determining
valuation
adjustments
to model valuations
% How
i
s managements judgment incorporated
into the calculation
% What observable market
points are used for validating
the
range
of fair value
% Provide
any analysis
of the
adoption impacts from FAS 157
% All other Fair value assets
% Description of market price sources
%
Summary of assets for 1231 07 and 1231 06
14 Securitization Trusts
% Recourse provisions
in all trust
arrangements including
servicer discretion
% Current deal structures and implications on Fair values of residuals in point 3 above
% Most recent ServicerInvestor Reports
% List of loans
purchased due to repwarrant
breach
monthly
2007 and YTD
2008
15 Credit Insurance Products
% Description of all credit insurance
% Portfolios covered
46 A l st
o
f
all0f Balaneesheet eosuresW theurrentM Mestimate Po
17 List of entire
legal
vehicle structure
including Special Purpose
Entities
18 List of
Deposit
Liabilities
by type
with
maturity
and interest rate information
19 Review hedging strategies and
any
documentation supporting FAS 133 conclusions
the FAQ 157 frarneworl and related valuations
ethodologiiesf ral1Asse
A detailed lstin of all Assets withno observable
r
r arket rices Levdl 2 and 3 ur der
h
i
l rioiit >requests t here access in advance of t e meetings would be useful
g
25
Requested by
JPMC
JPMEX00004027
HIGHLY CONFIDENTIAL
Return
Audit
Information
Request
1
Organization
chart of internal audit function and
experience profiles
of
key
staff
2 Audit
policies
and
procedures
manual
3 Internal and external audit reports and work
papers
4 SOX
testing
Results
5
Regulatory
examination
reports
for the two most recent
years
6 Internal and external
Operation
Loss Data
Reports
7 Branch quality assurance
program description and related reports
E tiei Shaded items represer t h l rlerit requests i here access in advance of t e meetings would be useful
i
g
26
Requested by
JPMC
JPMEX00004028
HIGHLY CONFIDENTIAL
Return
Finance
Information
Request
1Organizationa chart general
2
Any
financial
policies
and
procedures
manuals
eg
workers
compensation etc
% MIS Policies revenue sharing capital allocation expense allocation transfer pricing
3 Internal
performance reports
% Business unit
profitability
% Product
profitability
% Relationship profitability
% Statistics activities
4 Current and historical
budget packages capital
and
operating
5 Current and historical forecast
packages
6 Description of annual budgeting process
7 Buildup by product line for all revenue and
expense
items historical and projected
8
Management
incentive
compensation plans
9
Original
inforce insurance
policies note any
COLI I BOLT policies
10
Any contracts
other than insurance
policies
for
things
such as claims
handling
11 Schedule of insurance premiums paid
12 Schedule of material operating andor capital leases
13 Schedule of all debt securities and current balances
Note Sladed items represent h l rlerit requests i here access in advance of t e Meetin s would be useful
i
g
27
Requested by
JPMC
JPMEX00004029
HIGHLY CONFIDENTIAL
Return
uJ
Administrative
TtO
and
Corporate Sector
Information
Request
1
Organization
Structure
2
Description
of functions
performed
in the
Corporate
Center vs the Lines of Business
3 Headcount by Function and subcategories within each function last 3
years
4 Headcount
by job grade
for each function and
subcategories
within each function
5 Headcount
by
location for each function and
subcategories
6
Average
base
pay by job grade
for each function and
subcategories
7 Average bonus incentive compensation by job grade for each function and subcategories
by
location
8 Contractor and
Temporary resources by
function
9 Contractor and
Temporary
resources
by
location
10 Average Contractor and Temporary Services costs per Contractor and Temporary resource
11 Expenses by Function by line item last 3
years
12 Allocation Methodologies by function
13 Full PL for the
Corporate
Center Expenses net of Allocations last 3
years by
line item
by
function
14 Description of Corporate Benefit Plans as well as Cost for each plan and funded status
i
f
applicable
last 3
years
15
Description
of
perquisites provided employees
16
Employee Agreements E
t
Related Company
Commitments
17 Investment History for Technology and Operations functions last 3
years by cost category
eg
Servers Storage Mainframe
Software
Internally developed E
t
Purchased Network
etc
18
Strategic
Investment Plan for
Technology
and
Operations
functions
19 Headcount split between Application Development
Other Investment Production and
ManagementAdmin for Technology E
t
Operations functions last 3
years
20 Cost
split between Application Development
Other
Investment Production
and
ManagementAdmin for
Technology E
t
Operations
functions last 3
years
21 Fixed Asset
Register
for
Corporate
Center with associated forward
depreciation
outlook for
each fixed asset type
22 Data Centers
% Locations
% Size
% RSF
Footprint
Utilization
% Power Utilization
% Network Attributes
% Mainframe
Capacity
RoteiSlad editemsrepresenthigh of it requests where access in advance of the
1
1
ssI g
28
Requested by
JPMC
JPMEX00004030
HIGHLY CONFIDENTIAL
Return
% Distributed
Compute Capacity
%
Storage Capacity
% Utilization Metrics
%
Uptime
Metrics
% Service
Interruption History
%
Security
Breaches
E
t
IT Audit
reports
% DR Resiliency plans
% Run Books Operating Manuals
23 Outsourced Services Contracts
24
Enterprise
Software Licenses and Maintenance
Agreements
25 Hardware Maintenance Agreements
26 All Contracts with annual spend of >$50000
27
Technology
Assets Pareto
Analysis
of Months in Service for Each Asset Class
28 Commercial Software
production rev levels in the environment
29
Corporate
Aviation Assets
E
t
Costs
30 Corporate Philanthropy Foundations Policies Giving
Histories
h
i
l rlorit requests i here access in advance of t e meetings would be useful
g
29
Requested by
JPMC
JPMEX00004031
HIGHLY CONFIDENTIAL
Return
Real Estate t ProcurementContracts
Information
Request
Real Estate
1 Detailed property listing with supporting documentation
2
Listing
of
pending or in
progress
construction
projects
with
high
level
scope summary per
project
3 Lease materials that includes relevant
legal
documentation
eg schedules amendments
modifications consents approvals
4 Construction in Progress Accounts CIP
ProcurementContracts
1 Accounts Payable reports showing i a full
year 2006 E
t
2007 and ii current YTD spend
by vendor by month by commodity
2
Copies
of material
greater
than $1M annual
spend
or businesscritical vendor contracts
including software ASP Outsourcing
leases equipment technology infrastructure
hardwaresoftware professional services
3 A list of all third party
software
products incl open source being used
4 A
general
overview of the
operations
environment with indications of the
products
services
being provided by
vendors
5 A description of major Procurement policiespracticessystems
Procurement
org chart headcount and annual budget
Note Sladed items represer t h l not it requests i here access in advance of t e meetings would be useful
i
g
30
Requested by
JPMC
JPMEX00004032
HIGHLY CONFIDENTIAL
Return
5
6
7
Human Resources t
Corporate
Benefits
Information
Request
1
Organizational
chart of senior
management
and relevant areas
l 2 t s ofattem o to be hired as a of trans tempn readsh et P P p
%
Name position
% Status
Fulltimeparttime exemptnonexempt active leave etc
% Years of servicedate of hire
%
Regular
and bonusincentive
compensation
for last three years
% Work Location City State Country
% Business Division
% Job Title
3 Outline of positionsalary grade structure by business and chart showing headcount by
levelgrade by business
Severance po y U
Collective bargaining agreements
Employee
Discrimination
ClaimsFilings
with Various Agencies
Pending Employee Litigation
U
i
r tten desc
r
i
tion of
t
o e< eeo
>
t olio esnd <rr rams er a
o
r
P V P P g
% Overtime and FLSA requirements
% Incentive compensation plans
%
Long
term incentive plans stock options
RSUs
etc
% NonQualified Compensation and Benefit Plans
% Other cars mortgages other allowances or loans
Descri till faCif
copies
of
P
dryerbal
% Employment contracts
Parachute or 0
all i dividual agreements
her term nation aagreements
contracts and arrangement S Nritten
%
Special pension or stock arrangements
% Deferred
compensation arrangements
% Loans to executives
%
Housingtravel
allowances
%
Any
other
arrangements governing
the
companyemployee relationship including
change
of control
plans agreements
andor other
specific compensation guarantees
10 Employee benefit tans information
% Written benefit
plan descriptions including
and
Summary
Plan
Descriptions
and
any
Summary of Material Modifications
E otei
S
l
aded iterms ro resent
h
i
h norit requests where access
i
i advance of
t
l a meetin s would l e usefi l
31
Requested by
JPMC
JPMEX00004033
HIGHLY CONFIDENTIAL
Return
% Actuarial
Reports 2 years
% Benefit Funding Arrangements COLTBOLI
programs
> Retisree Ber efits FAS 10 E i se
p
Approach to benefit Lan subsides
ether Post Employment Benefits FAS 2 Expense
%
Employee Employer
Benefit Cost
Sharing
% Insured and self insured arrangements
Notei Shaded items re resent
h
i
l rlurit requests i here access in advance of t e meetings would be useful
1g
32
Requested by
JPMC
JPMEX00004034
HIGHLY CONFIDENTIAL
Return
Legal
t
Compliance
Information
Request
Corporate
records
1 List of
Company
and all subsidiaries descriptions
of businesses conducted
by
each
subsidiary organizational chart
2 Board books of the Cori ari inctudisn Audit Committee nd Risk Committee minutes
P g
3 Schedule
showing jurisdictions
where the
Company
and its subsidiaries are qualified
to do
business jurisdictions
in which
they are licensed for
mortgage banking
andor other
business activities indicating type of license held and status and jurisdictions where
i
t
owns or leases real property
4
Copies
of State
Licensing
charts
showing
which entities hold what kinds of licenses
by
jurisdiction
Litigation
Material liti ation includir attics>t esof
g
x
F yp
actions reserves and estir tes
ofLe a
costs
2
Attorney representation
letters
regarding litigation
loss contingencies in
conjunction
with
most recent yearend financial statement audit
3 List of all
State
AG
bankregutatory orother agency nvestigatic ms consent decrees
cease and desist orders
4 A schedule and status
report
of
any litigation
administrative
proceedings or governmental
investigation or inquiry pending or threatened affecting the Company or
any
of its
respective
officers or directors including a brief description amount in controversy and
name of attorney handling matter etc
of all such
pending or threatened matters
5
Any
consent decrees judgments
other decrees or orders nonprosecution agreements
settlement
agreements
or other agreements to which the
Company
or
any
of its officers or
directors
i
s a party or
i
s presently bound
6
Any
memoranda of or correspondence
with counsel with
respect to pending or threatened
litigation or litigation settled or otherwise terminated within the last ten
years
7 All letters from the Company or from counsel for the
Company
to the
Companys
independent public
accounts or to
any regulatory authority in the last three
years
regarding material litigation in which the Company or
any
of its respective officers or
directors
may
be
involved including updates
thereof to the most recent practicable
date
8
Summary
of
any past
current andor unresolved notice of
violations or investigations
9 A
description
of all material
judgments
awards and settlements
Regulatory compliance
and other
investigative
matters
Copies
i f r ùlata ex m1 atonre tsandmana ementres onsesAn
otherreports
prepared by
the
Company
its internal auditors counsel or others regarding regulatory
compliance
matters
Notei
S
l
tided items rereser t h l riorit >requests i here access in advance of
t
l e Meetin s would be useful
i g
33
Requested by
JPMC
JPMEX00004035
HIGHLY CONFIDENTIAL
Return
2 Information related to
any regulatory
or law enforcement
investigations including copies
of
any regulatory enforcement actions such as letter of understanding cease and desist
orders etc
3 Information related to all internal or external
investigations
of
knownsuspected irregular
activities AML or fraud
Major contracts
1 Any agreements other than those described elsewhere in this request that restrict the
sale lease or transfer
by
dividend or otherwise
of the assets or capital
stock of the
Company
2 Any agreements that i limit the ability of Company or
any subsidiary to compete in
any
line of
business or with
any person
or in
any particular area or iii grant
the
Company a
right
of first refusals
3
Any agreement
that limits the
ability
of the
Company or any subsidiary to own operate
sell transfer pledge
or otherwise
dispose
of
any
asset or business
E tie Shaded item s represer t
h
i
l rlerit requests i here access in advance of t e meetings would be useful
g
34
Requested by
JPMC
JPMEX00004036
HIGHLY CONFIDENTIAL
Return
Tax
Information
Request
1 Federal state local and
foreign
tax returns for
prior
three
years
indexed
by a listing
of
tax returns and
jurisdictions
filed 2007 and 2008
year
to date income tax
provision
workpapers Explanation of net operating losses credits to be carried over into 2008
2
Listing
of and documentation
RAR closing agreements
Joint Committee
correspondence
or similar etc
of audits for
prior
two
cycles by federal state local and
foreign
jurisdictions
3 1231 07 FIN 48
analysis
with
supporting
documentation
4 All documents related to the Branching Rights and Goodwill Rights
refund claims
5
Description
of tax accounting
methods for
significant
deferred tax items and
timing
of
expected
reversal
6
Description
of
reconciling
items in 2007 effective tax rate
analysis
E 2 lladed items represent h h of It requests where access in advance of the
1
1
i
g
35
Requested by
JPMC
JPMEX00004037
HIGHLY CONFIDENTIAL
Return
Treasury
t Insurance
Information
Request
Treasury
1 Schedule of regulatory capital riskadjusted assets and applicable ratios
% Previous four
quarters
and
key
drivers
% 2008 forecast and list of
key assumptions
Recent Tresry management reporting package
recent ALCO re
àrtpackage
and meet r nminutes
P i
uJ
4 Listing of investment securities portfolios notional CUSIP and pledge detail
5
Listing
of offbalance sheet items
6 List of liabilities
by maturity
and interest rate
type
Include detail of embedded
options
% Brokered deposits and Top25 investors
% Fed Funds and CP
%
Repos
% FHLB Advances
by
district
Summary
of collateral pledged by
district
Stock holding by district
% Detailed list of Other
borrowings
and Other liabilities
notional
and
CUSIP
% Detailed List of
minority
interests and
regulatory capital treatment
% Detailed List of Preferred stock
notional
and
CUSIP
7 Detailed list of committed liquidity lines by legal entity and provider Include pricing and
terms
8 Detailed list of
contingent funding obligations on
and offbalance
sheet
9 List of derivative transactions
interest rate currency equity etc
and MV as of
1231 07
i
f available include FAS 133
linkage
and treatment
10 Equity account
% List of
any
commitments to purchase
% List
triggers upon a transaction
Employee options
and restricted stock
Hybrid capital
Insurance
1 Current
policy
schedule with
