<SUBMISSION>
<ACCESSION-NUMBER>0000907303-03-000250
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>7
<PERIOD>20031027
<ITEMS>7
<FILING-DATE>20031103
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>WASHINGTON MUTUAL INC
<CIK>0000933136
<ASSIGNED-SIC>6035
<IRS-NUMBER>911653725
<STATE-OF-INCORPORATION>WA
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>001-14667
<FILM-NUMBER>03971209
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>1201 THIRD AVE
<STREET2>STE 1500
<CITY>SEATTLE
<STATE>WA
<ZIP>98101
<PHONE>2064612000
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>1201 THIRD AVE
<STREET2>SUITE 1500
<CITY>SEATTLE
<STATE>WA
<ZIP>98101
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>form8koct2003a.htm
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<div>
     <p>&nbsp;</p>
     <p align="center"><font face="Times New Roman" size="2"><b>SECURITIES AND
     EXCHANGE COMMISSION<br>
     Washington, D.C.&nbsp; 20549</b></font></p>
     <p align="center"><b><font face="Times New Roman" size="2">FORM 8-K</font></b></p>
     <p align="center"><b><font face="Times New Roman" size="2">CURRENT REPORT<br>
     Pursuant to Section 13 or 15(d) of the<br>
     Securities Exchange Act of 1934</font></b></p>
     <p align="center"><font face="Times New Roman" size="2">Date of Report
     (Date of Earliest Event
     Reported)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; October 27,
     2003</font></p>
     <p align="center">&nbsp;</p>
     <div align="center">
          <table border="0" cellspacing="0" cellpadding="0">
               <tr>
                    <td valign="top">
                         <p align="center"><font face="Times New Roman" size="2"><b>WASHINGTON
                         MUTUAL, INC.</b></font></p>
                    </td>
               </tr>
               <tr>
                    <td valign="top">
                         <p align="center"><font face="Times New Roman" size="2">(Exact
                         name of registrant as specified in its charter)</font></p>
                    </td>
               </tr>
          </table>
     </div>
     <p><font face="Times New Roman" size="2">&nbsp;</font></p>
     <div align="center">
          <table border="0" cellspacing="0" cellpadding="0" width="85%">
               <tr>
                    <td valign="top" width="251">
                         <p align="center"><font face="Times New Roman" size="2"><b>Washington</b></font></p>
                    </td>
                    <td valign="top" width="16"></td>
                    <td valign="top" width="210">
                         <p align="center"><font face="Times New Roman" size="2"><b>1-14667</b></font></p>
                    </td>
                    <td valign="top" width="17"></td>
                    <td valign="top" width="252">
                         <p align="center"><font face="Times New Roman" size="2"><b>91-1653725</b></font></p>
                    </td>
               </tr>
               <tr>
                    <td valign="top" width="251">
                         <p align="center"><font face="Times New Roman" size="2">(State
                         or other jurisdiction<br>
                         of incorporation)</font></p>
                    </td>
                    <td valign="top" width="16"></td>
                    <td valign="top" width="210">
                         <p align="center"><font face="Times New Roman" size="2">(Commission
                         File No.)</font></p>
                    </td>
                    <td valign="top" width="17"></td>
                    <td valign="top" width="252">
                         <p align="center"><font face="Times New Roman" size="2">(I.R.S.
                         Employer<br>
                         Identification No.)</font></p>
                    </td>
               </tr>
          </table>
     </div>
     <p><font face="Times New Roman" size="2">&nbsp;</font></p>
     <div align="center">
          <table border="0" cellspacing="0" cellpadding="0">
               <tr>
                    <td valign="top">
                         <p align="center"><font face="Times New Roman" size="2">1201
                         Third Avenue<br />
                         Seattle, Washington 98101</font></p>
                    </td>
               </tr>
               <tr>
                    <td valign="top">
                         <p align="center"><font face="Times New Roman" size="2">(Address
                         of principal executive offices and zip code)</font></p>
                    </td>
               </tr>
          </table>
     </div>
     <p align="right"><font face="Times New Roman" size="2">&nbsp;</font></p>
     <p><font face="Times New Roman" size="2">Registrant's telephone number,
     including area code:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (206)
     461-2000</font></p>
     <p><b><font face="Times New Roman" size="2">Item 7.&nbsp; Financial
     Statements, Pro Forma Financial Information and Exhibits</font></b></p>
     <p><font size="2"><b><font face="Times New Roman">&nbsp;&nbsp;&nbsp; </font></b><font face="Times New Roman">&nbsp;&nbsp;&nbsp;
     (c)&nbsp;&nbsp;&nbsp; Exhibits</font></font></p>
     <p>&nbsp;&nbsp; <font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;
     The exhibits listed in the accompanying Index to Exhibits relate to
     Registration Statements on Form S-3 (File Nos. 333-86546 and 333-102991) of
     the Registrant and are filed herewith for incorporation by reference in
     such Registration Statement.</font></p>
     <div align="center">
          <center>
          <table border="0" cellspacing="0" cellpadding="0" width="583">
               <tr>
                    <td valign="top" width="53">
                         <p align="center"><b><font face="Times New Roman" size="2">Exhibit<br />
                         Number</font></b></p>
                    </td>
                    <td valign="top" width="43"></td>
                    <td valign="top" width="481">
                         <p align="center"><b><font face="Times New Roman" size="2"><br />
                         Description</font></b></p>
                    </td>
               </tr>
               <tr>
                    <td valign="top" width="53">
                         <hr>
                    </td>
                    <td valign="top" width="43"></td>
                    <td valign="top" width="481">
                         <hr>
                    </td>
               </tr>
               <tr>
                    <td valign="top" width="53">
                         <p align="center"><font face="Times New Roman" size="2">1.1</font></p>
                    </td>
                    <td valign="top" width="43"></td>
                    <td valign="top" width="481"><font face="Times New Roman" size="2">Underwriting
                         Agreement dated October 27, 2003</font></td>
               </tr>
               <tr>
                    <td valign="top" width="53">
                         <p align="center"><font face="Times New Roman" size="2">4.1</font></td>
                    <td valign="top" width="43"></td>
                    <td valign="top" width="481"><font face="Times New Roman" size="2">Form
                         of Note for Washington Mutual's Floating Rate Notes Due
                         November 3, 2005</font></td>
               </tr>
               <tr>
                    <td valign="top" width="53">
                         <p align="center"><font face="Times New Roman" size="2">4.2</font></td>
                    <td valign="top" width="43"></td>
                    <td valign="top" width="481"><font face="Times New Roman" size="2">Form
                         of Note for Washington Mutual's 2.40% Notes due
                         November 3, 2005</font></td>
               </tr>
               <tr>
                    <td valign="top" width="53">
                         <p align="center"><font face="Times New Roman" size="2">4.3</font></td>
                    <td valign="top" width="43"></td>
                    <td valign="top" width="481"><font face="Times New Roman" size="2">Form
                         of Note for Washington Mutual's 4.00% Notes due January
                         15, 2009</font></td>
               </tr>
               <tr>
                    <td valign="top" width="53">
                         <p align="center"><font face="Times New Roman" size="2">5.1</font></td>
                    <td valign="top" width="43"></td>
                    <td valign="top" width="481"><font face="Times New Roman" size="2">Opinion
                         of Heller Ehrman White &amp; McAuliffe LLP</font></td>
               </tr>
               <tr>
                    <td valign="top" width="53">
                         <p align="center"><font face="Times New Roman" size="2">12.1</font></td>
                    <td valign="top" width="43"></td>
                    <td valign="top" width="481"><font face="Times New Roman" size="2">Statement
                         re: Computation of Ratios</font></td>
               </tr>
          </table>
          </center>
     </div>
</div>
&nbsp;
<hr>
<div>
     <p align="center"><b><font face="Times New Roman" size="2">SIGNATURE</font></b>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     Pursuant to the requirements of the Securities Exchange Act of 1934, the
     registrant has duly caused this report to be signed on its behalf by the
     undersigned hereunto duly authorized.&nbsp;</font></p>
     <div align="right">
          <table border="0" width="60%">
               <tr>
                    <td><font face="Times New Roman" size="2">WASHINGTON MUTUAL,
                         INC.</font></td>
               </tr>
               <tr>
                    <td>&nbsp;
                         <p><font face="Times New Roman" size="2">By:&nbsp;&nbsp;
                         <u>/s/ Thomas W.
