June 12 - 15, 2006 Highlights

Indymac Bancorp, Inc.

Consistent Collateral, Issuance & Performance Foundation in Alternative-A and Subprime production and underwriting OTS Regulated, Publicly Traded, Securitizing Across the Credit Spectrum

Know the IndyMac Brand

INDX AR Alt-A Hybrids Option ARM INABS (formerly SPMD) Sub-Prime RAST Traditional Alt-A (fixed) INDYL Lot Loans INDA & INDB Jumbo Prime (A) Alt-B INDS Closed-end Seconds Indymac Home Equity HELOC

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Forward Looking Statement

Certain statements contained herein may be deemed to be forward-looking statements within the meaning of the federal securities laws. The words "anticipate," "believe," "estimate," expect," "project," "plan," "forecast," intend, and similar expressions identify forward-looking statements that are inherently subject to risks and uncertainties, many of which cannot be predicted or quantified. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors, including the effect of economic and market conditions; the level and volatility of interest rates; the Companys hedging strategies, hedge effectiveness and asset and liability management; the accuracy of subjective estimates used in determining the fair value of financial assets of IndyMac; credit risks with respect to our loans and other financial assets; the impact of changes in financial accounting standards; the actions undertaken by both current and potential new competitors; the availability of funds from IndyMac's lenders and from loan sales and securitizations, to fund mortgage loan originations and portfolio investments; the execution of IndyMac's growth plans and ability to gain market share in a significant market transition; the integration of Financial Freedom into the operations of IndyMac; the impact of current, pending or future legislation and regulations; and other risk factors described in the reports that IndyMac files with the Securities and Exchange Commission, including the Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and its reports on Form 8-K

While all of the above items are important, the highlighted items represent those that in managements view merit increased focus given current conditions

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Indymac Has Achieved Strong Financial Results While Management Focus Has Been Required For Major Structural Changes
De-Reited (1/00) EPS cut nearly in half to pay taxes Independence from Countrywide; paid $76MM in stock to achieve Converted to a Hybrid Thrift/Mortgage Bank (7/00) 19th largest mortgage lender (12/00) Reinstated cash dividend Introduces the Hybrid Thrift Model Assets exceed $10B $1B in capital Acquired Financial Freedom, the top reverse mortgage lender in the USA 2003 2005

1993

1995

1997

1999

2001

Transformation from passive REIT to actively managed lender begins $2.5MM in earnings $120MM in capital 4 employees/no customers

e-Mits deployed to 3rd party customers Survived global liquidity crisis

Added to S&P 400 (3/01)

Top 10 mortgage lender BBB- S&P & Fitch Corporate rating Freddie Mac Tier 1 Servicer rating Fannie Mae Superior Servicer rating $1B in revenue $20B in assets 9th largest thrift Over 7,000 employees (550 in India) Over 580,000 consumer customers 26 SoCal branches 13 regional mortgage centers Implement regional president structure

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Balance Sheet Provides Stability and Flexibility in a Dynamic Market

Assets
Liabilities Cash and cash equivalents Securities classified as trading Securities classified as available for sale 442,525 348,962 3,753,195 4,544,682 Advances from Federal Home Loan Bank Core Deposits Non-Core Deposits Total Deposits Other borrowings: Loans and securities sold under agreements to repurchase HELOC notes payable Trust preferred debentures Other notes payable Collateralized mortgage obligations Total other borrowings Other liabilities Total liabilities Share Holders Equity Common Stock Additional paid-in-capital Accumulated other comprehensive loss Retained earnings Treasury stock Total shareholders' equity Total assets $ 21,452,299 Total liabilities and shareholders' equity 934 1,242,500 (15,157) 818,241 (520,417) $ 1,526,101 $ 21,452,299 6,953,000 1,807,686 5,864,238 7,671,924
Deposits grew 33% in 2005

Liabilities and Shareholders' Equity

#2 Member of San Francisco FHLB

Loans receivable: Loans held for sale Loans held for investment Total loans receivable
2005 0.37% @ WA multiple of 3.54 ______ 2004 0.36% @ WA multiple of 3.54

6,024,184 8,223,201 14,247,385 1,094,490 556,262 131,644 80,847 8,817 788,172 2,660,232

Mortgage servicing rights Investment in Federal Home Loan Bank stock Interest receivable Goodwill and other intangible assets Foreclosed assets Other assets

3,057,262 998,289 308,661 2,890 168 4,367,270 934,004 $ 19,926,198

$2.5B represents draws on the $3.5B committed credit facilities, with $600MM uncommitted financing

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Know the Indymac Brand 2005 Issuances