coverage type program type ie guaranteed cost retro
large deductible etc name of insurer renewal dates premium limits
deductibles retentions and broker
Note Saded items represent h
i
h of it requests where access in advance of t1e
1
1
ssI g
36
Requested by
JPMC
JPMEX00004038
HIGHLY CONFIDENTIAL
Return
Balance Sheet Detail
Information
Request
l
J P level data for all securities
holdings
n
portfolio
or tradin accounts as of 12131 07
includ n current balanceand market
vel Prdvideloai te el RealEstate
value
dat consistent with attached file
l
a out see follow n
>a
e
as of 1 3 10
1TOW
Owned
portfolios
should include but not t e limted to
Home Loans
P
i
U Horn a E i it Loar s <AIIT es
q YP
SWE p 1 r rre fortes
I ome Construction
%
MiultiFamily All Types
% Other Real Estate
t f Pro ode t
o
s
t
to
e
L
Gonsarner a Cornmerclal data consistent 1
h
information provided in
the Real Estate data request`>as c f 23I1 7 > Owned rtfilliosshould ncludeb ttnotl e
P
to
Provide ot e
file
L
a
out see
folowing page as of 12131107 Information should i
t cludeownedand m anaged
receivables
with
Provide loan leve data fir all serviCed ortfolios w th
originator
information consisteAt
ou
the attached Real Estate fie
layout see following pa e as o 12131i77
I
n addition
i
>
is de
a
summary o
f
assumptions used i
n
r
alu Lion and hedges used n r
s
4
t
i
Note Shad ed s represer t
h
i
h rlorit >requests where access in advance of the meetings would be useful
ssI g
37
Requested by
JPMC
JPMEX00004039
HIGHLY CONFIDENTIAL
Return
Real Estate Credit
Account Level DetailTab e
f FietdsReqnested orBi d Format
Seller Loan Number
Line of Business Single Family Residential Option ARM Subprime Home Equity
Original LTV
Original Combined LTV
Lien Position 1st or 2nd
Loan Type Closedend HELOC
Original FICO Score
O
Refreshed FICO
Z Custom ScoreTier
M
E
Joint Applicant YIN
ncome
C Disposable Income
` DTI Ratio
O
Underwriting Exception YIN
p
L
Exception Type if exception = Y DTI Score LTV documentation etc
C
Risk Layering Exceptions >= 3 YIN
m Customer Documentation Type
Verified Assets Reserves $$$
First Time Homebuyer Flag YIN
Deposit Relationship YIN
Deposit Amount where relationship
=
Y
Channel examples brokers correspondent Retail Loan Officer Retail Branch
Broker Correspondent Identifier
Self Employed Flag YIN
Fixed or ARM
Product type examples FHA VA Conv 31 ARM 51 ARM 30 year fixed Jumbo etc
Loan Purpose Purchase RateTerm Refi Cash out etc
Simo Transaction 1st2nd together YIN
Origination Date MMDDYYYY
First Payment Date MMDDYYYY
Rate Adjustment Frequency
Payment Adjustment Frequency
First Payment Adjustment Date MMDDYYYY
Original Term in Months
Amortization Term in Months
nterest Only Term in Months
Balloon flag YN
Original LoanLine Amount
Outstanding LoanLine Amount
O
Original monthly payment
Current monthly payment
V Original Rate
`
Current Rate
V
Assumable Flag YN
Convertible Flag YN
J
O Pledged Balance i
f
applicable includes specific detail collateral for Global Note program
ndex
Gross Margin
nitial Rate Cap
Periodic Rate Cap
Lifetime Rate Cap
Minimum Rate Floor
Mortgage Insurance YN
Lender Paid MI Rate
Mort Insurance Company
Mort Insurance Coverage Level
Prepayment Penalty in Years
Prepay Penalty Enforcement Hard Soft or Hybrid
Prepay Penalty Description examples 6 months advance interest 20 of amount prepaid etc
Servicing Fee
Escrow Flag YN
Escrow Amount $$$
E tie haled item s r resent
h
i
h i nt re a sts t tier access iri advance of the
r
r eetiris would ba ireful
38
Requested by
JPMC
JPMEX00004040
HIGHLY CONFIDENTIAL
Return
FietitSRue5ted for Bid ormat
Occupancy Type
Property Type
C
Number of Units
Z Appraisal Type URAR 2055 BPO AVM etc
r0
Original Appraised Value
C
Current Estimate Value
w
Title Insurance YN
Title Search product Full title search limited field LEW electronic LEW etc
Current Hazard Insurance YN
y SalesPurchase Price
o Property Address
d Property City
Property State
Property Zip Code
Negam Limit
r
to Recast Period
a
10 Post Recast
p
<
Payment Cap
Minimum PEd Pmt
Collection Workout YN
Collection workout date
Modification YN
Modification date
Modification start rate
Modification current rate
payments deferred to end of loan
Portfolio Status Owned securitized serviced
times 306090 over life
Gross UPB $ 24 month history
C
O
Partial CO $ 24 month history
Partial CO $ ever
E Net UPB $ 24 month history
o Gross CO $ 24 month history
rRecovery $ 24 month history
++ Credit Limit HELOC only last 24 months
Utilization Rate HELOC only last 24
j u
Legal Status Code 24 month history
Reason For Delq Code 24 months
Skiptrace no borrower contact YN
Total of extensions over the life
of Extensions 24 months
Total of deferments over the life
of deferments 24 months
Refreshed FICO last 24 months
Behavior Score last 24 months
Delq status 012 etc 24 month history
Delq status String 24 month history 111111122221111 000CCC
Note Shaded items represent h
i
h r0 it requests where Access in advance of
t
i e meetings would be useful
39
Requested by
JPMC
JPMEX00004041
HIGHLY CONFIDENTIAL
Return
Credit Card
Collateral Information
c mp n t
5iae
F O
Utlzation
Mii pay nmum requirement
Performance Data
Vintage
and
Rolling by
account and receivable
balance
Yield comp rents
Archantfeesir terch r e
>
l
ate fees
a >nnual fees
eld>
Payment Rate
Purchase Rate
Gross I ofault
Recoveries
Delrquencies
FICO
Fraud
10 Dilution
1
I
n Store ottectons f r ate Labet ptfalto
Note S adedistems represent h
i
l rlerit requests where access in advance of t e meetings would be useful
g
40
Requested by
JPMC
JPMEX00004042
HIGHLY CONFIDENTIAL
Return
From
timmainjpmorgancom
Sent
Thursday
June
5
2008 903 AM
To
DouglasBraunsteinjpmorgancom
Subject
Fw
Meeting
with Emilio Botin
Timothy
RM Main
JPMorgan
Chase Co
277 Park Avenue 13th Floor
New York NY 10172
tel 2126227272
fax 9175462585
Forwarded
by
Tim MainJPMCHASE on 06052008 0850 AM
Jose
A
ToBombieri Enrico
<enricobombierijpmorgancom>
Tim
CerezoJPMCHASE
MainJPMCHASEJPMCHASE Chrin John
<johnrchrinjpmorgancom> Rivas Fernando
06042008 0155 PM <fernandorivasjpmorgancom> Pinel Enrique
<enri
que pinel j pmorgan
com>
ccCasanueva Enrique <enriquecasanuevajpmorgancom>
SubjectMeeting with Emilio Botin
Jamie Dimon Enrique Casanueva and I met with Santander Chairman Emilio Botin and executive board members Matias R Inciarte
and Juan R Inciarte
Good
meeting
and with lots of
topics
and with
many questions
from Santander In fact so
many questions
that there was no time to
answer a few of them
USA Emilio Botin and Juan asked
many questions about specific opportunities Wamu Wachovia Suntrust and PNC which are of
interest to Santander We covered them in detail and Jamie reckoned that these are opportunities in which JP Morgan would also be
interested
I
t
i
s
important
to have an open dialogue
with them as Santander would not
pursue any one of these
opportunties i
f JP
Morgan were to do the same cant compete on price
with JP
Morgan
for an acquisition
in the
USA
But Santander would
probably
hire JP
Morgan as advisor
i
f we are not
going
after them
Emilio Botin said we could
perhaps pursue opportunities togeteher
Asked Jamie
i
f
i
t would make sense for JP
Morgan
and Santander
to
go together
after Wachovia But we were interrupted
with another
question
before Jamie could answer Asked
why
did JP
Morgan
not
buy
Wamu and instead TPG
injected
the
capital
Jamie
replied
he thinks the
potential
losses are higher
than TPG
i
s
estimating
plus
their losses are limited to their initial
equity investment unlike for JP
Morgan or any
other USA
bank
which has to mark to
market and
assigninject
additional
capital accordingly
Emilio Botin
i
s concerned about their position at Sovereign They have devoted much resources they have lost
money
and he believes
i
t would have been best to bid for control of the bank instead of trying to negotiate a capital increase with Santander subscribing the
whole issue Matias R Inciarte said the best route
i
s to either gain control soon or
get
out
Asia
Like
many others they are struggling to do business in Asia
Considering to buy a stake in a bank in China and asked
i
f
i
t makes sense
to do so at current prices Jamie replied that the
concept i
s ok but not now too expensive adding that so far in China
i
t
i
s a one
way
street with them wanting to
get
all and letting you get nothing and that there will be more and better opportunities when China has a
downturn
Also too difficult to know what
you are buying many
of them do not
yet
have integrated systems possibly a meaningful amount of
political loans etc
Emilio Botin inquired
about Jamies views on Brazil and Mexico Santander likes Banamex and has
approached City to try
and
buy
i
t
but not for sale Jamie
acknowledged
he would like to buy i
t too
Europe Jamie asked about their views on Royal Bank of Scotland Botin thinks their mistake has been to
go
for ABN Amro wihout
having a strong
financial
position
And then bad luck as wholesale
banking
outlook deteriorated
sharply
Thinks Goodwin will
stay
at
least until
integration
of ABN Amros assets has been
completed
Requested by
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Consumerauto finance Santander
i
s
intrigued
about
why JP Morgan
would not try to buy GE Money
in
USA nor Citis consumer
finance assets in the USA Jamie
explained
credit card business of GE Money i
s all
private
label
They can lose
i
t to competitors
who
can do the business
better
like ourselves Citis consumer finance business in the USA i
s a
very good one
but does not fit in
any
one
of JP Morgans key divisons He said Santander should take a good look at it There are
very
few potential buyers at this moment and
Santander might be able to get i
t for a good price and Citi could perhaps provide some of the financing themselves to facilitate the
deal
Santander continues to be a buyer of auto finance assets Drive Financial doing better than they expected in terms of npls reason
being Texas where
they
do the bulk of their business i
s
doing
much better that other
regions
because
they are a big beneficiary
of the
high
oil
price Still priority
in the USA
i
s to
buy
businesess with retail
depositsbranches
Not
easy
to finance auto loan
companies
in
the USA these
days
Botin
finally
asked a lot of
questions
about the decision
makeing process
at the
top
number of board members and members of the
executive committee
Frequency
of
meetings
and other
corporate governance
issues
Obviously very good chemistry
between Jamie
and Botin who would like to see him next time he i
s in New York
Jose A Cerezo
JP Morgan
Financial Institutions Group
Tel +34 91 516 13 51
+34 34630904440
Requested by
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JPMEX00004076
HIGHLY CONFIDENTIAL
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From
greggbgunselmanjpmorgancom
Sent
Wednesday
June
18
2008 754 AM
To
timmainjpmorgancom DouglasBraunsteinjpmorgancom
fernandorivasjpmorgancom
Subject
Re
The
meeting went well Charlie was joined by
Mike and
Sally
Summary
consensus that West i
s most financially compelling followed closely by Network however much a bigger bet
strong
accretion and IRRs driven
by
return of
capital
fromboth
earnings
and balance sheet
paydown
saturn
i
s
clearly no dog
but falls behind others
given
current
position
team views West actionable at $1012 not clear
i
t could
get
done below
given
TPG
option
at $875
$16bn tangible equity
will
buy
West time to stand alone FIG to
analyze
how
long
Exploring option with Cuttler to make offer before shareholder vote on TPG
recap June 24
with sweetheart deal to exisiting
shareholders and
giving TPG investors takeout above 875 We can give you
more details live
notable that
every
$1
per
share paid on West i
s 34 cents
cps
dilution
Key decision point for Operating Committee iswhich deal
i
s most compelling fromstrategic perspective and will base action plan
based on that conclusion
We did
get
materials to Doug
in advance albeit less than 1 hour before
meeting
Gregg
Gregg
B Gunselman
JPMorgan Investment Bank
Phone 2126222431
Tim Main
Original Message
From
Tim Main
Sent 06182008 0616 AM CDT
To Douglas Braunstein Fernando Rivas Gregg B Gunselman
<greggbgunselmanjpmchasecom>
How did
i
t
go
with Charlie
Did we
get Doug document prior to meeting
Tim
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Gearin
David To
<dancooneychasecom>
<DGearinFDIC gov>cc
Subject
Re Contract
09242008 0739 AM
Thanks dan jim thinks that he will be available for a call at 1015 if that works for
you
Original
MessageFrom
dancooneychasecom <dancooneychasecom>
To Gearin
David
CC Eitelmsullcromcom <Eitelmsullcromcom> Wigand James
Sent Wed
Sep
24 071749 2008
Subject
Re Contract
David and Jim We can explain
these more fully on our call but
given
the extreme
shortness of time here are the main issues wed like to discuss
Authority
for transaction Section 13k raised yesterday
with David
Subsidiary thrift being put into receivership raised yesterday with David
Section 21 how will liabilities for benefit plans be assumedtransfer of
relevant
plan
what
plans are actually fully
with bank vs fully
with the
holding
company
and
thrift etc
Article 2 liabilities for tax sharing arrangements
Section 48b what is this
provision
intended to do particularly
with
respect to mortgage servicing agreements which are absolutely critical to operating the
business
Article XI
exception
to consents
rep
Article XII Indemnification raised yesterday with David
Confirm treatment of REIT preferred
Nonthrift subsidiaries where in structure
posttransactionrequired
approvalsnotices
As we go
thru the
agreement we may
have some drafting
tweaks but I think these are the
main ones
Dan
Daniel P
Cooney
DanCooneyChasecom
312 7323171
Chicago voice
312 7325976 Chicago fax
212 2707094 New York voice
212 2709643 New York fax
This transmission
may
contain information that is
privileged confidential legally
privileged andor exempt from disclosure under applicable law If
you
are not the
intended
recipient you are hereby
notified that
any disclosure copying distribution
or use of the information contained herein
including any
reliance thereon is STRICTLY
PROHIBITED Although this transmission and
any
attachments are believed to be free of
any
virus or other defect that might affect
any computer system
into which it is
received and
opened
it is the
responsibility
of the
recipient to ensure that it is
virus free and no responsibility is accepted by JPMorgan Chase Co its subsidiaries
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Return
and affiliates as applicable for
any
loss or damage arising in
any way
from its use
If
you
received this transmission in
error please immediately contact the sender and
destroy
the material in its
entirety
whether in electronic or hard
copy
format Thank
you
Requested by
JPMC
JPMEX00004136
HIGHLY CONFIDENTIAL
and affiliates, as applicable, for any loss or damage arising in any way from its use.
If you received this transmission in error, please immediately contact the sender and
destroy the material in its entirety, whether in electronic or hard copy format. Thank
you.
and affiliates, as applicable, for any loss or damage arising in any way from its use.
If you received this transmission in error, please immediately contact the sender and
destroy the material in its entirety, whether in electronic or hard copy format. Thank
you.
