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Washington Mutual Names Susan Jackson to Lead Efforts to Increase Homeownership in Underserved Markets

SEATTLE--(BUSINESS WIRE)--May 8, 2003--Washington Mutual (NYSE:WM), a retailer of consumer financial services, today announced that it has named Susan Jackson as senior vice president of Emerging Markets for the company's Home Loans and Insurance Services Group.

She will be responsible for leading the group's business development, financial literacy programs, marketing and growth in emerging, underserved markets throughout the United States. In addition, Jackson will help drive initiatives supporting the company's 10-year, $375 billion community lending and investment commitment.

"Susan's broad experience in the mortgage industry and working with government agencies, non-profits and business partners will help us better serve these rapidly growing underserved communities as we increase our outreach to Emerging Markets," said Craig Davis, president of the Home Loans Group at Washington Mutual. "She shares Washington Mutual's belief that every individual should have the opportunity to own a home and that it's our business to deliver the products and services that best meet their needs. This includes financial literacy programs that focus on how to become qualified to purchase a home -- if they're not ready today, we'll help them prepare for tomorrow."

Washington Mutual works with emerging markets to help families and business owners of the nation's underserved communities build wealth and achieve their financial dreams. Efforts include developing and enhancing programs to meet the lending, financial literacy and other financial services needs of underserved populations, including consumers and small business owners of diverse ethnic and racial backgrounds, and/or those of low- to moderate-income; immigrants; senior citizens; women business owners; and the gay and lesbian community. Jackson will play a critical role in the company's emerging markets efforts, leading the home lending growth strategies and programs.

With more than 20 years of experience in the mortgage business, Jackson comes to Washington Mutual from North American Mortgage Company (acquired by Washington Mutual in Jan. 2002) where she was vice president and community lending manager. Throughout her career, Jackson has been involved in key developments in the mortgage industry such as the evolution of down payment assistance programs and other initiatives aimed at making home loans affordable. She has extensive experience in sales force training, marketing collateral development, product development and innovation and in new market business development. Jackson holds a Bachelor of Arts degree from the University of Wisconsin.

About Washington Mutual

With a history dating back to 1889, Washington Mutual is a retailer of consumer financial services that provides a diversified line of products and services to consumers and small- to mid-sized businesses. At March 31, 2003, Washington Mutual and its subsidiaries had consolidated assets of $276.97 billion. Washington Mutual currently operates more than 2,500 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.

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    CONTACT: Washington Mutual
             Olivia Riley, 206/377-3636
             olivia.riley@wamu.net

    SOURCE: Washington Mutual