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8/4/2019 Washington Mutual (WMI) - Project Fillmore (Decapitalization of WMB fsb)
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WM: ConIidcntial Limited Access
WASIDNGTON MUTUAL BANKBoard of Directors MeetiDg MiDutesApril 1, 2008
The Board ofDirectors of Washington Mutual Bank (the "Bank") met concurrently withthe Board of Directors of Washington Mutual, Inc. (the "Holding Company") on April 1,2008, for a telephonic meeting.Directors Present:
Stephen I. ChazenAnne V. FarrellStephen E. FrankKerry K. KillingerThomas C. LeppertCharles M. LillisPhillip D. MatthewsDirectors Absent: NoneManagement Present:
Todd BakerCareyM. BrennanThomas W. CaseyRonald J. CathcartDarylD.DavidStewart M. LandefeldJohn McMurrayJohn RobinsonStephen J. RotellaRobert J. WilliamsCraig E. TallSusan R. Taylor
Regina T. MontoyaMichael K. MurphyMargaret Osmer McQuadeMaryE.PughWilliam G. ReedOrin C. SmithJames H. Stever
Advisors Present:Frank Cicero, ofLehman BrothersPhil Erlanger, ofLehman BrothersHuntley Garriott, ofGoldman SachsJohn Mahoney, ofGoldman SachsLee Meyerson, of Simpson ThacherTodd Owens, ofGoldman SachsSteve Wolitzer, ofLehman Brothers
Materials Redacted
Docfl176424
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WM: Ita t
WASINGTON MUTUAL BAKBoard of Diecto Meetig Miut
April 1,
he Bo of Diectos of Wahgo Muta B(te "B mt coty e Bod of Detos of Washgto M, I. he
"Holdg Compay) o Ap 1
00, fo a tpoc mtg
Dtos Pset:
Sthe I CazneV FellSteph E FKey K Klgom C LCls M L
PpD Maws
Dto Abst Noe
Mamt Pst
odd BCaey M Beom W CyRoad J Ct
DlDDavidtew M Lafeoh McMyo Robsotephe J RoteaRo J Wlsg Taus R Tayo
Re T MotoyM MhyM Osm MQadeMyPgWl G. ReedO C SmtJe H Steve
AvPset
Fa Cco of Lehm BesPhlg, of Le BHutey ro of Gom SaJo Moey, of G hs
Meyeo, of Sp TTodd of Go ShsSteve Wol, o Le Bt
Materals Redacted
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Mr. Killinger presided and called the meeting to order at 4:00 p.m. Pacific Daylight Timeand the undersigned served as secretary to the meeting. All those present attended themeeting by telephone (management and Mr. Killinger being together at the offices of theHolding Company) and could hear each other during the meeting. All attendees werepresent at the beginning of the meeting, except for Mr. Tall and the advisors fromLehman Brothers and Goldman Sachs who joined later.
Materials Redacted
Minutes from the Board Meeting on March 17 and the Informational Briefings onMarch 14 and March 25Mr. Killinger submitted the minutes of the March 17 Board meeting and the March 14and March 25 informational briefings. On motion duly made and seconded, the Boardunanimously approved the minutes.Messrs. Garriott, Mahoney and Owens, from Goldman Sachs, and Messrs. Cicero,Erlanger and Wolitzer from Lehman Brothers then joined the meeting.
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Mr. Kllinge pided nd cld th min to odr at 4pm Paci Dayi Timd derind rv cetry o th mng A to en tnded hmein b ephone (magemn d . iine in other at he oe of theHodn Compy) d od h ea othe dn te me atendee weereen at e inin of te me xep o a d the advo om Bohr d Godman Sah o joe ar
Mateals Reacte
Minutes from he Boad Mg on ac 1 ad he Ifomationl Brefn onM 1 nd Mach
Kge utd e mnut o e Mh 7 Bod mng d th Mh d Mh 25 ioton n O oon dy mde d ondd, e odanimo apod th mint
M Gro Mony nd On o odn Sc nd M cro,Enr ad Woltzr ro Ln othr hn jn min
2
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Review of Consolidated ReportsMessrs. Casey, McMurray, Williams and Rotella submitted reports on the financialcondition of the Holding Company and its subsidiaries, including the Bank, on aconsolidated basis, including information responsive to questions and requests raisedpreviously by the Board. The reports included information on financial results, assetquality, liquidity and capital.Investment Hanken' PresentationMr. Mahoney of Goldman Sachs, and Mr. Cicero of Lehman Brothers, jointly presentedmaterial previously provided to the Board . e n t i t l ~ ~ . ' C o i r l i d e n t i ~ ~ e n t a t i o n toOlympic's Board ofDirectors." Mr. Mahoney began the presentation by briefly reportingthat three bids had been received from private equity firms interested in purchasingequity securities from the Holding Company, and that conversations were underway withinstitutional investors. One financial institution had submitted a bid to purchase theHolding Company and its subsidiaries, including the Bank. The presentation byinvestment bankers included information on the various capital raising proposals, theproposal to purchase the Holding Company and the overall capital raising process. Amore detailed description of the presentation is set forth in the minutes of the HoldingCompany.Issues Related to Capital Raise - ShareholderApprovalMr. Meyerson presented information on the form of equity securities to be offered by the
}.I Holding Company and the various regulatory and legal steps that would need to be taken,including obtaining approval by the Holding Company's shareholders.Executive SessionAt 6:20 p.m., Mr. Killinger asked that the meeting go into executive session. Allmembers of management left the meeting at this time. other than Messrs. David,Landefeld. Rotella and Killinger. Mr. Meyerson also remained. Mr. David thensubmitted his presentation on compensation issues related to the recapitalization plan andprovided information in response to an earlier request from the Board reviewingexecutive management's economic incentives to pursue the different strategicalternatives. After answering questions from the Board, Messrs. David and Rotella leftthe meeting. The Board then engaged in a thorough discussion regarding the HoldingCompany's financial condition and the relative merits of the different strategic andfinancial alternatives for the Holding Company under the circumstances. The Board fullydiscussed the pros and cons of raising different amounts of capital. Messrs. Killinger,Landefeld and Meyerson responded to numerous questions, including questions posedpreviousfy, such as the difference between the fees that would be earned by theinvestment bankers for raising capital as opposed to entering into a merger agreement.Mr. Meyerson responded to a question regarding the Holding Company's ability to buyback stock in the future. Messrs. Wolitzer and Erlanger rejoined the meeting to respondto additional questions, including a question about what other institutions might also beseeking capital and how much information about the Holding Company would beprovided to the "wall crossed" institutional investors as compared to private equity firms.
