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                            [Newspaper Advertisement]

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


     "We continue to be impressed with the depth of the Washington
     Mutual management team and are now even more comfortable with the
     Company's future growth prospects. . . .  Through significant
     investment in technology and the active use of partnerships and
     outsourcing agreements, Washington Mutual now enjoys the benefits
     of state-of-the-art operating systems which are all Year 2000
     compliant."

                                Joseph Morford
                  Alex. Brown, Research Report, May 14, 1997


     "We came away from the presentation with increased confidence in
     Washington Mutual's ability to execute its consumer banking
     strategy, particularly in California.  One of our clients put it
     best:  they actually seem to be running their bank like a
     business!"

                                Kenneth Posner
                 Morgan Stanley, Research Report, May 14, 1997


     "Experience is plentiful and demonstrated in many ways,
     especially in the integration (of) acquisitions -- over 20 in the
     last ten years -- and also in terms of stock price appreciation -
     - rising 35% per year compounded for the past seven years."

                                Steven Schroll
                 Piper Jaffray, Research Report, May 14, 1997


             It's true that the best advertising is word of mouth.

                            [Washington Mutual logo]

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

     GROWTH + VALUE + EXPERIENCE = WASHINGTON MUTUAL