-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, J/GOSOQK+fmxmsa2wRWHIY+Gg4hCaP7s8LEOzRaENJZPbP2UQ7B6qwKND6tQKMBD ASZlXR1rCiKhbG37uwYIfQ== 0000950133-97-000721.txt : 19970307 0000950133-97-000721.hdr.sgml : 19970307 ACCESSION NUMBER: 0000950133-97-000721 CONFORMED SUBMISSION TYPE: DEFA14A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 19970306 SROS: NYSE SROS: PSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: GREAT WESTERN FINANCIAL CORP CENTRAL INDEX KEY: 0000043512 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 951913457 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DEFA14A SEC ACT: 1934 Act SEC FILE NUMBER: 001-04075 FILM NUMBER: 97551942 BUSINESS ADDRESS: STREET 1: 9200 OAKDALE AVENUE CITY: CHATSWORTH STATE: CA ZIP: 91311 BUSINESS PHONE: 8187753411 MAIL ADDRESS: STREET 1: 9200 OAKDALE AVENUE CITY: CHATSWORTH STATE: CA ZIP: 91311 DEFA14A 1 DEFA14A 1 SCHEDULE 14A INFORMATION REVOCATION STATEMENT PURSUANT TO SECTION 14(a) OF THE SECURITIES EXCHANGE ACT OF 1934 Filed by the Registrant [x] Filed by a Party other than the Registrant [ ] Check the appropriate box: [ ] Preliminary Proxy Statement (Revocation of Consent Statement) [ ] Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) [ ] Definitive Proxy Statement (Revocation of Consent Statement) [ ] Definitive Additional Materials [x] Soliciting Material Pursuant to Rule 14a-11(c) or Rule 14a-12 GREAT WESTERN FINANCIAL CORPORATION --------------------------------------------------- (Name of Registrant as Specified in Its Charter) --------------------------------------------------- (Name of Person(s) Filing Proxy Statement if other than the Registrant) Payment of Filing Fee (Check the appropriate box): [x] No fee required. [ ] Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11. (1) Title of each class of securities to which transaction applies: (2) Aggregate number of securities to which transaction applies: (3) Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined): ----- (4) Proposed maximum aggregate value of transaction: --------------- (5) Total fee paid: - ---- [ ] Fee paid previously with preliminary materials. [ ] Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing. (1) Amount previously paid: -------------------------------------------- (2) Form, schedule or registration statement no.: ---------------------- (3) Filing party: ------------------------------------------------------ (4) Date filed: -------------------------------------------------------- 2 - --------------------------------------------------------------------------- WASHINGTON MUTUAL, INC. [LOGO] MERGER WITH [LOGO] GREAT WESTERN FINANCIAL CORPORATION HIGH GROWTH CONSUMER BANKING MARCH 6, 1997 - ------------------------------------------------------------------------------ 3 FORWARD-LOOKING INFORMATION - ------------------------------------------------------------------------------- This presentation contains estimates of future operating results for 1997, 1998 and 1999 for both Washington Mutual, Inc. and Great Western Financial Corporation on a stand-alone and pro forma combined basis, as well as estimates of financial condition, operating efficiencies and revenue creation on a combined basis. These estimates constitute forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995), which involve significant risks and uncertainties. Actual results may differ materially from the results discussed in these forward-looking statements. Factors that might cause such a difference include, but are not limited to, those discussed in WAMU's Current Report on Form 8-K dated March 6, 1997, as filed with the Securities and Exchange