Shelf Name Product Credit Rating Naming Convention Average FICO Minimum FICO Average Loan Size WA. Interest Rate WA. LTV Purchase Refinance Cash Out Full Doc Stated Income/Reduced doc California First Lien Second Lien % IO % Prepay Penalties Owner Occupied Second Home # of Transactions in 2005 Average Deal Size Total Issuance in 2005 RAST Fixed A A1,B2,C3 712 620 $541,000 6.20% 70.53% 35% 21% 43% 32% 37% 30% 100% 0% 29% 29% 84% 3% 16 $418 Million $6.7 Billion INDX-12 MAT ARM A AR2,AR4 707 620 $310,792 5.27% 71.75% 24% 17% 59% 20% 56% 43% 100% 0% n/a 85% 91% 2% 9 $911 Million $8.2 Billion INDX-Hybrid ARM A AR1,AR3 708 620 $301,371 5.99% 74.49% 58% 13% 29% 27% 52% 33% 100% 0% 87% 20% 85% 4% 18 $617 Million $11.1 Billion INDYL- Lot Lns Lot A+ L1, L2 727 608 $174,000 6.65% 78.96% 100% 0% 0% 40% 60% 31% 100% 0% n/a 40% 100% 0% 3 $250 Million $750 Million INDA Jumbo A A+ AR1,AR2 752 664 $497,000 5.58% 66.22% 45% 28% 27% 52% 30% 53% 100% 0% 89% 21% 96% 4% 2 $274 Million $549 Million INDB Alt-B A- / B AR1,AR2 673 595 $249,000 6.52% 79.67% 71% 5% 24% 39% 48% 28% 100% 0% 84% 64% 83% 1% 1 $300 Million $300 Million INABS (SPMD) Subprime B/C A,B,C 623 500 $196,000 7.34% 78% 41% 5% 54% 59% 38% 12% 100% 0% 17% 72% 91% 1% 4 $852 Million $3.4 Billion

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Know the Indymac Brand Q106 Issuances

Shelf Name Product Credit Rating Naming Convention Average FICO Minimum FICO Average Loan Size WA. Interest Rate WA. LTV (CLTV for HELOC) Purchase Refinance Cash Out Full Doc Stated Income/Reduced doc California First Lien Second Lien % IO % Prepay Penalties Owner Occupied Second Home # of Transactions in 2006 Q1 Average Deal Size Total Issuance in 2006 Q1 RAST Fixed A A1,B2,C3 700 620 $304,629 6.74% 72.09% 44% 13% 43% 23% 41% 26% 100% 0% 47% 68% 77% 4% 4 $545 Million $2.1 Billion INDX-12 MAT ARM A AR2,AR4 700 620 $330,330 5.92% 72.99% 18% 17% 65% 12% 60% 46% 100% 0% n/a 91% 93% 1% 2 $1.6 Billion $3.2 Billion INDX-Hybrid ARM A AR1,AR3 703 620 $331,561 6.58% 74.35% 60% 11% 29% 22% 55% 36% 100% 0% 83% 45% 82% 4% 3 $759 Million $2.27 Billion INDYL-Lot Lns Lot A+ L1, L2 726 585 $185,664 7.03% 83.03% 99% 0% 0% 28% 72% 26% 100% 0% 50% 40% 100% 0% 1 $244 Million $244 Million INABS (SPMD) Subprime B/C A,B,C 622 501 $193,063 7.58% 79.74% 49% 5% 47% 56% 41% 14% 96% 4% 25% 64% 90% 1% 2 $630 Million $1.2 Billion HELOC HELOC A H1, H2 719 461 n/a 8.56% 83.59% 33% 4% 63% 0% 97% 59% 3% 97% n/a n/a 93% 1% 1 $502 Million $502 Million

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Our Production Volume Has Demonstrated Solid Growth, with a Consistent Emphasis on Alt-A, Sub-prime, and Specialty Products
$90 $80 $70 $60 $50 $40 $30 $20 $10 $
5.20
0.59 _ 0.44 _ 0.26 0.35 0.85 _ 0.71 _ 1.25 0.82 3.03 11.25 1.05 _ 1.17 0.09 0.96 4.18 0.61 _ 1.58 0.40 1.38 0.80 _ 2.13 0.93 1.86 5.10 1.94 1.15 2.94 0.89 3.60 3.65 2.79 1.86 1.71 3.33 2.28 1.09 1.45 4.47 3.74 6.57 2.22 1.12

IMB Ranks #7 in Q106

Subdivision construction Reverse mortgages Consumer construction

61.80 47.22

HELOC Subprime Agency conforming Alt-A and jumbo

6.48

12.74

19.22

27.32

1999

2000

2001

2002

2003

2004

2005

Q106 (annualized)

Note: Graph excludes warehouse lending

Market share 4.50%

4.00% 3.50% 3.00% 2.50% 2.00% 1.50% 1.00% 0.50% 0.00%

Industry rank 0
5 10 15 20 25 30

Market share Rank

2000

2001

2002

2003

2004

2005

Q106

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National Presence of Regional Mortgage Centers Help Drive Production Growth and Market Share Expansion
Bellevue Denver Kansas City Chicago Existing Regional Mortgage Centers Proposed Mortgage Centers 2006 and 2007

Columbus Boston Sacramento Marlton Philadelphia SF East Bay Pasadena Ontario Irvine Phoenix Dallas
Rocky Mountains SouthWest New England Upper Midwest

Virginia

Columbia Atlanta

Tampa

NorCal NorthWest SoCal North Central

MidWest MidEast MidAtlantic SouthEast

Florida State NorthEast

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Mortgage Professionals Group Top Sellers Broad Seller Base Allows Us to Manage Seller Performance Aggressively
MPG - Top Sellers by Loan Submissions 2005 (Excludes Bulk) Prime Months as % of 2005 IndyMac Seller Prime Volume 41 2.40% 78 1.03% 52 0.98% 106 0.90% 33 0.88% Subprime Months as IndyMac Seller 78 30 34 28 33 Delegated % of 2005 Months as % of 2005 Subprime Volume IndyMac Seller Delegated Volume 2.05% 52 11.89% 1.89% 44 6.71% 1.70% 79 3.36% 1.21% 17 3.29% 1.10% 14 3.23% 1 2 3 4 5

