Excerpt from “Rebuttal Expert Report of Tsvetan N. Beloreshki”:

“B. Summary of conclusions

4. Based on my review of the data, I conclude that:

– Indymac’s DSPP stock issuance between February 26, 2008 and February 29, 2008 reduced the book value of the company’s equity by $0.09 per share. That amount equals 0.57% of the $16.61 per share book value as of December 31, 2007.

– Indymac’s DSPP stock issuance during the first quarter of 2008 reduced the book value of the company’s equity by $0.47 per share. That amount equals 2.84% of the $16.61 per share book value as of December 31, 2007. The decline in the book value of the company’s equity during the first quarter of 2008 was attributable overwhelmingly to factors other than the DSPP, among those the net realized and unrealized losses that flowed through shareholders’ equity.

– Indymac’s hypothetical DSPP stock issuance of $50 million worth of Company stock between February 26, 2008 and March 31, 2008 would have reduced book value of the company’s equity by $0.62 per share. That amount equals 3.74% of the $16.61 per share book value as of December 31, 2007.”

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