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Rvw o Conodatd Rportessrs. Cy, McMay Wlls nd Roel submted res o he ccondton o te oldng Copy s subsidiaries, includng te Bank o osolae sis, includg nfoati rsnsve quesons and reques raise revosly y e Bod. Te ros ncuded foo o nci ss, asse
q qudty d capal.nvtmt Hak' Pntatio
r ahny of Golma Sach d Ccero Lehm Bthers, jny resen terl prvusly proid to he Bar e e enao tOlymc's Board of irec" Mey g e t y ey r t d ha e rei prvate eq s nerese cheqy res om e Holdg Comy, d cvn deay itoal investor On nanci o sumte a h hldn Cmy d is subside cludn h Bk. T pseo yinveset anke includ foao n he v ci sn s, he
sa t urche Holdng Comy e ov cai s e mo ele descripo of e psen se oh he mute of he ldinompy
Rlatd to Caital Ra - SaodAroval Meyeo resented nfoo e o f ty se er y he
} Hlding Compay and the vaos rguto d e sts wuld neto bke,icludinoinig aproval by the Hlng Cmy'sshrehlde.
Exctiv SsonA 6 .m nge k a e mg n execuve sesso lmem of magemen le he meeg s ie ohe Mes. Dd,
deeld otell d Kling eyers al mane . Davd esued hs presentation on mo ises relte to the rtaltio l povd resnse t le eques m e Bod reengeuve management's onomc cenves pse he de sec
teves. Aerwgqueson om he Bard Dad otell lee meen. T Board then engag thorough discusson gdn he Hldgompy's ncal condto d he relve met of the deren sategc dnci eves forh oldng Cmpy unde the cisances e Board lydscused e pros d cos of rasng deret of cat ess lge,andefeld yro respe to umero queson, cudng queson sprevoufy sch s he ece bewen te fs ha wod be eed by thevstmn bkers for
rsg pta
oppose o enrgnto a
mrgr agreem Meerso rspone o a questo regarg the oldg ompy's blty uybck stock t ur. essrs. olzer d Erger rejo h meng to rspondto onal uestos, ncug queso bout wh oer nons gt aso besekg captl an o uch noato ou e Holg ompy ou bpv o h "wl crosse" istuto nesos s compare o prve equy r
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Attorney-Client Privileged Work ProductWM: Confidential Limited Access
WASHINGTON MUTUAL, INC.WASHINGTON MUTUAL BANKBoard of Directors Meeting MinutesMonday April 7 2008
The Board of Directors of Washington Mutual, Inc. (the "Holding Companyn) metconcurrently with the Board ofDirectors ofWashington Mutual Bank (the "8ankn)on Monday, April 7, 2008, for a special telephonic meeting.Directors Present:
Anne V. FarrellStephen E. FrankKerry K. KillingerThomas C. LeppertCharles M. LillisPhillip D. Matthews
Directors Absent: Stephen I. ChazenRegina T. MontoyaJames H. SteverManagement Present:
Todd BakerThomas W. CaseyStewart M. LandefeldStephen J. RotellaCharles E. SmithSusan R. TaylorRobert J. Williams
Michael K. MurphyMargaret Osmer McQuadeMary E. PughWm. G. Reed, Jr.Orin C. Smith
Advisors Present:John Mahoney, of Goldman SachsFrank Cicero, of Lehman BrothersPhil Erlanger, of Lehman BrothersSteve Wolitzer, of Lehman BrothersLee Meyerson, of Simpson Thacher& Bartlett LLP
Resolutions for the Holding Company's Board's consideration had been postedto BoardVantage on the afternoon of April 7, 2008.Mr. Killinger presided and called the meeting to order at 5:00 p.m. and Ms. Taylorserved as secretary to the meeting. Al l Board members attended the meeting bytelephone, with Mr. Killinger, all members of management and the investmentbankers being together in the Executive Conference Room at WaMu Center inSeattle.
Doc #178443
AonyClnt Pivd ok Podt Confntial Limitd Ass
AI MUUA CAGT MUUA BAK
Board o Dreo eeg us
odayt Aprl t 8
Th Board of Dircto of Washington Mutual Inc (te olding Compan) etconcuntl with th Board o Dircto of Washington Mutul Bank (the 8ank)on Monday Apri 7 2008, fo spcial tlphonic mting
Dirors Psnt:
Ann V FarelStphn E Fnk
Ker K KillingeThomas C LeppeChals M. LillisPhillip D Mattews
Directos Absnt Stephn I. ChazeRegina ontoyaJaes H Stv
Managnt Prsnt
odd Bakr
Thomas W Casey Stw M Lnefld Stephn J Rotllhrls . SmithSusan R TaloRobe J lias
Michae K MuhMgret Osme McQuade
ME
PughW. G. Re, Oin C Sth
Adviso Prsent
John Maony, of Goldan Sachs
Fank Cicro, of Lhman BothePhil rlange of Lhmn Both
Stv Woli, of Lman Boths
L Meeon of ipson hache& Bl LLP
soltons for Holdng Companys Boards consieration a n posd to BoaVantag on th aoon of Apl 2008
Mr. Killnr psidd and alld t mtng to ordr at 00 p.m and s Taylors as srtay to th mting. Al Boad m attned th metin by
tlphon wh r Killnr, all mb of manant and th investmntan in tot in t xti Confrn Room at a Cnt nal
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Themeeting then went in to Executi veSession and all advisorsandmembersofmanagementle ftthemeeting, except fo r Messrs . Killinger, LandefeldandMeyerson.
The meetingadjourneda t6:00 p.m .
Appendices:AppendixA - Approva lof ExclusionfromAnti-TakoverPro vis ions
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The meeig hen wen o eie Seon and al advi ad meme ofmanagemen e e meeing eep fo e Kiinge Lanefeld adMeyeon
The meeing adond a600 pm
Aenices:Appedx A Appoa o uo fm An-Takove Poon
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RESOLUTIONS OFTHE BOARD OF DIRECTORS OFWASHINGTON MUTUAL, INC.