Seller Termination Reasons Fraud Pre-funding Quality Control (PFQC) audit finding suspected fraud Seller Monitoring Findings MARI, Dunn & Bradstreet and all public information sources Audit Response Investor or Repurchase Request Appraisal Misrepresentation

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Indymac has Detailed Quality Control Reviews in All Key Areas

PPQC
Quarterly audit statistically valid random sample with a minimum of 50 loans per business unit 100% review of loans from all watch listed sellers Loans referred for possible misrepresentation Review of DQ loans: All EPD 90-day DQ within 12 months of origination New seller loans 60-day DQ within 1st 12 months Loans > $650K orig. UPB and 90days DQ Loans > $350K orig. UPB and 90days DQ in 1st 24 months Loans with actual or forecasted losses > $100K

Sellers
QC audit on 5 of first 7 loans 10% random sampling audit on each delegated correspondent seller 100% review of loans from all watch listed sellers PPQC findings, due diligence rejects, investor repurchase demands Quarterly DQ reports: Compare actual vs. expected DQ% 150% ratio actual vs. expected triggers review

Underwriters
Monthly QC audit of 4 loans per underwriter

PPQC findings and due diligence rejects Investor repurchase demands

Quarterly performance reports: Loans with minimum 1-year seasoning WAVG DQ% Stratified by prime, sub-prime, doc type

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Appraisal Strategy: Leverage Technology to Target Highest Risk with Highest Expertise
100% of loans run through CMS and review in accordance with risk score Approximately 20 - 25% of production reviewed by Licensed Staff Appraisers, however Risk assessment rules target 18% of Prime and 32% of Subprime production 58 fully licensed appraisers on staff nationwide, 22 years average experience Over 3,300 appraisers on exclusionary list Decision Summary 2005 - 65% Approved; 7% Conditioned; 28% Cut-value or Rejected
CMS Process AVM
VP4

Score 50+, High FNC Risk Score 170+ Factors reviewed

Mandatory Licensed Appraiser

Appraisal Data (160+ fields) Loan Characteristics

Score 11-49, Avg.

Full underwriter review

Score 10-, Low

Data validation U/W, Short-form review Bond Investor Relations 10

Details on Documentation Levels

Income Full Doc Documented Verified -2 years -2 years Employment Documented Verified Assets Documented Verified

Fast Forward

Employment, income and assets must be fully disclosed on the application. Based on the overall credit quality of the loan, certain income and/or asset documentation waivers may be provided and a verbal VOE and IRS 4506 will be required Documented Verified -1 year -1 year Not Stated Verified Silent NA NA NA Documented Verified Documented Verified Documented Verified Documented Verified Silent NA Documented Verified Documented Verified Documented Verified Silent Silent NA NA

Limited Stated

No Ratio NINA Silent (No income/no asset) No Doc Silent

Prime

Full = 2 Yrs. W-2s, Pay-stubs, 1040s Primary Borrower Fico for Full/Alt, All borrowers for Stated 2-months reserves on most programs Collections & Chargeoffs: Aggregate to $5K do not need to be satisfied. For investment properties, up to $250 per account and $1,000 in aggregate

Subprime Full = W-2/Paystub or 24 month bank statements Limited = 12 month bank statements Full, Limited, Stated Doc Types Only Fico on Primary Borrower No reserves on most programs, except >$500K, Full > 95%, Stated >90%

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IndyMac Leverages Proprietary e-MITS Technology to Provide Fast Credit and Riskbased Pricing Decisions to Customers
What is e-MITS? Electronic Mortgage Information and Transaction System (e-MITS) IndyMac Banks award winning proprietary automated loan decision and market-based pricing system Consistent credit decisioning Best execution model Features Independently pulls tri-merged credit report Performs automated screening of IndyMac underwriting guidelines Directly accesses DU and LP system Allows mortgage originators and consumers to receive an approval and a risk-based price within minutes Computes credit loss estimate, prepayment assumption, and servicing valuation Provides competitive rate surveys Provides alternate qualified product and pricing choices Several thousand automated underwriting and pricing rules Benefits Facilitates efficient pipeline management Faster loan closing resulting from upfront customized listing of documentation requirements Access available 24-hours a day, 7 days a week

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Borrowers Continue to Leverage Payment Options, but Relative Performance Remains Strong
Option Arm Payment Patterns by Vintage
100.0% 90.0% 80.0%

Option ARM Prepay Speeds by Vintage

40.0% 35.0% CPR (Annualized)
20 05 Q 4 20 06 Q Al 1 la tM ar 31

70.0% 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% 0.0%

20 03 Q 2 20 03 Q 3 20 03 Q 4 20 03 Q 1 20 04 Q 1 20 04 Q 2 20 04 Q 3 20 04 Q 4 20 05 Q 1 Pr e20 03 20 05 Q 2 20 05 Q 3

30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% 3 5 7 9 11 13 15 17 19 Loan Age 21 23 25 27 29 31 33

Origination Quarter
Loans w ith Current Principal > Original Loans w ith Current Principal = Original** Loans w ith Current Principal < Original

