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David Beck to Lead Washington Mutual's Capital Markets Efforts; Commercial Group's Dick Fisher Promoted

SEATTLE--(BUSINESS WIRE)--March 18, 2004--Washington Mutual, Inc. (NYSE:WM) today announced that current chief investment officer David Beck has been named executive vice president of Washington Mutual's Capital Markets group in a move that enhances the company's capital markets efforts, which includes marketing, trading and structuring of loans held for sale.

"As we continue to build our capabilities to reflect the growth and size of our organization, we have a great opportunity to leverage our scale in our capital markets organization," Beck said.

Beck, who joined Washington Mutual in April of 2003 as chief investment officer, will continue to report to Chief Financial Officer Tom Casey.

With more than 20 years of financial services experience, Beck joined GE Investment Corporation in 1983 and was promoted to fixed income investment manager for GE Investment Corporation in 1992. In 1993, he was promoted to vice president and portfolio manager for GE Asset Management Corporation. He served in that role until 1999 when he became senior vice president and chief investment officer for GE Insurance. As chief investment officer, he managed $125 billion of GE Insurance's domestic and international investments.

Beck has a bachelor of arts degree from Pennsylvania State University and is a Chartered Financial Analyst.

The company also announced that Richard (Dick) Fisher has been promoted to executive vice president of Commercial Capital Markets. Fisher, who will lead a team responsible for commercial loan product pricing and development, secondary marketing, securitization, syndication and portfolio management, will work closely with Beck.

With more than 20 years of financial services experience, Fisher was previously manager of commercial secondary marketing, where he led a team that negotiated $18 billion of multi-family securitizations with Fannie Mae and Freddie Mac in 2003. He also led a $600 million seasoned commercial real estate loan securitization from Washington Mutual's portfolio. Fisher began his career at CS First Boston in New York as director, Mortgage Trading, managing all ARMs trading including agency, private label and whole loans. Previously, Fisher was president of Whitestone Capital Group, Inc. in New York City, where he launched a mortgage acquisition corporation as a real estate investment trust (REIT).

Fisher obtained his undergraduate degree in public affairs from George Washington University in Washington, DC, and a master's in business administration from New York University in New York.

About Washington Mutual

With a history dating back to 1889, Washington Mutual is a retailer of financial services that provides a diversified line of products and services to consumers and small businesses. At December 31, 2003, Washington Mutual and its subsidiaries had assets of $275.18 billion. Washington Mutual currently operates more than 2,400 consumer banking, mortgage lending, commercial banking and financial services offices throughout the nation. Washington Mutual's press releases are available at http://www.wamunewsroom.com.

    CONTACT: Washington Mutual
             Alan Gulick, 206-377-3637
             Lotus Lou, 206-377-8178

    SOURCE: Washington Mutual, Inc.