APPENDIX A
WHEREAS, the Board of Directors of Washington Mutual, Inc. (the"Corporation") adopted resolutions on April 6, 2008 (the "Original Resolutions-)relating to the issuance and sale of shares of the Corporation's common stockand two new series of preferred stock; andWHEREAS, the certain of the Original Resolutions adopted by the Board
of Directors require completion; andWHEREAS, capitalized terms used and not otherwise defined herein shallhave the meanings given to such terms in the Original Resolutions;NOW, THEREFORE, BE IT:
AUTHORIZATION FOR ENSURING EXCLUSION FROM ANn-TAKEOVERPROVISIONS
RESOLVED, that for purposes of Section 23B. 19.040 of theWashington Business Corporation Act, the entry by the Corporation and anyInvestor Party, to the extent that, after giving effect to the J r ~ n s a c t i o n s contemplated by the Agreements, any such Investor Party constitutes an"Acquiring person- under Chapter 23B.19 of the Washington BusinessCorporation Act (together, the "Major Stockholders"), into the applicableAgreement to which such Major Stockholder is party, the issuance of InvestorSh.ares or Purchaser Shares, as the case may be (including the conversion of theConvertible Preferred Stock into Common Stock), the exercise of the Warrantsfor Common Stock and the consummation by such Major Stockholder of thetransactions contemplated thereby, is hereby approved; and further
RESOLVED, that in response to the letters received from anyInvestor Party seeking unanimous approval prior to becoming a "MajorStockholder" for purposes of Article X of the Articles of Incorporation (as definedbelow), each such Investor Party becoming a "Major Stockholder" pursuant to theentry by the Corporation and such Investor Party into the applicable Agreementto which such Investor Party is party, the issuance of shares (including theconversion of the Convertible Preferred Stock into Common Stock), the exerciseof the Warrants for Common Stock and the consummation by such Investor Partyof the transactions contemplated thereby, is hereby unanimously approved.
Doc #178443
RSOLUTIONS OF
TH BOARD OF DIRECTORS OFWASHNGTON MUTUA, INC.
APPENDX A
WEEAS the Board of irecto of Washington Mutual, Inc (the"Cooration) adopt resolutions on Aril 6 2008 (te Original Resolutions)relating to te issuan and sale of sares the ooations con socand o new series of refered stoc and
WEEAS the cean of the Original esolutions adopted by the oardof irecors require copletion; and
WES catalzed ters used and not othese dened erein shallhae te eanings gien to suc tes in te Origina esolutions
NOW, ERFRE BE IT:
AUHORIZION FOR NSUN USION FRO ANAKORROSONS
RESOLV, that for puoses of Seion 2.1904 of theWashington usness Coporation A, the ent by the Cooon and anyInesto Pa to te etent that aer ging ee to te nsactions
cntemplated by the Ageeents any suc Inestor Pa cnstitutes an"Acirng peon under Chapter2319 of te Wasington usinessCoporation Act together the Majo Stockholdes), into te aplicableAgeeent to whch suc Mo Stockholder is paty te issuan of InestorSares o Purchase Shares as the cas ay be includng the conesion of theConeible Preferd to into Coon Stock) te execise of te Waantsfor Comon Stock and the nsuation by suc Major tockolder of tetransaions conteplated theby, is hereby approed; and he
ESOLVE that in response to the letters receied fro anyInestor Party seeing unanious aproal prior to becomng a Major
Stockhoder for purposes of Aice X of the Aticles of Incooration (as dend
below) each such Inestor Pay becoing a Maor Stochoe usant to theent by the Cooration and sch Inestor Party into the applicable Agreeent
to wich such Inestor Paty is pary, the issuance of shares ncuding theconersion of the Coneble Preferred Stoc into Coon Stock), the exerciseof the Waants for Common Stoc an the consummaion by such nestor Paryof the trasactions contemplae terey s herey unamosly approd
Do #7
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WASHINGTONMUTUAL, INC.WASHINGTONMUTUALBANKDIRECTOR'SWAIVER OFNOTICEOFSPECIA LMEETINGOFBOARDOFDIRECTORS
Ihereby waive noticeofthemeetingoftheBoardsofDirectorsofWashingtonMutual,Inc. and WashingtonMutu al Bank. heldon Monday,April7,2008at 5:00pm PST.
174319
IG MAL ICIG MTL K
DIRETOR'S WAVER OF NOIC OFPAL METG O BOARD O DRTORS
I hereby waive not of te meeg of e Boards of reto ofWasigtn Muual, Inc. and Wasngton Mua Bank hed on Moda Arl 7 at 5 pm PST
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WASHINGTON MUTUAL, tNC.WASHINGTON MUTUAL BANKDIRECTOR'S WAIVER OF NOTICE OFSPECIAL MEETING OF BOARD OF DIRECTORS
I hereby waive notice of the meeting of the Boards of Directors ofWashington Mutual. Inc. and Washington Mutual Bank. held on Monday. April 7.2008 at 5:00 pm PST.
174319
WAINN MUTUA tNCWAINN MUTUA ANK
IRETORS WAIVER O NOTICE O SPE MEETNG O BOAR O RETORS
hee wave te f the eet f the Bads f et fWasht Mtua . ad Washt Muta Ba he day Ap 7 at 5 pm PST
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WASHINGTON MUTUAL, INC.WASHINGTON MUTUALBANKDIRECTOR'SWAIVEROFNOTICEOFSPECIALMEETINGOFBOARDSOFDIRECTORS
I herebywaivenoticeofthe meetingoftheBoardsofDire cto rsofWashingtonMutual, Inc. andWashington MutualBank, held onMonday,April 7,2008at 5:00pmPST.