                         Casey&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>
               </tr>
               <tr>
                    <td><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                         Thomas W. Casey<br />
                         &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief
                         Financial Officer</font></td>
               </tr>
          </table>
     </div>
     <p><font face="Times New Roman" size="2">Date: October 29, 2003</font></p>
     &nbsp;
     <p>&nbsp;</p>
     <p>&nbsp;</p>
     <p>&nbsp;</p>
     <p align="center"><font face="Times New Roman" size="2">2</font></p>
     <p>&nbsp;</p>
     <hr>
     <p><font face="Times New Roman" size="2"><br clear="all" />
     </font></p>
     <p align="center"><b><font face="Times New Roman" size="2">EXHIBIT INDEX</font></b></p>
     <div align="center">
          <center>
          <table border="0" cellspacing="0" cellpadding="0" width="583">
               <tr>
                    <td valign="top" width="53">
                         <p align="center"><b><font face="Times New Roman" size="2">Exhibit<br />
                         Number</font></b></p>
                    </td>
                    <td valign="top" width="38"></td>
                    <td valign="top" width="486">
                         <p align="center"><b><font face="Times New Roman" size="2"><br />
                         Description</font></b></p>
                    </td>
               </tr>
               <tr>
                    <td valign="top" width="53">
                         <hr>
                    </td>
                    <td valign="top" width="38"></td>
                    <td valign="top" width="486">
                         <hr>
                    </td>
               </tr>
               <tr>
                    <td valign="top" width="53">
                         <p align="center"><font face="Times New Roman" size="2">1.1</font></p>
                    </td>
                    <td valign="top" width="38"></td>
                    <td valign="top" width="486"><font face="Times New Roman" size="2">Underwriting
                         Agreement dated October 27, 2003</font></td>
               </tr>
               <tr>
                    <td valign="top" width="53">
                         <p align="center"><font face="Times New Roman" size="2">4.1</font></td>
                    <td valign="top" width="38"></td>
                    <td valign="top" width="486"><font face="Times New Roman" size="2">Form
                         of Note for Washington Mutual's Floating Rate Notes Due
                         November 3, 2005</font></td>
               </tr>
               <tr>
                    <td valign="top" width="53">
                         <p align="center"><font face="Times New Roman" size="2">4.2</font></td>
                    <td valign="top" width="38"></td>
                    <td valign="top" width="486"><font face="Times New Roman" size="2">Form
                         of Note for Washington Mutual's 2.40% Notes due
                         November 3, 2005</font></td>
               </tr>
               <tr>
                    <td valign="top" width="53">
                         <p align="center"><font face="Times New Roman" size="2">4.3</font></td>
                    <td valign="top" width="38"></td>
                    <td valign="top" width="486"><font face="Times New Roman" size="2">Form
                         of Note for Washington Mutual's 4.00% Notes due January
                         15, 2009</font></td>
               </tr>
               <tr>
                    <td valign="top" width="53">
                         <p align="center"><font face="Times New Roman" size="2">5.1</font></td>
                    <td valign="top" width="38"></td>
                    <td valign="top" width="486"><font face="Times New Roman" size="2">Opinion
                         of Heller Ehrman White &amp; McAuliffe LLP</font></td>
               </tr>
               <tr>
                    <td valign="top" width="53">
                         <p align="center"><font face="Times New Roman" size="2">12.1</font></td>
                    <td valign="top" width="38"></td>
                    <td valign="top" width="486"><font face="Times New Roman" size="2">Statement
                         re: Computation of Ratios</font></td>
               </tr>
          </table>
          </center>
     </div>
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<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>3
<FILENAME>exh11to8koct2003d.htm
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<div>
     <p align="center"><b><font face="Times New Roman" size="2">EXHIBIT 1.1</font></b></p>
     <p align="center">&nbsp;</p>
     <p align="center"><b><font face="Times New Roman" size="2">Washington
     Mutual, Inc.</font></b></p>
     <p align="center"><b><font face="Times New Roman" size="2">Floating Rate
     Notes due November 3, 2005<br>
     2.40% Notes due November 3, 2005<br>
     4.00% Notes due January 15, 2009</font></b></p>
     <p align="center"><font face="Times New Roman" size="2"><b><u>UNDERWRITING
     AGREEMENT</u></b></font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     October 27, 2003</font></p>
     <p><font face="Times New Roman" size="2">Citigroup Global Markets Inc.<br />
     J.P. Morgan Securities Inc.<br />
     Morgan Stanley &amp; Co. Incorporated<br />
     &nbsp; As Representatives for the Floating Rate Notes due November 3, 2005,</font></p>
     <p><font face="Times New Roman" size="2">Citigroup Global Markets Inc.<br />
     J.P. Morgan Securities Inc.<br />
     Morgan Stanley &amp; Co. Incorporated<br />
     &nbsp; As Representatives for the 2.40% Notes due November 3, 2005, and</font></p>
     <p><font face="Times New Roman" size="2">Bear, Stearns &amp; Co. Inc.<br />
     Credit Suisse First Boston LLC<br />
     Morgan Stanley &amp; Co. Incorporated</font></p>
     <p><font face="Times New Roman" size="2">&nbsp; As Representatives of the
     Several Underwriters for the 4.00% Notes due January 15, 2009</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp; c/o MORGAN
     STANLEY &amp; CO. INCORPORATED<br />
     &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     1585 Broadway<br />
     &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     New York, New York 10036</font></p>
     <p><font face="Times New Roman" size="2">Ladies and Gentlemen:</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     1.&nbsp; <i>Introductory</i>.&nbsp; Washington Mutual, Inc.,
     a&nbsp;Washington corporation (&quot;<b>Company</b>&quot;), proposes to
     issue and sell (i) $400,000,000 principal amount of its Floating Rate Notes
     due November 3, 2005 (the &quot;<b>Floating Rate Notes</b>&quot;), (ii)
     $250,000,000 principal amount of its 2.40% Notes due November 3, 2005 (the
     &quot;<b>2.40% Notes</b>&quot;) and (iii) $1,000,000,000 principal amount
     of its 4.00% Notes due January 15, 2009 (the &quot;<b>4.00% Notes</b>&quot;
     and, together with the Floating Rate Notes and the 2.40% Notes, the &quot;<b>Offered
     Securities</b>&quot;) to be issued under an indenture, dated as of August
     10, 1999 (as supplemented by a first supplemental indenture dated August 1,
     2002 and a second supplemental indenture dated as of November 20, 2002, the
     &quot;<b>Indenture</b>&quot;), between the Company and&nbsp;The Bank of New
     York, as Trustee. The Company hereby agrees with the several Underwriters
     named in Schedules&nbsp;A, B and C hereto (&quot;<b>Underwriters</b>&quot;)
     as follows:</font></p>
     <hr>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     2.&nbsp; <i>Representations and Warranties of the Company</i>.&nbsp; The
     Company represents and warrants to, and agrees with, the several
     Underwriters that:</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (a)&nbsp;&nbsp;The registration statement (No. 333-102991) and registration
     statement (No. 333-86546), including a prospectus, relating to the Offered
     Securities have been filed with the Securities and Exchange Commission
     (&quot;<b>Commission</b>&quot;) and have become effective.&nbsp; Such
     registration statements, as amended at the time of this Agreement, are
     hereinafter referred to as the &quot;<b>Registration Statements</b>&quot;,
     and the prospectus included in the Registration Statements, as supplemented
     to reflect the terms of the Offered Securities and the terms of offering
     thereof, as first filed with the Commission pursuant to and in accordance
     with Rule&nbsp;424(b) (&quot;<b>Rule&nbsp;424(b)</b>&quot;) under the
     Securities Act of 1933 (&quot;<b>Act</b>&quot;), including all material
     incorporated by reference therein, is hereinafter referred to as the &quot;<b>Prospectus</b>&quot;.
     No document has been or will be prepared or distributed in reliance on Rule
     434 under the Act.</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (b)&nbsp;&nbsp;On its respective effective date, each of the Registration
     Statements conformed in all material respects to the requirements of the
     Act, the Trust Indenture Act of 1939 (&quot;<b>Trust Indenture Act</b>&quot;)
     and the rules and regulations of the Commission (&quot;<b>Rules and
     Regulations</b>&quot;) and did not include any untrue statement of a
     material fact or omit to state any material fact required to be stated
     therein or necessary to make the statements therein not misleading, and on
     the date of this Agreement, the Registration Statements and the Prospectus
     conformed in all respects to the requirements of the Act, the Trust
     Indenture Act and the Rules and Regulations, and neither document will
     include any untrue statement of a material fact or omit to state any
     material fact required to be stated therein or necessary to make the
     statements therein not misleading, except that the foregoing does not apply
     to statements in or omissions from any of such documents based upon written
     information furnished to the Company by any Underwriter through the
     Representatives, if any, specifically for use therein.</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (c)&nbsp; The Company has been duly incorporated and is an existing
     corporation under the laws of the State of Washington, with corporate power
     and authority to own its properties and conduct its business as described
     in the Prospectus; and the Company is duly qualified to do business as a
     foreign corporation in good standing in all other jurisdictions in which
     its ownership or lease of property or the conduct of its business requires
     such qualification.</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (d)&nbsp; Each of Washington Mutual Bank, FA, Washington Mutual Bank and
     New American Capital, Inc. (each, a &quot;<b>Significant Subsidiary</b>&quot;
     and collectively, the &quot;<b>Significant Subsidiaries</b>&quot;) has been
     duly incorporated and is a validly existing corporation or depository
     institution in good standing under the laws of the jurisdiction of its
     incorporation, with power and authority (corporate and other) to own its
     properties and conduct its business as described in the Prospectus; and
     each Significant Subsidiary is duly qualified to do business as a foreign
     corporation in good standing in all other jurisdictions in which its
     ownership or lease of property or the conduct of its business requires such
     qualification, except for such failure to qualify which would not,
     individually or in the aggregate, have a material adverse effect on the
     condition (financial or other), business, properties or results of
     operations of the Company and its subsidiaries taken as a whole (&quot;<b>Material
     Adverse Effect</b>&quot;); the Company has an authorized capitalization as
     set forth in the Prospectus; all of the issued and outstanding capital
     stock of each Significant Subsidiary has been duly authorized and validly
     issued and is fully paid and nonassessable; and the capital stock of each
     Significant Subsidiary is owned by the Company, directly or through
     subsidiaries, free from liens, encumbrances and defects.</font></p>
     <p align="center"><font face="Times New Roman" size="2">2</font></p>
     <hr>
     <p>&nbsp;</p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (e)&nbsp; The Company has been duly registered as a savings and loan
     holding company under the applicable provisions of the Home Owners' Loan
     Act; the Company and each of its subsidiaries are in compliance in all
     material respects with all laws administered by and regulations of the
     Federal Deposit Insurance Corporation (&quot;<b>FDIC</b>&quot;), the Office
     of Thrift Supervision and any other federal or state bank regulatory
     authority (&quot;<b>Bank Regulatory Authorities</b>&quot;) with
