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Washington Mutual Selects Kadiri for Compensation Management; Kadiri TotalComp Saves Financial Services Company Significant Compensation Planning Time

SEATTLE--(BUSINESS WIRE)--March 12, 2001--Washington Mutual today announced the company has selected Kadiri Inc., a leading provider of human capital management applications, to implement its compensation management system.

Kadiri's TotalComp(TM) solution streamlines the company's salary planning and approval, variable pay and stock option rewards processes.

Washington Mutual, one of the nation's leading financial services companies, has used the Kadiri solution in planning for its executive staff and noted that Kadiri TotalComp trimmed a significant amount of time from its annual planning. The company expects to gain additional benefits from using the Kadiri solution on a companywide basis later this year.

"Kadiri TotalComp is a key element in our overall plan to better serve our employees so they can better serve our customers," explained Daryl David, executive vice president of human resources for Washington Mutual. "Kadiri TotalComp gives our managers desktop access to the tools they need to make performance-based rewards decisions faster and more accurately than ever before. We believe it's the best solution available for reinforcing employee performance and retention."

Having expanded its workforce through acquisition and internal growth from 4,000 employees to more than 35,000 over a four-year period, Washington Mutual sought a total direct compensation management solution to consolidate a multitude of disparate rewards systems. The company preferred Kadiri TotalComp because it enables managers to make equitable rewards decisions based on employee performance and market data guidelines, providing true pay for performance, and eliminating hours of time-consuming paperwork in the process.

Kadiri partner Towers Perrin is working with Washington Mutual to strategically realign a number of the company's human resource functions. As part of the transformation process, Washington Mutual is implementing a complete suite of manager decision support applications. Kadiri TotalComp is one of the first applications to be installed, and Washington Mutual is using it to plan and approve salary, variable pay and stock option rewards.

"Working with Towers Perrin and using Kadiri's Express Implementation service, we implemented Kadiri TotalComp in less than two months to support Washington Mutual's aggressive change management strategy," said Wade Harrison, vice president of professional services at Kadiri. "Kadiri TotalComp leverages ERP solutions by bringing together data and knowledge from different sources and delivering it onto the desktops of line managers so they can make better pay decisions faster. With Kadiri TotalComp, Washington Mutual is extending the value of its ERP investment, while gaining exponentially in control and flexibility over its previous paper-based systems."

According to Towers Perrin consultant Linda Martin, "Kadiri TotalComp is a unifying and integrating mechanism that is proving invaluable in reinforcing Washington Mutual's performance culture, and that value will only increase as the solution cascades from the executive level to the rest of the organization."

With a history dating back to 1889, Washington Mutual, Inc. (NYSE:WM) is a national financial services company that provides a diversified line of products and services to consumers and small- to mid-sized businesses. At December 31, 2000, Washington Mutual and its subsidiaries had assets of $194.72 billion. Washington Mutual currently operates more than 2,000 consumer banking, mortgage lending, commercial banking, consumer finance and financial services offices throughout the nation. Washington Mutual's news releases are available at www.wamu.com.

Kadiri Inc. is a leading provider of Human Capital Management solutions. The company's Kadiri TotalComp(TM) solution simplifies compensation management, including salary, variable pay and stock by integrating employee information, analytical tools, expert knowledge and situation-specific guidance. Kadiri TotalComp significantly shortens compensation planning cycles by enabling line managers to make informed decisions at the desktop. Highly functional and easy to configure, Kadiri TotalComp is revolutionizing the way companies manage total direct compensation. Customers include Bechtel, Excite@Home, HCA, Palm, Verizon, Dupont, Kaiser Permanente, Washington Mutual, and Wells Fargo. Kadiri is a privately held company headquartered in Burlingame, Calif., and can be contacted at 877/642-2299 or www.kadiri.com.

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
Libby Hutchinson, 206/461-2484
libby.hutchinson@wamu.net
or
k21communications
Kathleen Flaherty, 415/440-2121
kflaherty@k21.com
or
Kadiri Inc.
Rick Simon, 650/340-4030
rick.simon@kadiri.com