Return
Tod To mike
cavanaghjpmchasecom charliescharfchasecom
GordonJPMCHASEJamiedimonjpmchasecom
Donald
McCreejpmorgancomJPMCHASE
Norma
Coriojpmorgancom
09242008 0323 PM
cc
Subject Moodys
Fitch Feedback
Recapping what some of
you
heard verbally
Moodys
Will affirm the rating Hold Co senior Aa2 but move outlook to negative from stable
Negative outlook results fromtheir new mortgage loss expectations for the industry
Expect Moodys
to take
negative ratings
actions on peers
with similar
mortgage exposures i
n the near future
The West transaction and capital levels did not contribute to the negative outlook
We asked Moodys to bifurcate thier view of the transaction from their mortgage views i
n
any press release Ill forward
advance
copies
Well
reengage Moodys
with RFS
i
n a credit discussion on loss
expectations
Fitch
Will affirm the rating Hold Co senior AA i
f the transaction
i
s substantially the same as presented
Does not view the transaction as a negative their words
I have a call into SP
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Sean D To
Sally
E DurdanJPMCHASE
Carmody
cc Fernando RivasJPMCHASE Gregg
B GunselmanILONE Scott R
HynesJPMCHASE
Candice M CorvettiJPMCHASE
09222008
Subject
FDIC book
1003 PM
Sally
Can someone on your
team send us the book that
you
used to discuss West w the FDIC Charlie and Mike
would like us to leverage
the
page
from that book that laid out Wests loan
portfolios by product on a managed
basis for the
rating agency meetings
which are scheduled to begin tomorrow
Thank
you
Sean
Sean D
Carmody
JP
Morgan
Securities Inc
Investment
Banking Coverage
Financial Institutions
383 Madison Avenue 36th Floor New York NY 10179
0 2126220741 F 9175462549 C 9179402308
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Gregg
B To
Sally
E
DurdanJPMCHASEJPMCHASE williamkingjpmorgancom
Gunselmancc fernandorivasojpmorgancom
Subject Mortgage Exposure
04042008
0119 PM
SallyBilly
We are preparing
materials to
present
to
rating agencies
for the Madison and West transactions We need
input
from both of
you
on the
following as i
t relates to our proforma mortgage exposures Sally
for Park standalone
and West HFIwarehouse and
Billy
for Madison and Park
tradingother
1
Amount of
mortgage
assets on balance sheet for West Park standalone and Madison
at
close of each
deal
by asset class see
page
40 in attached
2 Amount of projected portfolio runoff over time or targeted mortgage
asset sales
3 Sensitivity of profoma combined entity to an incremental 5 decline in hose prices MTM or loss impact
I am available to discuss live We need
input as soon as
i
t
i
s
available as
i
t will have a direct
impact on how we
view the West deal
Attached are a couple
slides from the overall
presentation
that so
you
can see how we intend to present
the data
and other risk factors related to
mortgages
M adisonWestR ating AgencyM ortg Riskppt
Gregg
B Gunselman
Investment
Banking Coverage
FIG
JPMorgan Securities
Inc
Phone 212
6222431
Mobile
773
3433226
Fax
646
5341886
EFax 917
5462565
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MARCH 2008
DRAFT
8102009 306 PM
Project MadisonWest rating agency presentation
JPMorgan
t
i
v
v
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This presentation was prepared exclusively for the benefit and internal use of the JPMorgan client to whom it is directly addressed and delivered including
such clients subsidiaries the Company in order to assist the Company in evaluating on a preliminary basis the feasibility of a possible transaction or
transactions and does not carry any right of publication or disclosure in whole or in part to any other party This presentation is fordiscussion purposes
only and is incomplete without reference to and should be viewed solely in conjunction with the oral briefing provided by JPMorgan Neither this
presentation nor any of its contents may be disclosed or used for any other purpose without the prior writ ten consent of JPMorgan
The information in this presentation is based upon any management forecasts supplied to us and reflects prevailing conditions and our views as of this date
all of which are accordingly subject to change JPMOrgans opinions and estimates constitute JPMOrgans judgment and should be regarded as indicative
preliminary and for illustrative purposes only In preparing this presentation we have relied upon and assumed without independent verification the
racy and completeness of all information available from public sources or which was provided to us by or on behalf of the Company or which was
otherwise reviewed by us In additi lyses are not and do not purport to be appraisals of the assets stock or business of the Company or any
other entity JPMorgan makes no representations as to the actual value which may be received in connection with a transaction nor the legal tax or
unting effects of consummating a transaction Unless expresslycontemplated hereby the information in this presentation does rot take into account
the effects of a possible transaction or transactions involving an actual or potential change of control which may have significant valuation and other
effects
Notwithstanding anything herein to the contrary the Company and each of its employees representatives or other agents may disclose to any and all
persons without limitation of any kind the US federal and state income tax treatment and the US federal and state income tax structure of the
transactions contemplated hereby and all materials of any kind including opinions or other tax analyses that are provided to the Company relating to such
tax treatment and tax structure insofar as such treatment andor structure relates to a US federal or state income tax strategy provided to the Company
by JPMorgan
JPMOrgans policies prohibit employees from offering directly or indirectly a favorable research rating or specific price target or offering to change a
rating or price target to a subject company as consideration or inducement for the receipt of business or for compensation JPMorgan also prohibits its
arch analysts from being compensated for involvement in investment banking transactions except to the extent that such participation is intended to
benefit investors
IRS Circular 230 Discloure JPMorgan Chase I
t
Co and its affiliates do not provide tax advice Accordingly any discussion of US tax matters
inctoded herein incuding any attachments is not intended or written to be used and cannot be used in connection with the pronotion marketing
mendation by anyone not affiliated with JPMorgan Chase I
t Co of any of the potters addressed herein or for the purpose of avoiding US
taxrelated penalties
JPMorgan is a marketing name for investment banking businesses of JPMorgan Chase Co and its subsidiaries worldwide Securities syndicated loan
ranging nancial advisory and other investment banking activities are performed by a combination of JP Morgan Securities Inc JP Morgan plc
JP Morgan Securities Ltd and the appropriately licensed subsidiaries of JPMorgan Chase Co in AsiaPacific and lending derivatives and other
rcial banking activities are performed by JPMorgan Chase Bank NA JPMorgan deal team members may be employees of any of the foregoing
entities
This presentation does not constitute a commitment by any JPMorgan entity to underwrite subscribe for or place any securities or to extend or arrange
credit or to provide any other services
JPMorgan
INTERNAL USE
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HIGHLY CONFIDENTIAL
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Mortgage exposure
in the banking book
% Madison and West have sizeable exposures to an uncertain asset class
%
FRB facility provides Park with a measure of risk mitigation with regard to
Madisons mortgage exposure
Parr Madison Combined
14 family
Prime mortgages $399$1104 $1104
Subprime 155 186 341
Option ARMS 00 589 589
Home Equity 948 610 1558
Total exposure $1103 $1900 $2680
Total exposure as total bans 216 777
Total exposure TCE 15x 141x
Valuation adjustment $52 $214
Valuation adjustment as a of total exposure 113
Nte Flnanclal dab as of Oecr 312007 Exdd dand AFS s
r
f
t
T
B
U
Inds $369bn of baldforrvestt prime mortgage loans tiatwere tansferred fmm RFS to be Corpoate forsk management and reporting purposes
JPMorgan
INTERNAL USE 40
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West mortgage portfolio geographic concentration and
loans with CLTV > 90
Portfolio
i
n CAFL At origination
Portfolio with CLTV>90
Park estimate Park estimate
West OFHEOS 123107 123108
Option ARM 62 1
Prime Home Equity 63 3
Prime Mortgage 55 2
Sub Prime 1st lien 35 5
Sub Pri me 2nd lien 34 66
Total 58
JPMorgan
3
3 23 39
10 27 39
2 12 22
7 37 43
67 77 76
6 23 35
INTERNAL USE 41
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JPMEX00005955
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West credit
impairment
Balance pre closes Post cbse 1109
123112007 12312008 Credit impairment Balance at 11109
Option ARMS
Noncredit impaired $25975 $21076 $0 $21076
Credit impaired 32895 26428 7440 18988
Other Prime Loans
Credit impaired 20400 15064 2007 13057
HE Loans Lines
Credit impaired 32138 24281 8003 16278
Subprime Home Loans
Credit impaired 10476 7434 3148 4286
Subprime Home Equity
Credit impaired 2525 1660 837 823
Home construction
Noncredit impaired 2226 1484 0 1484
$192193 $147541 $21436 $126105
JPMorgan
INTERNAL USE 42
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West asset quality
2009Net chargeoffs Nonperforming loans
151 P
I
1$
Option ARMS
Noncredit impaired $37 02 $823 45
Other Prime Loans
HE Loans E
t Lines
Subprime Home Loans
Subprime Home Equity
Noncredit impaired
Credit
impaired 277 351 142 180
Home construction
Noncredit impaired 00
Credit impaired
$8110 73 $5592 50
JPMorgan
INTERNAL USE 43
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Option
ARM overview
Key Product characteristics
% Accrual rate adjusts each month
% Minimum payment adjusts each year
% Monthly payment options
% Minimum selected by 231d of borrowers
% Interest only
% Amortizing
% Curtailing faster amortization typically 15 year
% Recast
% Earlier of 5 years or reaching negative amortization
cap
% Increase i
n minimum payment can be substantial
% Documentation most Option ARMS have limited
documentation
% Prepayment many Option ARMS have prepayment
penalties
Incremental product risks
% Primary incremental risks
% Large payment shock at recast
% Increased leverage
% Recast timing and magnitude driven by
% Intro minimum
payment rate and amortization
eg 30 versus 40 year
% Margin
% Interest rate paths and spreads
% Borrowers understanding of the product
% Borrower behavior
Payment selection
Prepayment refinancing property sale both less
likely now
% Limited history especially i
n context to the current
environment makes i
t
very
difficult to predict future
performance
Affordability product
% 23roselect minimum payment negative amortization
% 45 of portfolio has intro rates of less than 15
JPMorgan
INTERNAL USE 44
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Illustrative
option
ARM
representative payment
schedule
Mmlmampayment
UPBloariamt M
10 P
Payment month
s0r<a west avm FCtt mBd m ooaamrs t
Assumes tt borrower sebcs 11 payment optlon every
t1JPMorgan
sn is an MTAIndexed OptTh ARM $350k ban amount no Intmductn n ap
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Other issues
% Credit risk
% Extent of housing decline ability to predict
% No real history on Option ARMS
% Real recession
% Mortgage legislation could be good or bad
% Ability to transform West retail franchise
% Embedded unknowns
% Deposit cap
JPMorgan
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JPMorganChase
I
March
31
2008
Kerry K Killinger
Chairman of the Board of Directors
and Chief Executive Officer
Washington Mutual
Inc
1301 2nd Avenue
Seattle WA 98101
Dear Kerry
In
response
to
your invitation JPMorgan
Chase Co JPMorgan i
s
pleased to provide you
with this
proposal
for the
merger
of
Washington Mutual Inc Washington Mutual
with
JPMorgan
This
proposal
has been discussed with our Board of Directors We are excited about
the substantial benefits a transaction with
Washington
Mutual will
produce
for our
respective
shareholders
Proposal
JPMorgan i
s
prepared
to offer
i
0116
JPMorgan common shares
per Washington
Mutual
common share which currently implies a price
of $500
per Washington
Mutual common share
and ii a contingent payment
that would settle in
JPMorgan common stock and that would have
a value of
up
to $300
per Washington Mutual common share based
upon
the
performance
of
certain of the loans in Washington
Mutuals
portfolio
Our current
thinking i
s that the
subject
portfolio
would be the home equity
loan
portfolio
but we are willing
and would welcome the
opportunity
to discuss other structures as well Under this
proposal
the lower the losses on the
portfolio
the
higher
the value of the consideration
your
shareholders would receive The full
$800 in value would be
paid
to
your
shareholders
i
f
your
low estimate of home
equity
credit
losses
provided
in
your management presentation of March 2008 on
page
113
proves
to be
correct Our
proposal
also assumes that there will be no adjustments increasing or accelerating
the
delivery
of shares or other value
payable
to the holders of
your preferred
and trust
preferred
securities under the terms of those instruments
These are uncertain times
I
t
i
s difficult to estimate the future loss
experience
in
any
consumer
loan portfolio especially
realestate related Our base case estimate of the
potential
losses in
Washington
Mutuals loan
portfolio substantially exceeds
your high
estimate The first element
of our proposal
reflects our view as to what the losses are likely to be The
contingent payment
allows
your
shareholders to benefit
i
f the credit environment
i
s more favorable than we
anticipate
Our
proposal
reflects our belief that substantial additional
capital i
s
required
in connection with
this transaction
Requested by
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JPMEX00006060
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Transaction benefits
We believe that as part
of
JPMorgan your shareholders creditors and
depositors will have a
more secure future than under
any
other feasible
option
All
your
constituencies will benefit
from our
strong capital earnings
and
liquidity profile and a risk
profile
that
i
s diversified
by
product and
geography JPMorgans capital ratios are at the
top
of our
peer group
and
they
have
remained
strong throughout
the recent market turmoil At the end of the fourth
quarter 2007 our
Tier 1
capital ratio was 84
We
agree
with the
compelling strategic fit between our firms
you
outlined at our
meetings
including
the substantial value creation
opportunity presented
via cost
savings
and more rapidly
realizing
the
growth potential in
your
franchise Our
management
team has a strong track record
in
delivering on the benefits of
mergers
to shareholders and
employees
Our combined firmwill be a leader in each of its core businesses with an unrivaled combination
of domestic
leadership and international reach We have an exciting opportunity
for
growth and
value
creation and the financial and
managerial resources to realize that
opportunity
Finally as JPMorgan shareholders
your
shareholders will benefit from a strong
dividend and the
absence of the substantial dilution that an independent capital raising
would
bring
Proposed
timetable to announcement
We believe that
i
t
i
s in the best interests of both our organizations to proceed expeditiously and
accordingly we anticipate executing definitive documentation and
announcing a transaction no
later than
April 15
2008 While
completing
due
diligence we would
simultaneously negotiate a
definitive
merger agreement
with terms and conditions
customary
for a transaction of this kind
and which would include a condition that the
merger
be closed
by December 31 2008 We
would
require a
customary option to
purchase up
to 199 of
Washington Mutuals stock as
well as an option to purchase Washington Mutuals Los
Angeles MSA retail
banking
franchise at
fair market
value determined using a
methodology
to be
mutually agreed
simultaneous with
execution of the
merger agreement
We are confident that we could obtain all
necessary regulatory approvals on an
expeditious basis
in
part
because our
proposal
does not create
significant
issues that other alternatives are likely to
pose
We also assume
you
will have
adopted prior to signing agreedupon underwriting policies
in accordance with our common understanding
of
appropriate standards going forward
Exclusivity
We are
prepared
to move forward
provided
that
you agree
to do so on an exclusive basis with us
Due
diligence
As
you know our due
diligence to date has been somewhat limited in
scope Although we
believe a significant portion
of our due diligence i
s
complete there remain several areas we will
need to finalize
simultaneously
with
moving forward We wish to
begin
this review no later than
Thursday April 3 2008
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The terms of this letter are an indication of
JPMorgans
interest and are not
binding upon
or
enforceable
against JPMorgan or
any
of its affiliates This letter and the information contained
herein including
the fact that
JPMorgan
has submitted a proposal are confidential and
may
not
be disclosed without the prior written
approval
of
JPMorgan
We are available to meet with
you
and
your
Board to discuss
any aspect
of this
proposal the
financial
footing
of the combined firmand the value creation
opportunity
for our respective
shareholders If
you
should have
any questions regarding this
proposal please
do not hesitate to
call me We
appreciate the efforts
you
and
your
team have made
up
to this
point and we look
forward to
receiving your response
and to working with
you
to create the
leading financial
services firm
i
n the world
Sincerely
Charles W Scharf
cc Frank Cicero
Managing Director
Lehman Brothers
745 Seventh Avenue
New York NY 10019
John
Mahoney
Managing
Director
Goldman Sachs
85 Broad Street
New York NY 10004
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JPMorganChase
I
March
31
2008
Kerry K Killinger
Chairman of the Board of Directors
Washington Mutual
Inc
1301 2nd Avenue
Seattle WA 98101
Dear Kerry
In
response
to
your invitation JPMorgan
Chase Co JPMorgan i
s
pleased to provide you
with this
proposal
for the
merger
of
Washington Mutual Inc Washington Mutual
with
JPMorgan
This
proposal
has been discussed with our Board of Directors We are excited about
the substantial benefits a transaction with
Washington
Mutual will
produce
for our
respective
shareholders
Proposal
JPMorgan i
s
prepared
to offer
i
0116
JPMorgan common shares
per Washington
Mutual
common share which currently implies a price
of $500
per Washington
Mutual common share
and ii a contingent payment
that would settle in
JPMorgan common stock and that would have
a value of
up
to $300
per Washington Mutual common share based
upon
the
performance
of
certain of the loans in Washington
Mutuals
portfolio
Our current
thinking i
s that the
subject
portfolio
would be the home equity
loan
portfolio
but we are willing
and would welcome the
opportunity
to discuss other structures as well Under this
proposal
the lower the losses on the
portfolio
the
higher
the value of the consideration
your
shareholders would receive The full
$800 in value would be
paid
to
your
shareholders
i
f
your
low estimate of home
equity
credit
losses
provided
in
your management presentation of March 2008 on
page
113
proves
to be
correct Our
proposal
also assumes that there will be no adjustments increasing or accelerating
the
delivery
of shares or other value
payable
to the holders of
your preferred
and trust
preferred
securities under the terms of those instruments
These are uncertain times
I
t
i
s difficult to estimate the future loss
experience
in
any
consumer
loan portfolio especially
realestate related Our base case estimate of the
potential
losses in
Washington
Mutuals loan
portfolio substantially exceeds
your high
estimate The first element
of our proposal
reflects our view as to what the losses are likely to be The
contingent payment
allows
your
shareholders to benefit
i
f the credit environment
i
s more favorable than we
anticipate
Our
proposal
reflects our belief that substantial additional
capital i
s
required
in connection with
this transaction
Requested by
JPMC
JPMEX00006060
HIGHLY CONFIDENTIAL
Return
Transaction benefits
We believe that as part
of
JPMorgan your shareholders creditors and
depositors will have a
more secure future than under
any
other feasible
option
All
your
constituencies will benefit
from our
strong capital earnings
and
liquidity profile and a risk
profile
that
i
s diversified
by
product and
geography JPMorgans capital ratios are at the
top
of our
peer group
and
they
have
remained
strong throughout
the recent market turmoil At the end of the fourth
quarter 2007 our
Tier 1
capital ratio was 84
We
agree
with the
compelling strategic fit between our firms
you
outlined at our
meetings
including
the substantial value creation
opportunity presented
via cost
savings
and more rapidly
realizing
the
growth potential in
your
franchise Our
management
team has a strong track record
in
delivering on the benefits of
mergers
to shareholders and
employees
Our combined firmwill be a leader in each of its core businesses with an unrivaled combination