Commission, to which report reference is hereby made. - ------------------------------------------------------------------------------- [LOGO] WASHINGTON MUTUAL GREAT WESTERN [LOGO] 4 TRANSACTION SUMMARY - ------------------------------------------------------------------------------- Fixed Exchange Ratio: 0.90x Implied Value Per GWF Shares:(a) $47.93 Caps/Collars: None Consideration: 100% common stock Accounting/Tax Treatment: Pooling of interests/Tax-free exchange Assumed Closing: 3rd Quarter 1997 Board Composition: Four GWF Directors to join WAMU Board Termination Fee: $175 million (a) Based on WAMU closing stock price of $53.25 on 3/5/97 - ------------------------------------------------------------------------------- [LOGO] WASHINGTON MUTUAL [LOGO] GREAT WESTERN 5 BENEFITS OF THE TRANSACTION - --------------------------- PREMIER CONSUMER BANKING FRANCHISE - - Strong, geographically diversified powerhouse - - National mortgage and consumer finance franchise CREATES SHAREHOLDER VALUE - - EPS accretion of 5% in 1998 and 11% in 1999 - - Cost Savings of $340 million in 1999 - - Accelerates earnings growth LOW RISK EXECUTION - - Strong management team with proven track record - - Complementary operating systems - ------------------------------------------------------------------------------- [LOGO] WASHINGTON MUTUAL GREAT WESTERN [LOGO] 6 COMBINATION CREATES STRENGTH AND SCALE - -------------------------------------- ($ in billions)
At 12/31/96 ------------------------- WAMU GWF Pro Forma ----- ------ --------- Assets $44.6 $42.9 $87.4 Deposits $24.1 $28.6 $52.7 Market Capitalization(a) $ 6.3 $6.2 $13.1 Banking and Lending Offices 557 571 1,028 Consumer Finance Offices -- 502 502 Households (mm) 1.4 2.7 4.1 Checking Accounts (mm) 0.9 1.6 2.5 Mutual Funds Under Management $ 1.4 $3.6 $ 5.0 Single Family Mortgage Originations $10.0 $6.1 $16.1
(a) Based on closing stock prices as of 3/5/97. Pro forma includes the exercise of GWF options. - ------------------------------------------------------------------------------- [LOGO] WASHINGTON MUTUAL GREAT WESTERN [LOGO] 7 LEADING WEST COAST CONSUMER FRANCHISE - ------------------------------------------------------------------------------- ($ in billions)
TOTAL TOTAL MARKET ASSETS DEPOSITS CAPITALIZATION(a) ------- -------- ----------------- 1 BankAmerica Corporation $250.8 $168.0 $41.9 2 Wells Fargo & Co. 108.9 81.8 28.3 - --------------------------------------------------------------------------------------- WAMU/GWF 87.5 52.7 13.1 - --------------------------------------------------------------------------------------- 3 Ahmanson & Company (H.F.) 49.9 34.8 4.6 4 Washington Mutual 44.6 24.1 6.3 5 Great Western 42.9 28.6 6.2 6 Golden West Financial 37.7 22.1 4.0 7 U.S. Bancorp 33.3 25.0 7.5 8 UnionBanCal Corp. 29.2 21.5 3.1
(a) Prices as of 3/5/97. Assets and deposits as of 12/31/96 - ------------------------------------------------------------------------------- [LOGO] WASHINGTON MUTUAL GREAT WESTERN [LOGO] 8 INDUSTRY LEADERSHIP - ------------------------------------------------------------------------------- [] #2 mortgage originator in California [] #3 bank in California in deposits and assets [] #6 mortgage originator in the United States [] #7 mortgage servicer in the United States [] #12 bank in the United States based on assets - ------------------------------------------------------------------------------- [LOGO] WASHINGTON MUTUAL [LOGO] GREAT WESTERN 9 STRONG WEST COAST AND FLORIDA FRANCHISES - ---------------------------------------- [Map of Western U.S. & Florida]