T.MOntoya
174319
AINON MUUA INCAINTON MUUA BANK
DIS AIVE N OFSPIA MG F BADS F DIS
I eey ave no o meeng of Boads o icos oasngon Muual Inc and asigon Muual Bank ed on Monday Al 78 a 5 PS
JL+T ntoya
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WASHINGTONMUTUAL BANKCONSENTOFSOLESHAREHOLDERIN LIEUOFANNUALMEETING
Theundersigned,being thesoleshareholderofWashingtonMutual Bank,afederalsavingsassociationduly authorizedandexistingunder the lawsof the UnitedS tatesofAmerica(the"Associationj, andin lieuof the annual meetingof thesole shareholder,herebyconsentstotheadoptionofthefollowing resolutions:
175323
ElectionofDirectorsRESOLVED, th atthe following persons are herebyelected by the shareholder toserve as directors ofthe Company until the next annualelectionofdirectors, and theirsuccessors areduly e lectedand qualified,orunti l theirearlierresignation, removalortermination:
DavidBondermanStephenI. ChazenStephenE. Fra nkKerry K.KillingerThomasC. Leppert
CharlesM. Lillis PhillipD. MatthewsReginaT.MontoyaMichaelK. Murphy
Margaret Osmer McQuadeW illiamG.Reed,JrOrinC. SmithJamesH.Stever
Datedth is24n1dayofApril,2008.WASHINGTONMUTUAL,INC.
Stewart landefeldIn terim Ch ie flegalOfficer
WASTO MTUA AK
COST OF SOL SARORI OF AA MTI
h ndrsgnd, ng h so sharhodr of Washngton Ma Bn, afra savngs assaton dy athor and xstng nd h as of h UntdStats of Amra (th "Assoatonj and n of h ana tg of h sosarhod ry onsn o th adopon of th oong rsotons:
lecion of Direco
RSOVE, that th foong pons ar hy td y th shahod to s as dto of t ompany nt th n anna ton of drto and h ssso ar dy and qad, o nti hr a rsgnaton rmova o trmnaton
Dav ondanStphn aznStphn nK K Kng homas . pp
has M shp Mahna T MontoyaMa K. Mrphy
Magart Osmr MQaWiam G Rd J Orn SithJam Stv
at this 24 ay of Apr 28
WASHGO MUAL,
By
Stwa andfdntrm f ga O
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RESIGNATION
I herebyresignall director, officer andcommitteepositionsthat'holdatWashingtonMutual, Inc. andany of itssubsidiaries or affiliates. Myresignation iseffectiveasof thecloseof businessonApril 00 ,2 008.
MichaelaA.Albon
175804v1
EGT
herby sign a diro, o d come positos ' od aWsigto Mal I and any o ts sudaes o fiats. M resignaton as sess n i 0 20
aea A
v
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O'B rien, L inda From : leppert, Tom [[email protected]: Tuesday,April29, 200810:33AMTo: O'Brien, linda
MaterialsRedactedThiswill con f irm myapproval.Please con tac t m evia e-mail ifyou need any add itiona l In form ation.TomThomasC. LeppertMayorC ity ofDall as1500 Mari lla S tre etDallas, Texas 75201214.670.4054
From:O'Brien, Unda [mallto:[email protected])Sent:Monday,April28,20084:51PMTo: leooert.Tom ; Sexton, Renee
Materials Redacted
ri :lgc: 1 Ul 1
In addition, youwill noticethatwewilla/soneedSignaturepages fromall directorsbyThursday,May1for aseparateit em -the filingoftheregistrationstatementfor thecapitalraisingtransaction. Thankyou.U nd a D. O 'B ri enSenior Para lega lW as hi ngto n M utua l1301 Sec ond Avenue,WMC 350 1Seatt le ,WA 98010206 .5 00.4 338 direct , 206.377 .2230 faxII nda.o .b rl enO w am u,netThi s com m un ic ati on may conta in pri vil eged orother confi dent ial In fo rm a ti on.I f you have re ce ived It In err or, pleas e advi se theender byre p ly em ail and Im m edia te ly de le te th e messa ge and anyattachmentswithout copyin gordi sc lo sin g thecontents . ThankouIRS C ir cula r 230 Disc lo sure: To en su re com plia nc e with re qu ir em ents Im po sedby the IRS , I In form youthatany U.S . fe dera l taxdv ice conta in ed In thi s com m unicati on (Inc luding any atta chm ents ) Is notIn tended or wri tt en to beus ed , and cannot be us ed , fo r hepur pose of(I) avoid ing penalti es unde r the In te rna l Re ve nue Cod e or( Ii ) promoting, m ark et in g orre com m en ding toanotherartyanytransacti on or matterad dr es se d he re in .
04129/2008
O'Bien Lina
lepp, Tom [email protected]
Sent: uesday Ap 10:3 AM
T: O'Be da
Mateals Redacted
Ths w con my appoval.
Peae conct me via e-ma you nee ay adona Infoao
om
oas C. LpeMayCi D Mrll
, T 7474
Frm: Brn [iabwa) Mod, Arl 28 0 ;
Mateals Redacted
I addon yo w tw a/ Sgature page a do y huday May 1 eparte -e f e regt temet fr e pt g sto Tk yo
Unda iSenior Paaega
Washngn Mual Second Avene, WC Seae, WA
dec faxIn.obreOm,Th coon may o pvege o ohe coeal Inaion. yo have ev n eo, e ave hee by ly eai a ay de he meage an any attaches who coyng o cog he connt Thankyou
RS Ccua Dce: To n coiace h qeen e y h RS, yo ha ay S fe taxavc conae h councaon (cng ay aach) no ened o to e , a caot b , ohe o o avong enat ne the na Rvn Ce o ) ooing mng o comng o anohe ny aao o a ae he
0419/2008
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..___ ...... _ _ .... .a_a _ ...., .......... """a
O'Brien,LindaFrom : Leppert,Tom[T leppert@ tleppertcom]Sent: Monday,April28,20085:05PMTo: O'Brien,Linda
Cc:MaterialsRedacted
Thiswillconfinnmyapproval. IamtravellinginChinaandunabletoprintandfax.ThomasC.LeppertThomasC.LeppertMayorCityofDallas- O rig inalMessage-From:O'Brien,"LindaTo: Leppert,Tom;Sexton,Renee .Scm :MonApr2817:50:342008
Mate ria ls Redacted
Inaddition, youwill noticethatwewillalsoneedsignature pagesfromaUdirectorsbyThursday,May1foraseparateitemthefilingofheregistrationstatement forthecapital raising transaction. Thankyou.
