Mr Cooper Group Inc (COOP)

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This Expert Report has been prepared by Steven M. Zelin and others under his supervision at Blackstone at the request of Washington Mutual,
Inc., et al. before the US Bankruptcy Court for the District of Delaware (“Bankruptcy Court”)
?? Mr. Zelin is a Senior Managing Director in Blackstone’s Restructuring and Reorganization Group, an industry leader in providing advice to
debtors and creditors in large, complex restructurings
?? Mr. Zelin will provide expert testimony regarding his opinion of the following assets of WMI (together the “WMI Assets”):
?? Valuation analysis of WMI as collectively reorganized (“Reorganized WMI” or the “Company”), which includes WM Mortgage
Reinsurance Company (“WMMRC”), WMI, and WMI Investment Corp., as of December 31, 2010
?? Valuation analysis of Reorganized WMI’s net operating losses (“NOLs”) as of December 22, 2010
?? Valuation analysis of the Subscription Rights to the Rights Offering as contemplated in the Plan of Reorganization (the “Plan”) as of
December 31, 2010
?? Mr. Zelin’s testimony is part of the services provided by the engagement of Blackstone by WMI. The compensation for such engagement (1) is as
follows:
?? A retainer fee of $500,000 earned upon Bankruptcy Court approval of Blackstone’s retention
?? An additional fee of $850,000 earned upon completion of Blackstone’s valuation
?? A monthly fee of $75,000 beginning on September 1, 2010, subject to approval by the Bankruptcy Court
?? Reimbursement of expenses incurred in connection with Blackstone’s retention and valuation
?? In addition, Blackstone has been asked by the Company to represent it in the potential sale of the WMMRC asset. If the sale process
commences, compensation for the engagement is as follows:
?? A transaction fee of $2,000,000, payable upon the consummation of a sale, which includes a non-refundable $500,000 retainer fee
?? Reimbursement of expenses incurred in connection with advising on the sale
?? Blackstone’s compensation is not contingent on the conclusions reached in this Expert Report and / or any outcome of any proceedings pending
before the Bankruptcy Court

http://www.ghostofwamu.com/documents/Examiner/4494/WMI_BX_701361066.00001.pdf
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