     jurisdiction over the Company or any of its subsidiaries, other than where
     such failures to comply would not, individually or in the aggregate, have a
     Material Adverse Effect; and neither the Company nor any of its
     subsidiaries is a party to any written agreement or memorandum of
     understanding with, or a party to any commitment letter or similar
     undertaking to, or is subject to any order or directive by, or is a
     recipient of any extraordinary supervisory letter from, or has adopted any
     board resolutions at the request of, any Bank Regulatory Authority which
     restricts materially the conduct of its business, or in any manner relates
     to its capital adequacy, its credit policies or its management, nor have
     any of them been advised by any Bank Regulatory Authority that it is
     contemplating issuing or requesting (or is considering the appropriateness
     of issuing or requesting) any such order, decree, agreement, memorandum of
     understanding, extraordinary supervisory letter, commitment letter or
     similar submission, or any such board resolutions.</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (f)&nbsp; The Indenture has been duly authorized, executed and delivered by
     the Company and has been duly qualified under the Trust Indenture Act with
     respect to the Offered Securities registered thereby; the Offered
     Securities have been duly authorized; and when the Offered Securities are
     delivered and paid for pursuant to this Agreement on the Closing Date (as
     defined below), such Offered Securities will have been duly executed,
     authenticated, issued and delivered and will conform to the description
     thereof contained in the Prospectus and the Indenture and such Offered
     Securities will constitute valid and legally binding obligations of the
     Company, enforceable in accordance with their terms, subject to bankruptcy,
     insolvency, fraudulent transfer, reorganization, moratorium and similar
     laws of general applicability relating to or affecting creditors' rights
     and to general equity principles.</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (g) No consent, approval, authorization, or order of, or filing with, any
     governmental agency or body or any court is required for the consummation
     of the transactions contemplated by this Agreement in connection with the
     issuance and sale of the Offered Securities by the Company, except such as
     have been obtained and made under the Act and the Trust Indenture Act and
     such as may be required under state securities laws.</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (h) The execution, delivery and performance of the Indenture and this
     Agreement, and the issuance and sale of the Offered Securities and
     compliance with the terms and provisions thereof will not result in a
     breach or violation of any of the terms and provisions of, or constitute a
     default under, (i) any statute, any rule, regulation or order of any
     governmental agency or body or any court, domestic or foreign, having
     jurisdiction over the Company or any Significant Subsidiary or any of their
     properties, (ii) any agreement or instrument to which the Company or any
     Significant Subsidiary is a party or by which the Company or any
     Significant Subsidiary is bound or to which any of the properties of the
     Company or any Significant Subsidiary is subject, except for such breach,
     violation or default which would not individually or in the aggregate have
     a Material Adverse Effect, or (iii) the charter or by-laws of the Company
     or any Significant Subsidiary; and the Company has full power and authority
     to authorize, issue and sell the Offered Securities as contemplated by this
     Agreement.</font></p>
     <p align="center"><font face="Times New Roman" size="2">3</font></p>
     <hr>
     <p align="center">&nbsp;</p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (i) This Agreement has been duly authorized, executed and delivered by the
     Company.</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (j) Except as disclosed in the Prospectus and except for such failure that
     would not individually or in the aggregate have a Material Adverse Effect,
     the Company and its subsidiaries have good and marketable title to all real
     properties and all other properties and assets owned by them, in each case
     free from liens, encumbrances and defects that would affect the value
     thereof or interfere with the use made or to be made thereof by them; and
     except as disclosed in the Prospectus and except for such failure that
     would not individually or in the aggregate have a Material Adverse Effect,
     the Company and its subsidiaries hold all leased real or personal property
     under valid and enforceable leases with no exceptions that would interfere
     with the use made or to be made thereof by them.</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (k)&nbsp; The conditions for use of Form S-3, as set forth in the General
     Instructions thereto, have been satisfied.</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (l) The Company and its subsidiaries possess adequate certificates,
     authorities or permits issued by appropriate governmental agencies or
     bodies necessary to conduct the business now operated by them, except where
     the failure to so possess would not individually or in the aggregate have a
     Material Adverse Effect, and have not received any notice of proceedings
     relating to the revocation or modification of any such certificate,
     authority or permit that, if determined adversely to the Company or any of
     its subsidiaries, would individually or in the aggregate have a Material
     Adverse Effect.</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (m) No labor dispute with the employees of the Company or any Significant
     Subsidiary exists or, to the knowledge of the Company, is imminent that
     might individually or in the aggregate have a Material Adverse Effect.</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (n) The Company and its subsidiaries own, possess or can acquire on
     reasonable terms, adequate trademarks, trade names and other rights to
     inventions, know-how, patents, copyrights, confidential information and
     other intellectual property (collectively, &quot;<b>intellectual</b> <b>property</b>
     <b>rights</b>&quot;) necessary to conduct the business now operated by
     them, or presently employed by them, and have not received any notice of
     infringement of or conflict with asserted rights of others with respect to
     any intellectual property rights that, if determined adversely to the
     Company or any of the Significant Subsidiaries, would individually or in
     the aggregate have a Material Adverse Effect.</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (o) Except as disclosed in the Prospectus, there are no pending actions,
     suits or proceedings against or affecting the Company, any of its
     subsidiaries or any of their respective properties that, if determined
     adversely to the Company or any of its subsidiaries, would individually or
     in the aggregate have a Material Adverse Effect, or would materially and
     adversely affect the ability of the Company to perform its obligations
     under the Indenture or this Agreement, or which are otherwise material in
     the context of the sale of the Offered Securities; and no such actions,
     suits or proceedings are threatened or, to the Company's knowledge,
     contemplated.</font></p>
     <p align="center"><font face="Times New Roman" size="2">4</font></p>
     <hr>
     <p align="center">&nbsp;</p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (p) The financial statements (including the related notes and supporting
     schedules) included or incorporated by reference in the Registration
     Statements and the Prospectus present fairly the financial position of the
     Company and its consolidated subsidiaries as of the dates shown and their
     results of operations and cash flows for the periods shown, and, except as
     otherwise disclosed in the Prospectus, such financial statements have been
     prepared in conformity with the generally accepted accounting principles in
     the United States applied on a consistent basis.</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (q) Except as disclosed in the Prospectus, since the date of the latest
     financial statements included or incorporated by reference in the
     Prospectus there has been no material adverse change, nor any development
     or event involving a prospective material adverse change, in the condition
     (financial or other), business, properties or results of operations of the
     Company and its subsidiaries taken as a whole, and, except as disclosed in
     or contemplated by the Prospectus, there has been no dividend or
     distribution of any kind declared, paid or made by the Company on any class
     of its capital stock.</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (r)&nbsp; The Company is not and, after giving effect to the offering and
     sale of the Offered Securities and the application of the proceeds thereof
     as described in the Prospectus, will not be an &quot;investment
     company&quot; as defined in the Investment Company Act of 1940.</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (s)&nbsp; The Company and each of its subsidiaries have insurance covering
     their respective properties, operations, personnel and businesses, which
     insurance is in amounts and insures against such losses and risks as are
     prudent and customary in the business in which the Company and its
     subsidiaries are engaged.&nbsp; Neither the Company nor any of its
     subsidiaries has received notice from any insurer or agent of such insurer
     that capital improvements or other expenditures are required or necessary
     to be made in order to continue such insurance.</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (t)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; None
     of the proceeds of the sale of the Securities will be used, directly or
     indirectly, for the purpose of purchasing or carrying any margin security,
     for the purpose of reducing or retiring any indebtedness which was
     originally incurred to purchase or carry any margin security or for any
     other purpose which might cause any of the Securities to be considered a
     &quot;purpose credit&quot; within the meanings of Regulation U of the
     Federal Reserve Board.</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     3.&nbsp; <i>Purchase, Sale and Delivery of Offered Securities</i>.&nbsp; On
     the basis of the representations, warranties and agreements herein
     contained, but subject to the terms and conditions herein set forth, the
     Company agrees to sell to the Underwriters, and the Underwriters agree,
     severally and not jointly, to purchase from the Company, (i) at a purchase
     price of&nbsp;99.850% of the principal amount thereof plus accrued interest
     from November 3, 2003 to the Closing Date (as hereinafter defined), the
     respective principal amounts of Floating Rate Notes set forth opposite the
     names of the Underwriters in Schedule&nbsp;A hereto, (ii) at a purchase
     price of&nbsp;99.757% of the principal amount thereof plus accrued interest
     from November 3, 2003 to the Closing Date (as hereinafter defined), the
     respective principal amounts of 2.40% Notes set forth opposite the names of
     the Underwriters in Schedule&nbsp;B hereto and (iii) at a purchase price
     of&nbsp;99.254% of the principal amount thereof plus accrued interest from
     November 3, 2003 to the Closing Date (as hereinafter defined), the
     respective principal amounts of 4.00% Notes set forth opposite the names of
     the Underwriters in Schedule&nbsp;C hereto.</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     The Company will deliver against payment of the purchase price of each of
     the Floating Rate Notes, the 2.40% Notes and the 4.00% Notes in the form of
     one or more permanent global Securities (the &quot;<b>Global Securities</b>&quot;)
     deposited with the Trustee as custodian for The Depository Trust Company
     (&quot;<b>DTC</b>&quot;) and registered in the name of Cede &amp; Co., as
     nominee for DTC. Interests in any permanent Global</font></p>
     <p align="center"><font face="Times New Roman" size="2">5</font></p>
     <hr>
     <p align="center">&nbsp;</p>
     <p><font face="Times New Roman" size="2">&nbsp;Securities will be held only
     in book-entry form through DTC, except in the limited circumstances
     described in the Prospectus. Payment for the Offered Securities shall be
     made by the Underwriters in Federal (same day) funds, by official bank
     check or checks or wire transfer to an account at a bank acceptable to the