of domestic
leadership and international reach We have an exciting opportunity
for
growth and
value
creation and the financial and
managerial resources to realize that
opportunity
Finally as JPMorgan shareholders
your
shareholders will benefit from a strong
dividend and the
absence of the substantial dilution that an independent capital raising
would
bring
Proposed
timetable to announcement
We believe that
i
t
i
s in the best interests of both our organizations to proceed expeditiously and
accordingly we anticipate executing definitive documentation and
announcing a transaction no
later than
April 15
2008 While
completing
due
diligence we would
simultaneously negotiate a
definitive
merger agreement
with terms and conditions
customary
for a transaction of this kind
and which would include a condition that the
merger
be closed
by December 31 2008 We
would
require a
customary option to
purchase up
to 199 of
Washington Mutuals stock as
well as an option to purchase Washington Mutuals Los
Angeles MSA retail
banking
franchise at
fair market
value determined using a
methodology
to be
mutually agreed
simultaneous with
execution of the
merger agreement
We are confident that we could obtain all
necessary regulatory approvals on an
expeditious basis
in
part
because our
proposal
does not create
significant
issues that other alternatives are likely to
pose
We also assume
you
will have
adopted prior to signing agreedupon underwriting policies
in accordance with our common understanding
of
appropriate standards going forward
Exclusivity
We are
prepared
to move forward
provided
that
you agree
to do so on an exclusive basis with us
Due
diligence
As
you know our due
diligence to date has been somewhat limited in
scope Although we
believe a significant portion
of our due diligence i
s
complete there remain several areas we will
need to finalize
simultaneously
with
moving forward We wish to
begin
this review no later than
Thursday April 3 2008
Requested by
JPMC
JPMEX00006061
HIGHLY CONFIDENTIAL
Return
The terms of this letter are an indication of
JPMorgans
interest and are not
binding upon
or
enforceable
against JPMorgan or
any
of its affiliates This letter and the information contained
herein including
the fact that
JPMorgan
has submitted a proposal are confidential and
may
not
be disclosed without the prior written
approval
of
JPMorgan
We are available to meet with
you
and
your
Board to discuss
any aspect
of this
proposal the
financial
footing
of the combined firmand the value creation
opportunity
for our respective
shareholders If
you
should have
any questions regarding this
proposal please
do not hesitate to
call me We
appreciate the efforts
you
and
your
team have made
up
to this
point and we look
forward to
receiving your response
and to working with
you
to create the
leading financial
services firm
i
n the world
Sincerely
Charles W Scharf
cc Frank Cicero
Managing Director
Lehman Brothers
745 Seventh Avenue
New York NY 10019
John
Mahoney
Managing
Director
Goldman Sachs
85 Broad Street
New York NY 10004
Requested by
JPMC
HIGHLY CONFIDENTIAL
Return
Requested by
JPMC
HIGHLY CONFIDENTIAL
Return
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0
7
Q
1
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8
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a
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V
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t
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7
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1
0
7
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K
e
y
T
a
k
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I
Net
h
t
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s
s
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t
s
4
0
7
3
7
2
3
4
1
3
3
2
5
66
2
Net
M
e
r
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s
t
h
c
o
m
e
D
e
p
o
s
i
t
s
C
h
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a
b
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t
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s
8
7
7
8
9
0
819
9
2
7
1
0
3
71
58
R
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t
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l
B
a
n
k
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g
3
N
e
t
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s
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I
n
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m
e
b
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f
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P
r
o
v
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s
i
o
n
1
2
8
4
1
2
6
1
1
1
6
0
1
2
5
9
99
1
0
1
1
2
4
%
P
M
l
o
a
n
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u
n
o
f
f
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n
d
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s
4
P
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For
L
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s
s
62
6
6
3
97a
9
1
2
64
3
1
3
9
1
4
N
I
M
Y
Y
5
N
e
t
I
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r
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s
t
I
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m
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s
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n
1
2
2
2
5
9
9
184
3
4
7
163
1
415
1
0
3
8
%
N
I
E
d
i
r
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c
t
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n
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s
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s
Y
Y
p
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m
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P
M
6
D
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R
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k
F
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s
6
6
3
7
6
8
7
4
2
9
35
70
f
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d
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$
4
5
M
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b
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7
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F
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s
C
o
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s
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o
n
s
60
63
61
67
6
2
1
c
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m
p
$
2
9
M
i
n
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g
$
1
4
M
a
n
d
8
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t
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r
e
Mig
Inc
28
19
18
22
4
1
10
m
e
d
i
a
$
1
O
M
9
N
o
n
i
n
t
e
r
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s
t
I
n
c
o
m
e
751
8
5
0
8
1
2
8
3
2
20
38
6
1
P
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10
R
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18
5
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11
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p
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D
i
r
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t
821
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4
5
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22
1
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2
12
I
n
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r
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E
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p
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2
4
8
2
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260
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9
12
13
N
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x
p
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1
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31
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14
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9
8
4
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0
3
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6
15
Net
h
c
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b
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f
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I
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T
a
x
9
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0
15
I
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m
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T
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s
3
4
6
39
57
6
63
17
17
N
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5
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F
4
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1
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7
18
R
A
R
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C
7
2
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2
3
5
1
9
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0
2
1
3
6
3
3
9
3
7
2
1
7
4
7
5
1
9
R
O
I
C
3
2
2
4
1
5
5
2
0
9
8
0
6
5
1
6
3
4
1
6
5
1
3
3
2
2
20
O
p
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R
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5
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5
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p
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1
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b
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6
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3
b
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21
A
v
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F
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E
2
4
6
9
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3
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6
3
2
5
2
5
0
2
5
1
3
0
0
6
3
1
1
1
M
HIGHLY CONFIDENTIAL
Return
R
B
A
v
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B
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S
h
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in
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1
HIGHLY CONFIDENTIAL
Return
LRF Reconciliation to the 2008 Plan
Income Statement
Net Interest Income
Provision
Noninterest Income
Non Interest
Expense
Minority Interest
Expense
Net Income Before Tax
Tax
Net Income
Preferred Dividends
Net Income Attrib to Common
EPS
Balance Sheet
2008 a Loan 2008
Plan Actions
Adjusted
9020
10500
6263
8500
305
4022
1774
2 248
260
2508
288
95 a
260
b
280 c
2000 d
8925
12500
6003
8220
305
75 2000 6097
2557
3540
260
3800
436
Assets
Cash 4336 4336
Investments
33703 33703
Comml Non Res and other 46361 46361
SFR and HE
185488 7578
a 177910
Card+5 7497 7497
ALLL
7500 450
d
7950
Other Assets 37105 37105
Total Assets
306990 298962
Liabilities
Deposits 197855 197855
Borrowed Funds 75331 6742 e 68590
Other Liabilities 8052
8052
Total Liabilities 281239
274497
Minority
Interest 3917
3917
Total Shareholders Equity 21841
1292
f
20549
Total Liabilities and Equity 306996 298962
Assumptions
Home Loan Details
a $75B Lower Volume $38B lower
average
balance 250bps spread
b $304B Lower Saleable Volume due to HL actions 86bps blended rate
c Approx12 year impact net of
restructuring
for
exiting wholesale lending and Home Loans retail lendinc
and associated support groups
Other Details
d Higher
than
plan credit costs
e Balancing change for lower assets and lower
deposits
f Equity change
for lower
earnings and change i
n dividend
policy
Requested by
JPMC
JPMEX00006921
HIGHLY CONFIDENTIAL
Return
Long Range Forecast Assumptions 2009 through 2012
NIM Net Interest Income
Fed Funds
Low
Mid
High
Earning Assets
Provision
Non Interest Income
Gain on Sale
Rate
Sold Volume
Non Interest
Expense
Base
Home Loans Actions
REO
Expenses Low Case
Balance Sheet
Assets
Cash
Investments
CommI Non Res Other
SFR and HE Balances
CPR
RE Volume portfolio
Card Balances
ALLL
Other Assets
Liabilities
Deposits
Borrowed Funds
Other Liabilities
Minority
Interest
Shareholders
Equity
225 300 350 350 350
225 263 288 325 350
225 225 225 300 350
<See Balance Sheet
Assumptions
below>
<Consistent with Cum Loss assumptions>
<Assume Card Securitization of Return 2nd 12 09>
497 364 399 436 474
124 140 140 140 140
40000 26000 28500 31125 33881
280 Net
<$650M off Run Rate>
255 135
015 015 015 015
25600 16500 17325 18711 19647
<Securitization level flat at 70>
<Based on Cum Loss Provision and CO
assumptions>
<Balancing
Account>
<Flat >
<Earnings Dividends Buybacks Equity
Issued >
Requested by
JPMC
JPMEX00006922
HIGHLY CONFIDENTIAL
Return
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HIGHLY CONFIDENTIAL
Return
P
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2
HIGHLY CONFIDENTIAL
Return
H
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5
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8
2
HIGHLY CONFIDENTIAL
Return
s
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H
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Return
MM
0 2008 Plan
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Prime Portfolio
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WCCConduitJMBF
47
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1634
Less NonOperating Costs 1676
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Income 41
et Income
1957
less
NonOperating
Costs
1999
Home
LoansOperatin
Income 359
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1031
Total NonOperating Costs 1093
Provision 2094
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HIGHLY CONFIDENTIAL
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e
l
e
$
7
8
6
9
$
1
0
$
1
0
5
8
1
$
9
2
7
5
$
S
a
l
e
a
$
6
3
8
5
$
8
2
$
8
7
6
9
$
7
6
1
N
o
n
s
a
b
l
e
$1
4
8
4
8
$
1
$1
8
1
1
5
7
7
$
1
C
o
n
s
u
e
r
D
i
r
e
c
t
$
4
3
7
9
$
5
1
6
9
$
5
6
9
0
$
5
4
8
6
Y
1
S
a
l
e
a
b
$
1
5
3
9
$
2
9
$
2
3
9
9
$
2
3
3
5
$
8
6
N
o
n
s
a
b
l
e
$
2
8
4
0
$
3
0
$
3
2
9
1
$
3
1
5
1
N
o
n
B
=
F
i
n
a
n
c
i
a
l
C
e
n
t
e
r
s
$
1
3
3
3
$
1
9
$
1
5
7
3
$
1
4
0
6
S
a
l
e
a
$
2
5
0
9
$
3
4
4
$
3
0
4
N
o
n
s
t
a
b
l
e
$
1
0
8
3
$
1
0
$
1
2
3
0
$
1
1
0
2
x
6
A
l
l
c
h
e
l
s
s
a
l
e
a
b
l
e
Efn
$
1
1
7
5
4
$
1
8
0
`
3
$
2
0
9
4
6
$
1
8
9
7
5
r
4
A
l
l
c
h
a
n
e
l
s
n
o
n
s
a
l
e
a
b
l
e
$
6
9
1
3
$
8
6
O
1
$
9
0
9
7
$
8
3
5
7
Y
T
o
t
a
l
o
f
a
l
l
c
h
a
n
n
e
l
s
$
1
8
6
6
7
$
2
7
2
6
4
$
3
0
0
4
3
$
2
7
3
3
2
G
a
i
n
o
n
R
A
T
E
L
O
C
K
R
a
t
e
s
x
y
R
e
t
a
i
l
1
4
5
1
4
5
1
4
5
1
4
5
D
i
1
W
h
o
l
e
s
a
l
e
0
6
0
0
6
0
0
6
0
0
6
0
D
C
o
n
s
u
m
e
r
D
i
r
e
c
t
1
5
9
1
5
9
1
5
9
1
5
9
D
1
a
N
o
n
B
L
C
F
i
n
a
n
c
i
a
l
C
e
n
t
e
r
s
1
0
0
1
0
0
1
0
0
1
0
0
G
a
i
n
o
n
R
a
t
e
L
o
c
k
S
a
l
e
$
R
e
t
a
i
l
$
5
2
$
1
0
3
$
1
3
7
$
1
2
5
W
h
o
l
e
s
a
l
e
$
3
8
$
5
3
$
5
3
$
4
6
C
o
n
s
u
m
e
r
D
i
r
e
c
t
$
2
4
$
3
8
$
3
8
$
3
7
N
o
n
B
L
C
F
i
n
a
n
c
i
a
l
C
e
n
t
e
r
s
$
3
$
3
$
3
$
3
O
t
h
e
r
S
A
B
1
0
9
T
i
m
i
n
g
$
8
4
$
1
7
$
3
3
$
3
5
T
o
t
a
l
G
O
S
$
2
0
1
$
1
8
0
$
1
9
8
$
1
7
7
HIGHLY CONFIDENTIAL
Return
C
o
m
m
e
r
c
i
a
G
r
o
u
p
2
0
0
8
Pi
n
K
e
y
A
s
s
u
m
p
t
i
o
n
s
l
l
a
r
s
i
n
M
i
l
l
i
o
n
s
P
l
a
n
P
l
a
n
P
l
a
n
P
l
a
n
P
l
a
n
Q
1
2
0
0
8
Q
2
2
0
0
8
Q
3
2
0
0
8
Q
4
2
0
0
8
F
Y
2
0
0
8
e
t
G
a
i
n
o
n
S
a
l
e
S
M
F
L
$
1
3
$
1
4
1
$
1
2
2
$
1
2
8
a
m
u
P
l
u
s
M
F
L
$
3
4
$
2
7
2
$
2
7
9
$
2
6
8
$
2
6
i
v
L
b
l
M
F
L
$
=
$
0
$
0
$
0
$
r
i
v
L
b
I
C
M
L
$
a
$
0
$
0
$
4
9
0
$
4
9
F
L
t
o
F
a
n
n
i
e
M
a
e
$
2
3
1
$
1
8
1
$
1
8
6
$
1
7
9
$
1
7
o
t
a
l
V
o
l
u
m
e
L
o
a
n
S
a
l
e
s
$
$
7
0
$
5
9
5
$
5
8
7
$
1
0
6
4
$
2
9
5
U
S
M
F
L
0
7
6
0
6
1
0
6
1
0
6
1
0
6
5
V
a
m
u
P
l
u
s
M
F
L
1
5
0
1
5
0
1
5
0
1
5
0
1
5
0
1
v
L
b
l
M
F
L
a
v
g
n
o
t
s
p
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c
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o
M
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L
0
0
0
0
0
0
0
0
0
0
0
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0
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1
1
t
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b
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L
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L
0
0
0
0
0
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1
2
5
1
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1
S
E
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y
b
r
i
d
0
7
5
0
0
7
5
0
7
5
0
7
5
0
7
5
=
v
e
r
a
l
l
G
O
S
R
a
t
e
A
v
g
1
1
1
2
1
0
6
1
0
8
1
1
5
U
S
M
F
L
1
1
0
9
0
7
0
8
3
U
S
f
r
o
m
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c
p
o
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t
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d
in
J
a
n
0
1
1
1
0
0
0
0
0
0
0
a
m
u
P
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s
M
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L
1
5
2
4
1
4
2
4
0
4
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b
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M
F
L
0
0
0
0
0
0
0
0
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r
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b
l
C
M
L
0
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0
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0
0
6
1
6
G
S
E
H
y
b
r
i
d
1
7
1
4
1
4
1
3
1
T
o
t
a
l
G
a
i
n
o
n
S
a
l
e
$
7
9
6
3
6
3
1
2
3
3
2
8
P
r
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d
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c
t
i
o
n
F
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r
e
c
a
s
t
M
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L
$
1
9
2
0
$
1
9
4
5
$
1
9
4
0
$
2
1
6
4
$
7
9
6
9
C
M
L
$
7
5
6
$
7
1
6
$
8
0
5
$
8
6
8
$
3
1
4
4
C
R
E
L
$
4
5
9
$
5
1
4
$
5
1
4
$
5
1
4
$
2
O
p
t
T
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t
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l
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r
i
g
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n
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n
s
$
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3
1
3
5
$
3
1
7
5
$
3
2
5
9
1
$
3
5
4
6
$
1
3
1
4
5
HIGHLY CONFIDENTIAL
Return
C
a
r
d
c
e
r
v
i
c
e
s
i
i
i
d
2
0
0
8
P
l
a
n
K
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y
A
s
s
u
m
p
t
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s
D
o
l
l
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r
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l
l
r
s
P
l
a
n
P
l
a
n
P
i
a
n
P
l
a
n
P
l
a
n
Q
1
2
0
0
8
Q
2
2
0
0
8
0
3
2
0
0
Q
4
2
0
0
8
1
f
n
2
U
0
8
N
C
L
P
r
o
v
i
s
i
o
M
a
n
a
g
e
d
N
C
L
$
6
1
8
$
6
5
6
$
$
6
3
3
$
2
4
9
2
S
e
c
u
r
i
t
i
z
e
d
N
C
L
$
4
6
9
$
5
0
7
$
$
4
4
2
$1
8
5
$
R
e
p
o
r
t
e
d
N
C
L
$
1
4
4
$
1
3
1
$
1
$
1
8
9
$
6
5
5
I
n
c
r
e
m
e
n
t
a
l
P
r
o
i
o
n
$
1
8
$
5
8
$
$
1
8
4
$
3
6
4
G
A
A
P
P
r
o
v
i
s
i
o
n
$
1
6
7
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2
0
7
$
r9
$
3
7
6
$
9
9
8
T
o
t
a
l
P
r
o
v
i
s
i
o
n
$
6
3
6
$
7
1
4
$
9
$
8
1
7
2
8
5
6
F
A
S
1
4
0
$
1
6
$
8
5
$
$
1
0
0
$r
$
G
O
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t
h
r
o
u
g
h
S
n
i
t
i
z
a
t
i
o
n
$
8
0
$
3
8
$
4
5
X
2
0
5
B
a
l
a
n
c
e
s
R
a
t
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o
s
M
a
n
a
g
e
d
L
o
a
n
$
2
6
7
1
9
$
2
7
1
4
1
$
2
7
5
$
2
8
4
7
7
$
2
5
4
7
7
S
e
c
u
r
i
t
i
z
e
d
L
o
a
f
u
n
d
e
d
$
1
6
1
7
5
$
1
6
6
7
5
$
1
7
5
$
1
7
6
3
0
$
1
k
7
3
0
S
e
c
u
r
i
t
i
z
e
d
L
o
a
r
e
t
a
i
n
e
d
$
2
1
4
2
$
2
1
5
9
$
1
$
1
9
2
2
9
`
A
c
c
r
u
e
d
I
n
t
e
r
e
s
e
c
e
i
v
a
b
l
e
s
$
5
2
4
$
5
3
9
$
$
5
6
0
L
o
a
n
s
h
e
l
d
f
o
r
u
r
i
t
i
z
a
t
i
o
n
$
5
0
0
$
3
8
0
$
5
$
5
0
0
L
o
a
n
s
h
e
l
d
f
o
r
l
s
t
m
e
n
t
$
7
4
2
1
$
7
4
2
1
$
7
$
7
9
1
3
O
n
B
a
l
a
n
c
e
S
h
L
o
a
n
s
$
7
9
2
1
$
7
8
0
1
$
8
3
$
8
4
1
3
$
A
i
o
w
a
n
c
e
f
o
r
L
I
$
4
5
5
$
4
7
6
$
2
$
6
4
6
S
5
4
6
M
a
n
a
g
e
d
N
C
L
R
a
t
e
9
1
9
8
8
4
9
0
9
=
t
z
O
G
A
A
P
N
C
L
R
a
t
e
6
8
7
2
6
3
8
7
7
Z
i
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o
v
e
r
a
g
e
R
a
t
i
o
6
1
6
4
7
1
8
2
3
0
+
D
a
y
D
Q
R
a
t
e
6
5
6
0
6
1
6
4
R
e
c
e
i
v
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e
s
S
e
c
u
r
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t
i
z
e
d
7
0
5
7
1
4
7
0
9
7
0
6
71
6
S
e
c
u
r
i
t
i
z
a
t
i
o
n
s
f
u
n
d
e
d
B
e
g
C
o
n
d
u
i
t
B
a
l
a
n
c
e
$
4
5
0
0
$
5
1
0
0
$
5
1
0
0
$
2
6
0
0
4
5
0
A
c
t
i
v
i
t
y
$
6
0
0
$
0
$
2
5
0
0
$
5
0
0
E
n
d
C
o
n
d
u
i
t
B
a
l
a
n
c
e
$
5
1
0
0
$
5
1
0
0
$
2
6
0
0
$
2
1
0
0
R
R
B
e
g
T
e
r
m
S
e
c
B
a
l
a
n
c
e
$
1
0
5
7
5
$
1
1
0
7
5
$
1
1
5
7
5
$
1
4
4
5
5
$
0
M
a
t
u
r
i
n
g
$
0
$
6
5
0
$
1
4
0
0
$
1
2
0
0
N
e
w
T
e
r
m
$
5
0
0
$
1
1
5
0
$
4
2
8
0
$
2
2
7
5
E
n
d
T
e
r
m
S
e
c
B
a
l
a
n
c
e
$
1
1
0
7
5
$
1
1
5
7
5
$
1
4
4
5
5
$
1
5
5
3
0
S
b
T
o
t
a
l
B
a
l
a
n
c
e
$
1
6
1
7
5
$
1
6
6
7
5
$
1
7
0
5
5
$
1
7
6
3
0
HIGHLY CONFIDENTIAL
Return
I
i
i
a
t
i
o
n
t
o
t
h
e
2
0
0
8
P
l
a
n
N
e
t
I
n
t
e
r
e
s
t
I
n
c
o
m
e
P
r
o
v
i
s
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n
N
o
n
i
n
t
e
r
e
s
t
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n
c
o
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e
N
o
n
I
n
t
e
r
e
s
t
E
x
p
e
n
s
e
M
i
n
o
r
i
t
y
I
n
t
e
r
e
s
t
E
x
p
e
n
s
e
N
e
t
I
n
c
o
m
e
B
e
f
o
r
e
T
a
x
T
a
x
N
e
t
I
n
c
o
m
e
P
r
e
f
e
r
r
e
d
D
i
v
i
d
e
n
d
s
N
e
t
I
n
c
o
m
e
A
t
t
r
i
b
t
o
C
o
m
m
o
n
E
P
S
4
B
a
l
a
n
c
e
S
h
e
e
t
A
s
s
e
t
s
A
L
L
L
7
4
5
0
d
7
9
5
0
O
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JPMC
HIGHLY CONFIDENTIAL
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....
