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Sale of Ahmanson Ranch Completed

SEATTLE--(BUSINESS WIRE)--Nov. 7, 2003--Washington Mutual, Inc. (NYSE:WM) and the Mountains Recreation Conservation Authority (MRCA) today announced that the sale of Ahmanson Ranch to the MRCA has been completed, transforming the approximately 2,900-acre property on the Southeast edge of Ventura County into public parkland.

In a statement, Washington Mutual said, "We are pleased that this sale allows the state of California and the MRCA to preserve this land in perpetuity as parkland for the people of California while simultaneously providing a satisfactory financial outcome for Washington Mutual."

Mountains Recreation & Conservation Authority Chair Michael Berger added, "We're delighted to have come to a mutually beneficial agreement with Washington Mutual on the purchase of the Ahmanson Ranch. The bank and its predecessors have been excellent stewards of the land for many years."

As part of the transaction, the MRCA transferred title of the Ahmanson Ranch property to the Santa Monica Mountains Conservancy. The transfer of the Ahmanson Ranch property to public open space brings the total amount of parkland that Washington Mutual and its predecessor have donated or caused to be purchased and placed into public ownership to be nearly 13,000 acres.

The transaction is not expected to have a material impact on Washington Mutual's 2003 financial results.

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 $286.72 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
             Tim McGarry, 213-217-4003
             Adrian Rodriguez, 206-377-3268
             Dash Stolarz, 888-562-1116 (pager)

    SOURCE: Washington Mutual, Inc.