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Washington Mutual Names David Beck Chief Investment Officer

SEATTLE--(BUSINESS WIRE)--April 4, 2003--Washington Mutual, Inc. (NYSE:WM) today announced the appointment of 20-year General Electric executive David Beck as its Chief Investment Officer.

In this newly created position, Beck will play an important role in continuing to broaden the company's asset portfolio management. He will also assist Washington Mutual's capital markets group in developing long-term strategies and in coordinating communication to investors, regulators and investment bankers.

He will report to Tom Casey, the company's Chief Financial Officer.

"David brings a wealth of strategic expertise that will help shape Washington Mutual's continued efforts in evaluating all of its asset classes and management of its investment portfolio as we continue to build our capabilities to reflect the growth and size of our organization," Casey said.

Beck's appointment marks the continuation of Washington Mutual's ongoing effort to further broaden its corporate finance expertise. Last month, former American Express and U.S. Bancorp executive Steve Lobo joined the company as senior vice president and treasurer.

Beck will be co-located in New York with the recently opened office of WaMu Capital Corp., a fixed-income institutional broker-dealer and subsidiary of Washington Mutual, Inc. WaMu Capital Corp., headquartered in Seattle, is focused on building additional relationships with asset managers, banks and other institutional investors nationwide.

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.

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 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.

    CONTACT: Washington Mutual, Inc., Seattle
             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.