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Washington Mutual Foundation Announces $1.6 Million in Combined Support for National NeighborWorks Week 2002 & Neighborhood Reinvestment Training Institutes
SAN FRANCISCO, Dec 12, 2001 (BUSINESS WIRE) --

2002 National NeighborWorks Week(R) Key Cities Also Announced

The Washington Mutual Foundation today announced $1.6 million in combined support for National NeighborWorks(R) Week 2002 and scholarship support for participants attending Neighborhood Reinvestment Training Institutes, two affordable housing initiatives spearheaded by the Neighborhood Reinvestment Corporation.

"Supporting affordable housing efforts is a corporate priority for Washington Mutual," said Antonio Manning, community relations vice president for Washington Mutual who announced the funding at the Training Institute in San Francisco today, along with Ellen Lazar, executive director of the Neighborhood Reinvestment Corporation. "We understand the importance of having a safe and affordable place to call home."

"Washington Mutual has shown great foresight in establishing an educational endowment for people who are dedicated to creating positive community change," said Lazar. "And through the financial support and the hands-on efforts of hundreds of Washington Mutual employees who roll up their sleeves for National NeighborWorks(R) Week, this partnership is making a real difference in communities across America."

National NeighborWorks(R) Week, an annual campaign to restore homes and revitalize neighborhoods, will take place June 1 - 8, 2002, with activities in hundreds of communities across the nation including major events in 12 cities:

     Seattle      Inglewood, CA  Houston   East Orange, NJ
     Oakland, CA  Los Angeles    Boston    Atlanta
     Sacramento   Chicago        New York  West Palm Beach, FL
Last year, with Washington Mutual's financial and employee volunteer support as the first ever national sponsor of National NeighborWorks(R) Week, an estimated 22,000 families were assisted and 3,500 homes were improved, making it the most widespread housing and community revitalization campaign in the event's 18-year history.

In addition to sponsoring National NeighborWorks(R) Week, Washington Mutual is the first corporation to endow a scholarship program for the Neighborhood Reinvestment Corporation's Training Institutes, the premier training program for community development and affordable housing practitioners. The scholarship endowment provides opportunities for staff of community-based organizations, who might not otherwise be able to attend. The Washington Mutual scholarship recipients attending the San Francisco Training Institute are:

       Richard Fernandez, Chicanas Por La Causa, Phoenix
       Arturo Portillo, Chicanas Por La Causa, Phoenix
       Linda Leung, Chinatown Community Development Corporation, San
         Francisco
       Monica Mejia, Chinatown Community Development Corporation, San
         Francisco
       Larry Taylor, Oakland Community Development Corporation Ninoska
       Hernandez, Los Angeles Neighborhood Housing Services April
       Nopar, Los Angeles Neighborhood Housing Services Roy Watson,
       Los Angeles Neighborhood Housing Services Sandra Speed, West
       Angeles Community Development Corporation, Los
         Angeles
Following San Francisco, the next Training Institute will be offered February 18 - 22, 2002 in Atlanta. For more information, including scholarship opportunities, call the Training Institute at 800/438-5547 or go to www.nw.org/training.

The grants for National NeighborWorks(R) Week and Training Institute scholarships bring Washington Mutual's total cash investment in the Neighborhood Reinvestment Corporation to nearly $3 million since last year and is part of the company's annual multi-million dollar commitment to affordable housing.

       About Neighborhood Reinvestment Corporation
Neighborhood Reinvestment Corporation, a national nonprofit, was created in 1978 by an act of Congress to revitalize America's older, distressed communities by establishing and supporting a national network of local nonprofit organizations collectively known as the NeighborWorks network.

These community-based organizations are known locally by many different names, most typically Neighborhood Housing Services (NHS) or Mutual Housing Association (MHA). Last year alone, the 235 member organizations generated nearly $1.5 billion in direct community reinvestment.

Further information on the Neighborhood Reinvestment Corporation and its affiliated NeighborWorks network is available at www.nw.org.

       Washington Mutual's Ongoing Commitment to Communities,
       Affordable Housing
This year, Washington Mutual has committed $50 million to communities across the country including grants, sponsorships, in-kind support and other assistance. Nearly half of the company's charitable giving is dedicated to supporting affordable housing initiatives.

Additionally, in September 2001, Washington Mutual announced the largest-ever community lending commitment of $375 billion - more than tripling its original $120 billion lending commitment made in 1998 - which will benefit low- to moderate-income communities across the country over the next ten years.

Washington Mutual complements its financial support with hands on involvement in the community through its employee volunteer program called CAN! Committed Active Neighbors. Last year, 15,000 Washington Mutual employees volunteered more than 175,000 hours in their local communities helping with more than 2,000 projects.

       About Washington Mutual
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 Sept. 30, 2001, Washington Mutual and its subsidiaries had consolidated assets of $223.64 billion. Washington Mutual currently operates approximately 2,300 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
                  Laura Jones, 206/377-2153
                  cellular 253/988-3697
                  OR
                  Neighborhood Reinvestment Corporation
                  Debra Daniels, 202/220-2354
                  John Leonard, 202/220-2356

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