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Washington Mutual Adopts New Share Repurchase Program

SEATTLE--(BUSINESS WIRE)--July 15, 2003--Washington Mutual, Inc. (NYSE:WM) today announced the adoption of a new share repurchase program following the company's record financial performance in the second quarter.

Under the new program, approved by Washington Mutual's Board of Directors, the company is now authorized to repurchase up to 100 million shares of common stock, as conditions warrant. Effective July 15, 2003, this program replaces the company's previous share repurchase program.

"We believe that opportunistic share repurchases represent an attractive and low-risk strategy for capital deployment," said Kerry Killinger, the company's chairman, president and chief executive officer, noting that the company purchased 15.3 million shares of common stock during the second quarter at an average price of $40.52.

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 June 30, 2003, Washington Mutual and its subsidiaries had assets of $283.20 billion. Washington Mutual currently operates more than 2,650 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, Inc. Alan Gulick, 206-377-3637 (Media)
             JoAnn DeGrande, 206-461-3186 (Investors)
             Ruthanne King, 206-461-6421 (Investors)

    SOURCE: Washington Mutual, Inc.