All Years

2003 First-pays

2004 First-pays

2005 First-pays

5/1 Arm vs Option Arm Ever 90

9.0%

Option Arm vs Prime Ever 90 DQ's

3.00% 2.50% 2.00% 1.50% 1.00% 0.50% 0.00% 2002 2003 2004 2005
5/1 ARM Option ARM

8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0%

Q 4 Q 3 Q4 Q 1 Q1 -2 00 Q 2 Q 4 Q3 Q 2 Q 1 Q 3 Q2 05 05 04 04 04 03 03 03 03 04 05 05 06 at M ar Q1 Al l 31 3

20

20

20

20

20

20

20

Pr e

20

% of Option ARMs Ever-90

20

20

% of "Other Prime" Ever-90

Data re-weighted to make loan characteristics comparable

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20

20

13

New Hybrid Option ARM Products Enhance Loan Features and Transparency to the Borrower
Product Index
12-MAT Pay Option 1 & 5 year 12-MAT

Min PMT
P&I from teaser Discount off FIR

Neg-am Cap*
110 110

PMT @ Cap
FIR, full-am <10yr FIRIO >10yr FIRP&I <10yr FIRIO >10yr FIRP&I

Recast
5 years 1st at 10 years 15, 20, 25 after 1st at 10 years 15, 20, 25 after

PMT @ Recast
FIR-full P&I FIR-full P&I

Lifecap
9.95% 9.95%

FlexPay 1 & 5 year 1-year Libor FlexPay Hybrid 3, 5, & 7 year Discount off FIR 110

FIR-full P&I

2/2/6 (3yr); 5/2/5 (5,7yr)

FlexPay Products - Minimum Payment Discount

Documentation Type 12-MAT 1 Year 12-MAT 5 Year 3/1 Libor 5/1 Libor 7/1 Libor

Full/Stated <=80% Full/Stated >80% NINA <=80%

-50% -40% -45%

-45% -35% -40%

-50% -40% -45%

-45% -35% -40%

-40% -30% -35%

Note: Fully-indexed rate (FIR), Full P&I Payment multiplied by above factor

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FlexPay Offers Payment Flexibility of Original Option ARM, With More Borrower-Friendly Payment Shock Expectations
FlexPay 7/1 vs Option ARM vs 7/1 Fully Amt Assuming Minimum Payment Only M in im u m P a y m e n t
$2,800.00 $2,300.00 $1,800.00 $1,300.00 $800.00 Option ARM 1 $999.76 2 $1,074.74 $1,920.93 3 4 5 6 7 $2,374.96 $1,920.93 $1,887.94 Option ARM 7/1 Full Amt FlexPay 7/1

Assuming Minimum Pmt Only Both Option ARM & FlexPay reach 110% cap at approx. month 60 FlexPays new required minimum pmt set at IO versus full P&I

$1,155.34 $1,241.99 $2,374.96 $2,374.96 $1,920.93 $1,920.93 $1,920.93 $1,920.93 $1,182.47 $1,182.47 $1,887.94 $1,887.94

7/1 Full Amt $1,920.93

FlexPay 7/1 $1,182.47 $1,182.47

Year

FlexPay 7/1 vs Option ARM vs 7/1 Int Only Assuming 6 Int Only Pmts per Year

Assuming 6 Interest Only Pmts per Year

Option ARM 7/1 I/O FlexPay 7/1

M in im u m P a y m e n t

$2,800.00 $2,300.00 $1,800.00 $1,300.00 $800.00 1 2 3 4 5 6 7

Mandatory 5-year recast waived on FlexPay, resulting in reduced potential for payment shock

Option ARM $999.76 7/1 I/O

$1,074.74 $1,155.34 $1,241.99 $1,335.15 $2,384.74 $2,384.74

Overall Assumptions Min. Option ARM pmt based on 1.25% 1-mo start rate, 7.5% annual pmt adj No change in 1-yr CMT rate of 4.98% FlexPay note rate of 6.875% No base rate change over time

$1,656.25 $1,656.25 $1,656.25 $1,656.25 $1,656.25 $1,656.25 $1,656.25

FlexPay 7/1 $1,182.47 $1,182.47 $1,182.47 $1,182.47 $1,182.47 $1,182.47 $1,182.47 Year

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Collections/Loss Mitigation
Loss Mitigation Workouts

Loss Mitigation Workouts

3,000 2,500 2,000 1,500 1,000 500 0 2003 2004 2005 Q1'06

Repayment Plans (Created)

Modifications (Completed)

Short-Payoffs/Deed-In Lieu (Completed)

Avg Totals

Workout Type*
Repayment Plans (Created) Modifications (Completed) Short-Payoffs/Deed-In Lieu (Completed) Avg Totals

2003
1,685 112 16 1,813

2004
1,861 123 17 2,001

2005
2,441 135 11 2,587

Q1'06
2,857 139 10 3,006

* Monthly completed averages

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Collections/Loss Mitigation
Modification Success and Failure Rate
Current and Historical Modification Success and Failure Rates
90% 80% 70% 60% 50% 40%

74.2%

73.1% 75.8% 68.1% 69.7% 69.1%

69.8%

74.0%

84.5%

78.9%

31.9% 25.8% 23.5%

30.3%

30.9% 24.2%

30.2%

26.0% 15.5%

30% 20% 10% 0%

21.1%

6.5%

0.8%
05

2.2%
05

1.1%
Ju n 05

3.2%
05

4.4%

2.3%
05

3.1%
05

0.9%
Nov 05

9.8%
D ec 05

M ar

05

Apr

M ay

Ju l

Au g

05

Sep

O ct

Modification Date

Percentage Successful *

Percentage Failure **

1st Payment Default

* Percentage Successful = Current, 30, 60, BK Current, FC Current, PIF, Srvc Rlse ** Percentage Failure = 90, 120, BK DQ, FC REO, PEN LIQ, C/O,LIQ

