<PAGE> 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:
--------------------------------------------------------
<PAGE> 2
- ---------------------------------------------------------------------------
WASHINGTON MUTUAL, INC.
[LOGO] MERGER WITH [LOGO]
GREAT WESTERN FINANCIAL CORPORATION
HIGH GROWTH CONSUMER BANKING
MARCH 6, 1997
- ------------------------------------------------------------------------------
<PAGE> 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]
<PAGE> 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
<PAGE> 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 $340 million in 1999
- - Accelerates earnings growth
LOW RISK EXECUTION
- - Strong management team with proven track record
- - Complementary operating systems
- -------------------------------------------------------------------------------
[LOGO] WASHINGTON MUTUAL GREAT WESTERN [LOGO]
<PAGE> 6
COMBINATION CREATES STRENGTH AND SCALE
- --------------------------------------
($ in billions)
<TABLE>
<CAPTION>
At 12/31/96
-------------------------
WAMU GWF Pro Forma
----- ------ ---------
<S> <C> <C> <C>
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 $16.1
</TABLE>
(a) Based on closing stock prices as of 3/5/97.
Pro forma includes the exercise of GWF options.
- -------------------------------------------------------------------------------
[LOGO] WASHINGTON MUTUAL GREAT WESTERN [LOGO]
<PAGE> 7
LEADING WEST COAST CONSUMER FRANCHISE
- -------------------------------------------------------------------------------
($ in billions)
<TABLE>
<CAPTION>
TOTAL TOTAL MARKET
ASSETS DEPOSITS CAPITALIZATION(a)
------- -------- -----------------
<S> <C> <C> <C>
1 BankAmerica Corporation $250.8 $168.0 $41.9
2 Wells Fargo & Co. 108.9 81.8 28.3
- ---------------------------------------------------------------------------------------
WAMU/GWF 87.5 52.7 13.1
- ---------------------------------------------------------------------------------------
3 Ahmanson & Company (H.F.) 49.9 34.8 4.6
4 Washington Mutual 44.6 24.1 6.3
5 Great Western 42.9 28.6 6.2
6 Golden West Financial 37.7 22.1 4.0
7 U.S. Bancorp 33.3 25.0 7.5
8 UnionBanCal Corp. 29.2 21.5 3.1
</TABLE>
(a) Prices as of 3/5/97. Assets and deposits as of 12/31/96
- -------------------------------------------------------------------------------
[LOGO] WASHINGTON MUTUAL GREAT WESTERN [LOGO]
<PAGE> 8
INDUSTRY LEADERSHIP
- -------------------------------------------------------------------------------
[] #2 mortgage originator in California
[] #3 bank in California in deposits and assets
[] #6 mortgage originator in the United States
[] #7 mortgage servicer in the United States
[] #12 bank in the United States based on assets
- -------------------------------------------------------------------------------
[LOGO] WASHINGTON MUTUAL [LOGO] GREAT WESTERN
<PAGE> 9
STRONG WEST COAST AND FLORIDA FRANCHISES
- ----------------------------------------
[Map of Western U.S. & Florida]
<TABLE>
<CAPTION>
Deposits
State ($B)(a) Share Rank Locations
- ----- -------- ----- ---- ---------
<S> <C> <C> <C> <C>
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
</TABLE>
(a) June 30, 1996 deposit data updated for announced
acquisitions through February 26, 1997.
- --------------------------------------------------------
[Washington Mutual Logo] [Great Western Logo]
<PAGE> 10
STRONG DEPOSIT SHARE IN ATTRACTIVE MARKETS (a)
- ----------------------------------------------
<TABLE>
<CAPTION>
California
<S> <C>
BAC 21%
WFC 15%
WAMU/GWF 9%
AHM 8%
UNBC 5%
Washington
BAC 23%
WAMU/GWF 15%
USBC 14%
KEY 11%
WFC 6%
</TABLE>
(a) June 30, 1996 deposit data updated for announced
acquisitions through February 26, 1997.