LindaD.O'BrienSeniorParalegal
WashingtonMutual1301Second Avenue,WMC350)Seattle, WA98010
206.500.4 338direct,[email protected]
Thiscommunicationmaycontainprivilegedor other confidential infonnation. Ifyouhavereceivedit inerror,pleaseadvise
0412912008
. _ "a
Bren, nd
Leppe Tom[epe@tleppecm]
ent Monday, 28 2008 5:05 PM
T O'Brien n
Cc: SenRene
Matrals Redated
is w conm ova veg in Chia d ble o ndf
o C o C LeMaorCiof
- Mssae- La
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M ateria ls Redac te d Page20.2
the senderbyreplyemail and immediately delcte themessageandanyattachments w ithout copying or disclosing thecontcnts. Thank you
IRSCircular 230 Disdos ure: To ensure compliance with requirements imposedbythe IRS, I informyou thatanyU.S.federal taxadvicecontainedin this communication (includinganyattachments) isnotintendedorwritten tobeused, andcannotbeused, for thepurpose o f (i)avoidingpc;naltiesunder the Internal Reve
nue Code or (ii) promoting, marketing orrecommendingtoanotherparty anytransactionor matteraddressed herein. .
04/2912008
aeas Redaed 2
h sendr b ply ma a mdiatly dt h ssag ay tachmnt wtou opy or slosng ontts. you
IRS To nsu o rqr s o yo t y USrl v o oo (lud y o o n o of(i vo l e I R C (ii)po, k oro o r o or ar ad r
22
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IHJi.\IU vUlILagt: d l q ~ : 1 t View Approval Status
Tally
Priority NormalCompletIon Criteria Consensus
Due Date 0413012008
Materials Redacted
CraatonI Susan Taylor; Lynn Thomas;
l'agc 1 ot J
='--==-=-=-='=====-=--=-'--=-================-'-=-=-- =--=-================'-=-==--="'====================VoteApprove
AbstainNot ApproveNo ResponseFinal Status
Status of RespondentsRespondents Status
Response Total
Action
9oo6
Ongoing
Responses- - - - - - - - - - - - - - - - - - - - - - , - - - - - - - - ,',,---------,--------
0 Michael Murphy Approve0 James Stever Approve0 Orin Smith Approve0 Regina Montoya Approve0 Test Director Not Responded
https:/Isecure.boardvantage.com/portal/app
-= =Offline
ooooo04129/2008
JU v dlq:Vw ppl Status
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P Nral
Cnenu
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I oaru Vantage Page 2 of3
0 Wendy Cadman Not Responded 00 Charles Lillis Approve 0U Margaret Osmer McQuade Not Viewed 0U Stephen Frank Not Viewed 00 Debbie Johnson Not Viewed 00 Kerry Killinger Approve 00 Phillip Matthews Approve 00 Thomas Leppert Approve 00 Stephen Chazen Approve 00 William Reed Not Viewed 0
CommentsRegina Montoya Approve0412812001PrIvate Message (No Comments)PhilDp Matthew8 Approve04J2712OO1PttvalB Message (No Comments)Phillip Matlhewa Approve04127I200IPrivaIB Message (No Comments)
Jamee Stever Approve0412712001Private MessaGe (No Comments)James Stavw Approve04127I200IPrivate Message (No Comments)
Orin Smith Approve0412712001PtfvaIBMeaage (No Comments)Charles Un. Approve04121I200IPrlvateM'essag8 (No Comments)Charfea UIIIs' Approve0412112001 .Pri'late Message (No Comments)
Stephen Chazen Approve04l2Il2001Private Message (No Comments)
Michael Murphy Approve04121I200IPriYste Message (No Comments)Michael Murphy Approve0412112008Private Message (No Comments)
Kerry Killinger ApproveCW2112008
04129/2008
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I ~ o a r d Van tage
Private Message (No Comments)Thomas Leppert Approve0
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OBrien.LindaFrom :lent:To:
[email protected],April28, 20083:01 PMO'Brien, lindaSubject:MaterialsRedactedI approve, but have no access to BoardVantage. Please use th is as OK.ent v ia BlackBerry by AT&T
- -- - -O rig ina l Message-----From: "O'Brien, Linda" Date: Mon, 28 Apr 2008 14:35:48To:
MaterialsRedacted
Linda D. O'BrienSenior ParalegalWashingtonMutual1301 SecondAvenue, WMC 3501Sea t t le , WA 98010 .206.500.4338 d irec t , 206.377.2230 [email protected] This communication may contain priv ileged or other confidentia l information. I f you havereceived it in e rro r , p lease advise the sender by rep ly email and immediately dele te thenessage.and any attachments without copying or disc losing the contents . Thank you:RS Circu lar 230 Disclosure: To ensure compliance with requirements imposed by the IRS, I.nform you tha t any U.S. federa l tax advice contained in th i s communication ( inc lud ing any.ttachments) i s not intended or written to be used, and cannot be used, for the purpose ofi ) avoiding pena lties under the In ternal Revenue Code or ( i i ) promoting, marketing orecommending to another party any transaction ormatter addressed herein .
1
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Fom:
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appove, bu hve no cess o BodVtge. Pls use his s KSe kBery &
--Ori Messe-Fom: "'Be Lnd
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B71
IQUP WaMulMEMORANDUM
DATE: April 25, 2008TO: BoardofDirectorsofWashington Mutual BankFROM: BillLynch
Mate rialsRedact ed
WashingtonMutual, Inc. - Confidential
QUP WaMu
M E MORAND UM
DATE: Aprl
TO Bo of Do of Whngon nk
: Bil Lynh
Maeal Redaced
Washington Mul, Ic. - Confdent
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B72
Materials Redacted
NOW, THEREFORE, BE IT RESOLVED, that the proposed minutes of the Board's April 15,2008, meeting reflecting the discussion of the progress report, as set forth above, are herebyapproved.
Dated: Apr i l - , 2008 Kerry K. Killinger
Stephen I. Chazen Stephen E. Frank
Thomas C. Leppert Charles M. Lillis175657
MateralsRedacted
NOW, THERFORE B RSOLVD, that the proposd minutes of e Bord's Ail etng reeg he discusso of he rss e, as set ort above are herebyaproed.
