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Washington Mutual Names Michelle McCarthy Market Risk Manager

SEATTLE--(BUSINESS WIRE)--April 28, 2003--Washington Mutual, Inc. (NYSE:WM) today announced the appointment of 17-year veteran of the Deutsche Bank group Michelle McCarthy, 37, as a Senior Vice President and its Market Risk Manager.

In this newly created position, McCarthy will have market risk oversight responsibility for Washington Mutual's interest rate risk management and capital markets activities. She will work with financial executives to enhance and expand market risk management policies, procedures, analytics, measures, and risk limits and tolerances.

She will report to Bill Longbrake, the company's Vice Chair, Enterprise Risk Management, and will be located in Seattle.

"Michelle's comprehensive knowledge of investment issues related to risk management and her broad experience with financial instruments, banking products and capital markets make her a great addition as we continue to build and enhance our Enterprise Risk Management Team," Longbrake said.

For the past year, McCarthy was a managing director in Global Equities Prime Services for Deutsche Bank Securities, Inc., based in San Francisco where she was responsible for sales and relationship management for Deutsche Bank's western U.S. hedge fund customers. Before this she headed Deutsche Bank's db RiskOffice risk measurement product group.

McCarthy came to Deutsche Bank through its 1999 acquisition of Bankers Trust. She held a variety of positions after joining Bankers Trust in 1986, including head of risk management for the global asset management division in New York, head of European risk management for the bank's internal risk management group in London, and marketing and trading interest rate, equity and currency derivatives in New York, London and Paris.

McCarthy holds a master's degree from Harvard University and a bachelor's degree from the University of Washington, Seattle.

About WaMu

With a history dating back to 1889, Washington Mutual is a retailer of consumer financial services that provides a diversified line of products and services to consumers and small- to mid-sized businesses. At March 31, 2003, Washington Mutual and its subsidiaries had assets of $276.97 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.

    CONTACT: Washington Mutual, Inc.
             Media Contact:
             Alan Gulick, 206/377-3637
             Investor Contacts:
             JoAnn DeGrande, 206/461-3186
             joann.degrande@wamu.net Ruthanne King, 206/461-6421

    SOURCE: Washington Mutual, Inc.