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Great Western Financial TOPrS to be Redeemed Nov. 29

SEATTLE--(BUSINESS WIRE)--Nov. 13, 2002--Washington Mutual, Inc. (NYSE:WM) today announced that the Great Western Financial Trust I 8 1/4% Trust Originated Preferred Securities (TOPrS) (NYSE:GWFPRT) will be redeemed on November 29, 2002.

The redemption price will be $25.33802 per security. That is equal to $25, which is the liquidation amount per preferred security and $.33802, which is the amount of accrued interest. The redemption price will be due and payable to holders of record on November 29, 2002, when interest will cease to accrue.

TOPrS holders do not need to take any action to receive payment for the redemption of the preferred securities. On November 29, 2002, Great Western Financial Trust will deposit funds with the Depository Trust Corporation (DTC) to pay the redemption price for all the preferred securities. The DTC will then distribute funds to its participants.

With a history dating back to 1889, Washington Mutual is a national financial services company that provides a diversified line of products and services to consumers and small- to mid-sized businesses. At September 30, 2002, Washington Mutual and its subsidiaries had assets of $261.10 billion. Washington Mutual 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.

--30--DS/se*

CONTACT: Washington Mutual
Media
Alan Gulick, 206/377-3637
alan.gulick@wamu.net
Investors
Iris Glaze, 206/461-4744
iris.glaze@wamu.net