Dat: Ar- Ker K Knger
Sn Cen Stn Frk
Thoas C L rs M. s
7557
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Materia ls Redacted
NOW, THEREFORE, BE IT RESOLVED,that theproposedm inutes of theBoard'sApril 15,2008,meeting reflectingthe discussionof theprogressreport,asset forthabove, areherebyapproved.
Date d: Ap r i l_ , 2008KerryK. Killinger
StephenI. Chazen StephenE. Frank
ThomasC. Leppert CharlesM. Lillis175657
Materals Redacted
THFRE, B IT RL tht te ooed mte o the Bor Aprl 1 mg reng t ss o he re, e oh bove erebyproved
Ded Al_ 208r ngr
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PhillipD. Matthews ReginaT.Montoya
M ichaelK.Murphy Margaret OsmerMcQuade
Mary E. Pugh W illiamG. Reed, Jr.
OrinC. Smith James H.S tever
17 565 7 v1 04125120083:51 PM
Ph D Mws Rgin T Mo
Mc Mu Mt Ose McQude
Ma Pg Wla eed J
On C Smih Jes ee
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B75
T EL E FAX T R A N S , T TA L SH E E r
.2CJ....
(, [ DATE:l.kt'to .6A,O: HAKE" "
COMPANY .CITYFAX NUKBER. 2o ft, 3:"- 10- ,
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KAJlGAllE1' OSIIEK-KcHOllIe: 125 Baat: 72Dd S 7-Pl!Ie . York, BY 1(
TELBPBOlU: (212 10-0009FAX.: (212 0-06.58
R. O. Box 744S i o n .a t . ItA .nn..EPHQlR : 8 7-6536FAX: (508 7-9722
NUMBER. OF PACES rr INCUJDING COVEll SHEET 3
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B76
WASHINGTONMUTUALBANK
MaterialsRedacted
.Now.THEREFORE.BE ITRESOLVED.thattheproposedm rnute.d 1heBoard',April15,008 ,meetfngrafteclJngthe d iscua io n oftheprogressreport, assetfor1habow , a re herebypproved.Dated: Aprtf 2008
KenyK.KillingerStephenf.Chazen stephenE.
ThomasC.Leppert ChartesM.UfOs175657
: .a 8S90-01.S-Z1Z W,.." T : T A nn 7 1:'""7 ,...I"
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B77
PhillipD.Matthew8 ReginaT.Montoya .Michael K Murphy
MaryE.Pugh WIlliamG.Reed.Jr.
OrInC.Sm ith
17eM7v104125120lI l 3:51PM
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PhillipD.Matthews ReginaT.Montoya .MichaelK.Murphy .MargaretOsmerMcQuadeMaryE .Pugh f cA .k e . , /1 / iamG.Reed, Jr.OrinC.Smith JamesH.stever
17585711104125120083:51 PM
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B79
!IIII
Wm.G. Reed, Jr.1402 Third Avenue, Suite1318Seattle , WA 98101FAX: (206)2245470
FAXTRANSM ITTALCOVERSHEET:Date : April 29,2008Attention: .lindaO'B rie n
Saf.coCorporationFAX: 206-377-2230
From: GaryReed
No. of Pages: Cover +1
RE: Approval
Ifyou donotreceiveall thepages, p lease call backassoonas possible(206) 224-5466.
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B80
!i iWaMu'. :1. "''':''.
MEMORANDUMDATE: April 28,2008TO: DavidBondannanFROM: Bill LynchRE:
Materials Redacted
Washington Mutual, Inc.- Confidential
!ii WaMu'. :1 "'. MMNUM
DAE pril 2, 2008
TO: Dd Bonda
FRO il Lynch
RE:
Materals Redacted
Washiton Mu, Inc. - Cfdetl
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B81
WASHINGTON MUTUAL SANKConsent and Ratification by Current Director with regard toMinutes of Action at Meeting prior to ElectionWHEREAS. the undersigned has been Informed by the Secretary and Assistant Secretary ofWashington Mutual Bank (the uBanl() that, on the morning of April 15, 2008, the Board ofDirectors of the Bank (the -Board-)
Materials Redacted
. Dated: AprjII!1 2()()8 Davk;l Sondem)an
175757
..
N L NKConset ad Raifc by Cure Dr wh eg
Ms Ac p El
the undersig h b t Sad Atecta of
Wasgo Mutl Bak (t uBal) , o te Apl 15, 2008 Bo Dirto of e ank (e -o)
Materals Redaced
.D AI
Sdan
77
.
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B82
WASHINGTONMUTUALBANKCONSENTOF SOLESHAREHOLDER IN LIEU OFANNUAL MEETING
Theundersigned.beingthesoleshareholderofWashing ton Mutual Bank. afedera l savings associa tionduly authorizedandexistingunder the lawsoftheUnite dS tatesofAmerica(the"Associa tion,. andin lieuof the annual meetingofth e sale shareholder. herebyconsentsto the adoptionofth e follow ing re solu tions:
175323
Electio nofDirec tors RESOLVED. that the following persons are he reby ele cte d bythe shareholder to serve as directorsofthe Company until the next annualelection of dire cto rs. and their successors aredu ly e lec ted and quali fied.orunti fthe ir earlier resignation. removalorte rm ination:
David BondennanStephenI. ChazenS tephenE. FrankKerry K. Kil lingerThomasC. Leppert
CharlesM.Lill isPhillipD.MatthewsReginaT. MontoyaMichael K. Murphy
Margaret OsmerMcQuadeW ill iam G.Reed.JrOrin C.SmithJamesH. Stever
Datedthis24rdday ofApril. 2008.WASHINGTONMUTUAL. INC.