"0
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Return
To Tim
MainJPMCHASEJPMCHASE
Olivier X de
cc
GrivelJPMCHASESubject
Re Wamu + cit
03202008 1031 AM
Tried and left voice mail
Tim Main
Original Message
From
Tim Main
Sent 03202008 0748 AM CST
To Olivier de Grivel John Chrin John Simmons
Subject Re Wamu + cit
On cell now 917 593 6069
Tim Main
Original Message
From
Tim Main
Sent 03202008 0155 AM CDT
To Olivier de Grivel John Chrin John Simmons
Subject
Re Wamu + cit
Yes
Call me live
Olivier X de Grivel
Original Message
From
Olivier X de Grivel
Sent 03202008 0158 PM ZE8
To Tim Main John Chrin John Simmons
Subject Wamu + cit
We are being questionned by
chinese bank
ccb keep i
t for
yourself on wamu
+ cit
They are not
asking
to
advise on anything
but want our views But
body language i
s
thinking
of
investing
Can we
engage dialogue
with them on these
Am reachable on mobile +852 6343 9888
Requested by
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JPMEX00008571
HIGHLY CONFIDENTIAL
Return
Brian A To
Project
West ALL
BesseyJPMCHASEcc
Subject Project
West
Confidentiality
04072008 1059 AM
As
you
have
likely seen
there
i
s
a lot of
press coverage
related to a potential private equity
investment in West
As
part
of this
press coverage
there have also been
suggestions
that JPM has been
evaluating a potential
transaction with West
I wanted to remind
you
of the
very stringent confidentiality requirements we have with
regard
to this or any
other similartransaction and further remind
you
that even the fact that we may
have been
considering a
potential transaction
i
s confidential information that
i
s not to be shared with
anyone
outside of the West deal
team
We of course appreciate
all
your
efforts related to this transaction
including your
continued efforts to keep
all
information related to
i
t confidential
Please continue to hold
securely
and
confidentially any
written materials
relating
to West that
you may
have
BAB
Requested by
JPMC
JPMEX00011596
HIGHLY CONFIDENTIAL
Return
Joseph
To Jamie
DimonILONEJPMCHASE
Charlie
EvangelistiJPMCHASEScharfILONEJPMCHASE
Mike
CavanaghILONEJPMCHASE Jay
MandelbaumNYONEOJPMCHASE
09172008 0359 PM
cc
Subject WaMu auction
FYI the New York Times called to
say
that Goldman Sachs
i
s
arranging an auction of WaMu and asked if
were
bidding
I declined comment Joe
Joseph Evangelisti
Corporate Communications and Media Relations
t
2122707438
m
9174406007
f
2122702866
Requested by
JPMC
JPMEX00012756
HIGHLY CONFIDENTIAL
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From Brian
KeeganJPMCHASE <briankeeganjpmorgancom>
Sent
Friday September 19
2008 329 PM
To Charlie ScharfILONE
<charliescharfchasecom>
Donald McCreeJPMCHASE
<Donal
dMcCreej pmorgan com>
Mike
CavanaghILONE
<mike
cavanaghj purchase com>
Cc Tod GordonILONE
<todgordonjpmchasecom>
Bcc
donaldmccreejpmorgancom
Subject
Attach
moodysrmbs908pdfInlinelmage1gif
Couple
of observations about the
meeting
with
Moodys
theyre focused on the impact of higher loss projections on jpms rating Jones
growing negative pressure
stems from residential mortgages Their revised
assumptions for lifetime losses on subprime rmbs issued in the second half of
05
i
s an average
of 11 06
pools
will lose an average
of 22 and
pools
from
the first half of 07 will lose an
average
of 29 Full
report i
s attached
am not concerned about the
question
Jones asked about the IBs balance sheet
That wont factor into a rating change
for us
they were equally focused on the impact of project west on wests ratings as
well as understanding what this might mean for JPM knowing these
guys well i
get
the sense that bauer and
young were more focused on west than jpm
think we overwhelmed them with the
capital required
number
holding company
scenario
as a follow
up
bauer asked me i
f we could
help
them understand Paulsons rtc
plan theyd appreciate any
color he said he should have asked j amie when he
was in the room
Brian
Keegan
Managing
Director
Capital Structure Advisory
Solutions
JP Morgan Securities Inc
270 Park Avenue 5th floor
New York NY 10017
W 2122703518
M 9175625671
Assistant
Pam Flowers
W 2122700587
Requested by
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HIGHLY CONFIDENTIAL
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From Fernando Rivas
<fernandorivasjpmorgancom>
Sent
Monday September 22
2008 711 AM
To Tim Main
<timmainjpmorgancom>
Subject
Fw Intralinks access
This
i
s no accident
From Brian A
Bessey
To Charlie Scharf Mike Cavanagh
Cc Donald McCree Fernando Rivas
Sent Mon Sep 22 065548 2008
Subject Intralinks access
Interestingly
all access to the Intralinks site for West
i
s down
When
logging
in we receive the
following message
your rights
have
changed
this item or action
i
s no longer
available to
you please
click close to continue
working
I have checked and other Intralinks data rooms to which I have access are working so i
t does not
appear
to be an Intralinks issue
Could be for a number of reasons most of which are harmless
I have
put
word out to the Morgan Stanley team and will let
you
know what I hear
BAB
Requested by
JPMC
JPMEX00013119
HIGHLY CONFIDENTIAL
Return
Charlie To
Jay MandelbaumNYONEBANCONE
Michael
Cavanagh
ScharfJPMCHASE<MikeCavanaghbankonecom>
Stephen
Cutler
<stephenmcutlerjpmorgancom>
James Jamie Dimon
<
j
amie
dmonjpmchase com>
03072008 0153 PM
cc Brian A BesseyILONEBANCONE
Subject West
Just to summarize we have received an official call from the ceo and I have
subsequently spoken
with lehman
and
goldman
The
message
has been consistent
They are in the
process
of
pursuing capital
and have decided to reach out to a
couple
of
strategic buyers
The
comments have been that they believe that
management i
s realistic about the issues with their assets bit the
value in the branch
system more than makes
up
for the issues Both Jamie and I have said we have an interest
but are extremely
worried about the assets and not sure anything i
s
possible
They have sent a ca which I have forwarded to brian The plan i
s that after the ca
i
s
signed they will give us a
look at the first
quarter
and an updated budget
Their
management
will be in
ny monday through wednesday
and
available to review the material their team will include the
ceo president cfo treasurer
and head of credit
They
have offered us tuesday morning
which I will
accept
We should talk about who the
appropriate
attendees
are Please send me
any thoughts
Based
upon
when we receive the material from the
company
I will
attempt
to
organize a call to discuss
Brian please make sure
everyone
here has the
pre
work
you
and sally have done and
you
and I should talk
directly about the ca Please share with steve as well Also please call lehman and work through the logistics
I welcome and
thoughts ideas suggestions etc
Sent from
my BlackBerry
Handheld
Requested by
JPMC
JPMEX00013937
HIGHLY CONFIDENTIAL
Return
Washington Mutual Inc
1301 Second Avenue
Seattle Washington 98101
March 11 2008
JPMorgan
Chase Co
270 Park Avenue
New York
NY 10017
Attn Charles Scharf
Ladies and Gentlemen
In connection with
your
interest in a possible negotiated
transaction a Transaction
involving Washington Mutual Inc
the Company
which term as used herein shall include all
subsidiaries of the
Company you
have
requested
certain oral and written information
concerning the Company from directors officers employees representatives
advisors andor
agents
of the Company the Companys Representatives
All such information furnished to
you
or
your Representatives as
defined
below by or on behalf of the
Company
or the
Companys Representatives
in connection with the Transaction
irrespective
of the form of
communication and whether such information
i
s so furnished on or after the date hereof
and all
analyses compilations data studies notes translations memoranda or other documents
prepared by you
or
your Representatives containing or based in whole or in
part on any
such
furnished information are collectively
referred to herein as the Information In consideration
of furnishing you
with the Information the
Company requests your agreement
to the following
1 The Information will be used solely
for the
purpose
of
evaluating a
Transaction and will be
kept strictly
confidential and will not be disclosed
by you or your
Representatives except
that
you may
disclose the Information or portions
thereof to those
of
your
Inside
Representatives as
defined
below and with the
prior
written consent of
the
Company which consent shall not be unreasonably withheld to those of
your
Outside
Representatives as defined below who need to know such information for the
purpose
of
evaluating
such Transaction provided
that
your Representatives are informed
of the confidential and
proprietary
nature of the Information and
agree
to be bound by the
terms of this agreement as
i
f
they were parties hereto The
persons
to whom such
disclosure
i
s
permissible are collectively
referred to herein as
your Representatives
The term Inside Representatives shall mean
your directors officers employees your
subsidiaries and the respective directors officers and
employees
of
your
subsidiaries
The term Outside Representatives shall mean
your
other affiliates and your
other
affiliates directors officers and
employees your
and
your
other affiliates advisors
including
without limitation financial advisors attorneys accountants and
consultants
You
agree
to be responsible for
any
breach of this
agreement by your Representatives
i
t
being understood that such
responsibility
shall be in addition to and not
by way
of
limitation of
any right or remedy the
Company may
have
against your Representatives
with
respect
to
any
such
breach
2 Without the prior written consent of the other
party
neither the Company
and the
Companys Representatives nor
you
and
will disclose to
097471003310033NY0226521165
Requested by
JPMC
JPMEX00016135
HIGHLY CONFIDENTIAL
Return
2
any person
the fact that
any investigations discussions or negotiations are taking place
concerning a possible
Transaction with the other
party
the fact that
you
have requested
or received Information from the Company or that Information has been made available
to
you by or on behalf of the
Company
the existence of this
agreement
or
any
of the
terms
conditions or other facts with
respect
to
any
such
possible
Transaction
involving
the other
party including
the status thereof unless and until a party i
s advised
by
its
legal
counsel that such disclosure
i
s
required by law or the rules of
any applicable
stock
exchange
on which its securities are listed and in
any
event only
after
giving
as much
prior
notice to the other
party
as
i
s
practicable under the circumstances
including
without limitation sending such notice in
writing i
f
practicable
The term
person
as
used in this
agreement
will be
interpreted broadly
to include the media and
any
corporation company group partnership or other entity or individual
3 If
you
or
any
of
become
legally compelled
including by deposition interrogatory request
for documents subpoena
civil
investigative
demand or similar
process
to disclose
any
of the Information or
any
information referred to in
paragraph
2 hereof you
shall
provide
the Company
with
prompt prior
written notice of such
requirement
so that the Company may seek at its sole
expense
a
protective
order or other
appropriate remedy
If such protective
order or other
remedy i
s not obtained you
and
your Representatives agree
to disclose
only
that
portion
of the Information or such information referred to in
paragraph
2 which
you
are advised
by counsel
i
s
legally required to be disclosed and to take all reasonable
steps
to
preserve
the
confidentiality
of the remaining
Information
and remaining other information
referred to in
paragraph 2
In
addition you
and
will not
oppose
any
action and will i
f and to the extent requested by
the
Company cooperate with assist
and
join
with the
Company
at the
Companys expense
in
any
reasonable
action by
the
Company
to obtain an appropriate protective
order or other reliable assurance that
confidential treatment will be accorded the Information or such other information
Notwithstanding anything
in this
agreement
to the
contrary you may
disclose
Information or
any
of the matters referenced in the paragraph
2 hereof to
any
bank
regulatory authority having jurisdiction over you
and
your
affiliates without notice to
any
other party
4 The term Information does not include
any
information which
i at the
time of disclosure or thereafter
i
s
generally
available to the
public other
than as a result
of a disclosure
directly or indirectly by you
or
in violation
hereof
ii i
s or becomes available to
you
on a nonconfidential basis from a source other than the
Company or its
advisors provided that such source was not known to
you
to be
prohibited
from
disclosing
such information to
you by a legal or contractual obligation
owed to the Company iii you can establish
i
s
already
in
your possession other
than
information furnished
by or on behalf of the Company in connection with the
Transaction iv i
s
independently developed by you
without the use of Information or
v i
s
approved
for release by the Company in
writing
5 If
you
determine not to
pursue
a Transaction you
will
promptly notify the
Company of
your
determination At the time of such
notice or
i
f at
any
earlier
time the
Company so directs whether or not
you
determine to
pursue
a Transaction you
and
your Representatives will at
your expense promptly destroy all Information which has
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been furnished to
you
or your Representatives by or on behalf of the Company
and all
copies
extracts or other reproductions
in whole or in
part
thereof In the event of such a
determination or request
the
original
and all
copies
of
any
of the Information prepared by
you
or
shall be
destroyed Notwithstanding
the foregoing you
shall
be entitled to keep solely
for record retention
purposes
and for no other
purpose
whatsoever a
copy
of
any
Information
presented
to
your
Board of Directors at
any
meeting
of such Board of Directors or
any
Information that
i
s retained as part
of a
computer
disaster
recovery system Compliance by you
and
with
the preceding provisions regarding
the destruction of the Information shall be certified in
writing upon
the
Companys request
to the Company by your
authorized officer
supervising
such return and destruction
Notwithstanding
the destruction of the
Information
you
and
will continue to be bound by your
confidentiality and other obligations hereunder
6 You
agree that for a
period
of
eighteen
months from the date of this
agreement
neither
you
nor
any
of
your
affiliates
will directly or indirectly on an
unsolicited basis unless invited to do so by the Board of Directors of the
Company
in
writing i acquire
offer or
propose
to
acquire or agree
or seek to
acquire by purchase
or otherwise any
securities or direct or indirect
rights
or
options
to acquire any
securities
of the Company or
any subsidiary thereof or
any
assets of the Company or any
subsidiary or division thereof ii
enter into or
agree
offer
propose
or seek whether
publicly
or otherwise to enter into or otherwise be involved in or
part of any acquisition
transaction merger
or other business combination relating to all or
part
of the
Company
or
any
of its subsidiaries or
any acquisition
transaction for all or part
of the assets of the
Company or
any subsidiary
of the
Company or
any
of their
respective businesses iii
make or in
any way participate in
any
solicitation of
proxies as
such terms are
defined under Regulation 14A under the Securities Exchange Act of 1934 as amended
the Èxchange Act disregarding
clause
iv
of Rule
14all2
and
including any
otherwise
exempt
solicitation
pursuant
to Rule
14a2b
to
vote or seek to advise or
influence
any person
or entity with
respect
to the
voting of any voting
securities of the
Company or
any
of its
subsidiaries iv call or seek to call a meeting of the shareholders
of the
Company or any
of its subsidiaries or initiate
any
shareholder
proposal
for action
by shareholders of the
Company or
any
of its subsidiaries v bring any
action or
otherwise act to contest the validity of this
agreement
or seek a release of the restrictions
contained herein vi formjoin or in
any way participate
in a group within the
meaning
of Section
13d3
of the
Exchange Act and the rules and regulations
thereunder
with
respect
to
any voting
securities of the
Company or any
of its
subsidiaries vii seek
propose
or otherwise act alone or in concert with others to
influence or control the
management
board of directors or policies
of the
Company or
any
of its
subsidiaries viii enter into
any discussions negotiations arrangements or
understandings
with
any
other
person
with
respect
to
any
of the foregoing activities or
propose any
of such activities to
any
other
person ix advise assist encourage
act as a
financing source for or otherwise invest in
any
other
person
in connection with
any
of the
foregoing activities or x
disclose
any intention plan or
arrangement
inconsistent with
any
of the
foregoing You also
agree that during
the
eighteenmonth period referred to
in the second
preceding sentence neither
you
nor
any
of
your
affiliates will directly or
indirectly request
the
Company or the
Companys Representatives to amend or waive
any provision
of this
paragraph including this sentence The
foregoing provisions
shall
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not
apply xto the direct or indirect
acquisition
of
any
securities or
beneficial
ownership
thereof of the Company acquired by you
or your
affiliates in the ordinary course of
