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May 29, 1997
Dear Great Western Stockholder:
I am writing to you today seeking your support of the definitive merger
agreement between Washington Mutual, Inc. and Great Western Financial
Corporation. Our proposed merger is the only transaction that has the unanimous
support of the board of directors and management of your company. It also
provides the surest and fastest means of maximizing the value of your investment
in Great Western. With your approval at the June 13 special meeting and with
regulatory approval expected in the near future, we anticipate closing the
transaction as soon as late June or early July.
Over the years, Washington Mutual has implemented a business strategy focused on
profitable growth and creation of shareholder value. The success of this
strategy is well documented: From April 1990 -- when our core executive
management team came together -- through April 1997, the total cumulative return
on Washington Mutual's common stock, including the re-investment of dividends,
was an impressive 788%. This cumulative return exceeded that of every company in
our peer group and was more than double that of the Standard and Poor's
Financial Index.
Meanwhile, we have maintained a focus on financial discipline, earnings growth,
strong capital levels and high asset quality, while delivering on our commitment
to make our communities better places to live and work. It is within this
framework that our company has successfully completed more than 20 mergers and
acquisitions since 1987 and that we entered into our agreement with Great
Western.
By approving this merger, you will be creating one of the nation's leading
financial services companies and one of the dominant consumer banking franchises
on the West Coast. With operations from Seattle to San Diego and a strong
presence in the Southeastern United States, our combined companies will be in an
even stronger position to expand market share and serve an ever growing number
of customers.
As chairman and chief executive officer of Washington Mutual as well as a
significant stockholder, I can assure you that maximizing long-term shareholder
value will continue to be a driving force for our company once the merger is
completed. By approving the Washington Mutual/Great Western merger, you will be
ensuring a timely conclusion to this transaction, as well as creating a company
immediately positioned for growth and success in the years ahead.
Respectfully,
/s/ Kerry K. Killinger
