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WaMu Announces Conversion of Series S and Series T Preferred Stock

SEATTLE--(BUSINESS WIRE)--July 2, 2008--Washington Mutual, Inc. (NYSE:WM) announced the conversion of its Series S and Series T Contingent Convertible Perpetual Non-Cumulative Preferred Stock into common stock following the overwhelming approval by shareholders of two proposals put forth by the company at a special shareholders' meeting related to the Company's recent $7.2 billion equity investment transaction.

As a result of the shareholder approvals and the satisfaction of certain other conditions, all outstanding shares of the Company's Series S and Series T Preferred Stock automatically converted into a total of approximately 647 million shares of the Company's common stock at the end of business on June 30, 2008. Among these shares, approximately 228 million may not be transferred, prior to October 14, 2009, and approximately 89 million shares may not be transferred, prior to January 14, 2009, in each instance subject to certain exceptions. For further details concerning these transfer restrictions, as well as the price reset protections related to these shares, see the sections titled "Description of the Investment Agreement" and "Description of the Securities Purchase Agreements" in the company's Definitive Proxy Statement filed with the Securities and Exchange Commission on May 22, 2008.

Following the issuance of approximately 176 million shares of common in April of 2008 and the conversion of the Series S and Series T Preferred Stock on June 30, 2008, there were approximately 1.7 billion shares of common stock outstanding.

About WaMu

WaMu, through its subsidiaries, is one of the nation's leading consumer and small business banks. At March 31, 2008, WaMu and its subsidiaries had assets of $319.67 billion. The company has a history dating back to 1889 and its subsidiary banks currently operate approximately 2,500 consumer and small business banking stores throughout the nation. WaMu's financial reports and news releases are available at

    CONTACT: WaMu Media Contact
             Derek Aney, 206-500-6094 or 212-326-6075
             WaMu Investor Relations Contact
             Alan Magleby, 206-500-4148 or 212-702-6955

    SOURCE: Washington Mutual, Inc.