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                            [Newspaper Advertisement]

     [Graphic:  excerpts from analyst reports beginning and ending
     with large quotation marks in circles]

     Recent results indicate the bank has essentially met (its)
     ambitious goals, with first quarter ROE above target and
     efficiency ratio better (i.e., below) target.

                   Thomas Theurkauf, Keefe, Bruyette & Woods,
                    First Call Research Notes, May 15, 1997

     Last year's merger with American Savings Bank is progressing
     better than expected as Washington Mutual's products are being
     well received in California.  Earnings momentum is very good as a
     result.

                         Value Line Investment Survey
                                  May 2, 1997

     Washington Mutual's strategy . . . . will lead to a higher
     price/earnings multiple for a Great Western -- Washington Mutual
     combination.

                  Jonathan Gray, Sanford C. Bernstein & Co.,
                     Dow Jones News Service, May 20, 1997

                   We couldn't have said it better ourselves.

                            [Washington Mutual logo]

     Permission for use of analysts' quotes
     was sought and granted.                                    FDIC Insured

                GROWTH + VALUE + EXPERIENCE = WASHINGTON MUTUAL