     Representatives drawn to the order of Washington Mutual, Inc. at their
     office at 10 A.M., (New&nbsp;York time), on November 3, 2003, or at such
     other time not later than seven full business days thereafter as the
     Representatives and the Company determine, such time being herein referred
     to as the &quot;<b>Closing Date</b>&quot;, against delivery to the Trustee
     as custodian for DTC of the Global Securities representing all of the
     Offered Securities. The Global Securities will be made available for
     checking at the office of Cleary, Gottlieb, Steen &amp; Hamilton, One
     Liberty Plaza, New York, New York 10006, at least 24 hours prior to the
     Closing Date.</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     4.&nbsp; <i>Offering by Underwriters</i>.&nbsp; It is understood that the
     several Underwriters will offer the Offered Securities for sale to the
     public as set forth in the Prospectus.</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     5.&nbsp; <i>Certain Agreements of the Company</i>.&nbsp; The Company agrees
     with the several Underwriters that it will furnish to counsel for the
     Underwriters, one signed copy of each of the Registration Statements,
     including all exhibits, in the form it became effective and of all
     amendments thereto and that, in connection with each offering of Offered
     Securities:</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (a)&nbsp;&nbsp;The Company will file the Prospectus with the Commission
     pursuant to and in accordance with Rule&nbsp;424(b) not later than the
     second business day following the execution and delivery of this Agreement.</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (b)&nbsp;&nbsp;The Company will advise the Representatives promptly of any
     proposal to amend or supplement either of the Registration Statements or
     the Prospectus and will afford the Representatives a reasonable opportunity
     to comment on any such proposed amendment or supplement; and the Company
     will also advise the Representatives promptly of the filing of any such
     amendment or supplement and of the institution by the Commission of any
     stop order proceedings in respect of either of the Registration Statements
     or of any part thereof and will use its best efforts to prevent the
     issuance of any such stop order and to obtain as soon as possible its
     lifting, if issued.</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (c)&nbsp;&nbsp;If, at any time when a prospectus relating to the Offered
     Securities is required to be delivered under the Act in connection with
     sales by any Underwriter or dealer, any event occurs as a result of which
     the Prospectus as then amended or supplemented would include an untrue
     statement of a material fact or omit to state any material fact necessary
     to make the statements therein, in the light of the circumstances under
     which they were made, not misleading, or if it is necessary at any time to
     amend the Prospectus to comply with the Act, the Company promptly will
     notify the Representatives of such event and will promptly prepare and file
     with the Commission, at its own expense, an amendment or supplement which
     will correct such statement or omission or an amendment which will effect
     such compliance.&nbsp; Neither the Representatives' consent to, nor the
     Underwriters' delivery of, any such amendment or supplement shall
     constitute a waiver of any of the conditions set forth in Section&nbsp;5
     hereof.</font></p>
     <p align="center"><font face="Times New Roman" size="2">6</font></p>
     <hr>
     <p align="center">&nbsp;</p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (d)&nbsp;&nbsp;As soon as practicable, but not later than 16&nbsp;months
     after the date of this Agreement, the Company will make generally available
     to its securityholders an earnings statement covering a period of at least
     12&nbsp;months beginning after the later of (i)&nbsp;the effective date of
     the Registration Statements relating to the Offered Securities,
     (ii)&nbsp;the effective date of the most recent post-effective amendment to
     the Registration Statements to become effective prior to the date of this
     Agreement and (iii)&nbsp;the date of the Company's most recent Annual
     Report on Form&nbsp;10-K filed with the Commission prior to the date of
     this Agreement, which will satisfy the provisions of Section&nbsp;11(a) of
     the Act.</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (e)&nbsp;&nbsp;The Company will furnish to the Representatives copies of
     the Registration Statements, including all exhibits, any related
     preliminary prospectus, any related preliminary prospectus supplement, the
     Prospectus and all amendments and supplements to such documents, in each
     case as soon as available and in such quantities as the Representatives may
     reasonably request.&nbsp; The Company will pay the expenses of printing and
     distributing to the Underwriters all such documents.</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (f)&nbsp;&nbsp;The Company will arrange for the qualification of the
     Offered Securities for sale and the determination of their eligibility for
     investment under the laws of such jurisdictions as the Representatives
     shall designate and will continue such qualifications in effect so long as
     required for the distribution, provided that the Company and its
     subsidiaries shall not be obligated to qualify as foreign corporations in
     any jurisdiction in which they are not so qualified or to file a general
     consent to service of process in any jurisdiction.</font></p>
     <p align="left"><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (g)&nbsp;&nbsp;During the period of five years hereafter, the Company will
     furnish to the Representatives and, upon request, to each of the other
     Underwriters, as soon as practicable after the end of each fiscal year, a
     copy of its annual report to stockholders for such year; and the Company
     will furnish to the Representatives as soon as available, a copy of each
     report and any definitive proxy statement of the Company filed with the
     Commission under the Securities Exchange Act of 1934, as amended&nbsp; (the
     &quot;<b>Exchange Act</b>&quot;) or mailed to stockholders.</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (h)&nbsp;&nbsp;The Company will pay all expenses incident to the
     performance of its obligations under this Agreement, for any filing fees
     and other expenses (including fees and disbursements of counsel) incurred
     in connection with qualification of the Offered Securities for sale under
     the laws of such jurisdictions as the Representatives may designate and the
     printing of memoranda relating thereto, for any fees charged by investment
     rating agencies for the rating of the Offered Securities, for any travel
     expenses of the Company's officers and employees and any other expenses of
     the Company in connection with attending or hosting meetings with
     prospective purchasers of the Offered Securities and for expenses incurred
     in distributing the Prospectus, any preliminary prospectuses, any
     preliminary prospectus supplements or any other amendments or supplements
     to the Prospectus to the Underwriters.</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (i)&nbsp;&nbsp;The Company will not offer, sell, contract to sell, pledge
     or otherwise dispose of, directly or indirectly, or file with the
     Commission a registration statement under the Act relating to debt
     securities issued or guaranteed by the Company and having a maturity of
     more than one year from the date of issue, or publicly disclose the
     intention to make any such offer, sale, pledge, disposition or filing,
     without the prior written consent of the Representatives for a period
     beginning at the date of this Agreement and ending at the later of the
     Closing Date or the lifting of trading restrictions by the Representatives.</font></p>
     <p align="center"><font face="Times New Roman" size="2">7</font></p>
     <hr>
     <p align="center">&nbsp;</p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     6.&nbsp; <i>Conditions of the Obligations of the Underwriters</i>.&nbsp;
     The obligations of the several Underwriters to purchase and pay for the
     Offered Securities will be subject to the accuracy of the representations
     and warranties on the part of the Company herein, to the accuracy of the
     statements of Company officers made pursuant to the provisions hereof, to
     the performance by the Company of its obligations hereunder and to the
     following additional conditions precedent:</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (a)&nbsp;&nbsp;On or prior to the date of this Agreement, the
     Representatives shall have received a letter, dated the date of delivery
     thereof, of&nbsp; Deloitte &amp; Touche LLP confirming that they are
     independent public accountants within the meaning of the Act and the
     applicable published Rules and Regulations thereunder and stating to the
     effect that:</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (i) in their opinion the consolidated financial statements examined by them
     and included in the Prospectus comply as to form in all material respects
     with the applicable accounting requirements of the Exchange Act and the
     related published Rules and Regulations;</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (ii)&nbsp;they have performed the procedures specified by the American
     Institute of Certified Public Accountants for a review of interim financial
     information as described in Statement of Auditing Standards No. 100,
     Interim Financial Information, as amended, on any unaudited interim
     consolidated financial statements included in the Registration Statements;</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (iii)&nbsp;on the basis of the review referred to in clause&nbsp;(ii)
     above, a reading of the latest available unaudited interim consolidated
     financial statements of the Company, inquiries of officials of the Company
     who have responsibility for financial and accounting matters and other
     specified procedures, nothing came to their attention that caused them to
     believe that:</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (A)&nbsp;the unaudited interim consolidated financial statements, if any,
     and any summary financial statements included in the Prospectus do not
     comply as to form in all material respects with the applicable accounting
     requirements of the Act and the related published Rules and Regulations or
     any material modifications should be made to such unaudited interim
     consolidated financial statements and summary financial statements for them
     to be in conformity with generally accepted accounting principles in the
     United States;</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (B)&nbsp;if any unaudited &quot;capsule&quot; information is contained in
     the Prospectus, the unaudited consolidated net sales, net operating income,
     net income and net income per share amounts or other amounts constituting
     such &quot;capsule&quot; information and described in such letter do not
     agree with the corresponding amounts set forth in the unaudited
     consolidated financial statements or were not determined on a basis
     substantially consistent with that of the corresponding amounts in the
     audited statements of income;</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (C)&nbsp;at the date of the latest available balance sheet read by such
     accountants, or at a subsequent specified date not more than three business
     days prior to the date of the such letter, there was any change in the
     number of common shares outstanding or any increase in short-term
     indebtedness or long-term debt of the Company and its consolidated
     subsidiaries or, at the date of the latest available balance sheet read by
     such accountants, there was any decrease in stockholders' equity or the
     combined balance of cash and cash equivalents, available-for-sale
     securities and held-to-maturity securities of the Company, as compared with
     amounts shown on the latest balance sheet included in the Prospectus; or</font></p>
     <p align="center"><font face="Times New Roman" size="2">8</font></p>
     <hr>
     <p align="center">&nbsp;</p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (D)&nbsp;for the period from the closing date of the latest income
     statement included in the Prospectus to the closing date of the latest
     available income statement read by such accountants there were any
     decreases, as compared with the corresponding period of the previous year
     and with the period of corresponding length ended the date of the latest
