Seattle, WA - Washington Mutual today announced its plan for expanding and strengthening support of the company’s community-related activity. The company has launched a dedicated team with its Community and External Affairs Division that unifies the efforts of several groups previously dispersed throughout the company, including Community Lending and Investment, Community Development Resources, Community Performance Resources, Government Relations and Corporate and Employee Giving.

This new group, led by division executive Benson Porter, will coordinate Washington Mutual’s community activities across all regions and business lines, resulting in more effective and efficient community relationships. The company views its commitment to communities as a key element of both its core business strategy and corporate values, and expects this alignment of activities to generate significant positive benefits.

“The goal to positively impact communities in those areas where we have a business presence is integral to our long term business strategy,” says Kerry Killinger, Washington Mutual’s chairman, president and CEO. “Strong communities are good for our employees, our customers and our company. The Community and External Affairs Division will help us to focus our efforts to deliver resources where they are most needed in local neighborhoods.”

Meeting the housing needs of underserved communities
Central to Washington Mutual’s community commitment is the company’s 10-year, $375 billion lending and investment pledge to increase the availability of affordable housing and lending programs to communities that have been traditionally under-served, including low- to moderate-income borrowers, individuals in LMI census tracts and communities comprised predominantly of people with diverse ethnic and racial backgrounds. These programs are managed by the Community Lending and Investment and Community Development Resources teams – supporting single-family and multi-family lending, and investments in development projects that provide affordable housing solutions.

These teams work with a wide variety of non-profit organizations to help make affordable housing more available. The teams also lead projects to support the company’s commitment to provide greater access to homeownership with flexible products, convenient locations and homeowner education. Additionally, Washington Mutual makes a significant number of housing grants each year that help make owning a home a reality for more people and supports a number of housing related volunteer projects.

Making education a priority
Washington Mutual believes that strong schools are central to vibrant, strong communities, and that great learning starts with great teachers. The company actively supports a variety of education-related projects from enhancing teacher skills with ongoing professional development opportunities, to encouraging employees to volunteer in the classroom.

Washington Mutual’s education support is multi-faceted and in 2002 included grants to more than 3,500 schools – half of which were designated for programs that support teacher development and recruitment. These education grants and programs are managed by the Corporate and Employee Giving team, who also oversee the company’s employee volunteerism and overall corporate philanthropy efforts. Washington Mutual continually reinvests a percentage of its pre-tax earnings back into the community through grants and other support managed by this team.

WaMu employees are key
In 2002, more than 19,000 Washington Mutual employees donated more than 200,000 hours of their time to non-profit organizations benefiting the communities in which they live and work. It’s part of the company’s commitment to do more than just provide funds, but to also provide the hands-on approach that helps our neighborhoods remain strong.

Other teams that play an important role in the Community and External Affairs group are the Government Relations team, who manage the company’s public policy and legislative activities, and the Community Performance Resources team, responsible for managing and analyzing Washington Mutual’s community-related activity.

Experienced leadership
Benson Porter, SVP and division executive for Community and External Affairs, brings more than 15 years of community and government affairs experience to the team. Prior to this role, he served as head of Washington Mutual Corporate Affairs, with oversight for both Government Relations and Corporate Public Relations. Porter joined Washington Mutual in 1996 as vice president of government relations, serving in Washington D.C. He was named first vice president in 1998. Earlier, he was vice president-government relations for Key Bank and staff director of the banking committee for the Washington State Senate.

Together, the experienced leaders in the Community and External Affairs division bring a wealth of experience and focus to a high-priority area for Washington Mutual. Through its community activities, the company continues its long tradition of being a valuable contributor to and supporter of the communities in which it does business, and where its employees make their homes.

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 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.

Washington Mutual, Inc.

Washington Mutual, Inc.

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