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Washington Mutual Hires John Drastal as Managing Director of Trading for WaMu Capital Corp.

SEATTLE--(BUSINESS WIRE)--Nov. 18, 2002--WaMu Capital Corp., a fixed-income institutional broker-dealer and subsidiary of Washington Mutual, Inc. (NYSE:WM), has hired John Drastal as the managing director of trading.

Drastal will oversee all fixed income trading and risk management within the firm, and will act as primary contact within the dealer community.

"John will play a key role as WaMu Capital Corp. continues to build out its mortgage and securitization platform," said Tim Maimone, president, WaMu Capital Corp. "Over the next year we expect to strategically grow our sales and trading operations. We also plan to open a New York sales office to complement our current offices in Seattle and Los Angeles."

Drastal brings a wealth of Wall Street experience to the broker-dealer. Prior to joining WaMu Capital Corp., Drastal spent five years as managing director and principal for Donaldson, Lufkin and Jenrette, where he was responsible for all aspects of the mortgage and asset-backed security trading business, including position and risk management, personnel, distribution, research, finance, operations and new business development.

In his 14 years of experience in fixed-income trading and management, Drastal has also held senior positions at Goldman Sachs and Company, Lehman Brothers Inc. and Drexel, Burnham and Lambert. Drastal holds a master's degree in industrial administration (MBA) from Carnegie Melon University and earned a bachelor's degree in computer science from the University of Delaware.

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 September 30, 2002, Washington Mutual and its subsidiaries had assets of $261.10 billion. Washington Mutual currently operates more than 2,500 consumer banking, mortgage lending, commercial banking, consumer finance and financial services offices throughout the nation.

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CONTACT: Washington Mutual
P. Kevin Horn, 206/377-3268
kevin.horn@wamu.net