The decision was reached in view of the fact that IndyMac Bank, F.S.B., Pasadena, CA (“the Bank”), a majority-owned subsidiary and the principal operating asset of the Company, was closed by the Office of Thrift Supervision on July 11, 2008. The Federal Deposit Insurance Corporation (“FDIC”) established IndyMac Federal Bank, FSB as successor to the Bank. The FDIC was named conservator and will transfer insured deposits and substantially all the assets of the Bank to IndyMac Federal Bank, F.S.B. and operate the successor institution.

Based on a review of all the circumstances surrounding the Company, NYSE Regulation has determined that the Company’s securities are no longer suitable for listing on the NYSE. NYSE Regulation also considered the “abnormally low” price of the Company’s common stock, which closed at $0.28 on July 11, 2008 with a resultant common market capitalization of $28.2 million.

The Company has a right to a review of this determination by a Committee of the Board of Directors of NYSE Regulation. Application to the SEC to delist the issues is pending the completion of applicable procedures, including any appeal by the Company of the NYSE Regulation staff’s decision. The NYSE may, at any time, suspend a security if it believes that continued dealings in or listing of the security on the NYSE is not advisable. -- www.nyse.com