your or
their
trust
mutual fund investment
advisory
or
private banking
business or by you
or their
otherwise
acting as a trustee or in another fiduciary capacity
in each case in the
ordinary
course of
your or their respective businesses so long as
in each case referred to above the
person engaging
in such activities was not in
possession
of Information or yto
your
affiliates
acting as a financial advisor to
any
unaffiliated
person 1 acquiring or making a
proposal
to
acquire any assets
business or securities or beneficial ownership thereof
of the
Company or 2 affecting or proposing to affect control of the
Company or providing
financing therefor in each case in the
ordinary course of
your banking or investment
banking business as the case
may be so long as
in each case referred to in this clause
y
as a result of formal Chinese Wall
procedures
established by you
and
your
affiliates such
of
your
or their
employees so engaged
in such
advisory or financing
activities i has not
been
provided by you or
with Information and ii does not
provide
advice or assistance on the basis of Information provided
that
i
f the Company enters into a
confidentiality agreement
with another
person regarding a possible transaction similarto
the Transaction or other business combination or with
respect
to the sale of all or
substantial
portions
of the assets of the Company any
of the foregoing transactions an
Alternative
Transaction and such other confidentiality agreement
contains standstill
provisions with a shorter duration than the
eighteenmonth
duration referred to above or
the substantive terms of which are more favorable in
any
material
respect
to such other
person
than the terms of this Section 6 the duration hereof shall be shortened to such
shorter duration and such terms shall be deemed modified such that such substantive
terms
applicable
to
you
are no more restrictive than such substantive terms contained in
the
with
respect
to such Alternative Transaction
and
the
Company shall give you prompt
written notice of each such change Notwithstanding
the
foregoing
restrictions contained in this Section
6 as
part
of our discussions with
respect
to a Transaction or an Alternative Transaction the
Company will
upon
reasonable advance notice to
you
invite
you
to make a proposal
with
respect
to a
Transaction to the
Companys
Board of Directors and
your making
of a proposal
in
accordance with such invitation shall not be a violation of the
provisions
of this Section
provided that such
proposal
shall be made on a confidential basis and
you
shall not make
any public announcement or other disclosure with
respect
thereto or take
any
action in
connection therewith that would be
reasonably likely to require the Company or its Board
of Directors to make
any public
disclosure with
respect to such
proposal
7 You
agree that for a period
of
eighteen
months from the date of this
agreement without the prior written consent of the
Company your
and
your
affiliates
employees
who have had
knowledge of this
agreement
or discussions
regarding a
Transaction or have accessed the Information
Covered Employees
will
not directly
or indirectly
solicit to hire or cause or seek to cause to leave the
employ
of the
Company any employee
of the
Company
with a title of Senior Vice President or above
provided however that the
foregoing provision
will not prevent you
or
your
affiliates
from
soliciting
for
employment any
such
person a
who contacts
you
or
your
affiliates in
response
to an inquiry by a search firmnot specifically targeted at the
Companys
employees or bona fide public advertisement for
employment placed by you
and not
specifically targeted
at the
Companys employees b
who has been terminated
by
the
Company c
who has not been
employed by
the
Company during
the six months
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preceding any
such action
by you
or d i
s
presently
in
employment
discussions with
you
or
your
affiliates At the reasonable
request
of the
Company
at
any
time and at the
request
of the
Company upon
the termination of our discussions
regarding
a Transaction
you
will deliver a list of the Covered Employees
to the
Company
8 You understand and
acknowledge
that the
Company
shall have the
right
in its sole discretion to determine what Information to make available to
you
and that
none of the
Company
or
any
of the Companys Representatives i
s under
any obligation
to
make
any particular Information available to
you
or to
supplement or update any
Information
previously
furnished You further understand and
acknowledge
that neither
the
Company nor
any
of the
Companys Representatives i
s
making any representation or
warranty express
or implied as to the
accuracy
or completeness
of the Information and
neither the
Company nor
any
of the
will have
any liability
to
you or any
other
person resulting from
your
use of the Information
Only
those
representations or warranties that are made to
you
in a definitive
agreement
executed by
the
Company regarding a Transaction
a
Definitive
Agreement when as
and
i
f
i
t
i
s
executed and
subject
to such limitations and restrictions as
maybe specified
in such
Definitive Agreement will have
any legal effect The term Definitive Agreement
does
not include an executed letter of intent or
any
other
preliminary
written
agreement nor
does
i
t include
any
written or oral
acceptance
of
any
offer or bid on
your part
9 You understand and
agree
that no contract or agreement providing
for a
Transaction shall be deemed to exist unless and until a Definitive Agreement has been
executed and delivered by the Company and
you
and
you hereby waive
in
advance any
claims
including
breach of
contract
in connection with a Transaction unless and until
you
shall have entered into a Definitive
Agreement
You also
agree
that unless and until
a Definitive
Agreement
between the
Company
and
you
with
respect
to a Transaction has
been executed and delivered neither the
Company
nor
any
of its subsidiaries
shareholders
affiliates or the Companys Representatives has
any legal obligation of
any
kind whatsoever with
respect to such Transaction by
virtue of this
agreement
or
any
other
written or oral
expression
with
respect
to such Transaction
except
in the case of this
agreement
for the matters
specifically agreed to herein You understand that
i
the
Company and the Companys Representatives shall be free to conduct
any process
for
any
Transaction as they
in their sole discretion shall determine including negotiating
with
any
of the
prospective parties
to such
Transaction terminating
discussions and
negotiations with
you or any
of
with
respect to a Transaction and
entering
into a Definitive
Agreement without
prior
notice to
you or
any
other
person
and
ii any procedures relating to such Transaction
may
be
changed
at
any
time without
notice to
you or any
other
person
10 You
hereby acknowledge
that
you are aware
and that
you
will advise
your
affiliates and
Representatives
that the United States securities laws
prohibit any person
who has material nonpublic
information
concerning the matters which are the subject of
this
agreement from purchasing or
selling
securities of a
company
which
may
be a party
to a transaction of the
type contemplated by this
agreement
or from
communicating
such
information to
any
other
person
under circumstances in which
i
t
i
s
reasonably foreseeable
that such
person i
s
likely to purchase or sell such securities
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11 You
agree
that
money damages may
not be a sufficient remedy
for
any
breach of this
agreement by you
and that the Company shall be entitled to seek and
you
shall not
oppose
the
Companys seeking
the granting of equitable relief including
injunction
and specific performance
in the event of
any
such breach in addition to all
other remedies available to the Company at law or in
equity
You further
agree
to waive
and to use
your
reasonable best efforts to cause your Representatives to waive any
requirement
for the
securing or posting
of
any
bond in connection with such
remedy
12 The
parties hereby irrevocably
and unconditionally consent to submit to
the nonexclusive jurisdiction of the courts of the State of New York located in the County
of New York and of the United States of America located in the Southern District of New
York with
respect
to
any actions suits or proceedings arising out of or relating
to this
agreement
and the transactions contemplated hereby
and further
agree
that service of
any
process summons
notice or document
by
US
registered
mail to the respective addresses
set forth on the first
page
of this
agreement
shall be effective service of
process
for
any
action suit or proceeding brought against
the
parties
in
any
such court The parties
hereby irrevocably and unconditionally waive
any objection to the laying of venue of
any
action suit or proceeding arising out of this
agreement or the transactions
contemplated
hereby
in the courts of the State of New York located in the
County
of New York and of
the United States of America located in the Southern District of New York and hereby
further
irrevocably
and
unconditionally
waive and
agree
not to plead or claim in
any
such
court that
any
such action suit or proceeding brought
in
any
such court has been
brought
in an inconvenient forum
13 You
agree
that no failure or delay by the Company in exercising any right
power
or privilege
hereunder will
operate
as a waiver
thereof nor will
any single or
partial
exercise thereof
preclude any
other or further exercise thereof or the exercise of
any right power
or privilege hereunder
14 If
any provision
of this
agreement i
s found to violate
any statute
regulation rule order or decree of
any governmental authority court agency
or
exchange such
invalidity
shall not be deemed to affect
any
other
provision
hereof or the
validity
of the remainder of this agreement and such invalid provision shall be deemed
deleted herefrom to the minimum extent
necessary
to cure such violation
15 You
agree
that other than direct conversations between the chief executive
officers of each party you
and
your Representatives and affiliates shall not contact
directly or
indirectly any
directors officers employees customers including
borrowers
and
counterparties or affiliates of the
Company
for
any purpose relating to the
Transaction or the Information without the
Companys prior
consent and that all
i
contacts by you or your Representatives
with the
Company regarding the Transaction or
the Information ii requests
for additional Information iii requests
for
management
meetings and iv discussions or questions regarding procedures shall be made
through
John
Mahoney
of Goldman Sachs at
212
9029963 or Frank Cicero of Lehman Brothers
at
212 5264425 or
any
other representative of such firms as they may
otherwise direct
This
agreement i
s for the benefit of the
Company and the
and their respective successors and
assigns
and will be governed by and construed in
accordance with the laws of the State of New York Any assignment
of this
agreement
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by
either
party
hereto made without the
prior
written consent of the other
party
hereto
shall be void
16 This
agreement
contains the entire
understanding
of the
parties
hereto with
regard to the subject matter hereof and
supersedes any prior agreements
and
understandings between the parties hereto with regard to such subject matter
I
t
may
be
amended
only
in an instrument in
writing
executed
by
the
parties
hereto
Except
for
provisions that otherwise have a different term the term of this
agreement
shall
commence on the date first above written and shall expire two
years
from such date
Signature page follows
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8
If
you agree
with the
foregoing please sign
and return a
copy
of this letter which
will constitute our
agreement
with
respect
to the
subject matter of this letter
Very truly yours
WASHINGTON MUTUAL INC
By
CONFIRMED AND AGREED
as of the date first above written
JPMORGAN CHASE CO
r Name
Title
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Washington Mutual Inc
1301 Second Avenue
Seattle Washington 98101
March 12 2008
JPMorgan
Chase Co
270 Park Avenue
New
York
NY 10017
Attn Charles Scharf
Ladies and Gentlemen
Reference
i
s
hereby made to the letter
agreement
dated as of March 11 2008
between
Washington Mutual
Inc
the Company
and
you the Confidentiality Agreement
Pursuant to the first
proviso
contained
i
n Section 6 of the
Confidentiality Agreement
the
Company hereby notifies
you
that the
Company
has entered into a
with another
person containing a standstill
provision
with
terms as described
below that are
more favorable to such other
person
Clause
i
of the standstill
provision
of such other confidentiality agreement i
s
qualified so as not to prohibit passive investments
by
such other
person
or its affiliates in the
ordinary course of its or their
respective
businesses not
exceeding
2 of
any
class or series of
securities so
long
as the
persons making
such investment do not have access to the Information
In addition the restriction in clause
i of such other standstill
provision on such other persons
ability to acquire offer or propose
to
acquire or
agree
to seek to
acquire any
securities or direct
or indirect
rights or options to acquire any
such securities of the
Company or its subsidiaries
i
s
qualified to exclude as subsidiaries for such
purpose
securitization vehicles and similar entities
Accordingly pursuant to the abovereferenced
proviso contained in Section 6 of
the
Confidentiality Agreement clause
i
of Section 6 of the
Confidentiality Agreement i
s
deemed modified to read in its
entirety as follows
i acquire offer or
propose
to
acquire or
agree
or seek to acquire by purchase or
otherwise
any
securities or direct or indirect
rights or options to acquire any
securities of the
Company or
any subsidiary
thereof
excluding
securitization vehicles and similar
entities or
any
assets of the
Company or
any subsidiary or division thereof provided
that this clause
i
shall not prohibit passive
investments
by you
or
your
affiliates in the
ordinary course of
your or
their
respective
businesses not
exceeding
2 of
any
class or series of securities so long as the
persons making
such investment do not have access to the Information
097471003301262NYO326529001
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Except as modified as set forth above the
Confidentiality Agreement
remains in
full force and effect in accordance with its terms
Very truly yours
WASHINGTON
MUTUAL INC
By
Title
097471003301262NY0326528001
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JPMC
HIGHLY CONFIDENTIAL
Return
Tim To Louis
RauchenbergerJPMCHASEJPMCHASE
MainJPMCHASEmarkikleinmanjpmchasecom
greggbgunselmanjpmchasecom
johnrchrinjpmorgancom briankeeganjpmorgancom
03262008 0258
seandcarmodyjpmorgancom fernandorivasjpmorgancom
Frode X
PM
RiksfjordJPMCHASEJPMCHASE
cc mike
cavanaghjpmchasecom charliescharfchasecom
delia selca a jpmchasecom
Subject Important and time sensitive we have work to do on combined
MadisonWest by Sunday we should meet either later today around 5pm or Sam
tomorrow thats TBD
Mike wants us to
pull together
full
JPMorgan
financials
including
Madison and West
by
this
Sunday so that we
can review them
Monday
ahead of
meetings
with the
rating agencies as early as Wednesday a week from
today Obviously we are joining teams now but
confidentiality
remains
absolutely
critical
Here
i
s what we need to do
by
end of
day Sunday
Quarterly from Q208 through Q4 2010
income statement
balance sheet
all capital ratios and hybrid buckets basically all metrics around capital including ROE
sensitivities to the
capital analysis
to be determined
by Rauchenberger
and Kleinman eg
sell American
Century stake
Visa
monetization
other balance sheet
reductions etc
Obviously we need the
agency
and investor
meetings to be a home
run
so this
i
s
top priority
For
today
the
West team has at least four things we have to complete first Once that
i
s
done we will call
you guys
and work
out a time probably
for tomorrow
morning
Tim
Timothy RM Main
JPMorgan
Chase Co
277 Park
Avenue
13th Floor
New
York
NY 10172
tel 2126227272
fax 9175462585
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MARCH 28, 2008
Presentation to Board
JPMorgant)
MARCH 28, 2008
Presentation to Board
JPMorgant)
Return
Summary
of situation
West approached
Park regarding
potential
transaction on
West pursuing two as
potential paths
simultaneously
% Preferred path $45
billion capital raise
private and public
Sale to strategic buyer
JPMorgan
% Senior
management
meeting on
% Due diligence
% I
n Seattle
Much 1719
Online data
Continues
room
remotely
through today
PROJECT WEST I
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HIGHLY CONFIDENTIAL
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West profile
Market ca pltallzatlon
Employees
1At nenaged
TotaEqulty
Assets
Residential Real Est ate
$24584
Optbn Mrrs $58870
Florida
Texas
Prise Hone Equity 60962
NewYOrk
Subprine 18617
Washington
Other 63267
Total $201716
0gMultifannly 31754 Nsy
C al 1880
Georgia
Priz ona
Credit card aged 27231
Colo do
Goodvill Intangibles 7675
Nevada
MSRS 6278
Utah
Cash Securities 45096 Idaho
Other As sets 24683 Connecticut
TotalASSetsmanaged $346313
3PM0glfl
Source SNL Flnanclal FacSet
NoteMarketdab as of March 26 2008 Flnanclal dab as 0f0ecember 31 2
6PPp assets of $328b
5 06 r107
0
105
86
68
64
40
37
34
PROJECT WEST 2
Requested by
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HIGHLY CONFIDENTIAL