- --------------------------------------------------------
[Washington Mutual Logo] [Great Western Logo]
<PAGE> 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]
<PAGE> 12
NATIONAL CONSUMER ORIGINATION FRANCHISE
[MAP OF UNITED STATES]
<TABLE>
<CAPTION>
Mortgage Consumer
Loan Finance
State Offices Locations GREAT WESTERN:
----- -------- --------- --------------
<S> <C> <C> <C> <C>
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
=== ===
</TABLE>
[WASHINGTON MUTUAL LOGO] [GREAT WESTERN LOGO]
<PAGE> 13
SINGLE FAMILY MORTGAGE LENDING LEADERSHIP
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
BAC WAMU/GWF GDW NOB AHM
------ -------- ---- ---- ---
<S> <C> <C> <C> <C> <C>
California(a) 9% 5% 3% 3% 3%
2%
--
7%
<CAPTION>
WAMU/GWF NOB BAC CCR Cont'l
-------- ---- --- --- ------
<S> <C> <C> <C> <C> <C>
Washington(a) 15% 6% 3% 2% 2%
2%
---
17%
</TABLE>
(a) October 1996 data
- -------------------------------------------------------------------------------
[LOGO] WASHINGTON MUTUAL GREAT WESTERN [LOGO]
<PAGE> 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]
<PAGE> 15
STRONG BUSINESS LINE FIT
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
[] 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
- --------------------------------------------------------------------------------------------------------
</TABLE>
[LOGO] WASHINGTON MUTUAL [LOGO] GREAT WESTERN
<PAGE> 16
- -------------------------------------------------------------------------------
FINANCIAL OVERVIEW
- -------------------------------------------------------------------------------
[LOGO] WASHINGTON MUTUAL [LOGO] GREAT WESTERN
<PAGE> 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
<PAGE> 18
ATTRACTIVE EPS ACCRETION(a)
- -------------------------------------------------------------------------------
($ in millions, except per share data)
<TABLE>
<CAPTION>
1997P 1998P 1999P
----- ----- -----
<S> <C> <C> <C>
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 $5.71
% Accretion/(Dilution) to First Call 5.1% 11.2%
% EPS Growth 38% 19%
</TABLE>
(a) Excludes anticipated transaction-related charge.
(b) Fist Call estimates for 1997 and 1998. 1999 estimates based on earnings
growth rates of 12% and 10.5% for WAMU and GWF, respectively.
(c) Based on 252.1 million pro forma shares outstanding in 1997, 253.1 million
in 1998, and 253.8 million in 1999.
- ------------------------------------------------------------------------------
[WASHINGTON MUTUAL LOGO] [GREAT WESTERN LOGO]
<PAGE> 19
STRONG OPERATING FUNDAMENTALS
- --------------------------------------------------------------------------------
($ in millions)
<TABLE>
<CAPTION>
1997 1998 1999
---- ---- ----
<S> <C> <C> <C>
Earnings $877 $1,218 $1,448
Cash Flow 936 1,277 1,507
ROAA 0.96% 1.20% 1.35%
ROACE 17.4% 22.1% 22.4%
Net Interest Margin 2.90% 2.98% 3.06%
Non-Interest Income/Assets 0.73% 0.74% 0.78%
</TABLE>
- -------------------------------------------------------------------------------
[LOGO] WASHINGTON MUTUAL GREAT WESTERN [LOGO]
<PAGE> 20
ATTRACTIVE PORTFOLIO AND GROWTH OPPORTUNITIES
- ---------------------------------------------------------------------------
<TABLE>
<CAPTION>
($ in millions)
1998 1999
---- ----
<S> <C> <C>
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 $98
====== ======
</TABLE>
- -------------------------------------------------------------------------------
[LOGO] WASHINGTON MUTUAL GREAT WESTERN [LOGO]
<PAGE> 21
ATTRACTIVE PORTFOLIO AND GROWTH
OPPORTUNITIES
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
($ in millions) 1998 1999
---------- ----------
<S> <C> <C>
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 $9,685
</TABLE>
- -------------------------------------------------------------------------------
[WASHINGTON MUTUAL LOGO] [GREAT WESTERN LOGO]
<PAGE> 22
FEE INCOME
- --------------------------------------------------------------------------------
($ in millions)
<TABLE>
<CAPTION>
1998 1999
---- ----
<S> <C> <C>
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 $53
</TABLE>
- --------------------------------------------------------------------------------
[LOGO] WASHINGTON MUTUAL GREAT WESTERN [LOGO]
<PAGE> 23
SUBSTANTIAL CONSOLIDATION ECONOMIES
- --------------------------------------------------------------------------------
