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Washington Mutual To Expand Share Repurchase Program
SEATTLE, Jul 16, 2002 (BUSINESS WIRE) -- Washington Mutual, Inc. (NYSE:WM) today announced an expansion to its share repurchase program following the company's record financial performance in the second quarter.

Under the expanded program, approved today by Washington Mutual's Board of Directors, the company is now authorized to repurchase up to 100 million shares of its common stock as conditions warrant. In today's action, the board authorized the company's repurchase of approximately 41 million additional shares of common stock. The company was already authorized to repurchase approximately 59 million shares that remained under the previous 167 million share repurchase program.

"We believe that share repurchase represents a very attractive and low-risk opportunity for capital deployment in the current cycle," said Kerry Killinger, the company's chairman, president and chief executive officer, noting that the company purchased 1 million shares of common stock during the second quarter at an average price of $37.20.

With a history dating back to 1889, Washington Mutual is a national financial services company that provides a diversified line of products and services to consumers and small- to mid-sized businesses. At June 30, 2002, Washington Mutual and its subsidiaries had assets of $261.28 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
                  Media, Alan Gulick, 206/377-3637
                  alan.gulick@wamu.net
                  or
                  Investor Contacts, JoAnn DeGrande, 206/461-3186
                  joann.degrande@wamu.net
                  or
                  Ruthanne King, 206/461-6421
                  ruthanne.king@wamu.net

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