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Washington Mutual to Expense Stock Options

SEATTLE--(BUSINESS WIRE)--Jan. 29, 2003--Washington Mutual, Inc. (NYSE:WM) said it will adopt the prospective method of accounting for the expensing of employee stock options beginning in 2003.

"Stock options will remain an important component of our incentive compensation and we believe our granting of stock options is both appropriate and consistent with our goal of delivering long-term shareholder value," said Kerry Killinger, Chairman, President and CEO. "As a matter of practice, we have consistently and fully disclosed our stock-based compensation programs in previous public disclosures, but feel it is appropriate to include these expenses in our earnings per share calculations going forward."

The company estimates that expensing options will have no material impact on earnings per share in 2003, and will impact EPS by fewer than five cents per share in 2004.

About WaMu

With a history dating back to 1889, Washington Mutual is a growth retailer of consumer financial services that provides a diversified line of products and services to consumers and small- to mid-sized businesses. At December 31, 2002, Washington Mutual and its subsidiaries had assets of $268.30 billion. The company currently operates more than 2,500 consumer banking, mortgage lending, commercial banking, consumer finance and financial services offices throughout the nation. Washington Mutual's press releases are available at www.wamu.com.

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CONTACT: Washington Mutual
Media Contact:
Alan Gulick, 206/377-3637
alan.gulick@wamu.net
or
Investor Contacts:
JoAnn DeGrande, 206/461-3186
joann.degrande@wamu.net