Return
West Balance sheet
Assets
esit r t
123107 L abilities 123107
R i al r e a
l
al esta esta esdd e
e nnte al Rte Ret l $159322
Option Ares $58870 Wholesale 22604
Prime Home Equity 60962 Deposits $181926
Subprime 18617 FHLB 63852
Other 63 267 Other borrowings 62 279
Total $201716 Trust preferred 1230
Multifamily 31754 Other liabilities 12442
Commercial 1880 TotalGabib ties $321729
Credit card managed 27231
Goodwia intangibles 7675 Preferred equity 3392
MSRs 6 278 Common equity 21 192
Cash securities 45 096 Totalequity $24 584
Other assets 24683
Total assets managed $346313 Total Gabibties equity
managed
$346313
Tangible common equity $14194 $13964 $13517
Totalcommon equity 23718 23449 21192
TCETAB 469 436 422
sor<a IrNarnr vraameo oornvery acmes sN Eme
Includes $3919 of mino rlN lore rest lREIT Preferred
TCETangible managed assets of 39
JPMorganPROJECTWEST 3
Requested by
JPMC
HIGHLY CONFIDENTIAL
Return
Summary profits and losses
Line of business 2005 2006 2007
Retail banking $2036 $2288 $1874
Card se s
Commercial
Home ban
Other
Total
65 724 540
462 396 375
1027 50 2460
258 200 396
$3432 $3558 $67
Summary income statement 2005 2006 2007
1
Net Net iota t income $82188 $8121 $8177
Noninterest income
Total revenue
Provision for ban losses
Total noninterest expense
Total expense
Pretax profit
Tax
Income from continuing operations
Income from discontinued operations
Net i ncome
5097 6377 6042
$13315 $14498 $14219
$316 $816 $3107
7620 8912 10803
$7936 $9728 $13910
$5379 $4770 $309
1985 1656 376
1$3394 $3114 $67 $67
$38 $444 $0
$3432 $3558 $67
source Pfllings
Note Financial aara as
I mO Intel
JPMorga n
PROJECT WEST 4
Requested by
JPMC
HIGHLY CONFIDENTIAL
Return
West 1st
quarter
2008
projections
Provision
4th
quarter Management presentation
guidance Low High
P rovision 1 $1900 $3200 $4000
Preprovision income 1751 1635 1635
Net income to common $198 $1007 $1463
EPS 022 114 166
Common equity $20862 $20053 $19597
Tangible common equity 13132 12323 11867
TCETA 42 40 38
Capital shortfaF $1666 $2453 $2909
Sou e Wes
820
npres bln
Midpoint of $
1
a
2 80 b guidance given on 4Q conference LL
ar trequired $15211 of TCE
Managementrati ng agency target of 475 TCETA
JPMorgan
PROJECT WEST 5
Requested by
JPMC
HIGHLY CONFIDENTIAL
Return
West asset quality metrics
JPMorgan 3
PROJECT WEST 6
Requested by
JPMC
HIGHLY CONFIDENTIAL
Return
Net chargeoffs by portfolio
anage presenbtlon March 17
portfolio balances xapolaea
on a managed balls
JPMorgan
2008
PROJECT WEST 7
Requested by
JPMC
HIGHLY CONFIDENTIAL
Return
Mortgage portfolio geographic concentration and loans
with CLTV > 90
a Portfolio with CLTV>90
Portfolio Park estimate Park estimate
i
n CA 8 FL At origination West OFHEO 123107 123108
Option ARM 62 1 3 23 39
Prime Home Equity 63 3 10 27 39
Prime Mortgage 55 2 2 12 22
Sub Prime 1st lien 35 5 7 37 43
Sub Prime 2nd lien 34 66 67 77 76
Total 58 Y 6 23 35
JPMorgan
PROJECT WEST 8
Requested by
JPMC
JPMEX00022853
HIGHLY CONFIDENTIAL
Return
Option ARM Overview
Key Product characteristics
% Accrual rate adjusts each month
% Minimum payment adjusts each year
% Monthly payment options
% Minimum selected by 231d of borrowers
% Interest only
% Amortizing
% Curtailing faster amortization typically 15 year
% Recast
% Earlier of 5 years or reaching negative amortization
cap
% Increase i
n minimum payment can be substantial
% Documentation most Option ARMS have limited
documentation
% Prepayment many Option ARMS have prepayment
penalties
Incremental product risks
% Primary incremental risks
% Large payment shock at recast
% Increased leverage
% Recast timing and magnitude driven by
% Intro minimum
payment rate and amortization
eg 30 versus 40 year
% Margin
% Interest rate paths and spreads
% Borrowers understanding of the product
% Borrower behavior
Payment selection
Prepayment refinancing property sale both less
likely now
% Limited history especially i
n context to the current
environment makes i
t
very
difficult to predict future
performance
Affordability product
% 23roselect minimum payment negative amortization
% 45 of portfolio has intro rates of less than 15
JPMorgan
PROJECT WEST 9
Requested by
JPMC
HIGHLY CONFIDENTIAL
Return
West
projections
of consumer real estate
portfolio
loss content
Balance as of Remaining Losses S
Portfolio Jan 08 Low High
$mm Smm $mm
Consumer mortgage
Option ARM $54819 $3433 63 $5552 101
Other 57960 862 15 1378 24
Home Equity
Home Equity 1st Lien $16062 $317 20 $557 35
Home Equity 2nd Lien 44495 4806 108 7383 166
Subprime Mortgage Channel
Subprime 1st Lien $15756 $2085 132 $2846 181
Subprime 2nd Lien 2489 757 289 1060 405
Total Home Loans B Home Equity $191582 $12259 64 $18776
Source West management prt h2008
JPMorgan I
PROJECT WEST 10
Requested by
JPMC
HIGHLY CONFIDENTIAL
Return
West consumer real estate high loss projections vs Park
base case estimate
West High Park
$
$
qi
Option Arms 5552 $7809 133
Home Equity 7940 131 11700 192
Subprime 3906 214 6417 345
Prime Mortgage 1378 24 1888 37
Total $18776 98 $27814 14696
Source West management prt h2008Pak Internal erts
Mark to market loss would be substantially worse
% Park assumptions
7 2008 H PA 12
% 2009HPAOr
% Each 5 HPA decline implies $9bn o
f
incremental losses
JPMorgan
PROJECT WEST 11
Requested by
JPMC
HIGHLY CONFIDENTIAL
Return
West
earnings E
t
capital projections
mid and
high
credit cases
11 11
cvp
projections Eo fo no
d
r i
S l
b
l n and g
d $4S40bobn f REIT
Assumes no d
$0Sb
In
p f
$0 In 2001 and
Id add 010 t
h
1
Warts $3obn f Series R Curvertlble P referred of REIT Preferred ana $on of preferred d would 26to
o flare buybacks
iTCETA
JPMorgan
PROJECT WEST 12
Requested by
JPMC
HIGHLY CONFIDENTIAL
Return
West
projections using
Park
provision
estimates
11
I Po
113
311
11
cvp
projections do fo
S l
b
l n and g
d $40b f REIT
Assumes no d
$0Sb
In
p
2008 $030
f
In 2009 no
d
r i nonsc
010 Id add
and 3payou
to
201 Warts $3obn f Series R Curvertlble P d of REIT Preferred ana $on of preferred d would 26to
umes no flare buybacks
JPMorgan
PROJECT WEST 13
Requested by
JPMC
HIGHLY CONFIDENTIAL
Return
Estimated $16bn capital required
Tangible common equity Tier 1 capital requirement
12 31 07 Tangb le common equity $13517 12312008 Total assets $297585
Less 2008 losses and dividends 4140 Risk veighted assets at closing 213560
123108 Tangble common equity at closing $9377
Adjustments Pretax Aftertax
Capital required at 809 $17085
Credit Impairment $20425 $13481 West qualifying hybrids 4637
Loan reserve adjustment 6632 4377 Tier1 needed $15612
Conforming LLR 2414 1593
Purchase Accounting 2009 1326 Tier t
sourTotal
$18216 $12023 U excesscapital
Sell West assets
Tangible common equity at close $2646 Hybrid capacity
Reduce Park balance dreet
Common issuances
Asumes$102bn IItIon fmm BS dow sizing
EscWdes hybdds In 15 rertdced Fed buckewnen Pak apaclry Is fully utllked
JPMOrgan
PROJECT WEST 14
Requested by
JPMC
HIGHLY CONFIDENTIAL
Return
West standalone issues
%
Capital adequacy
% Earnings diversification
% Concentration
% Consumer
% Real Estate
% California
% Credit quality
% Rapidly deteriorating
%
Analytics
% Interest rate risk
% Credit ratings
% BBBBaa3
% Negative outlook
% Liquidity
% No capital markets access
%
Large 8 growing reliance on FHLB
JPMorgan
PROJECT WEST 15
Requested by
JPMC
JPMEX00022860
HIGHLY CONFIDENTIAL
Return
Park
plan
% Realistic purchase accounting
% Credit impaired loans
% Conforming reserves accounting adjustments
% Runoff troubled loan portfolios
%
Integrate bank branches into Park keep 1778 to 1828 close 400 to 450
% Consumer lending
% Eliminated wholesale lending
% Reduce retail lending by 1 3rd
% Utilize West branch footprint to
% Add products to consumer business
% Build out small business
% Build out middle market
% Build out PCS 8 PB
JPMorgan
PROJECT WEST 16
Requested by
JPMC
JPMEX00022861
HIGHLY CONFIDENTIAL
Return
Branch network
S SNL Finaa
JPMorgan
PROJECT WEST 17
Requested by
JPMC
HIGHLY CONFIDENTIAL
Return
Retail
footprint
Y 235
h 2 186
Florida 5 266
I 249
Oregon 3 105
New Jersey 12 86
Illlnols 33 144
ArKOna 11 64
h 6 34
6eo rgla 18 68
Idaho 8 22
Cobdo 26 40
Connt 42 13
SSNL BabS Bh dab as of dsl dab as of
JPMorgan
PROJECT WEST 18
Object
titles are difficult to line
up exactly to the table
width
due to removal of
sliver of
space
On these
examples
the border on the
object
title has been
taken off
Requested by
JPMC
HIGHLY CONFIDENTIAL
Return
Presence in California
1 Bank of America
2 Wells FargoaCr
3 West
4 Wachovia
5 Citigmup
Total
007 Branches otalbranches 2007 Deposits $mm
$154332
114885
7572143106
41715
5747344
Populatbn mm Market k Branches Deposits$mm
1 Los PngelesLong BeachSanta Ana 132 2 249 $33258
2 San FranciroOaklandFrenont 43 4 93 11377
3 San DegoCarlmadSan Marcos 31 3 75 7284
4 San JoseSunnyvaleSanta Clara 18 3 36 4916
5 RKersideSan BemardinoOntaro 42 2 48 4789
CA Total 3 679 $75721
Source SNL Flnanclal Bancf dab as of 32508 depsit dab as of r
JPMorgan
PROJECT WEST 19
Requested by
JPMC
JPMEX00022864
HIGHLY CONFIDENTIAL
Return
Largest
California MSAs
Branch Branch Count D
institution Count of Total
1 Bank of America 353
2 Wesf 244
3 Wells Fargo 0
1
Co 319
4 UnionBanCal 107
5 Citigroup 145
Total Market 2 428 1000
Institution
1 Bank of Amerka
2 Wells Fargo a Co
4 UnionBanCal
5 Wachovia
Total Markot
JPMorgan
Br anch Branch Count Deposi
Count of Total
Institution
1 BankofA erica
2 Wells Fargo 0
1 Co
3 CitigrouP
4 West
5 Wachovia
Total Market
Institution
4 Comerna
5 SVB Financial
Total Market
Branch Branch Count Deposits Deposit
Count ofTota1 SMMI she
159 15 T $45830 265
170 163 37865 219
88 84 18546 107
93 89 11377 66
23 2 2 10935 63
1043 1000 $173244 1000
Branch Branch Count Deposits Deposit
Count o
f
Total 500 Share
2 05 3579
368 1000 $52482 1000
PROJECT WEST 20
Requested by
JPMC
JPMEX00022865
HIGHLY CONFIDENTIAL
Return
Presence in other new markets
Institution
Bra nth
Count
Branch Count
ofTotal
Deposits Deposit
$MM
Branch Deposits
Count $MM
1 Wachovia 765 133 $71335
MiamiFort LauderdalePompano
2 Bankof America 665 116 67008
Beach 3 125 $8804 59
3 SunTmst Banks 562 98 33883
OrlandoKissimmee 5 49 1688 54
4 Regbns Financial 430 75 17679
Palm BayMelbourneTitusville 5 12 477 66
5 West 246 44 11 no Port St Lucie 13 44 384 09
Total Market 5743 1000 5368702
TampaSt PetersburgClearwater 9 6 269 36
SebastianVero Beach
StaBradentonVentre
10
33
2
12
77
69
21
04
Lakeland 12 10 66 12
DeltonaDayton BeachOrmond Beach 22 2 45 05
Total Florida Yhst 5 266 $11888 3Z
Branch Branch Count Deposits Deposit Branch Branch Count Deposits Deposit
1 Bank of Arne rice
2 West
3 US Bancorp
4 KeyCorp
5 Wells Fargo Co
Total Market
nstitdtwn
rp
s Fargo Co
3 West
4 Bank of America
5 Umpqua Holdings
Total Market
JPMorgan
PROJECT WEST 21
Requested by
JPMC
HIGHLY CONFIDENTIAL
Return
Presence in
existing
markets
SSNL OabS IBh dab as Of
JPMOrgan
OSd as Of
m
6
0
0
5
1090 $363731 7000
PROJECT WEST 22
Requested by
JPMC
HIGHLY CONFIDENTIAL
Return
Footprint attractiveness
ParWWest Park West
Network Comparisons
US Households 489 244 251 236 303 124
Hispanic Households 748 679 334 483 284 586 116
Average Income $71434 32$71526222 $70652 $70760 $72809 $74238 $69572
Businesses 534 448255 279 267 327 135
Total of Branches 5598 5283 3054 3068 3058 2229 1762
Population Growth 200611
5 Year Growth 53 50 35 67 55 58 68
of Population Growth 542 446 177 362 261 383 168
of Hispanic Growth 714 635 301 471 300 537 159
Branch count before consolidations assuming 440 consolidations branch count would be 4843
Note Analysis based on 3 mile radius around each branch assumes no new branches after July 2007
JPMorgan
PROJECT WEST 23
Requested by
JPMC
HIGHLY CONFIDENTIAL
Return
Expense save overview
Retail Banking
Home Loans
Card
Commercial
CorporateOther
2007 NIE
Expense 5aves
Due to Portfolio
Liquidations TotalReduction
nse Base
Total
0E
Total Reduction
$4428 $1329 $0 $1329 300 300
242 951 285 1236 385 500
1245 30 26 63 29 512
282 60 0 60 213 213
45 254 0 254 535 535
$8902 $2964 $552 $3516 333 395
Investments in FAS N Business and Commercial Bankers $472
Net change in expense b 11 $3044 44
Ttbl NIE less Inbnglbc amtrthatltn and 4Q gttdill Impaltvctt tbarge fttMtrt3age Bnking
Fully eald g ng as tf 2011
JPMorgan
Requested by
JPMC
HIGHLY CONFIDENTIAL
Return
Park
plan
headcount
ip Initial Population Reductions Adds to Staff
End Population
2011
Retail Consumer and Business 28319 5481 1450 24288
Home Lending 11689 5779 5910
Commercial 1373 193 1180
Card 5012 2000 3012
Corp Staff 4132 2014 0 2118
Entire population 50525 15467 1450 36508
Adds to Staff fnefude
500 Financial Adir
500 Business Banking Relationship Managers
450 Business Bankers
JPMorgan
PROJECT WEST 25
Requested by
JPMC
HIGHLY CONFIDENTIAL
Return
Due
diligence
Completed
% Broad team of Park business leaders and functional experts conducted due diligence
% Retail Scharf Powell Wafters Mortgage Lowman Shankhar Card Smith Fisher Commercial Maclin
Legal Cooney TFtOCorporate Mandelbaum Sieve
% Three days i
n
person meetings i
n Seattle Extensive online data room Multiple follow up conference calls
% Each LOB legal credit and TO had oneonone meetings with their counterparts
% Data tapes analyzed for real estate commercial and card portfolio as well as serviced portfolio
% Each LOB Retail Mortgage Card Commercial has completed a model of its income statement and balance
sheet which has been combined with inputs from Treasury CIO and Corporate
Pendin
% Detailed regulatory and litigation
% Full management reports
% Internal and external audit
% Customary confirmatory items
JPMorgan I
Requested by
JPMC
JPMEX00022871
HIGHLY CONFIDENTIAL
Return
Ability
to execute
% Management team experienced at transactions
% Travelers experience
% Bank One
7 deposit systems
3 loan systems
% JPMorgan ChaseBank One
550 branches
2 deposit systems
% Bank of New York
338 branches
% Bear Stearns
% Almost no resource overlap
% Dedicated teams
RetailCommercialCard
vs
Investment BankTreasury ServicesAsset Management
JPMorgan
PROJECT WEST 27
Requested by
JPMC
JPMEX00022872
HIGHLY CONFIDENTIAL
Return
Other issues
% Deposit cap
% West versus other transactions
% Credit ratings
% Credit risk
% Extent of housing decline ability to predict
% No real history on Option ARMS
% Real recession
% Mortgage legislation could be good or bad
%
Ability to transform West retail franchise
% Embedded unknowns
JPMorgan
PROJECT WEST 28
Requested by
JPMC
JPMEX00022873
HIGHLY CONFIDENTIAL
Return
Process
% Submit offer letter
% Visit regulators
% Confirmatory due diligence
% Definitive contract
% Rating agencies
% Target announcement date of April 7
JPMorgan
PROJECT WEST 29
Requested by
JPMC
JPMEX00022874
HIGHLY CONFIDENTIAL
Return
Agenda
JPMorgan
Page
PROJECT WEST 30
Requested by
JPMC
HIGHLY CONFIDENTIAL
Return
Illustrative
option
ARM
representative payment
schedule
Minimum payment
UPBloanamt NegAm cap
IOPmt
JPMorgan
30year payment
PROJECT WEST 31
Requested by
JPMC
JPMEX00022876
HIGHLY CONFIDENTIAL
Return
From Tim MainJPMCHASE <timmainjpmorgancom>
Sent
Sunday
March
30
2008 731 AM
To Charlie ScharfILONE
<charliescharfchasecom>
Subject
Re West
Thanks
I of course love the idea of a slightly higher price than they deserve in the
form of a contingent
where their shareholders
pick up
the first loss versus say
their high credit case until they literally get zero then the government kicks
in with some form of second loss either 75 for them and 25 for
us or they
take 100 for a slice and then its all for us
Either
way something that really really reduces our risk and gets the
government
comfortable that
they only get
involved
i
f shareholders
get zero
I
t sounds to me like the
government i
s really concerned as they should be about
taking losses so they
should like this versus alternative
Look forward to talking today and travel safely
Tim
Original Message
From
Charlie Scharf
Sent 03292008 0910 PM CDT
To Tim Main
Subject
Re West
Will do Didnt miss much A few questions The 2
got
screwed
up
because the
phone on
your plane that I was borrowing wasnt working so we did some add hoc
follow
ups
Fernando
working on warrants contingent security
tied to loans
and contingent tied to hpa index
Sent from
my BlackBerry Handheld
Original Message
From
Tim Main
Sent 03292008 0614 PM CDT
To Charlie Scharf
Subject
West
Charlie
Do me a favor and let me know when
you are going to be on calls so i can make
sure that i am as well
Sorry
to ask
you
to do that but schedule from
my
team was murky again today
Tim
Requested by
JPMC
HIGHLY CONFIDENTIAL
Return
Tod To Mike
Cavanagh <mikecavanaghjpmchasecom>
GordonJPMCHASECC
Mark I Kleinman
<markikleinmanjpmchasecom>
Subject Moodys
04012008 0733 PM
We scored
points
with Sean who called for an earnings update somewhat expecting
to be
put off
He seemed
relieved after
hearing
the headlines we discussed this am
His only concern was IB
charges
in CMBS and altA where we left him with the impression these positions
were hedged
Ill follow
up
with
Hogan
after the numbers are solidified
Lastly on the rumor front Sean said hes expecting a weekend call from us regarding acquisitions of either Nat
City or WaMu
Tod
Requested by
JPMC
JPMEX00024802
HIGHLY CONFIDENTIAL
Return
From: Charlie Scharf/IL/ONE <charlie.scharf@chase.com>
Sent: Monday, April 7, 2008 1.57 PM
To: Stephanie B MudickIJPMCHASE <stephanie.b.mudick@jpmchase.com>
Subject:
Attach: Scannedpoc.pd~InlineImagel .gif
----- Forwarded by Charlie Scharf/IL/ONE on 04/07/2008 01 :56 PM -----
"Cohen, H. Rodgin" <Cohenhr@sullcrom.com~
04/06/2008 09:54 PM
To
<charlie. scharf@chase.com>
CC
<scott.polakoff@ots.treas. gov>
Subject
Fw: Mr. Killinger Letter to Mr. Dimon
Finally received the attached.
