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                                Merger Bulletin

                              [Great Western Logo]

           June 4, 1997                                       Vol. 1 Number 14

          To All Employees:


                    AHMANSON WITHDRAWS ACQUISITION PROPOSAL

          Yesterday, as you know, the Delaware Chancery Court
          rejected Ahmanson's attempt to delay the Great Western
          stockholder vote on the Washington Mutual merger. 
          Following the court's decision, Ahmanson announced today
          that it had withdrawn its proposal to acquire Great
          Western.

          The merger vote will take place as planned on June 13,
          and the vote could be certified that day.  With
          stockholder approval, and regulatory approvals which are
          expected shortly, the WAMU merger could be completed in
          late June or early July.  As these events occur, we are
          committed to informing you as quickly as possible.

          I firmly believe that the WAMU merger is good for our
          company, our shareholders and our employees.  For many
          employees, there will be continued career opportunities
          with a strong company that has excellent prospects for
          long-term growth.

          But, as we know, this merger will not be pain-free, and
          some job losses will be unavoidable.  The Change In
          Control Benefits Program is designed to provide
          separation benefits to eligible employees whose jobs are
          eliminated.

          As we go forward, we will share with you the specific
          plans for the integration of the two companies as they
          are developed.

          You can all take pride in your ability to conduct
          business better than usual in recent months under
          sometimes stressful circumstances.  I know I am proud of
          your performance, which actually improved, according to
          first quarter results.  I thank each of you for doing a
          top-rate job in a challenging business environment.  

          /s/ John F. Maher

          John F. Maher
          President and Chief Executive

          Published by Corporate Communications -- Great Western -- N 11 36 --
          9200 Oakdale Avenue, Chatsworth, CA