Deposits State ($B)(a) Share Rank Locations - ----- -------- ----- ---- --------- California $35 9% 3 562 Washington 8 15% 2 189 Oregon 3 10% 3 135 Florida 7 4% 5 140 Other States 1 NA NA 20
(a) June 30, 1996 deposit data updated for announced acquisitions through February 26, 1997. - -------------------------------------------------------- [Washington Mutual Logo] [Great Western Logo] 10 STRONG DEPOSIT SHARE IN ATTRACTIVE MARKETS (a) - ----------------------------------------------
California BAC 21% WFC 15% WAMU/GWF 9% AHM 8% UNBC 5% Washington BAC 23% WAMU/GWF 15% USBC 14% KEY 11% WFC 6%
(a) June 30, 1996 deposit data updated for announced acquisitions through February 26, 1997. - -------------------------------------------------------- [Washington Mutual Logo] [Great Western Logo] 11 STRONG DEPOSIT SHARE IN ATTRACTIVE MARKETS(a) - ----------------------------------------------------------------------------- Oregon USBC 33% WFC 18% WAMU/GWF 10% BAC 9% KEY 9% Florida BBI 19% FTU 17% NB 12% STI 10% WAMU/GWF 4% (a) June 30, 1996 deposit data updated for announced acquisitions through February 26, 1997 - ------------------------------------------------------------------------------- [WASHINGTON MUTUAL LOGO] [GREAT WESTERN LOGO] 12 NATIONAL CONSUMER ORIGINATION FRANCHISE [MAP OF UNITED STATES]
Mortgage Consumer Loan Finance State Offices Locations GREAT WESTERN: ----- -------- --------- -------------- California 107 28 [] Retail Mortgage Washington 30 -- * Wholesale Mortgage Oregon 13 -- [ ] ARISTAR Florida 20 35 Other States 123 439 WASHINGTON MUTUAL: --- --- o Mortgage Loan Offices Total 293 502 === ===
[WASHINGTON MUTUAL LOGO] [GREAT WESTERN LOGO] 13 SINGLE FAMILY MORTGAGE LENDING LEADERSHIP - -------------------------------------------------------------------------------
BAC WAMU/GWF GDW NOB AHM ------ -------- ---- ---- --- California(a) 9% 5% 3% 3% 3% 2% -- 7% WAMU/GWF NOB BAC CCR Cont'l -------- ---- --- --- ------ Washington(a) 15% 6% 3% 2% 2% 2% --- 17%
(a) October 1996 data - ------------------------------------------------------------------------------- [LOGO] WASHINGTON MUTUAL GREAT WESTERN [LOGO] 14 SINGLE FAMILY MORTGAGE LENDING LEADERSHIP - -------------------------------------------------------------------------------- OREGON(a) WEST COAST ORIGINATIONS ($B)(b) WAMU/GWF 10% WAMU/GWF $ 9 1% $ 3 11% $12 NOB 6% BAC $11 BAC 5% NOB $5 MEL 2% GDW $4 Premier Mortgage 2% AHM $3 (a) OCTOBER 1996 DATA (b) SOURCE: CALIFORNIA TRW READITRACK - -------------------------------------------------------------------------------- [LOGO] WASHINGTON MUTUAL GREAT WESTERN [LOGO] 15 STRONG BUSINESS LINE FIT
- -------------------------------------------------------------------------------------------------------- [] CONSUMER LOAN PRODUCTS [] BUSINESS BANKING PRODUCTS . Home Equity [LOGO] W . Small Business Lending [LOGO] GW . Consumer Finance [LOGO] GW . Business Checking [LOGO] GW . Manufactured Housing [LOGO] W . Community Banking [LOGO] W [LOGO] GW . Auto/Other [LOGO] W [] RETAIL BANKING PRODUCTS [] NON-BANKING SERVICES . Transaction Accounts [LOGO] W [LOGO] GW . Mutual Funds [LOGO] W [LOGO] GW . Certificates/Savings [LOGO] W [LOGO] GW . Annuities [LOGO] W [LOGO] GW . Securities Brokerage [LOGO] W [LOGO] GW [] MORTGAGE LENDING . Credit Insurance [LOGO] W [LOGO] GW . Single Family [LOGO] W [LOGO] GW . Residential Construction [LOGO] W . Multi-Family [LOGO] W - --------------------------------------------------------------------------------------------------------