From: Landefeld, Stewart M. <stewart.landefeld@wamu.net>
To: Cohen, H. Rodgin
Cc: Meyerson, Lee <lmeyerson@stblaw.com>
Sent: Sun Apr 06 21 :44:44 2008
Subject: Mr. Killinger Letter to Mr. Dimon
Rodgin:
Correct attachment
SML
Stewart M. Landefeld
Interim Chief Legal Officer
Washington Mutual, Inc.
206.500.423 1
Asst. Catherine Duran 206.500.64 1 1
Catherine.Duran@wamu.net
The contents of this email are confidential; I intend for them to be
protected by the attorney- client privilege or other privileges. If you
are not the intended recipient, please destroy this & do not copy,
distribute or disclose its contents.
----- Forwarded Charlie SeharflILiONE on 04/07/2008 0156 PM
H.
04/06/200809:54 PM
To
Letter to Mr. Dimon
received the attached.
.eom>
Mr. Letter to Mr. Dimon
Conect attachment
SMI,
Stevvart M. Landefeld
Officer
Inc.
Catherine Duran 206.500.6411
The contents of this email are
the
distributc disclose its contents.
I intend for them to be
other
this & do not
From:
Sent:
To:
Subject:
Attach:
Charlie Scharf/IL/ONE <charlie. scharf@chase.com>
Monday, April 7, 2008 1:57 PM
Stephanie B MudicklJPMCHASE <stephanie.b.mudick@jpmchase.com>
Scanned_Doc. pdf;InlineImage l.gif
----- Forwarded by Charlie ScharflILiONE on 04/071200801:56 PM -----
"Cohen, H. Rodgin" <Cohenhr@sullcrom.com>
04/061200809:54 PM
To
cc
<scott. polakoff@ots.treas.gov>
Subject
Sent: Sun Apr 06 21 :44:44 2008
Rodgin:
Correct attachment.
SML
206.500.4231
Asst. Catherine Duran 206.500.6411
protected by the attomey- client privilege or other privileges. If you
Return
This e-mail is sent by a law firm and contains information that may be
privileged and confidential. If you are not the intended recipient, please
delete the e-mail and notify us immediately.
----- Forwarded by Charlie ScharfALIONE on 04/07/2008 01 :56 PM -----
Jamie DimonAL/ONE
04/07/2008 07:24 AM
To
kerry . killinger@wamu.net
CC
Subject
Kerry - As I assume you are aware we did not receive your letter until almost
10:OO last night and responded immediately and positively to your request.
Please let us know promptly if you are truly interested in pursuing a
transaction with us. Jamie
- - - - - - - - -
Jamie Dimon
Chairman & CEO
JPMorgan Chase & Co.
270 Park Avenue
New York, New York 10017
Charlie Scharf/IL/ONE
04/07/2008 08:25 AM
To
charlie. scharf@chase.com
CC
Subject
Fw:
is sent firm and
confidentiaL If
delete the e-mail and us Imme:dultel
----- Forwarded Charlie ScharfllLiONE on 04/07/200801:56 PM -----
Jamie DimonlTTJONE
04/07/200807:24 AM
ee
10:00 last
Please let us knmy
Jamie
Jamie Dimon
Chairman & CEO
Chase & Co.
Park Avenue
York 10017
----- Forwarded Charlie Schmf/lLiONE on 04/07/20080156 PM -----
To
ee
Jamie DimonlILiONE
04/071200807:24 AM
To
kerry.killinger@wamu.net
cc
Subject
10:00 last night and responded immediately and positively to your request.
Jamie Dimon
Chairman & CEO
270 Park Avenue
Charlie Scharf/ILIONE
04/071200808:25 AM
To
charlie.scharf@chase.com
cc
Subject
Fw:
Return
Sent from my BlackBeny Handheld
From: Charlie Scharf
Sent: 04/06/2008 09:39 PM CDT
To: "Keny K. Killinger" <keny.killinger@wamu.net>
Cc: "Frank Cicero" <fcicero@lehman.com>; "John Mahoney"
<john.mahoney@gs.com>; "Rodgin Cohen" <cohenhr@sullcrom.com>; "lee Meyersom"
<lmey erson@stblaw.com>
In response to your letter dated April 5, which we received only a few minutes
ago, we had indicated, and I reiterate, a commitment to working toward an
improvement in pricing and terms. As you can appreciate, however, any final
agreement on improvement requires completion of the due diligence which we have
sought from the outset. We look forward to hearing from you as promptly as
possible.
................................
Sent from my BlackBeny Handheld.
Sent from my Handheld.
From: Charlie Schalf
Sent 04106/20080939 PM eDT
K.
In response to your letter dated
ago, we had and I
Sent from my LHm.,,'dJvU I Iandheld.
"lee
a few minutes
toward an
anv final
~ H " F , ' ~ H ~ ' ~ 'which vve have
as
Sent from my BlackBerry Handheld.
Sent: 04/061200809:39 PM CDT
To: "Kerry K. Killinger" <kerry.killinger@wamu.net>
<lmeyerson@stblaw.com>
possible.
Return
Subject:
04/06/2008 09:54 PM
To
CC
Subject
Sent: Sun Apr 06 21 :44:44 2008
Rodgin:
Correct attachment
SML
206.500.423 1
H.
04/06/200809:54 PM
To
Letter to Mr. Dimon
.eom>
Conect attachment
SMI,
Officer
Inc.
the
other
this & do not
From:
Sent:
To:
Subject:
Attach:
04/061200809:54 PM
To
cc
Subject
Sent: Sun Apr 06 21 :44:44 2008
Rodgin:
Correct attachment.
SML
206.500.4231
Return
Jamie DimonAL/ONE
04/07/2008 07:24 AM
To
CC
Subject
- - - - - - - - -
Jamie Dimon
Chairman & CEO
270 Park Avenue
04/07/2008 08:25 AM
To
CC
Subject
Fw:
is sent firm and
confidentiaL If
Jamie DimonlTTJONE
04/07/200807:24 AM
ee
10:00 last
Please let us knmy
Jamie
Jamie Dimon
Chairman & CEO
Chase & Co.
Park Avenue
York 10017
To
ee
Jamie DimonlILiONE
04/071200807:24 AM
To
cc
Subject
Jamie Dimon
Chairman & CEO
270 Park Avenue
04/071200808:25 AM
To
cc
Subject
Fw:
Return
Sent: 04/06/2008 09:39 PM CDT
possible.
................................
Sent 04106/20080939 PM eDT
K.
ago, we had and I
"lee
a few minutes
toward an
anv final
as
Sent: 04/061200809:39 PM CDT
possible.
Return
Subject:
04/06/2008 09:54 PM
To
CC
Subject
Sent: Sun Apr 06 21 :44:44 2008
Rodgin:
Correct attachment
SML
206.500.423 1
H.
04/06/200809:54 PM
To
Letter to Mr. Dimon
.eom>
Conect attachment
SMI,
Officer
Inc.
the
other
this & do not
From:
Sent:
To:
Subject:
Attach:
04/061200809:54 PM
To
cc
Subject
Sent: Sun Apr 06 21 :44:44 2008
Rodgin:
Correct attachment.
SML
206.500.4231
Return
Jamie DimonAL/ONE
04/07/2008 07:24 AM
To
CC
Subject
- - - - - - - - -
Jamie Dimon
Chairman & CEO
270 Park Avenue
04/07/2008 08:25 AM
To
CC
Subject
Fw:
is sent firm and
confidentiaL If
Jamie DimonlTTJONE
04/07/200807:24 AM
ee
10:00 last
Please let us knmy
Jamie
Jamie Dimon
Chairman & CEO
Chase & Co.
Park Avenue
York 10017
To
ee
Jamie DimonlILiONE
04/071200807:24 AM
To
cc
Subject
Jamie Dimon
Chairman & CEO
270 Park Avenue
04/071200808:25 AM
To
cc
Subject
Fw:
Return
Sent: 04/06/2008 09:39 PM CDT
possible.
................................
Sent 04106/20080939 PM eDT
K.
ago, we had and I
"lee
a few minutes
toward an
anv final
as
Sent: 04/061200809:39 PM CDT
possible.
Return
April
5 2008
Janiie Dilmmion
Chairman of the Board President
JPMorgan
Chase Co
270 Park Avenue
Nev York 1001
Dear Jamie
I received a letter
Friday evening from Charlie Scharf While we believe that several
statements
i
n the letter were either misleading or inaccurate
rather than address them
individually l wanted to focus on the broader current state of discussions between our
flans
I continue to be
disappointed
with the
inability despite
several
attempts by
the bankers
to male
progress
on improving price
and terms of a proposal
that would allow us to move
forward This
impacts diligence
because w e are reluctant to
provide you
with our most
sensitive confidential and competitive infor nation until we get a better view from
you
on
enhancing
your
initial pricing and terms We continue to look for a
wvay
for our teams to
break this
lonjam
My team over this weekend i
s
doing its best to
comply
with
your
extensive due
diligence
request
of Friday However to fully comply
with
your Friday request
I heed
something from Von your
com171ltnient to work to reach agreement on Improved piecing
and terms In the m antinic our process
to address
capital
needs continues to move
forvvard I look forvard to
discussing
this with
you
Since
y
s
P
Cc Frank Cicero
Join Mahoney
Lee Meverson
Requested by
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Bruce W Fletcher
First Vice President and
Assistant General Counsel
9200 Oakdale Avenue
Mail Stop N110701
Chatsworth CA 91311
818 7757868
tax No 818 3492734
July 25
2008
VIA FEDERAL EXPRESS
Stephen M Cutler Esq
JPMorgan Chase Co
270 Park Avenue Ninth Fl Gallery
New York Ny
10017
Dear Mr Cutter
I will
appreciate your help i
n resolving
the difficulties
expressed
below or in forwarding
this letter to
the appropriate person
We are experiencing a wide variety of economic misrepresentations
from
Washington
Mutuals sister
banks and associations The misrepresentations are various Washington
Mutual
i
s
going
out of business i
t
i
s
headed for bankruptcy
i
t
i
s headed for a receivership depositors money will be lost accounts will be blocked
for
long periods
of time lawsuits Will be
necessary
but the concluding suggestions are the same bring your
money to us
I have been trying to stay on top
of the hotspots
and a step
ahead of
any conflagration The latest spark
reported by
customers
i
s that the manager of a Chase Bank branch on Brighton
Beach in
Brooklyn i
s telling
customers that they should remove all funds from Washington
Mutual because their failure i
s imminent
This
i
s probably nothing
more than a misunderstanding by
the staff which can be addressed by training
or additional information I
t
might
be helpful to spread the word that Washington Mutual through
its
subsidiaries i
s one of the nations leading
consumer and small business banks As of June 30 2008
Washington Mutual and its subsidiary banks had assets of $ 30973 billion The
company
has a historydating
back to 1889 and its subsidiary
banks
currently operate approximately 2300 consumer and business banking
stores throughout the nation
I will
appreciate any help you
can provide in snuffing out this ember Please let me know ifI can
provide any
additional information
IWFty
Inc 24
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HIGHLY CONFIDENTIAL
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Shipping
Label Pointatldship
Software Inc
Fromm Origtt ID HAFA 8187757850
Tia Yates
Vashtrigion Mutual 2943
9200 OakdateA aÈ
Chatsworth
CA 41311
SHiPTO 2142706tttfr
Stephen
Cutler
FoOn
BILL SEWER
Jp or an Chase Co
270 PARK AVENUE
9TH FL
NEW YORK
NY 10017
Ship Rafe 2SJUL08
Adwgt1 LS
System
444031SIESLtS0400
Aeccunt S
ar> oaon
Delivery Address Bar Code
11111111111111111
Ref none
invoice 20005151
PO none
Dept
FEDEX SHIPPING LABEL
To prepare your package for shipment you nee to do the folio
111111111111111
I
I
I
I
Page 1 of I
Use the Print button in your browser to print this page
to your laser Printer
Fold the first printed page in half and use as the shipping
label The second page i
s for your records
and contains both the terms and conditions of shipping
and information useful for tracking
your package
After printing
the label place i
t
in a waybill pouch and affix i
t to your shipment an that the barcode portion
of the label can be read and scanned
Legal
Terms artd onditio s
Tendering packages by using this system
constitutes your agreement to the service conditions for the transportation
of
your shipments as found in the applicable FedEx
Service
Guide available upon request
FedEx will not be responsible for any claim in excess of the applicable declared value whether the result ruftoss damage delay nondelivery
niisdelavcry or misinformation unless vOO declare a higher value pay an additional charge document your actual less and rite a timely claim Limitattona found in the applicable
FedEx Service Guide apply Your right
torecover from FedEx for any loss including intrinsic value of the package
lossof sales income interest Profit attorneys fees costs
and other forms of damage
whether direct incidental consequential ar special i
s limited to the greater
of S 100 or the authorized declared value Recovery cannot exceed actual
documented loss Maximum for items ofextraordinary calve i
s 5500 eg jewelry precious metals negotiable
instruments and other items listed in our Service
Guide Written
claims must be filed within strict timelimits see applicable FedEx Service Guide FedEx will not be liable for loss or damage to prohibited Items in any event or for your acts or
omissions including without limitation improper
or insufficient packaging securing marking or addressing or the acts or omissions of the recipient or anyone
else with an
interest
i
n the package
See the applicable FedFx Service Guide for complete terms and condition To obtain information regarding how to file a claim or to obtain a Service
Guide please call 1800GO FEDEX il30O43 3339
a
In ndship e i
p
s t l
r sill f cplc ultiplelabet asp
tfTrat saefonld 07252008
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To Naomi G
CamperJPMCHASEJPMCHASE
Dan
cc
CooneyJPMCHASESubject
Re Fw
please
call
09122008 0957 AM
Daniel P Cooney
DanCooneyChasecom
312
7323171
Chicago voice
312
7325976
Chicago fax
Requested by
JPMC
JPMEX00029497
HIGHLY CONFIDENTIAL
To: Naomi G CamperIJPMCHASE@JPMCHASE
Dan cc:
Cooney@JPMCHASESubject: Re: Fw: please call
091121200809:57 AM
Daniel P. Cooney
Dan. Cooney@Chase.com
(312) 732-5976 (Chicago fax)
To: Naomi G CamperIJPMCHASE@JPMCHASE
Dan cc:
Cooney@JPMCHASESubject: Re: Fw: please call
091121200809:57 AM
Daniel P. Cooney
Dan. Cooney@Chase.com
(312) 732-5976 (Chicago fax)
Return
212
2707094
New
York
voice
212
2709643
New
York
fax
Naomi G
CamperJPMCHASE
Naomi G
CamperJPMCHASE
ToDan
CooneyILONEBANCONEJPMCHASE
cc
SubjectFw please call
09122008 0851 AM
Banker has
i
t
Naomi Camper
202 585 3751 office
202 255 0360 cell
Original Message
From
Blackwell
Rob
RobBlackwellsourcemediacom
Sent 09122008 0949 AM AST
To Naomi
Camper
Subject
Re
please
call
U are buying wamu
Original Message
From
naomigcamperjpmchasecom <naomigcamperjpmchasecom>
To Blackwell Rob
Sent Fri
Sep
12 094730 2008
Subject Re please call
I cant
get
off this call for about 15 or 20 minutes Whats
going on
Naomi
Camper
202 585 3751 office
202 255 0360 cell
Original Message
From
Blackwell
Rob
RobBlackwellSourceMediacom
Sent 09122008 0944 AM AST
To Naomi
Camper
Subject please
call
Requested by
JPMC
HIGHLY CONFIDENTIAL
Return
Is
important
Thanks
Rob Blackwell
Washington Bureau Chief
American Banker
2024340319
This communication
i
s intended
solely
for the addressee and
i
s confidential and not for third
party
unauthorized distribution
This communication
i
s for informational
purposes only I
t
i
s not intended as an offer or solicitation for the
purchase or sale of
any
financial instrument or as an official confirmation of
any
transaction All market
prices
data and other information are not warranted as to completeness or
accuracy
and are subject to change without
notice
Any
comments or statements made herein do not
necessarily
reflect those of
JPMorgan
Chase Co its
subsidiaries and affiliates This transmission
may
contain information that
i
s
privileged confidential legally
privileged
andor
exempt
from disclosure under
applicable
law If
you
are not the intended
recipient you
are
hereby notified that
any disclosure copying distribution or use of the information contained herein including
any
reliance
thereon i
s STRICTLY PROHIBITED
Although
this transmission and
any
attachments are
believed to be free of
any
virus or other defect that
might
affect
any computer system
into which
i
t
i
s received
and opened i
t
i
s the responsibility of the recipient to ensure that
i
t
i
s virus free and no responsibility i
s
accepted
by JPMorgan
Chase Co its subsidiaries and affiliates as applicable
for
any
loss or damage arising
in
any
way
from its use If
you
received this transmission in
error please immediately contact the sender and
destroy
the material in its
entirety
whether in electronic or hard
copy
format Thank
you
Please refer to
httpwwwjpmorgancompagesdisclosures
for disclosures
relating
to UK
legal
entities
This communication
i
s intended
solely
for the addressee and
i
s confidential and not for
third
party
unauthorized distribution
Requested by
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JPMEX00029499
HIGHLY CONFIDENTIAL
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SEPTEMBER 2008
Project West
JPMorgan 0
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JPMEX00031572
HIGHLY CONFIDENTIAL
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CONFIDENTIAL
Table of contents
1
JPMorgan
1
2 Sullivan
F
t
Cromwell 10
3 PWC 11
JPMorgan 0
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Washington Mutual (WMI) - Attachments/Exhibits To The Final Report of The Examiner (Part 2/10)

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