     income statement included in the Prospectus, in consolidated net interest
     income, net income, income before extraordinary items and total interest
     expense, net income per share or in the ratio of earnings to fixed charges;</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     except in all cases set forth in clauses (C) and (D) above for changes,
     increases or decreases which the Prospectus discloses have occurred or may
     occur or which are described in such letter; and</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (iv)&nbsp;they have compared specified dollar amounts (or percentages
     derived from such dollar amounts) and other financial information contained
     in the Prospectus (in each case to the extent that such dollar amounts,
     percentages and other financial information are derived from the general
     accounting records of the Company and its subsidiaries subject to the
     internal controls of the Company's accounting system or are derived
     directly from such records by analysis or computation) with the results
     obtained from inquiries, a reading of such general accounting records and
     other procedures specified in such letter and have found such dollar
     amounts, percentages and other financial information to be in agreement
     with such results, except as otherwise specified in such letter.&nbsp;</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     All financial statements and schedules included in material incorporated by
     reference into the Prospectus shall be deemed included in the Prospectus
     for purposes of this subsection.</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (b)&nbsp;&nbsp;The Prospectus shall have been filed with the Commission in
     accordance with the Rules and Regulations and Section&nbsp;5(a) of this
     Agreement.&nbsp; No stop order suspending the effectiveness of either of
     the Registration Statements or of any part thereof shall have been issued
     and no proceedings for that purpose shall have been instituted or, to the
     knowledge of the Company or any Underwriter, shall be contemplated by the
     Commission.</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (c)&nbsp;&nbsp;Subsequent to the execution and delivery of this Agreement,
     there shall not have occurred (i)&nbsp;any change, or any development or
     event involving a prospective change, in the condition (financial or
     other), business, properties or results of operations of the Company and
     its subsidiaries taken as one enterprise which, in the judgment of the
     Representatives, is material and adverse and makes it impractical or
     inadvisable to proceed with completion of the public offering or the sale
     of and payment for the Offered Securities; (ii)&nbsp;any downgrading in the
     rating of any debt securities of the Company by any &quot;nationally
     recognized statistical rating organization&quot; (as defined for purposes
     of Rule&nbsp;436(g) under the Act), or any public announcement that any
     such organization has under surveillance or review its rating of any debt
     securities of the Company (other than an announcement with positive
     implications of a possible upgrading, and no implication of a possible
     downgrading, of such rating); (iii)&nbsp; any change in U.S. or
     international financial, political or economic conditions or currency
     exchange rates or exchange controls as would, in the judgment of the
     Representatives, be likely to prejudice materially the success of the
     proposed issue, sale or distribution of the Offered Securities, whether in
     the primary market or in respect of dealings in the secondary market; (iv)
     any material suspension or material limitation of trading in securities
     generally on the New York Stock Exchange, or any setting of minimum prices
     for trading on such exchange, or any suspension of trading of any
     securities of the Company on any exchange or in the over-the-counter
     market; (v)&nbsp;any banking moratorium declared by U.S. Federal or New
     York authorities; (vi) any major disruption of settlements of securities or
     clearance services in the United States or (vii)&nbsp;any attack on,
     outbreak or escalation of hostilities or act of terrorism involving the
     United States, any declaration of war by Congress or any other national or
     international calamity or emergency if, in the judgment of the
     Representatives, the effect of any such attack, outbreak, escalation, act,
     declaration, calamity or emergency makes it impractical or inadvisable to
     proceed with completion of the public offering or the sale of and payment
     for the Offered Securities.</font></p>
     <p align="center"><font face="Times New Roman" size="2">9</font></p>
     <hr>
     <p align="center">&nbsp;</p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (d)&nbsp;&nbsp;The Representatives shall have received an opinion, dated
     the Closing Date, of Heller, Ehrman, White &amp; McAuliffe LLP, counsel for
     the Company, in the form satisfactory to the Representatives, to the effect
     that:</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (i)&nbsp;&nbsp;The Company has been duly incorporated and is an existing
     corporation under the laws of the State of&nbsp;Washington, with corporate
     power and authority to own its properties and conduct its business as
     described in the Prospectus;</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (ii)&nbsp; The Significant Subsidiaries have been duly incorporated and are
     existing corporations or depository institutions in good standing under the
     laws of their respective jurisdiction, with corporate power and authority
     to own their properties and conduct their business as described in the
     Prospectus;</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (iii)&nbsp; The Indenture has been duly authorized, executed and delivered
     by the Company and has been duly qualified under the Trust Indenture Act;
     the Offered Securities have been duly authorized and issued by the Company,
     and assuming due authentication thereof by the trustee under the Indenture
     and upon payment and delivery in accordance with this Agreement, will be
     duly and validly issued and outstanding; the Indenture and the Offered
     Securities constitute valid and binding obligations of the Company
     enforceable in accordance with their terms, subject to bankruptcy,
     insolvency, fraudulent transfer, reorganization, moratorium and similar
     laws of general applicability relating to or affecting creditors' rights
     and to general equity principles whether such enforceability is considered
     in a proceeding in equity or at law; and the Offered Securities conform to
     the description thereof contained in the Prospectus;</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (iv)&nbsp; No consent, approval, authorization or order of, or filing with,
     any governmental agency or body or any court is required for the
     consummation of the transactions contemplated by this Agreement (including
     the provisions of this Agreement) in connection with the issuance or sale
     of the Offered Securities by the Company, except such as have been obtained
     and made under the Act and the Trust Indenture Act and such as may be
     required under state securities laws;</font></p>
     <p align="center"><font face="Times New Roman" size="2">10</font></p>
     <hr>
     <p align="center">&nbsp;</p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (v)&nbsp; The execution, delivery and performance of the Indenture or this
     Agreement, and the issuance and sale of the Offered Securities and
     compliance with the terms and provisions thereof will not result in a
     breach or violation of any of the terms and provisions of, or constitute a
     default under, (i) any statute, any rule or regulation of any governmental
     agency or body or, to such counsel's knowledge, any order or judgment of
     any court having jurisdiction over the Company or any subsidiary of the
     Company or any of their properties, (ii) pursuant to any agreement listed
     as an exhibit to the Company's reports filed by the company pursuant to the
     Exchange Act, or (iii) the charter or by-laws of the Company or any
     Significant&nbsp; Subsidiary, and the Company has full corporate power and
     authority to authorize, issue and sell the Offered Securities as
     contemplated by this Agreement;</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (vi)&nbsp; The Registration Statements have become effective under the Act,
     the Prospectus was filed with the Commission pursuant to the subparagraph
     of Rule 424(b) specified in such opinion on the date specified therein,
     and, to the best of the knowledge of such counsel, no stop order suspending
     the effectiveness of either of the Registration Statements or any part
     thereof has been issued and no proceedings for that purpose have been
     instituted or are pending or contemplated under the Act, and the
     Registration Statements relating to the Offered Securities, as of their
     effective date, the Registration Statements and the Prospectus, as of the
     date of this Agreement, and any amendment or supplement thereto, as of its
     date, complied as to form in all material respects with the requirements of
     the Act, the Trust Indenture Act and the Rules and Regulations; such
     counsel have no reason to believe that the Registration Statements, as of
     their effective date, as of the date of this Agreement or as of the Closing
     Date, or any amendment thereto, as of its date or as of the Closing Date,
     contained any untrue statement of a material fact or omitted to state any
     material fact required to be stated therein or necessary to make the
     statements therein not misleading or that the Prospectus, as of the date of
     this Agreement or as of the Closing Date, or any amendment or supplement
     thereto, as of its date or as of the Closing Date, contained any untrue
     statement of a material fact or omitted to state any material fact
     necessary in order to make the statements therein, in the light of the
     circumstances under which they were made, not misleading; the descriptions
     in the Registration Statements and Prospectus of statutes, legal and
     governmental proceedings and contracts and other documents are accurate and
     fairly present the information required to be shown; and such counsel do
     not know of any legal or governmental proceedings required to be described
     in the Prospectus which are not described as required or of any contracts
     or documents of a character required to be described in the Registration
     Statements or Prospectus or to be filed as exhibits to the Registration
     Statements which are not described and filed as required; it being
     understood that such counsel need express no opinion as to the financial
     statements or other financial data contained in the Registration Statements
     or the Prospectus;</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (vii)&nbsp; This Agreement has been duly authorized, executed and delivered
     by the Company; and</font></p>
     <p align="center"><font face="Times New Roman" size="2">11</font></p>
     <hr>
     <p align="center">&nbsp;</p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (viii) The Company is duly registered as a savings and loan holding company
     under the applicable provisions of the Home Owners' Loan Act.&nbsp; To such
     counsel's knowledge, neither the Company nor any of its subsidiaries is a
     party to any written agreement or memorandum of understanding with, or a
     party to any commitment letter or similar undertaking to, or is subject to
     any order or directive by, or is a recipient of any extraordinary
     supervisory letter from, or has adopted any board resolutions at the
     request of, any Bank Regulatory Authority which restricts materially the
     conduct of its business, or in any manner relates to its capital adequacy,
     its credit policies or its management, nor have any of them been advised by
     any Bank Regulatory Authority that it is contemplating issuing or
     requesting (or is considering the appropriateness of issuing or requesting)
     any such order, decree, agreement, memorandum of understanding,
     extraordinary supervisory letter, commitment letter or similar submission,
     or any such board resolutions.</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (e)&nbsp; The Representatives shall have received from&nbsp;Cleary,
     Gottlieb, Steen &amp; Hamilton, counsel for the Underwriters, such opinion
     or opinions, dated such Closing Date, with respect to the validity of the
     Offered Securities delivered on such Closing Date, the Registration
     Statements, the Prospectus and other related matters as the Representatives
