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Washington Mutual and Johnson Development Corporation Bring the ``Magic'' of Home Ownership to Greater D.C.
    LARGO, Md.--(BUSINESS WIRE)--Nov. 19, 2003--

        Earvin "Magic" Johnson in Largo, MD Today for Home Loan
                         Center Grand Opening

Earvin "Magic" Johnson, chairman and CEO of Johnson Development Corporation (JDC), is teaming up with Washington Mutual (NYSE:WM) to celebrate the grand opening of new Washington Mutual home loan centers in the Metro Washington, D.C. area.

JDC and Washington Mutual, through a groundbreaking commitment to urban America, have opened home loan centers together in New York City, Los Angeles and Atlanta to help people in these communities build wealth, achieve their financial goals and realize the dream of home ownership.

As part of a special grand opening announcement today at 11 a.m. EST, Johnson, Ken Lombard, president of JDC, and Tony Meola, Washington Mutual's Executive Vice President for home lending sales and distribution, will appear at the Largo Home Loan Center, 10562 Campus Way South, to discuss the unique new commitment and the company's involvement. The day-long event will include the grand opening announcement, a ribbon-cutting ceremony, and a community open house.

This special event marks the grand opening of three Washington Mutual and JDC Home Loan centers in the Greater Washington, D.C. area. The other two are located at 1427 "P" Street, NW and 228 7th Street, SE. Similar openings will follow in Chicago and Los Angeles in the coming months. A total of 15 home loan centers are planned for the first year of the partnership.

"We are excited to be part of the Washington, D.C., and Maryland communities and to bring our mutual passion for educating people about how they can get a mortgage for a new home," Johnson said. "This partnership could not be successful without Washington Mutual's commitment to put Home Loan Centers in the communities that need them most. They understand that the way to make the dream come true is to be in the underserved neighborhoods, to give people access and guide them through the process of buying a home."

Lombard said the joint effort is also about building communities. "This is one of three JDC/Washington Mutual home loan centers located in the Metro Washington, D.C. area and we are proud to have opened them in such diverse communities as Prince Georges County and in Washington, D.C. on 7th & Pennsylvania and 14th & P streets." He added: "Economic growth is the key to solving many problems faced by minority community residents, and by joining forces with Washington Mutual, we hope to help rebuild urban communities, stimulate local economies, and bring much needed services to residents."

"Washington Mutual and JDC share a commitment to address the financial needs of consumers and small-business owners of diverse ethnic backgrounds, as well as those in the low- to moderate-income population," said Meola. "Together, I know that we will develop long-term relationships that will bring new opportunity and positive change to our communities."

For more than 100 years, Washington Mutual has helped stabilize neighborhoods to make them better places to live, work and raise families. This commitment to urban America includes affordable lending programs and products that increase accessibility, while furthering the company's expansion into urban areas with new home loan centers. The home loans center staff will:

    --  Be hired from the local community;

    --  Work with non-profits and government agencies to develop
        programs to benefit local residents;

    --  Develop curricula and teach homebuyer and financial literacy
        in the community;

    --  Offer a tailored set of products to local residents to
        increase home ownership opportunities; and

    --  Be supported by co-branded marketing materials and joint
        advertising campaigns developed to increase awareness of home
        ownership opportunities and foster trust and understanding in
        local communities.

The new home loan centers aim to put potential homeowners at ease with a diverse and friendly staff. Loan consultants will offer highly personalized service by explaining the flexible and affordable options available to clients while guiding them through the process of buying a home.

About Johnson Development Corp.

JDC, a company formed in 1994 by Johnson, is comprised of five separate companies, each functioning independently to serve as a business stimulus, foster local economic growth and create financial empowerment in long neglected minority urban and suburban neighborhoods. JDC develops entertainment complexes, restaurants and retail centers. The development projects provide jobs and employ local minority contractors in the communities in which they operate.

About Washington Mutual

With a history dating back to 1889, Washington Mutual is a retailer of financial services that provides a diversified line of products and services to consumers and commercial clients. At Sept. 30, 2003, Washington Mutual and its subsidiaries had assets of $286.63 billion. Washington Mutual currently operates more than 2,700 consumer banking, mortgage lending, commercial banking, consumer finance and financial services offices throughout the nation. Washington Mutual's press releases are available at

    CONTACT: Washington Mutual
             Nova Hunn Barnett, 404-314-9500
             Tara Williams, 973-280-1976
             Flowers Communications Group
             Ronald Childs, 312-986-1260
             Audarshia Townsend, 312-986-1268

    SOURCE: Washington Mutual