S tewart Landefe ld In terim Ch ie f Legal O fficer
WASHINGTON MUTUAL BANK
CONSNT OF SOL SHAROLDE
LU OF ANNUAL MEING
he ndersignd eing the sole shareholder o Washingto Mtual Bank a fderal savings assocato dly athoed and xisting de the law of the nitedStates o Amerca (the "Associatio, and lieu o the an meetng o the sleshareholdr hereby consens to the adopion o the folowing resolutions
1532
lecon of Dircto
RESOVED that the following eons heey eleed y theshaeholde to see as diretor o the Comny ti the e uaelectio o dieo d thei sccessor ae duy electe ad qualeo untihe are resignato rmov o teati:
Dvid BodeStephe . ChazeStephe E FrakKer K illigeThoms C eppeChales M LillisPhill D aheRegi T. MonoyMichael K Murhy gre Osme MQaeWillim
G Reed JOi SmhJes SteveDated ths 24 dy o Apri 28
WASHNGTON MTUAL IC
BYStewa eldIerim Chie egal Ocer
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bankbuil ton the homemortgagebusiness Isgoingto surviveth is economic upheaval Is testamentthat manygood decisionsweremade.AsChairof theFinanceCommittee, I am confidenttha tw ith in ourareaofresponsibility ,we focused on the right issues and had the bankmoving intherIgh tdirectionInadvanceof thecredit crunch and housingmeltdown.Wehaveastrongboard comprisedofpeoplewithvary ing opinionsandperspectIves, which is necessaryforgood corporate governance. No onedIrectorcanorshould Insist on substitu ting the ir judgmentfo r ofmanagement's or the o the r dire ctors, That would create chaos. Thecoursetakenwas appropria telychosen andwasagreed to I amcertain now ,w ith th emarvelousbenefitofhindSight, that weall wish we hadmovedevenmorequIcklythanwedid to reduceour higherris kmortgageexposure.Fort unately mytenure on the BoardconsIsted of morethanjustthe mortgagecrisisofthe la stnfnemonths, I have had the pleasureofworkingw ith agroupofsmart,ta lentedanddedIcated boardmembers. Overthe years, I havealso been blessed to workcloselywithsomeofthe bank's senior management. TheBankhasmanyta lented le adersand In thIs timeofcrrslsmanypeople standout fo r the ir contributions to thecompany'ssuccess.The peoplethatI servedw ithovertheyearswflf beoneofthe h igh lightsofmyboardservIce.I believethatmyleadershIp oftheFinanceCommitte econtribu ted toamore robustand thorough focuson key areasofriskandresponsibil ity fo r theCommitteeandthe Company. Fromariskmanagement perspectiveI ampleasedthatweexploredalternatives to reducing sub-prfmerisksuchastheABX andCMBX IndicesatoneofourAnancemeetings, From agovernancestandpoInt, I believewemademanyImprovementsthat enhancedboard .oversIghtandundersta nding.WashingtonMutual Is agreatbank withawonderfu l legacyand It hasbeenanhonorfo rm e tobeapart oftha tand tohaveservedas amemberoftheboardofdirectors. ItIs rewardIng to th inkabou thow manypeopleove rthe las t cen tu rythecompanyhashelped toge ttheirfirsthouseorob. Ialso amproudof whatagreat corporatecitizen thebankhas beenwith Itsou tstanding leadership Inphilanthropy.
I t is hardtoleave,butI am conVinced It Is therightt im e.Thank you forawonderful opportun ity to serve.Sincerely,
MaryE. Pugh
ak it o e oe otgge o o uie ti oiche s eet ta goo es ee ade
As ai o he iace otee code ta withi our ea oespoibi e ocued o he igt ies ad d the k oig theh dection adae o the et h ad os etdow Weave a to od omied eope wth vaig opiios aeetve, whic is eces o good copae ovece N oeecto can ld I o utitt thei jgme or tat ofmneme's or the other deco Tha wo eae chs The cetake ws apoprtely chsen and was gee I am ceain ow, he maeus bee fhh ha e l ws e mve eee qucly h e d ede our ger isk oge exoe.
Foaely tere on he Bod oIse e n js heae ris of he las e mos hve e lesre of orkw a ou m, talened ad dede rd membe. Oe te
ers I ave s been blese t work osel h me o he bakser manaen. T ak ha an aee lede a n s e ofss many eole adou o ther cotbs t e compans sccesse eop aI ed h ov h ea be oe of he hiihs of ba seIc
I beeve a my edershI f he ae om crbued a o cs n key es of k ad esiby or eCommiee an e Cmany Fo a sk aeen epeve plse e exlo leave ec sb-rme rs sc s hBX n CMBX Ices a ne of our nce meens Fr eaceanon I bleve we made ma Ipvees ha eaed board
over ad eadho uua Is re bk wi wodeu eac d t asbe an h for be a pa o th d have eed a meber oe ba f dico Is eag to thk about h man pele overthe l cen he many has elped e r hue or Ial am pr o rea copo tize he bk ha bee i oand leade I hlathropy
is hrd lev, bu I a oVied s the i tm. Tank o for aoel oponi ee
Siceel,
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B85
WASHINGTONMUTUALBANKCertificateofSecretaryExcerptfrom M inutesofApril15,2008,Meeting ofBoard ofD irec to rs
MaterialsRedacted
Cert if ied asaccura te byCorporal"SecretaryofWash ing ton MutualBank:
175227
usanR. TaylorCorporateSecretary
WASHINGTON MTUAL BAKCeifate of Secreta
Excerp fom Minutes o A 15, 2008 Meng o Boad o Decrs
Materals Redaced
Cerifed a acc by Cl" Sec o Wahngo Ma ank:
1752
S Ty S
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B91
TimingIn order for New GL Requests to be processed within the month submitted, they must be submittedvia the .GL Maintenance Form .14 business days before month end by 5:00 p.m. with all of therequired approval documentation from the segment/corporate support. Files that are received afterthis deadline or requests sent without accounting plan or appropriate approvals will not be processeduntil the following month. Exceptions to this deadline will usually consist of bank wide systemchanges such as FCS 5.0 and for the year end maintenance freeze which occurs in December. Toview the maintenance deadlines for each month you may refer to the .GL Maintenance Calendar. onthe Corporate Controllers intranet site.Account requests Involving 20 or more new accounts must be received 19 business daysbefore month end due to Increased analysis and processing requir ements . Any requestssubmitted after this date will not be processed until the fol/owing month. .There will be noexceptions. Requests received during a month-end maintenance freeze will be processed in thefollowing month.