     may require, and the Company shall have furnished to such counsel such
     documents as they request for the purpose of enabling them to pass upon
     such matters.&nbsp; In rendering such opinion, Cleary, Gottlieb, Steen
     &amp; Hamilton may rely as to matters governed by Washington law upon the
     opinion of Heller, Ehrman, White &amp; McAuliffe LLP referred to above.</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (f)&nbsp; The Representatives shall have received a certificate, dated the
     Closing Date, of the President or any Vice President and a principal
     financial or accounting officer of the Company in which such officers, to
     the best of their knowledge after reasonable investigation, shall state
     that the representations and warranties of the Company in this Agreement
     are true and correct, that the Company has complied with all agreements and
     satisfied all conditions on its part to be performed or satisfied hereunder
     at or prior to the Closing Date, that no stop order suspending the
     effectiveness of either of the Registration Statements or of any part
     thereof has been issued and no proceedings for that purpose have been
     instituted or are contemplated by the Commission and that, subsequent to
     the date of the most recent financial statements included or incorporated
     by reference in the Prospectus, there has been no material adverse change,
     nor any development or event involving a prospective material adverse
     change, in the condition (financial or other), business, properties or
     results of operations of the Company and its subsidiaries taken as a whole
     except as set forth in or contemplated by the Prospectus or as described in
     such certificate.</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (g)&nbsp;&nbsp;The Representatives shall have received a letter, dated such
     Closing Date, of&nbsp;Deloitte &amp; Touche LLP which meets the
     requirements of subsection (a) of this Section, except that the specified
     date referred to in such subsection will be a date not more than three days
     prior to such Closing Date for the purposes of this subsection.</font></p>
     <p align="center"><font face="Times New Roman" size="2">12</font></p>
     <hr>
     <p align="center">&nbsp;</p>
     <p><font face="Times New Roman" size="2">The Company will furnish the
     Representatives with such conformed copies of such opinions, certificates,
     letters and documents as the Representatives reasonably request.&nbsp; The
     Representatives may in their sole discretion waive on behalf of the
     Underwriters compliance with any conditions to the obligations of the
     Underwriters hereunder, whether in respect of the Closing Date or
     otherwise.</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     7.&nbsp; <i>Indemnification and Contribution</i>.&nbsp;</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (a)&nbsp; The Company will indemnify and hold harmless each Underwriter,
     its partners, directors and officers and each person, if any, who controls
     such Underwriter within the meaning of Section 15 of the Act, against any
     losses, claims, damages or liabilities, joint or several, to which such
     Underwriter may become subject, under the Act or otherwise, insofar as such
     losses, claims, damages or liabilities (or actions in respect thereof)
     arise out of or are based upon any untrue statement or alleged untrue
     statement of any material fact contained in either of the Registration
     Statements, the Prospectus, or any amendment or supplement thereto, or any
     related preliminary prospectus or preliminary prospectus supplement, or
     arise out of or are based upon the omission or alleged omission to state
     therein a material fact required to be stated therein or necessary to make
     the statements therein not misleading, and will reimburse each Underwriter
     for any legal or other expenses reasonably incurred by such Underwriter in
     connection with investigating or defending any such loss, claim, damage,
     liability or action as such expenses are incurred; provided, however, (i)
     that the Company will not be liable in any such case to the extent that any
     such loss, claim, damage or liability arises out of or is based upon an
     untrue statement or alleged untrue statement in or omission or alleged
     omission from any of such documents in reliance upon and in conformity with
     written information furnished to the Company by any Underwriter through the
     Representatives specifically for use therein, it being understood and
     agreed that the only such information furnished by any Underwriter consists
     of the information described as such in subsection (b) below; and provided,
     further, that with respect to any untrue statement or alleged untrue
     statement in or omission or alleged omission from any preliminary
     prospectus the indemnity agreement contained in this subsection (a) shall
     not inure to the benefit of any Underwriter from whom the person asserting
     any such losses, claims, damages or liabilities purchased the Offered
     Securities concerned, to the extent that a prospectus relating to such
     Offered Securities was required to be delivered by such Underwriter under
     the Act in connection with such purchase and any such loss, claim, damage
     or liability of such Underwriter results from the fact that there was not
     sent or given to such person, at or prior to the written confirmation of
     the sale of such Offered Securities to such person, a copy of the
     Prospectus (exclusive of material incorporated by reference) if the Company
     had previously furnished copies thereof to such Underwriter.</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (b)&nbsp; Each Underwriter will severally and not jointly indemnify and
     hold harmless the Company, its directors and officers and each person, if
     any, who controls the Company within the meaning of Section 15 of the Act,
     against any losses, claims, damages or liabilities to which the Company may
     become subject, under the Act or otherwise, insofar as such losses, claims,
     damages or liabilities (or actions in respect thereof) arise out of or are
     based upon any untrue statement or alleged untrue statement of any material
     fact contained in either of the Registration Statements, the Prospectus, or
     any amendment or supplement thereto, or any related preliminary prospectus
     or preliminary prospectus supplement, or arise out of or are based upon the
     omission or the alleged omission to state therein a material fact required
     to be stated therein or necessary to make the statements therein not
     misleading, in each case to the extent, but only to the extent, that such
     untrue statement or alleged untrue statement or omission or alleged
     omission was made in reliance upon and in conformity with written
     information furnished to the Company by such Underwriter through the
     Representatives specifically for use therein, and will reimburse any legal
     or other expenses reasonably incurred by the Company in connection with
     investigating or defending any such loss, claim, damage, liability or
     action as such expenses are incurred, it being understood and agreed that
     the only such information furnished by any Underwriter consists of the
     following information in the Prospectus furnished on behalf of each
     Underwriter: the concession figures appearing in the second paragraph under
     the caption &quot;Underwriting&quot; and the information contained in the
     fourth paragraph under the caption &quot;Underwriting&quot;.</font></p>
     <p align="center"><font face="Times New Roman" size="2">13</font></p>
     <hr>
     <p align="center">&nbsp;</p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (c)&nbsp; Promptly after receipt by an indemnified party under this Section
     of notice of the commencement of any action, such indemnified party will,
     if a claim in respect thereof is to be made against the indemnifying party
     under subsection (a) or (b) above, notify the indemnifying party of the
     commencement thereof; but the omission so to notify the indemnifying party
     will not relieve it from any liability which it may have to any indemnified
     party otherwise than under subsection (a) or (b) above.&nbsp; In case any
     such action is brought against any indemnified party and it notifies the
     indemnifying party of the commencement thereof, the indemnifying party will
     be entitled to participate therein and, to the extent that it may wish,
     jointly with any other indemnifying party similarly notified, to assume the
     defense thereof, with counsel satisfactory to such indemnified party (who
     shall not, except with the consent of the indemnified party, be counsel to
     the indemnifying party), and after notice from the indemnifying party to
     such indemnified party of its election so to assume the defense thereof,
     the indemnifying party will not be liable to such indemnified party under
     this Section for any legal or other expenses subsequently incurred by such
     indemnified party in connection with the defense thereof other than
     reasonable costs of investigation.&nbsp; No indemnifying party shall,
     without the prior written consent of the indemnified party, effect any
     settlement of any pending or threatened action in respect of which any
     indemnified party is or could have been a party and indemnity could have
     been sought hereunder by such indemnified party unless such settlement (i)
     includes an unconditional release of such indemnified party from all
     liability on any claims that are the subject matter of such action and (ii)
     does not include a statement as to, or an admission of, fault, culpability
     or a failure to act by or on behalf of an indemnified party.</font></p>
     <p align="left"><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (d)&nbsp; If the indemnification provided for in this Section is
     unavailable or insufficient to hold harmless an indemnified party under
     subsection (a) or (b) above, then each indemnifying party shall contribute
     to the amount paid or payable by such indemnified party as a result of the
     losses, claims, damages or liabilities referred to in subsection (a) or (b)
     above (i) in such proportion as is appropriate to reflect the relative
     benefits received by the Company on the one hand and the Underwriters on
     the other from the offering of the Securities or (ii) if the allocation
     provided by clause (i) above is not permitted by applicable law, in such
     proportion as is appropriate to reflect not only the relative benefits
     referred to in clause (i) above but also the relative fault of the Company
     on the one hand and the Underwriters on the other in connection with the
     statements or omissions which resulted in such losses, claims, damages or
     liabilities as well as any other relevant equitable considerations. The
     relative benefits received by the Company on the one hand and the
     Underwriters on the other shall be deemed to be in the same proportion as
     the total net proceeds from the offering (before deducting expenses)
     received by the Company bear to the total underwriting discounts and
     commissions received by the Underwriters. The relative fault shall be
     determined by reference to, among other things, whether the untrue or
     alleged untrue statement of a material fact or the omission or alleged
     omission to state a material fact relates to information supplied by the
     Company or the Underwriters and the parties' relative intent, knowledge,
     access to information and opportunity to correct or prevent such untrue
     statement or omission. The amount paid by an indemnified party as a result
     of the losses, claims, damages or liabilities referred to in the first
     sentence of this subsection (d) shall be deemed to include any legal or
     other expenses reasonably incurred by such indemnified party in connection
     with investigating or defending any action or claim which is the subject of
     this subsection (d). Notwithstanding the provisions of this subsection (d),
     no Underwriter shall be required to contribute any amount in excess of the
     amount by which the total price at which the Securities underwritten by it
     and distributed to the public were offered to the public exceeds the amount
     of any damages which such Underwriter has otherwise been required to pay by
     reason of such untrue or alleged untrue statement or omission or alleged
     omission.&nbsp; No person guilty of fraudulent misrepresentation (within
     the meaning of Section 11(f) of the Act) shall be entitled to contribution
     from any person who was not guilty of such fraudulent misrepresentation.