($ in millions)
<TABLE>
<CAPTION>
1997 1998 1999
-------------------- -------------------- -------------------
% OF GWF % OF GWF % OF GWF
AMOUNT OP. EXP(a) AMOUNT OP. EXP(a) AMOUNT OP. EXP(a)
------ ---------- ------ --------- ------ ----------
<S> <C> <C> <C> <C> <C> <C>
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% $340 38%
</TABLE>
(a) Based on budgeted 1997 expenses
- --------------------------------------------------------------------------------
[LOGO] WASHINGTON MUTUAL GREAT WESTERN [LOGO]
<PAGE> 24
STRONG CAPITAL RATIOS
- --------------------------------------------------------------------------------
($ in millions; except per share data)
<TABLE>
<CAPTION>
At December 31, 1996
-------------------------------------------
WAMU GWF ADJUSTMENTS PRO FORMA
---- ------ ----------- ---------
<S> <C> <C> <C> <C>
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
</TABLE>
(a) Includes $300 million issued in January 1997
(b) Assumes full exercise of outstanding options
- --------------------------------------------------------------------------------
[LOGO] WASHINGTON MUTUAL GREAT WESTERN [LOGO]
<PAGE> 25
STRONG ASSET QUALITY AND RESERVES
- ------------------------------------------------------------------------------
($ in millions)
<TABLE>
<CAPTION>
At December 31, 1996
-----------------------------------------
WAMU GWF Adjustments Pro Forma
---- --- ----------- ---------
<S> <C> <C> <C> <C>
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 $777.1
Reserves/NPLs 160.5% 89.1% - 134.4%
- -------------------------------------------------------------------------------
</TABLE>
[LOGO] WASHINGTON MUTUAL GREAT WESTERN [LOGO]
<PAGE> 26
<TABLE>
<CAPTION>
TRANSACTION CHARGES DETAIL
- --------------------------------------------------------------------------------
($ in millions)
<S> <C>
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
=====
</TABLE>
- --------------------------------------------------------------------------------
[WASHINGTON MUTUAL LOGO] [GREAT WESTERN LOGO]
<PAGE> 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]
<PAGE> 28
- -----------------------------------------------------------------------------
WAMU'S POSITIONING
- -----------------------------------------------------------------------------
[Washington Mutual Logo] [Great Western Logo]
<PAGE> 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]
<PAGE> 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]
<PAGE> 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]
<PAGE> 32
LEVERAGE OF AMERICAN'S FRANCHISE
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
1993 1994 1995 1996
------- ------- ------- -------
<S> <C> <C> <C> <C>
Retail Checking Accounts
-American ............. 568,572 611,482 743,852 863,837
-WAMU ................. 329,978 393,845 489,047 608,364
<CAPTION>
1993 1994 1995 1996
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
Households Served
-American............ 1,170,402 1,197,245 1,322,677 1,423,341
-WAMU ............... 623,076 652,643 737,257 830,425
</TABLE>
- --------------------------------------------------------------------------------
[LOGO] WASHINGTON MUTUAL GREAT WESTERN [LOGO]
<PAGE> 33
_______________________________________________________________________________
EXECUTION STRATEGY
_______________________________________________________________________________
[WASHINGTON MUTUAL LOGO] [GREAT WESTERN LOGO]
<PAGE> 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]
<PAGE> 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]
<PAGE> 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]
<PAGE> 37
- -----------------------------------------------------------------------------
SUMMARY
- -----------------------------------------------------------------------------
[Washington Mutual Logo] [Great Western Logo]
<PAGE> 38
SUMMARY
- -------------------------------------------------------------------------------
[] Premier Consumer Banking Franchise
[] Creation of Shareholder Value
[] Low Risk Execution
- -------------------------------------------------------------------------------
[LOGO] WASHINGTON MUTUAL GREAT WESTERN [LOGO]
<PAGE> 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]
<PAGE> 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.