T
In orde fo New G Rquests to be pcessd within te mon subed, tey ust be subtva t GL Manteace Fo 1 usnes before moh nd y p.. w all of teu appoval ocueaon fro te sgencooat suppor. ils at ae recived ats deadlne o sts sent wot acconn pan or appropate appovals wil not be pocssun l t following on Eceptons to tis alne wl usuall cons st of bn k we s
can suc as CS a fo the ea n at nanc feeze w c occs in D cb Toew te ainanc dans fo ac ont ou a fer o t GL Mantnan ana ot Copoate Contos intanet se
Acco reue Involvg or ore ew ccout u e eeived 1 n for ont en due o nreaed ss proesn requreen An eustssubed ae ts dae wl be oessed unil e o/wg ont ee l e xceptions. euests reeved duin a ont-en antenanc fee wll be pcessed n tfollowing o
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Cc: 1m, NoreenSubject: FW: Transfer from Master Note to DDAHi Keith,Can you please respond to Noreen. Can you also give us a quick lesson on QTLThanks,Lulu
From: 1m, NoreenSent: Monday, August 04, 2008 10:57 AMTo: St John, Lourdes A.Subject: FW: Transfer from Master Note to DDAHi Lulu-Can you tell me if the $28 that was moved into Co 40's cash account from the master note will be reversedtoday? According to Keith Falls, this was supposed to be a temporary transfer to "help the QTL".Also, can you explain what the QTL is?Thank you so much-
;\),)reen 1111Entit y Accounting- Corporate Controllers Groupph (206) 5003016 fx (206) 377 2077Mailstop: WMC2401
--- ----------------From: Vasallo, ElenltaSent: Friday, August 01, 2008 11:46 AMTo: 1m, NoreenCc: Ryason, TawnyaSubject: FW: Transfer from Master Note to DDAFYI
- - - - - - - - - - - - -
--------------------_._-.- .--------_ ._------------From: St John, Lourdes A.Sent: Friday, August 01, 2008 11:43 AMTo: Vasallo, ElenitaSubject: FW: Transfer from Master Note to DDAHere you go Let me know if you have further question on the money movement. Thanks Ms. Ellen.
From: Noblezada, Yolanda B.Sent: Thursday, July 31, 2008 1 29 PM
, NoenSujec: Tfer fo ater Note to DDA
Keith,
Ca you please respnd to Neen. an yu aso gve us a q uck esson o QL
ThaksLuu
From NoeeSnt oda Aut 208 1: AMTo St o, Lorde ASujec: Tafer fro ater Note to DDA
uu-
an you te me f te $ that was mve to 40's cash o frm he m aste ote w b e evesedta? Accrdg t et Fas hs was s uppsed to be a tempoary tase o "hep the T"
o ca yu expan what te Q s?
han you s much
)
E Aig- a lls Gupph 5 x (6) 77 277Ml: W1
From Vallo Eleta
-Snt: d, At 1, 08 11 AMTo NC TaaSujec Tfer fo Mter Note to DDA
Y
-
- -. _ St Jo, Lode ASnt: da At 1 20 8 1 1 : 3 A To Vaao EleSujec: Tafer f ter Nte DDA
Her you g et m ou have uer quet te ey oveme Tas s e
Nezda d Snt: ua J 31, 20 8 1 29
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B95
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DATE:TQ:
FRO M :RE:
WaMuME M0 RANO.l1M
August14.20,08Board of of .. Mutuat , . .PaterFre lJ lng_, Senro r VIcepr..Pt 'oJec.t Fll lmO 're Dacaplt ill lZatlonofWMBfsb
" 'MtIo n ,R ,qU8It eCt: Appro ve'th e 'p roposed cap it a l not 10from M utu a l' Bank 'fsbtoPike'Street .HOIdrngs. ', . ,'StOOe the executlo h WMB f$l )has generated slarueai'nQt,llltof cash aa.e t fun41ng. ' , : Ir anAclI on. aOOnet Incom e. WMB fsb"h41 tl en l' t t ft t exce 'j i ' to W ashingtonfw1utUal Bankth ro ugha noa.:arrangemeal,.th e m.at.r nOtewtthWMB Isnot8 qUalified,thrift as sa t. in thepast fsbhad .. .fundsonthem asta r no te by purcHasi'1g loans orsecuriUe" Ina taxefflciehtm anner; from WMB. The loans orsecuri ti esa",p le dgedto add iti ona l fund in gwhlththengro sse s up the ba lance sheet ofW M B fab . The balancesheetofWMB fsb, s in ce 2004,hasgro wn from approxim ate ly $,30 ,b lhlon to $47 bi l!ion.
Wepropose to decaplfaUzaWMBtsbbyra. tumlng $20, bW lon of cep lt a l toltsparent The bllRonwiD'I ndude the masternoteofapproxim ate ly $7pro ceedsfrom $3.5 bllr onof DIsco.unt Notesandcash genfJ.f8ted th ro ughad diti on al whoJ esa/e deposits im d's dvances, from FHlBSeattle : We the ofatle a s t$10 b il l io n by Septem ber 30,2008and the rem ain ing $10bll/ ion' throug h Decem ber 2009. ..The- net bala nce shee t of WMBfsb will be approxim ate ly $34' b ill ion to$3 6 bil lionaft e rProjec t Fillm ore , Th e I
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B96
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. .'GIGUary: Under the Qualft8dThrIft lender , . an InsUtuUon must hold'queIfted thrift 8SS8tI to at least ~ ' p e r C a n t of Its. ~ I o eaeis. Lo"".and MBS' 8 ." quallfted thrtft alHti. The master notal;)elWaen WMB fsb- andWMB Is not. q\.Iallfled t,hrift asHt.. . . .
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8/4/2019 Washington Mutual (WMI) - Project Fillmore (Decapitalization of WMB fsb)
47/50
B97
Materials RedactedMaeras Redacted
8/4/2019 Washington Mutual (WMI) - Project Fillmore (Decapitalization of WMB fsb)
48/50
B98
Materials RedactedMaterals Redaced
8/4/2019 Washington Mutual (WMI) - Project Fillmore (Decapitalization of WMB fsb)
49/50
B99
Materials RedactedMts Rdctd
8/4/2019 Washington Mutual (WMI) - Project Fillmore (Decapitalization of WMB fsb)
50/50
Materials RedactedMaterals Redacted