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Collections/Loss Mitigation
Repay Plans Created March 2005 to March 2006
Repay Plans Created Mar 2005 through Mar 2006
4,000

# o f R e p a y P la n s

80% 75% 70% 65% 60%

Mar-05 Apr-05 May-05 Jun-05 Jul-05 Aug-05 Sep-05 Oct-05 Nov-05 Dec-05 Jan-06 Feb-06 Mar-06

3,000 2,000 1,000 0

Month Created Plans Success Rate

* FNMA defines 60% as the benchmark for a good success / failure ratio.

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S u c c e s s R a te
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Although Sub-prime 60+ DQ is Moderately Higher Than Peers, Cumulative Losses are Lower Due to Indymacs Strong Loss Mitigation Program
45.00% 40.00% 35.00% 30.00% 25.00% 20.00% 15.00% 10.00% 5.00% 0.00% 2000 2001
NDE LB

60+ Delinquency remains moderately higher than peers

7.00%

2002
NC Option Average

2003

2004

6.00%

5.00%

4.00%

Cumulative Loss better than peers

3.00%

2.00%

1.00%
60.00%

0.00% 2000
50.00%

2001
NDE LB

2002
NC Option Average

2003

2004

40.00%

30.00%

20.00%

3-month average CPR compares more favorably to peers

10.00%

0.00% 2000 2001 NDE LB 2002 NC Option Average 2003 2004

Source: CSFB Subprime HEAT Update, Apr 2006

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With Current Solid Business Foundation & Hybrid Thrift/ Mortgage Banking Model In Place, 5 Year Plan Projects EPS CAGR of 21% Through 2010
Over 3% market share Investment grade ratings 25 regional centers Added to S&P 500 Fortune 100 employer

2005

2006

2007

2008

2009

2010

Eight in 08 Top 10 mortgage lender $1B in revenue $20B in assets 9th largest thrift Over 7,000 employees (550 in India) Over 580,000 consumer customers 26 SoCal branches 13 regional mortgage centers Implement regional president structure EPS Growth (CAGR) $8 EPS 8th largest lender

Top 6 mortgage lender $2.7B in revenue 2 million consumer customers Over $11 EPS 100 SoCal branches

1992-2005 27%

1999-05 32%

2005-2010 21%

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Appendix

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Servicer Rating Comparison

Primary services
Prime
Indymac Bank Ameriquest Mortgage Co. Chase Home Finance LC Countrywide Home Loans, Inc Homecomings (GMAC - RFC) New Century Mortgage Corp. Option One Mortgage Corp. Washington Mutual Bank Wells Fargo Home Mtg. Inc. SQ2 SQ1 RPS1 RPS1 RPS2+ RPS1

MOODYs
Sub-prime
SQ2- (1) SQ2 SQ1 SQ1 SQ2 SQ3+ SQ1 SQ2 SQ1

FITCH
Prime
RPS2+ RPS1 RPS1 RPS1 RPS2+ RPS1

S&P
Sub-prime
Above/Stable Strong/Stable Above/Positive Strong/Stable Strong/Stable Avg./Positive Strong/Stable Strong/Stable Strong/Stable

Sub-prime Alt-A Residential

RPS2+ RPS2+ RPS1 RPS1 RPS1 RPS3 RPS2+ RPS2 RPS1 RPS2+ RPS1 RPS1 RPS1 RPS2 RPS1 Above/Stable Strong/Stable Strong/Stable Strong/Stable Strong/Stable Strong/Stable

(1)

Moodys enhanced their rating methodology to include modifiers (+/-) to the rating categories. Had the modifiers been in place in 2004, the Indymac equivalent rating would have been SQ2-. The 2005 rating is an affirmation of the 2004 rating, considering the enhanced methodology.

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10Q/10K Fast Facts

Q1 06 Highlights Q1 06 Mortgage industry market share of 3.89% #7 mortgage originator Record mortgage loan production of $20 B, up 72% from Q1 05
55.35 3.42 2.14 5.6 2.63 30.72

Volume by Division ($mn)

4.93 1.78 4.83 4.74 26.02 5.9 3.59 2.36 10.65 20.19
Mortgage Professionals, Wholesale/ Correspondent Mortgage Professionals, Conduit Consumer Direct & Indirect Financial Freedom Servicing Retention