     The Underwriters' obligations in this subsection (d) to contribute are
     several in proportion to their respective underwriting obligations and not
     joint.</font></p>
     <p align="center"><font face="Times New Roman" size="2">14</font></p>
     <hr>
     <p align="center">&nbsp;</p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (e)&nbsp; The obligations of the Company under this Section shall be in
     addition to any liability which the Company may otherwise have and shall
     extend, upon the same terms and conditions, to each person, if any, who
     controls any Underwriter within the meaning of the Act; and the obligations
     of the Underwriters under this Section shall be in addition to any
     liability which the respective Underwriters may otherwise have and shall
     extend, upon the same terms and conditions, to each director of the
     Company, to each officer of the Company who has signed either of the
     Registration Statements and to each person, if any, who controls the
     Company within the meaning of the Act.</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     8.&nbsp; <i>Default of Underwriters</i>.&nbsp; If any Underwriter or
     Underwriters default in their obligations to purchase any of the Floating
     Rate Notes, the 2.40% Notes or the 4.00% Notes hereunder on the Closing
     Date and the aggregate principal amount of Floating Rate Notes, the 2.40%
     Notes or the 4.00% Notes, as the case may be, that such defaulting
     Underwriter or Underwriters agreed but failed to purchase does not exceed
     10% of the total principal amount of Floating Rate Notes, the 2.40% Notes
     or the 4.00% Notes, as the case may be, that the Underwriters for Floating
     Rate Notes, the 2.40% Notes or the 4.00% Notes, as the case may be, are
     obligated to purchase on such Closing Date, the Representatives may make
     arrangements satisfactory to the Company for the purchase of such Offered
     Securities by other persons, including any of the Underwriters, but if no
     such arrangements are made by such Closing Date, the non-defaulting
     Underwriters for Floating Rate Notes, the 2.40% Notes or the 4.00% Notes,
     as the case may be, shall be obligated severally, in proportion to their
     respective commitments hereunder, to purchase the Floating Rate Notes, the
     2.40% Notes or the 4.00% Notes, as the case may be, that such defaulting
     Underwriters agreed but failed to purchase on such Closing Date. If any
     Underwriter or Underwriters so default and the aggregate principal amount
     of Floating Rate Notes, the 2.40% Notes or the 4.00% Notes with respect to
     which such default or defaults occur exceeds 10% of the total principal
     amount of Floating Rate Notes, the 2.40% Notes or the 4.00% Notes, as the
     case may be, that the Underwriters for the Floating Rate Notes, the 2.40%
     Notes or the 4.00% Notes, as the case may be, are obligated to purchase on
     such Closing Date and arrangements satisfactory to the Representatives and
     the Company for the purchase of such Floating Rate Notes, the 2.40% Notes
     or the 4.00% Notes, as the case may be, by other persons are not made
     within 36 hours after such default, this Agreement so far as it relates to
     the purchase of Floating Rate Notes, the 2.40% Notes or the 4.00% Notes, as
     the case may be, will terminate without liability on the part of any
     non-defaulting Underwriter for such Floating Rate Notes, the 2.40% Notes or
     the 4.00% Notes, as the case may be or the Company, except as provided in
     Section 9. As used in this Agreement, the term &quot;Underwriter&quot;
     includes any person substituted for an Underwriter under this Section.
     Nothing herein will relieve a defaulting Underwriter from liability for its
     default.</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     9.&nbsp; <i>Survival of Certain Representations and Obligations</i>.&nbsp;
     The respective indemnities, agreements, representations, warranties and
     other statements of the Company or its officers and of the several
     Underwriters set forth in or made pursuant to this Agreement will remain in
     full force and effect, regardless of any investigation, or statement as to
     the results thereof, made by or on behalf of any Underwriter, the Company
     or any of their respective representatives, officers or directors or any
     controlling person, and will survive delivery of and payment for the
     Offered Securities. If this Agreement, as it relates to Floating Rate
     Notes, the 2.40% Notes or the 4.00% Notes, as the case may be, is
     terminated pursuant to Section 8 or if for any reason the purchase of the
     Offered Securities by the Underwriters is not consummated, the Company
     shall remain responsible for the expenses to be paid or reimbursed by it
     pursuant to Section 5 and the respective obligations of the Company and the
     Underwriters pursuant to Section 7 shall remain in effect, and if any
     Offered Securities have been purchased hereunder the representations and
     warranties in Section 2 and all obligations under Section 5 shall also
     remain in effect. If the purchase of the Offered Securities by the
     Underwriters is not consummated for any reason other than solely because of
     the termination of this Agreement so far as it relates to Floating Rate
     Notes, the 2.40% Notes or the 4.00% Notes, as the case may be, pursuant to
     Section 8 or the occurrence of any event specified in clause (iii), (iv),
     (v), (vi) or (vii) of Section 6(c), the Company will reimburse the
     Underwriters for all out-of-pocket expenses (including reasonable fees and
     disbursements of counsel) reasonably incurred by them in connection with
     the offering of the Offered Securities.</font></p>
     <p align="center"><font face="Times New Roman" size="2">15</font></p>
     <hr>
     <p align="center">&nbsp;</p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     10.&nbsp; <i>Notices</i>. All communications hereunder will be in writing
     and, if sent to the Underwriters, will be mailed, delivered or faxed and
     confirmed to the Representatives, c/o Morgan Stanley &amp; Co.
     Incorporated, 1585 Broadway, New York, New York 10036,
     Attention:&nbsp;&nbsp;Legal Department (fax: 212-761-0783), with a copy to
     the General Counsel at the same address, or, if sent to the Company, will
     be mailed, delivered or faxed and confirmed to it at Washington Mutual,
     Inc., 1202 Third Avenue, Seattle, WA 98103, Attention:&nbsp;Fay Chapman
     (fax: 206-461-5739) with a copy to David R. Wilson, Heller Ehrman White
     &amp; McAuliffe LP, 701 5<sup>th</sup> Avenue, Suite 6100, Seattle, WA
     98104-7098 (fax: 206-447-0849); provided, however, that any notice to an
     Underwriter pursuant to Section 7 will be mailed, delivered or telegraphed
     and confirmed to such Underwriter.</font></p>
     <p>&nbsp;</p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     11.&nbsp; <i>Successors</i>. This Agreement will inure to the benefit of
     and be binding upon the parties hereto and their respective successors and
     the officers and directors and controlling persons referred to in
     Section&nbsp;7, and no other person will have any right or obligation
     hereunder.</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     12.&nbsp; <i>Representation of Underwriters</i>.&nbsp; The Representatives
     will act for the several Underwriters in connection with this financing,
     and any action under this Agreement taken by the Representatives jointly or
     severally will be binding upon all the Underwriters.</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     13.&nbsp; <i>Counterparts</i>.&nbsp; This Agreement may be executed in any
     number of counterparts, each of which shall be deemed to be an original,
     but all such counterparts shall together constitute one and the same
     Agreement.</font></p>
     <p><b><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     14.&nbsp; <i>Applicable&nbsp;Law</i>. This Agreement shall be governed by,
     and construed in accordance with, the laws of the State of New York without
     regard to principles of conflicts of laws.</font></b></p>
     <p>&nbsp;</p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     The Company hereby submits to the non-exclusive jurisdiction of the Federal
     and state courts in the Borough of Manhattan in The City of New York in any
     suit or proceeding arising out of or relating to this Agreement or the
     transactions contemplated hereby.</font></p>
     <p align="center"><font face="Times New Roman" size="2">16</font></p>
     <hr>
</div>
<div>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     If the foregoing is in accordance with the Representatives' understanding
     of our agreement, kindly sign and return to the Company one of the
     counterparts hereof, whereupon it will become a binding agreement between
     the Company and the several Underwriters in accordance with its terms.</font></p>
     <div align="right">
          <table border="0" cellspacing="0" cellpadding="0" width="452">
               <tr>
                    <td valign="top" width="257"><font face="Times New Roman" size="2">Very
                         truly yours,</font>
                         <p>&nbsp;</td>
               </tr>
               <tr>
                    <td valign="top" width="257"><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
                         WASHINGTON MUTUAL, INC.</font>
                         <p>&nbsp;</td>
               </tr>
               <tr>
                    <td valign="top" width="257"><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                         By: /s/ Thomas W. Casey</font></td>
               </tr>
               <tr>
                    <td valign="top" width="257"><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                         Thomas W. Casey</font></td>
               </tr>
               <tr>
                    <td valign="top" width="257"><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                         Chief Financial Officer</font></td>
               </tr>
          </table>
     </div>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
     <p><font face="Times New Roman" size="2">The foregoing Underwriting
     Agreement is hereby confirmed and accepted as of the date first above
     written.</font></p>
     <p><font face="Times New Roman" size="2">Citigroup Global Markets Inc.<br>
     J.P. Morgan Securities Inc.<br>
     Morgan Stanley &amp; Co. Incorporated</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     Acting on behalf of themselves as the Representatives for the Floating Rate
     Notes</font></p>
     <p><font face="Times New Roman" size="2">Citigroup Global Markets Inc.<br>
     J.P. Morgan Securities Inc.<br>
     Morgan Stanley &amp; Co. Incorporated</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     Acting on behalf of themselves as the Representatives for the 2.40% Notes</font></p>
     <p>&nbsp;</p>
     <p><font face="Times New Roman" size="2">Bear, Stearns &amp; Co. Inc.<br>
     Credit Suisse First Boston LLC<br>
     Morgan Stanley &amp; Co. Incorporated</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     Acting on behalf of themselves and as the&nbsp; Representatives of the
     several Underwriters for the 4.00% Notes</font></p>
     <p>&nbsp;</p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     By&nbsp; Morgan Stanley &amp; Co. Incorporated</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     By&nbsp; /s/ Michael Fusco</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     Authorized Representative</font></p>
     <hr>
     <p align="center"><font face="Times New Roman" size="2"><b>SCHEDULE A</b></font></p>
     <p>&nbsp;</p>
     <p><b><font face="Times New Roman" size="2">Floating Rate Notes</font></b></p>
     <p>&nbsp;</p>
     <div align="center">
          <center>
          <table border="0" cellspacing="0" cellpadding="0" width="399">
               <tr>
                    <td valign="bottom" width="278">
                         <p><b><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                         <u>Underwriter</u></font></b></p>
                         <p>&nbsp;</p>
                    </td>
                    <td valign="top" width="117">
                         <p align="center"><b><font face="Times New Roman" size="2">Principal
                         Amount of<br>
                         </font><u><font face="Times New Roman" size="2">Offered
