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Washington Mutual Announces Plans To Sell Trust Preferred Income Equity Redeemable Securities

SEATTLE--(BUSINESS WIRE)--April 20, 2001--Washington Mutual, Inc. (NYSE:WM) today announced that it proposes to sell up to $1 billion of Trust Preferred Income Equity Redeemable securities to qualified institutional buyers pursuant to Rule 144A.

The securities are a unit consisting of a trust preferred security and a warrant to purchase Washington Mutual common stock. The proceeds of the offering will be used for general corporate purposes.

The securities offered will not be and have not been registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act of 1933.

Editor's Note: Washington Mutual's news releases are available at no charge through the company's News On Demand Plus System. For a menu of Washington Mutual news releases or to retrieve a specific release, call 1-800-329-6236. On the Internet, news releases may be accessed at http://www.businesswire.com/cnn/wm.shtml.

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CONTACT: Washington Mutual
Media --
Libby Hutchinson, 800/228-9268 or 206/461-2484
libby.hutchinson@wamu.net
or
Investors --
JoAnn DeGrande, 206/461-3186
joann.degrande@wamu.net
or
Ruthanne King, 206/461-6421
ruthanne.king@wamu.net