57.37

56.78

Record pipeline of mortgage loans in process of $10.4 B

Q1 06 2005 2004

Home Equity division Consumer Construction & Lot

Production by Amortization Type

Fixed Rate Mortgages

Geographic Distribution
California Florida

23

24

23

Option ARMs ARMs and Hybrid ARMs

32 4 5 6 9

34 4 4 6 8

34 4 3 7 6

New York Virginia New Jersey Other

20

19

24

Interest Only Hybrid ARMs

27

29

21

30

28

32

44

44

46

Q1 06

2005

2004

Q1 06

2005

2004

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Management Has a Strong Track Record of Growth and Returns Over Various Interest Rate Environments
Dollars in millions, except per share data 12/31/05 Net revenues Earnings EPS ROE Total assets Deposits Total equity # of shares outstanding (millions) Debt of equity ratio Market capitalization Loan production Market share Capitalized servicing portfolio Comparative Annualized Returns Indymac Dow Jones Industrial Average S&P 500 $1,106 $300 $4.54 22% $21,452 $7,672 $1,526 64 13.0:1 $2,505 $62,915 2.18% $84,495 12/31/99* $267 $68 $0.86 9% $4,025 $0 $828 75 3.9:1 $957 $6,980 0.45% $7,747 Year 2005 18% 2% 5% CAGR 6 years 27% 28% 32% 16% 32% Nm 11% -3% 22% 17% 44% 30% 49% 12/99-12/05 22% 1% -1% 12/31/92* $8 $5 $0.21 4% $714 $0 $119 14 5.0:1 $75 $0 0% $0 CAGR inception to date 46% 37% 27% 14% 30% Nm 22% 12% 8% 31% Nm Nm Nm 12/92-12/05 23% 12% 10%

* 1999 marked the beginning of Indymacs transition to a depository institution and taxable entity (earnings and EPS in 1999 are presented pro forma fully-taxed). 12/31/92 marked inception of Indymacs transition from a passive REIT to an operating mortgage banker with current senior management

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Trends Show Credit Quality Of Production Relatively Stable Year Q2 05 Q3 05 Q4 05 Q1 06 Q1 05 % of Production Over Year Agency Equivalent <=45bps 66% 68% 66% 63% 58%
S&P Evaluated Quarterly Production (2) Loan Characteristics 3/31/2005 3/31/2006 $ in millions Evaluated Production $ 9,835 $ 16,282 Avg. Loan Size (actual) $ 261,302 $ 290,466 S&P Lifetime Loss 0.47% 0.51% LTV 73% 74% CLTV 78% 80% FICO 700 697 Product Fixed Option ARMs Hybrid/ARM Hybrid ARM I/O Total Doc Type Full Doc Occupancy Type Primary Home Second Home Investment Total Geographic No. California So. California Other Total 25% 35% 11% 29% 100% 32% 89% 3% 8% 100% 14% 28% 58% 100% 32% 34% 7% 27% 100% 20% 88% 3% 9% 100% 15% 28% 57% 100%
Alt-A Equivalent 45-80 bps Subprime Equivalent >80bps Total S&P Loss Levels Agency Equivalent <=45bps Alt-A Equivalent 45-80 bps Subprime Equivalent >80bps Total 25% 9% 100% Q1 05 0.21% 0.58% 1.99% 0.47% 25% 7% 100% Q2 05 0.22% 0.58% 1.80% 0.42% 24% 10% 100% Q3 05 0.21% 0.58% 2.25% 0.50% 26% 11% 100% Q4 05 0.20% 0.59% 2.05% 0.51% 28% 14% 100% Q1 06 0.22% 0.59% 1.57% 0.51%

Indymac Total Production Reconciled To Loans Evaluated By S&P LEVELS Model Balance
($ in millions)

Total Q106 Production Less: Consumer Construction Closed End Seconds Held for Sale HELOCs Reverse Mortgages (1) Subdivision Construction Subtotal Total Production Evaluated By S&P LEVELS Model (2)

20,340 (934) (858) (785) (1,118) (363) (4,058)

FICO CLTV NA NA 720 689 728 NA NA 712 697 76% 94% 79% 55% 74% 74% 80

16,282

(1) 95% of reverse mortgages are FHA insured (based on number of loans) (2) While Indymac production is evaluated using the S&P LEVELS model, this data is not audited or endorsed by S&P. S&P Evaluated Production excludes second liens, HELOC, reverse mortgages, and construction loans.

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Underwriter Approval Authority Levels

Underw riter Approval Authority Matrix 1 Applies to Retail, Wholesale, Correspondent Prior Approved Loan Limits <= 650K UW Levels Contract Underw riter <= Conf orming Loan Limit2 Level I Experience 1 year minimum underw riting experience 0-2 years underw riting experience Previous mortgage industry experience required <=$650,000 Level II 1 -3 years underw riting experience IndyMac Internal Requirements Resume / history of experience IndyMac Skills Test Backround Check New Hire Underw riter Certif ication3 Texas O/O Ref inance Transaction Certif ication4 Co-op Certif ication5 New Hire Underw riter Certif ication3 Texas O/O Ref inance Transaction Certif ication4 Co-op Certif ication5 Non-prime Certif ication6 Spec Loan Certif ication7 <= $1,000,000 Level III (Senior UW) 3+ years underw riting experience New Hire Underw riter Certif ication3 Texas O/O Ref inance Transaction Certif ication4 Co-op Certif ication5 Non-prime Certif ication6 Spec Loan Certif ication7 <= $1,500,0008 Level IV (Senior UW) 3+ years underw riting experience 6 mos. IndyMac experience (except new regions) New Hire Underw riter Certif ication3 Texas O/O Ref inance Transaction Certif ication4 Co-op Certif ication5 Non-prime Certif ication6 Spec Loan Certif ication7 <= Maximum loan amount Level V (Elite UW) 3+ years underw riting experience 1 year IndyMac underw riting experience New Hire Underw riter Certif ication3 Texas O/O Ref inance Transaction Certif ication4 Co-op Certif ication5 Non-prime Certif ication6 Spec Loan Certif ication7
1The 2No

Business Unit Head may grant exceptions to these limits on a case-by-case basis non-prime allowed except in those instances where loans are submitted as prime and downgraded to non-prime following documentation review. In these cases, the loan will remain with the original underwriter 3Required in order to underwrite any IndyMac loans 4Required in order to underwrite Texas O/O Refinance loans 5Required in order to underwrite Co-op loans 6Required in order to underwrite non-prime loans 7Required in order to underwrite spec loans (training for this loan type is currently under development) 8Individual loans are subject to review per the Underwriter Second Review Policy

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Alt-A Pay Option ARMs

High Level Product Parameters
Max Ln Amt Max LTV % Max CLTV % Min Credit Score Max DTI Min Mos Rsrv.