[LOGO] WASHINGTON MUTUAL [LOGO] GREAT WESTERN 16 - ------------------------------------------------------------------------------- FINANCIAL OVERVIEW - ------------------------------------------------------------------------------- [LOGO] WASHINGTON MUTUAL [LOGO] GREAT WESTERN 17 FINANCIAL OVERVIEW - ------------------------------------------------------------------------------- [] Returns meet or exceed WAMU's requirements: - Accretive in 1998, double digit accretion in 1999 - Maintains solid capital levels and capital flexibility - Strong NPA, loss reserve ratios - Accelerates achievement of WAMU's 5-year plan - ------------------------------------------------------------------------------- [LOGO] WASHINGTON MUTUAL [LOGO] GREAT WESTERN 18 ATTRACTIVE EPS ACCRETION(a) - ------------------------------------------------------------------------------- ($ in millions, except per share data)
1997P 1998P 1999P ----- ----- ----- WAMU Estimated Net Income(b) $471 $556 $623 GWF Estimated Net Income(b) 397 434 470 ---- ---- ------ Total Estimated Net Income $868 $990 $1,093 Net Interest Income Pickup 0 68 98 Fee Income Increases 0 36 53 Cost Savings 9 125 204 ---- ---- ------ Pro Forma Net Income $877 $1,218 $1,448 Stand Alone EPS $3.84 $4.58 $5.13 PRO FORMA EPS(c) $4.81 $5.71 % Accretion/(Dilution) to First Call 5.1% 11.2% % EPS Growth 38% 19%
(a) Excludes anticipated transaction-related charge. (b) Fist Call estimates for 1997 and 1998. 1999 estimates based on earnings growth rates of 12% and 10.5% for WAMU and GWF, respectively. (c) Based on 252.1 million pro forma shares outstanding in 1997, 253.1 million in 1998, and 253.8 million in 1999. - ------------------------------------------------------------------------------ [WASHINGTON MUTUAL LOGO] [GREAT WESTERN LOGO] 19 STRONG OPERATING FUNDAMENTALS - -------------------------------------------------------------------------------- ($ in millions)
1997 1998 1999 ---- ---- ---- Earnings $877 $1,218 $1,448 Cash Flow 936 1,277 1,507 ROAA 0.96% 1.20% 1.35% ROACE 17.4% 22.1% 22.4% Net Interest Margin 2.90% 2.98% 3.06% Non-Interest Income/Assets 0.73% 0.74% 0.78%
- ------------------------------------------------------------------------------- [LOGO] WASHINGTON MUTUAL GREAT WESTERN [LOGO] 20 ATTRACTIVE PORTFOLIO AND GROWTH OPPORTUNITIES - ---------------------------------------------------------------------------
($ in millions) 1998 1999 ---- ---- Planned Loan Origination/Retention: Residential Single Family $3,600 $4,700 Consumer and Other 750 1,000 ------ ------ $4,350 $5,700 ====== ====== Net Interest Income Pickup: Investment of excess capital at 8.00% 11 29 Residential Single Family at risk adjusted spread of 2.00% 72 94 Consumer and Other at risk adjusted spread of 4.00% 30 40 ------ ------ Total Pre-tax $113 $163 Total After-tax $68 $98 ====== ======
- ------------------------------------------------------------------------------- [LOGO] WASHINGTON MUTUAL GREAT WESTERN [LOGO] 21 ATTRACTIVE PORTFOLIO AND GROWTH OPPORTUNITIES - ------------------------------------------------------------------------------
($ in millions) 1998 1999 ---------- ---------- Average Excess Capital: Capital from discontinuing GWF's stock repurchase program $ 80 $ 213 Capital impact from increasing earnings 56 146 ------ ------ Total 136 359 Potential Average Asset Growth (5% Leverage Ratio): Excess Common Equity Capital 2,726 7,185 Additional $125 mm of trust preferred stock 2,500 2,500 ------ ------ Total $5,226 $9,685
- ------------------------------------------------------------------------------- [WASHINGTON MUTUAL LOGO] [GREAT WESTERN LOGO] 22 FEE INCOME - -------------------------------------------------------------------------------- ($ in millions)
