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|Washington Mutual Statement Regarding Ahmanson Ranch|
LOS ANGELES, Oct. 1 /PRNewswire-FirstCall/ -- Washington Mutual, Inc. (NYSE: WM) today released the following statement concerning the announcement by Governor Gray Davis that the State of California and the company have reached a verbal understanding on the sale of the Ahmanson Ranch:
"Although the approval of the California Department of Public Works has yet to be obtained before a transaction can be consummated, the verbal understanding we have reached with the State of California moves the Ahmanson Ranch close to a final outcome.
"The greater Los Angeles region needs new housing and we continue to believe that the Ahmanson Ranch, a model project, would have helped meet that need.
"However, nearly one year ago, California voters approved funding for a major expansion of the park system and charged the state's elected officials with the responsibility for choosing the lands best suited to that purpose.
"Governor Davis has identified Ahmanson Ranch as one of those properties and the state has presented us with a fair offer that allows us to meet our financial objectives now.
"We have concluded that it is the right business decision for our shareholders to accept an offer that provides a complete resolution of this matter and a financially satisfactory outcome for Washington Mutual."
SOURCE Washington Mutual, Inc. -0- 10/01/2003 /CONTACT: Adrian Rodriguez, +1-213-217-4006, or Tim McGarry, +1-213-217-4003, both of Washington Mutual Bank; or Ian Campbell of Abernathy MacGregor, +1-213-630-6550, for Washington Mutual/ (WM) CO: Washington Mutual, Inc.; Ahmanson Ranch ST: California IN: RLT FIN ENV SU: MS -- LAW109 -- 5322 10/01/2003 17:32 EDT http://www.prnewswire.com