Alt-A Pay Option ARM Program Highlights

Alt-A Credit 620 min FICO 110% Neg Am Cap 29% of 2005 production Full/Alt, Stated Income & NINA (primary residence only) doc types Purchase/Refi/Cash-out Refi Primary residence, Second Home & Investment Property 12 MAT & 12MAT Fixed Minimum Pmt 40-year 12 MAT & 40-yr 12MAT Fixed Minimum Pmt FlexPay 12 MAT 1 & 5-year FlexPay 3, 5 & 7/1 LIBOR

Full-Alt Doc / Stated Income Doc (*)

$400K $500K 95 / 85 90 / 85 90 / 80 $650K 80 / 80 80 / 80 80 / 80 $1MM 80 / 80 80 / 75 $1.5MM 80 / 75 75 / 65 $2MM 75 / 70 70 / 65 $2.5MM 70 / NA 95 / 90 w/sub fin/90 90 / 90 95 / 90 95 / 85 95 / 80 95 / 90 90 / 90 90 / 75 75 / 70 75 / 75 75 / 70 70 / NA 640/660 620/660 640 680/660 680/640 680/620 700 620/660 700 620/660 700 660 700 /NA 40 40 40 42 42 42 42 42 42 42 / 45 42 / 45 42 / 45 45 / NA 2 2 2 2 2 2 6/6 2/6 12 6/9 12 9 / 12 9 / NA

Performance & Loss Highlights as of 3/31/06

4/25/06 Distribution DQ 60 DQ 90+ Loss % Loss $ Severity # of deals active Original balance in millions Current balance in millions 2003 Vintage n/a n/a n/a n/a n/a 0 n/a 2004 Vintage 0.39% 0.40% 0.00% 5,297 1.7% 9 7,002 2005 Vintage 0.34% 0.19% 0.00% 3,611 1% 9 10,152

n/a

4,438

8,629

(*) When only 1 value is listed, parameters are the same for both.

NOTE: This is a consolidated representation of Indymacs guidelines and performance data for discussion purposes only please refer to the Lending Guide for complete guidelines.

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Alt A Standard Products

High Level Product Parameters
Max Ln Amt Max LTV % Max CLTV % Min Credit Score Max DTI % Min Mos Rsrv.

Alt-A Standard Program Highlights

Alt-A Credit Doc Types - Full/Alt, Fast Forward, Stated Income, No Ratio, NINA and No Doc Purchase, Refinance & Cashout Refinance Primary residence, Second Home & Investment Property 15 & 30-year FRM 30-year FR IO 40 due in 30 FRM 3, 5, 7 & 10/1 LIBOR ARM & IO 3, 5, 7 & 10/1 40 due in 30 LIBOR ARM

Full-Alt Doc / Stated Income Doc (*)

$500K 95 95 / 90 95 / 80 $650K 90 / 90 90 / 85 80 / 80 80 / 80 50 / 80 $750K 85 / 90 85 / 80 85 / 80 $1MM 80 / 80 80 / 75 80 / 75 70 $1.5M M $2MM 80 / 75 70 / 65 75 / 70 55 / 60 $3MM 70 / 65 95 95 / 100 95 / 100 100 / 90 90 / 85 100 / 100 100 / 100 95 / 95 85 / 90 85 / 90 85 / 85 100 / 90 100 / 80 95 / 80 95 / 80 90 / 80 95 / 70 75 / 70 55 / 65 75 / 70 620 620 / 700 620 660 / 700 620 / 680 660 / 700 620 / 700 620 / 620 680 / 700 680 / 660 680 / 620 660 / 680 620 / 660 720 / 660 620 680 620 680 740 / 620 680 50 50 / 45 50 / 45 45 / 50 50 50 / 45 45 / 45 65 / 45 50 50 / 45 50 / 45 45 / 50 45 45 50 / 45 55 55 55 65 / 55 55 2 2 2 2 2 2 2 2 2 2 2 2/6 6 0/6 6 6/9 6/9 9 / 12 9 / 12 9 / 12

Performance & Loss Highlights as of 3/31/06

4/25/06 Distribution DQ 60 DQ 90+ Loss % Loss $ Severity # of active deals Original balance in millions Current balance in millions 2002 Vintage 1.05% 1.40% 0.03% 626,953 17.30% 5 1,736 2003 Vintage 0.52% 0.88% 0.03% 1,435,712 31.63% 14 4,806 2004 Vintage 0.59% 1.09% 0.01% 552,064 8.73% 18 6,825 2005 Vintage 0.39% 0.42% 0.00% 101,327 15.52% 34 17,943

253

2,105

3,631

15,533

(*) When only 1 value is listed, parameters are the same for both.

NOTE: This is a consolidated representation of Indymacs guidelines and performance data for discussion purposes only please refer to the Lending Guide for complete guidelines.