1998 1999 ---- ---- Retail Banking Fees: Revised overdraft policies and pricing to WAMU product $31 $39 Implementation of WAMU free checking 12 26 Improved sales/fees in financial services subsidiaries 13 16 Enhanced fees from expanded loan production 4 7 ---- ---- Total Pre-tax $60 $88 Total After-tax $36 $53
- -------------------------------------------------------------------------------- [LOGO] WASHINGTON MUTUAL GREAT WESTERN [LOGO] 23 SUBSTANTIAL CONSOLIDATION ECONOMIES - -------------------------------------------------------------------------------- ($ in millions)
1997 1998 1999 -------------------- -------------------- ------------------- % OF GWF % OF GWF % OF GWF AMOUNT OP. EXP(a) AMOUNT OP. EXP(a) AMOUNT OP. EXP(a) ------ ---------- ------ --------- ------ ---------- Administration/Finance $8 6% $52 41% $65 51% Lending -- -- 15 11 69 49 Corporate Operations -- -- 56 25 96 43 Retail Banking 7 2 77 21 99 27 Subsidiaries -- -- 8 5 11 7 --- -- ---- -- ---- -- Total Pretax Cost Savings $15 2% $208 23% $340 38%
(a) Based on budgeted 1997 expenses - -------------------------------------------------------------------------------- [LOGO] WASHINGTON MUTUAL GREAT WESTERN [LOGO] 24 STRONG CAPITAL RATIOS - -------------------------------------------------------------------------------- ($ in millions; except per share data)
At December 31, 1996 ------------------------------------------- WAMU GWF ADJUSTMENTS PRO FORMA ---- ------ ----------- --------- Trust Preferred $0.0 $400.0(a) $0.0 $400.0 Preferred Equity 118.1 165.0 0.0 283.1 Common Equity 2,279.8 2,430.2 (222.3)(b) 4,487.7 -------- -------- ------- -------- Total Equity $2,397.9 $2,595.2 $(222.3) $4,770.8 ======== ======== ======= ======== Book Value Per Share $19.30 $17.63 -- $18.22 Tangible Book Value Per Share 18.17 15.56 -- 16.52 Total Equity/Assets 5.38% 6.05% -- 5.44% Tangible Equity/Assets 5.10 5.42 -- 4.99 Tangible Common Equity/Assets 4.84 5.03 -- 4.67
(a) Includes $300 million issued in January 1997 (b) Assumes full exercise of outstanding options - -------------------------------------------------------------------------------- [LOGO] WASHINGTON MUTUAL GREAT WESTERN [LOGO] 25 STRONG ASSET QUALITY AND RESERVES - ------------------------------------------------------------------------------ ($ in millions)
At December 31, 1996 ----------------------------------------- WAMU GWF Adjustments Pro Forma ---- --- ----------- --------- Non-Performing Loans $226.4 $352.0 - $578.4 Real Estate Owned 103.1 119.8 - 229.9 ------ ------ ----------- --------- Non-Performing Assets $329.5 $471.8 - $808.3 ====== ====== =========== ========= % of Assets 0.74% 1.10% - 0.92% Loan Loss Reserves $363.4 $313.7 $100.0 $777.1 Reserves/NPLs 160.5% 89.1% - 134.4% - -------------------------------------------------------------------------------
[LOGO] WASHINGTON MUTUAL GREAT WESTERN [LOGO] 26
TRANSACTION CHARGES DETAIL - -------------------------------------------------------------------------------- ($ in millions) Additional Loan Loss Reserves $ 100 Severance and Management Payments 145 Facilities and Equipment 106 Other Charges 92 ----- Total Charges $ 443 Tax Effect (125) ----- Net Charges $ 318 =====
- -------------------------------------------------------------------------------- [WASHINGTON MUTUAL LOGO] [GREAT WESTERN LOGO] 27 ACCELERATES ACHIEVEMENT OF 5-YEAR GOALS - ----------------------------------------------------------------------------- 5-Year Goal ------------------------------------------------- ROACE 18.0% ROAA 1.20 Efficiency 50 NPAs/Assets <1.00 Reserves/NPLs <1.00 Equity/Assets <6.00 - ----------------------------------------------------------------------------- [Washington Mutual Logo] [Great Western Logo] 28 - ----------------------------------------------------------------------------- WAMU'S POSITIONING - ----------------------------------------------------------------------------- [Washington Mutual Logo] [Great Western Logo] 29 STRONG ACQUISITION RECORD - ----------------------------------------------------------------------------- [MAP OF WESTERN U.S.] 1987(a) Assets $5.7B Loans 3.0B Deposits 3.5B Equity 316.9mm Stock Price $6.28 Market Capitalization 390.0mm [MAP OF WESTERN U.S.] 1996(a) Assets $44.6B Loans 30.3B Deposits 2.1B Equity 2.4B Stock Price $43.31 Market Capitalization 5.1B (a) As of and for the latest twelve months ended 12/31/87 and 12/31/96 - ------------------------------------------------------------------------------- [WASHINGTON MUTUAL LOGO] [GREAT WESTERN LOGO] 30 AMERICAN INTEGRATION - ------------------------------------------------------------------------------- - -- Closed transaction on time - -- Integration ahead of schedule - -- Effectively capitalizing on product opportunities with ASB customers - -- Consumer banking strategy showing clear signs of success - 15,000 net new checking accounts opened in first two months of 1997, a 500% increase over 1996 - Majority of checking accounts opened represented new households - Residential mortgage originations in 1997 on pacc to exceed 1996 record of $5.7 billion - -- Strengthening of senior and middle management - ------------------------------------------------------------------------------- [WASHINGTON MUTUAL LOGO] [GREAT WESTERN LOGO] 31 PROVEN CONSUMER MARKETING STRATEGY ---------------------------------- Strategies Results ---------- ------- - Offer competitive - Increase in households consumer-oriented served products - Employ aggressive [arrow] - Increase in checking marketing techniques accounts - Increase customer - Increase in fee income contact; multiple delivery channels - Cross sell customers - Increase in consumer loan originations ________________________________________________________________________________ [WASHINGTON MUTUAL LOGO] [GREAT WESTERN LOGO] 32 LEVERAGE OF AMERICAN'S FRANCHISE - ------------------------------------------------------------------------------
1993 1994 1995 1996 ------- ------- ------- ------- Retail Checking Accounts -American ............. 568,572 611,482 743,852 863,837 -WAMU ................. 329,978 393,845 489,047 608,364 1993 1994 1995 1996 --------- --------- --------- --------- Households Served -American............ 1,170,402 1,197,245 1,322,677 1,423,341 -WAMU ............... 623,076 652,643 737,257 830,425
- -------------------------------------------------------------------------------- [LOGO] WASHINGTON MUTUAL GREAT WESTERN [LOGO] 33 _______________________________________________________________________________ EXECUTION STRATEGY _______________________________________________________________________________ [WASHINGTON MUTUAL LOGO] [GREAT WESTERN LOGO] 34 ORGANIZATIONAL AND OPERATIONAL ISSUES - ------------------------------------------------------------------------------- [ ] WILL USE THE GW NAME IN CALIFORNIA [ ] COMBINE BACK OFFICE, BUILD AROUND GW DISTRIBUTION NETWORK IN CALIFORNIA [ ] EXPECT TO CONVERT SYSTEMS WITHIN SIX MONTHS OF CLOSING [ ] UTILIZE WAMU'S PLATFORM TO LEVERAGE GW'S FRANCHISE [ ] CONSOLIDATE MORTGAGE OPERATIONS [ ] SELECTIVE EXPANSION OF ARISTAR NETWORK [ ] COMBINE ASSET MANAGEMENT COMPANIES - ------------------------------------------------------------------------------- [LOGO] WASHINGTON MUTUAL GREAT WESTERN [LOGO] 35 SYSTEMS AND PRODUCTIVITY ENHANCEMENTS - ----------------------------------------------------------------------------- [] New branch and lending front