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Washington Mutual Completes Pricing of Trust Preferred Income Equity Redeemable Securities

SEATTLE--(BUSINESS WIRE)--April 26, 2001--Washington Mutual, Inc. (NYSE:WM) today announced the company has priced $1 billion of Trust Preferred Income Equity Redeemable Securities (PIERS), and provided the underwriter with a 30-day option to purchase up to an additional $150,000,000.

The offering is scheduled to close on April 30, 2001.

The offering includes a trust preferred security and a warrant to purchase Washington Mutual common stock. Each warrant gives the holder the right to purchase .8054 shares of Washington Mutual common stock at an effective exercise price of $62.08 per share, representing a conversion premium of 26.25 percent over the closing price of Washington Mutual common stock of $49.17 on April 24, 2001. The warrants and the preferred securities are noncallable for five years.

Under the terms of the offering, the PIERS have a maturity of 40 years, with a coupon of 5.375 percent.

Washington Mutual expects to use the proceeds from the offering for general corporate purposes.

The securities offered will not be and have not been registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act of 1933.

Editor's Note: Washington Mutual's news releases are available at no charge through the company's News On Demand Plus System. For a menu of Washington Mutual news releases or to retrieve a specific release, call 1-800-329-6236. On the Internet, news releases may be accessed at http://www.businesswire.com/cnn/wm.shtml.


CONTACT: Washington Mutual, Inc. (Media Contact)
Libby Hutchinson, 800/228-9268 or 206/461-2484
Washington Mutual, Inc. (Investor Contacts)
JoAnn DeGrande, 206/461-3186
Ruthanne King, 206/461-6421