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Nonprime Products
High Level Parameters Credit Level 1++
Min Credit Score Max Loan Amount Max LTV% Max CLTV% Max Cashout Max DTI %

Nonprime Product Highlights

Doc Types - Full/Alt, Limited, Stated Income Purchase, Refinance & Cashout Refinance Primary residence, Second Home & Investment Property 15 & 30-year FRM 30-year FR IO 40 due in 30 FRM 2/6, 3/1, 5/1 LIBOR ARM 2/6, 3/1, 5/1 IO LIBOR ARM 2/6, 3/1, 5/1 LIBOR ARM 40 due in 30

Full-Alt Doc / Stated Income Doc (*)

640 $750K $850K $1MM $1.25MM 600 $650K $750K $850K $1MM $1.25MM 580 $500K $650K $750K $850K $1MM 550 $650K $750K 525 $500K $500K 500 $400K $400K 100 / 95 95 / 85 90 / 80 80 / NA 100 / 95 95 / 90 90 / NA 80 / NA 75 / NA 100 / 90 95 / 90 90 / 80 80 / NA 75 / NA 90 / 80 80 / NA 85 / 70 75 / NA 80 75 100 100 100 100 / NA 100 100 100 / NA 100 / NA 100 / NA 100 100 100 100 100 100 100 / NA 100 100 / NA 100 100 $50K No Limit No Limit No Limit/NA $50K No Limit No Limit/NA No Limit/NA No Limit/NA $50K/No Limit No Limit No Limit No Limit/NA No Limit/NA No Limit No Limit/NA No Limit No Limit / NA No Limit No Limit 50 50 50 50 / NA 50 50 50 / NA 50 / NA 55 / NA 50 50 50 50 / NA 55 / NA 50 50 / NA 50 / 55 55 / NA 50 55

Performance & Loss Highlights as of 3/31/06

4/25/06 Distribution DQ 60 DQ 90+ Loss % Loss $ Severity # of active deals Original balance in millions Current balance in millions 2002 Vintage 3.74% 18.36% 1.5% 8,973,971 32.85% 2 609 2003 Vintage 2.13% 10.78% 0.45% 1,831,666 31.30% 1 399 2004 Vintage 2.42% 6.80% 0.06% 1,293,051 14.55% 3 2,199 2005 Vintage 1.30% 3.55% 0.00% 144,273 11.45% 4 3,449

93

87

1,175

2,867

(*) When only 1 value is listed, parameters are the same for both.

NOTE: This is a consolidated representation of Indymacs guidelines and performance data for discussion purposes only please refer to the Lending Guide for complete guidelines.

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Subprime 60+ Delinquency as % of Original Balance

18.00%

16.00%

14.00% 2000-A 2000-B 2000-C 2001-A 2001-C 2002-A 2002-B 2003-A 2004-A 2004-B 2004-C 2005-A 2005-B

12.00%

10.00%

8.00%

6.00%

4.00%

2.00%

0.00%
1 3 5 7 9 13 21 11 15 17 19 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 53 55 57 59 61 63 65 67 69 71 73

Month

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Subprime Cumulative Loss as % of Original Balance

5.00% 4.50% 4.00% 3.50% 3.00% 2.50% 2.00% 1.50% 1.00% 0.50% 0.00%
1 3 5 7 9 11 13 71 73 19 21 23 25 31 33 35 37 43 45 47 49 51 53 59 61 63 65 27 29 39 41 55 57 67 69 15 17

2000-A 2000-B 2000-C 2001-A 2001-C 2002-A 2002-B 2003-A 2004-A

Month #

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Portfolio Overview
March 31, 2005
Direct Servicing of $55.0 billion 271,566 Loans Master Servicing Portfolio (directly serviced by others) of $630,784,570 on approximately 3,546 loans Alt-A = 60.76% Conforming Conventional = 26.59% Subprime = 10.71% Other = 1.94% Total = 100% California = 31.39% New York = 9.26% Florida = 7.31% New Jersey = 4.07% Virginia = 3.07% Other = 44.90%

March 31, 2006

Direct Servicing of $92.8 billion 404,634 Loans Master Servicing Portfolio (directly serviced by others) of $600,572,710 on approximately 2,952 loans Alt-A = 59.37% Conforming Conventional = 23.04% Subprime = 14.48% Other = 3.10% Total = 100% California = 30.35% Florida = 9.01% New York = 7.54% New Jersey = 4.04% Virginia = 3.51% Other = 45.55%

Total = 100%

Total = 100%

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Key Indymac Investor Contacts and Performance Data Sources

Investor Relations Contacts Josh Cousins, FVP (626) 535-8404 josh.cousins@indymacbank.com Alisa Neira, VP (626) 535-8016 alisa.neira@indymacbank.com Secondary Marketing Contacts Andy Sciandra, SVP (626) 535-5025 andrew.sciandra@indymacbank.com Jim Shirreffs, FVP (626) 535-5050 james.shirreffs@indymacbank.com Dan Kammer, FVP (626) 535-4362 dan.kammer@indymacbank.com

Where to Find Indymacs Collateral and Performance Information Reports http://regab.indymacbank.com/main.aspx http://bondir.indymacbank.com Need Further Website Assistance? Contact One of Our Analysts at Scott McKey, Sr. Analyst Lead (626) 535-5251 - scott.mckey@indymacbank.com Monica Man, Analyst (626) 535-8514 - monica.man@indymacbank.com

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