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Washington Mutual, Inc., Announces the Convertibility of New American Capital, Inc., 2-3/4% Convertible Cash to Accreting Senior Notes Due March 15, 2016

SEATTLE--(BUSINESS WIRE)--July 2, 2007--Washington Mutual, Inc. (NYSE:WM), today announced that New American Capital, Inc.'s, 2-3/4% Convertible Cash to Accreting Senior Notes due March 15, 2016 (the "Notes"), will be convertible into shares of Washington Mutual common stock during the quarter ending September 30, 2007.

New American Capital, Inc., a wholly owned subsidiary of Washington Mutual, Inc., is the successor by merger to Providian Financial Corporation ("Providian"). The Notes were originally issued by Providian pursuant to a supplemental indenture between Providian and The Bank of New York Trust Company, N.A., as Trustee (the successor trustee to J.P. Morgan Trust Company, National Association, Bank One Trust Company, N.A., and The First National Bank of Chicago), dated March 19, 2004, which was amended by a supplemental indenture by and among Providian, Washington Mutual, Inc., New American Capital, Inc., and The Bank of New York Trust Company, N.A. (as successor trustee) dated as of October 1, 2005 (as so amended, the "Supplemental Indenture").

The Notes are convertible pursuant to Section 3.01(a)(i) of the Supplemental Indenture, which provides that the Notes are convertible if the closing price of Washington Mutual's common stock exceeded $42.71 per share for at least 20 trading days of the 30 consecutive trading day period ending on the last day of the preceding calendar quarter. Holders of the Notes may convert the Notes into shares of Washington Mutual common stock during this fiscal quarter (July 1, 2007, until September 30, 2007) at the conversion rate in effect at the time of conversion.

About WaMu

WaMu, through its subsidiaries, is one of the nation's leading consumer and small business banks. At March 31, 2007, WaMu and its subsidiaries had assets of $319.99 billion. The company has a history dating back to 1889, and its subsidiary banks currently operate nearly 2,700 consumer and small business banking stores throughout the nation. WaMu's press releases are available at http://newsroom.wamu.com.

    CONTACT: Washington Mutual, Inc.
             Investor Relations:
             Jack Carsky, 415-278-4977

    SOURCE: Washington Mutual, Inc.