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WaMu Teams Up With eBay to Offer ``Bid Your Rate'' Certificate of Deposit Promotion; eBay's Technology to Power Bidding on WaMu's $1,000, Six-Month CDs

SEATTLE--(BUSINESS WIRE)--Jan. 15, 2004--Washington Mutual is teaming up with eBay to make available an unprecedented promotion -- offering certificates of deposit (CDs) via an online auction format. Called the Bid Your Rate promotion, shoppers can begin bidding online starting January 15 through the end of February. The limited offering of these CDs is accessible on a special auction website (www.wamucdauction.com) and is powered by eBay technology.

During the Bid Your Rate promotion, approximately 600 six-month CDs of $1,000 each will be made available for bidding during a six-week period, with approximately 100 CDs listed each week. Shoppers will be able to bid on the interest rate of their CDs -- with bidding starting at higher interest rates, and subsequent bids bringing down the interest rate until the auction listing closes. If the final bid meets an undisclosed reserve, the successful bidder is expected to get a competitive interest rate on his or her CD, according to WaMu.

"We approach our business, first and foremost, as a retailer of financial services," said Doug Marshall, senior vice president and manager of deposit strategy and product management at Washington Mutual. "As such, we are always looking at innovative ways to deliver financial products to our customers. Selling CDs on eBay is yet another extension of our retail approach to banking."

Clark Collins, senior vice president of consumer group marketing at Washington Mutual, added, "With the popularity of online auctions, we see the Bid Your Rate promotion as an opportunity to reach online consumers and generate greater interest in our financial products -- as well as to give consumers a fun and innovative way to shop for a competitive deal on a six-month CD."

"eBay is helping to bring a new avenue of business to companies like Washington Mutual, giving them even more unique ways to reach customers while tapping into the excitement and dynamic nature of the eBay marketplace," said Gary Dillabough, eBay's vice president of strategic partnerships. "We are dedicated to bringing value and unique offers to the eBay community, while providing customized solutions that help our marketing partners reach their goals."

As part of the agreement, the promotion will be highlighted with banners and links on the eBay site. eBay also provides a customized reverse-auction solution to power the bidding on the CD products. The term of each FDIC-insured CD is six months and is subject to the rules and regulations of Washington Mutual's CD products.

About eBay

eBay is The World's Online Marketplace(R). Founded in 1995, eBay created a powerful platform for the sale of goods and services by a passionate community of individuals and businesses. On any given day, there are millions of items across thousands of categories for sale on eBay. eBay enables trade on a local, national and international basis with customized sites in markets around the world. Through an array of services, such as its payment solution provider PayPal, eBay is enabling global e-commerce for an ever-growing online community.

About Washington Mutual

Washington Mutual takes a "un-bank-like" approach to financial services and is recognized both nationally and internationally for its signature brand of retail banking. Washington Mutual was named recently by U.S. Banker as the "Top Retail Banking Team" in its All-Star Banking Team ranking announced in November 2003. The company also earned top marks in two other 'all-star' rankings -- which meant it swept more categories than any other financial institution in the United States.

In addition, Washington Mutual was recognized as "Best Retail Bank - Americas" in the Lafferty International Retail Banking Awards announced recently. The company was noted for trailblazing an innovative brand of retail banking - one that is warm and inviting and takes its cues from top-notch retailers.

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 small businesses. At September 30, 2003, Washington Mutual and its subsidiaries had consolidated 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 www.wamu.com.

Note: video feed for this announcement will be available Thursday, Jan. 15, 2004. It will include B-roll showing online bidding, executive interviews, screen shots and more. Digital photos are also available via e-mail by calling 206-377-6201 or by e-mailing lisa.lucas@wamu.net.

Via Satellite: Thursday January 15, 2004
0500-0515 EST, 0800-0815, and 1300-1315 EST
C-Band / Telstar 6
Transponder 9
Downlink Freq. 3880 MHz (V)
Audio 6.2 & 6.8

CONTACT: WaMu
Mary Kelley, 206-377-6878
mary.kelley@wamu.net
or
eBay, Inc.
Jennifer Caukin, 408-376-7432
jcaukin@ebay.com

SOURCE: Washington Mutual