end systems [] New products: - Combined statement, cash card - Customer relationship package - Pay by phone, home banking (Integrion) [] New productivity tools [] Year 2000 compliance systems (e.g., latest release of HOGAN) [] WAMU modeling tools, direct mail - ------------------------------------------------------------------------------ [WASHINGTON MUTUAL LOGO] [GREAT WESTERN LOGO] 36 CONFIDENCE IN EXECUTION - -------------------------------------------------------------------------------- - -- Core deposit/mortgage lending systems are the same - -- Network infrastructure is the same - -- WAMU partnerships with: - IBM - EDS - ALLTEL - -- Track record of integrating within 6 months of close - -------------------------------------------------------------------------------- [WASHINGTON MUTUAL LOGO] [GREAT WESTERN LOGO] 37 - ----------------------------------------------------------------------------- SUMMARY - ----------------------------------------------------------------------------- [Washington Mutual Logo] [Great Western Logo] 38 SUMMARY - ------------------------------------------------------------------------------- [] Premier Consumer Banking Franchise [] Creation of Shareholder Value [] Low Risk Execution - ------------------------------------------------------------------------------- [LOGO] WASHINGTON MUTUAL GREAT WESTERN [LOGO] 39 STOCK MARKET OUTPERFORMANCE - ----------------------------------------------------------------------------- 4/1/90-12/31/96 COMPARATIVE RETURN(a) [Percentage Chart] 34% 29% 28% 26% 25% 24% 22% 19% 19% 16% 15% 14% WAMU NOB CCI WFC BAC KEY USBC NB ONE S&P AHM GWF Source: Bloomberg (a) Total return assumes reinvestment of dividends - ------------------------------------------------------------------------------- [LOGO] WASHINGTON MUTUAL GREAT WESTERN [LOGO] 40 Great Western and certain other persons named below may be deemed to be participants in the solicitation of revocations of consents in response to Ahmanson's consent solicitation. The participants in this solicitation may include the directors of Great Western (James F. Montgomery, John F. Maher, Dr. David Alexander, H. Frederick Christie, Stephen E. Frank, John V. Giovenco, Firmin A. Gryp, Enrique Hernandez, Jr., Charles D. Miller, Dr. Alberta E. Siegel and Willis B. Wood, Jr.); the following executive officers of Great Western: J. Lance Erickson (Executive Vice President, Secretary and General Counsel), Carl F. Geuther (Vice Chairman and Chief Financial Officer), Michael M. Pappas (Vice Chairman and President, Consumer Finance Division), A. William Schenck II (Vice Chairman), Ray W. Sims (Executive Vice President), and Jaynie M. Studenmund (Executive Vice President); and the following other members of management of Great Western: Stephen F. Adams (First Vice President, Associate General Counsel and Assistant Secretary), Bruce F. Antenberg (Senior Vice President-Finance, Treasurer and Assistant Secretary), Barry R. Barkley (Senior Vice President and Controller), Ian D. Campbell (Senior Vice President), Charles Coleman (Vice President, Great Western Bank), Allen D. Meadows (Senior Vice President, Great Western Bank), and John A. Trotter (First Vice President, Great Western Bank). As of the date of this communication, James F. Montgomery and John F. Maher beneficially owned 605,488 shares and 611,762 shares of Great Western common stock, respectively (including shares subject to stock options exercisable within 60 days). The remaining participants do not beneficially own, individually or in the aggregate, in excess of 1% of Great Western's equity securities. -----END PRIVACY-ENHANCED MESSAGE-----