                         Securities</font></u></b></p>
                         <p align="center">&nbsp;</td>
               </tr>
               <tr>
                    <td valign="top" width="278">
                         <p><font face="Times New Roman" size="2">Citigroup
                         Global Markets Inc.</font></p>
                    </td>
                    <td valign="top" width="117">
                         <p align="right"><font face="Times New Roman" size="2">133,333,000</font></p>
                    </td>
               </tr>
               <tr>
                    <td valign="top" width="278">
                         <p><font face="Times New Roman" size="2">J.P. Morgan
                         Securities Inc. .</font></p>
                    </td>
                    <td valign="top" width="117">
                         <p align="right"><font face="Times New Roman" size="2">133,333,000</font></p>
                    </td>
               </tr>
               <tr>
                    <td valign="top" width="278">
                         <p><font face="Times New Roman" size="2">Morgan Stanley
                         &amp; Co. Incorporated</font></p>
                    </td>
                    <td valign="top" width="117">
                         <p align="right"><font face="Times New Roman" size="2">$133,334,000</font></p>
                    </td>
               </tr>
               <tr>
                    <td valign="top" width="278">
                         <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                         Total</font></p>
                    </td>
                    <td valign="top" width="117">
                         <p align="right"><u><font face="Times New Roman" size="2">$400,000,000</font></u></p>
                    </td>
               </tr>
          </table>
          </center>
     </div>
     <p>&nbsp;</p>
     <p>&nbsp;</p>
     <p>&nbsp;</p>
     <p align="center"><font face="Times New Roman" size="2">1</font></p>
     <hr>
     &nbsp;
     <p align="center"><b><font face="Times New Roman" size="2">SCHEDULE B</font></b></p>
     <p>&nbsp;</p>
     <p><b><font face="Times New Roman" size="2">2.40% Notes</font></b></p>
     <p>&nbsp;</p>
     <div align="center">
          <center>
          <table border="0" cellspacing="0" cellpadding="0" width="391">
               <tr>
                    <td valign="bottom">
                         <p><b><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                         <u>Underwriter</u></font></b></p>
                         <p>&nbsp;</p>
                    </td>
                    <td valign="bottom">
                         <p align="center"><b><font face="Times New Roman" size="2">Principal
                         Amount of<br>
                         </font><u><font face="Times New Roman" size="2">Offered
                         Securities</font></u></b></p>
                         <p align="center">&nbsp;</td>
               </tr>
               <tr>
                    <td valign="bottom">
                         <p><font face="Times New Roman" size="2">Citigroup
                         Global Markets Inc.</font></p>
                    </td>
                    <td valign="bottom">
                         <p align="right"><font face="Times New Roman" size="2">83,333,000</font></p>
                    </td>
               </tr>
               <tr>
                    <td valign="bottom">
                         <p><font face="Times New Roman" size="2">J.P. Morgan
                         Securities Inc.</font></p>
                    </td>
                    <td valign="bottom">
                         <p align="right"><font face="Times New Roman" size="2">83,333,000</font></p>
                    </td>
               </tr>
               <tr>
                    <td valign="bottom">
                         <p><font face="Times New Roman" size="2">Morgan Stanley
                         &amp; Co. Incorporated</font></p>
                    </td>
                    <td valign="bottom">
                         <p align="right"><font face="Times New Roman" size="2">$83,334,000</font></p>
                    </td>
               </tr>
               <tr>
                    <td valign="bottom">
                         <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                         Total</font></p>
                    </td>
                    <td valign="bottom">
                         <p align="right"><u><font face="Times New Roman" size="2">$250,000,000</font></u></p>
                    </td>
               </tr>
          </table>
          </center>
     </div>
     <p>&nbsp;</p>
     <p>&nbsp;</p>
     <p align="center"><font face="Times New Roman" size="2">2</font></p>
     <hr>
     &nbsp;
     <p align="center"><b><font face="Times New Roman" size="2">SCHEDULE C</font></b></p>
     <p><b><font face="Times New Roman" size="2">4.00% Notes</font></b></p>
     <p>&nbsp;</p>
     <div align="center">
          <center>
          <table border="0" cellspacing="0" cellpadding="0" width="391">
               <tr>
                    <td valign="bottom">
                         <p><b><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                         <u>Underwriter</u></font></b></p>
                         <p>&nbsp;</p>
                    </td>
               </center>
               <td valign="bottom">
                    <p align="center"><b><font face="Times New Roman" size="2">Principal
                    Amount of<br>
                    </font><u><font face="Times New Roman" size="2">Offered
                    Securities</font></u></b></p>
                    <p align="center">&nbsp;</td>
          </tr>
          <center>
          <tr>
               <td valign="bottom">
                    <p><font face="Times New Roman" size="2">Bear, Stearns &amp;
                    Co. Inc.</font></p>
               </td>
               <td valign="bottom" align="center">
                    <p align="right"><font face="Times New Roman" size="2">$225,000,000</font></p>
               </td>
          </tr>
          <tr>
               <td valign="bottom">
                    <p><font face="Times New Roman" size="2">Credit Suisse First
                    Boston LLC</font></p>
               </td>
               <td valign="bottom" align="center">
                    <p align="right"><font face="Times New Roman" size="2">225,000,000</font></p>
               </td>
          </tr>
          <tr>
               <td valign="bottom">
                    <p><font face="Times New Roman" size="2">Morgan Stanley
                    &amp; Co. Incorporated</font></p>
               </td>
               <td valign="bottom" align="center">
                    <p align="right"><font face="Times New Roman" size="2">225,000,000</font></p>
               </td>
          </tr>
          <tr>
               <td valign="bottom">
                    <p><font face="Times New Roman" size="2">ABN AMRO
                    Incorporated</font></p>
               </td>
               <td valign="bottom" align="center">
                    <p align="right"><font face="Times New Roman" size="2">50,000,000</font></p>
               </td>
          </tr>
          <tr>
               <td valign="bottom">
                    <p><font face="Times New Roman" size="2">Banc of America
                    Securities LLC</font></p>
               </td>
               <td valign="bottom" align="center">
                    <p align="right"><font face="Times New Roman" size="2">50,000,000</font></p>
               </td>
          </tr>
          <tr>
               <td valign="bottom">
                    <p><font face="Times New Roman" size="2">Banc One Capital
                    Markets</font></p>
               </td>
               <td valign="bottom" align="center">
                    <p align="right"><font face="Times New Roman" size="2">50,000,000</font></p>
               </td>
          </tr>
          <tr>
               <td valign="bottom">
                    <p><font face="Times New Roman" size="2">BNY Capital
                    Markets, Inc.</font></p>
               </td>
               <td valign="bottom" align="center">
                    <p align="right"><font face="Times New Roman" size="2">50,000,00</font></p>
               </td>
          </tr>
          <tr>
               <td valign="bottom">
                    <p><font face="Times New Roman" size="2">Wachovia
                    Securities, Inc.</font></p>
               </td>
               <td valign="bottom" align="center">
                    <p align="right"><font face="Times New Roman" size="2">50,000,000</font></p>
               </td>
          </tr>
          <tr>
               <td valign="bottom">
                    <p><font face="Times New Roman" size="2">Keefe, Bruyette
                    &amp; Woods, Inc.</font></p>
               </td>
               <td valign="bottom" align="center">
                    <p align="right"><font face="Times New Roman" size="2">25,000,000</font></p>
               </td>
          </tr>
          <tr>
               <td valign="bottom">
                    <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                    Total</font></p>
               </td>
               <td valign="bottom" align="center">
                    <p align="right"><u><font face="Times New Roman" size="2">1,000,000,000</font></u></p>
               </td>
          </tr>
          </table>
          </center>
     </div>
     <p>&nbsp;</p>
     <p align="center"><font face="Times New Roman" size="2">3</font></p>
     <p>&nbsp;</p>
</div>

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<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>4
<FILENAME>exh41to8koct2003.htm
<TEXT>
<html>

<head>
<title>2003-Q4 Floating Rate Note</title>
<meta name="GENERATOR" content="Microsoft FrontPage 4.0">
<meta name="ProgId" content="FrontPage.Editor.Document">
</head>

<body>

<div>
     <p align="center"><b><font face="Times New Roman" size="2">EXHIBIT 4.1</font></b></p>
     <p align="center">&nbsp;</p>
     <p><font face="Times New Roman" size="2">UNLESS THIS SECURITY (AS DEFINED
     HEREIN) IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
     TRUST COMPANY, A NEW YORK CORPORATION (THE &quot;DEPOSITARY&quot;) TO THE
     COMPANY (AS DEFINED HEREIN) OR ITS AGENT FOR REGISTRATION OF TRANSFER,
     EXCHANGE OR PAYMENT, AND ANY CERTIFICATE TO BE ISSUED IS REGISTERED IN THE
     NAME OF CEDE &amp; CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
     AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY (AND ANY AMOUNT PAYABLE
     THEREUNDER IS MADE PAYABLE TO CEDE &amp; CO. OR TO SUCH OTHER NAME AS IS
     REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY), ANY TRANSFER,
     PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
     WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE &amp; CO., HAS AN
     INTEREST HEREIN.</font></p>
     <p><font face="Times New Roman" size="2">UNLESS AND UNTIL THIS SECURITY IS
     EXCHANGED IN WHOLE OR IN PART FOR CERTIFICATED SECURITIES REGISTERED IN THE
     NAMES OF THE VARIOUS BENEFICIAL HOLDERS HEREOF AS THEN CERTIFIED TO THE
     COMPANY BY THE DEPOSITARY OR A SUCCESSOR DEPOSITARY, THIS SECURITY MAY NOT
     BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE
     DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER
     NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A
     SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.</font></p>
     <p align="center"><font face="Times New Roman" size="2">WASHINGTON MUTUAL,
     INC.</font></p>
     <p align="center"><font face="Times New Roman" size="2">FLOATING RATE NOTES
     DUE NOVEMBER 3, 2005</font></p>
     <table border="0" width="100%" cellspacing="0" cellpadding="0">
          <tr>
               <td width="50%"><font face="Times New Roman" size="2">No. 1</font></td>
               <td width="50%">
                    <p align="right"><font face="Times New Roman" size="2">$400,000,000</font></td>
          </tr>
          <tr>
               <td width="50%"></td>
               <td width="50%">
                    <p align="right"><font face="Times New Roman" size="2">CUSIP:&nbsp;
                    939322 AJ 2</font></td>
          </tr>
     </table>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     WASHINGTON MUTUAL, INC., a Washington corporation (hereinafter called the
     &quot;Company,&quot; which term shall refer to such Company until a
     successor corporation shall have become such pursuant to the provisions of
     the Indenture referred to herein and thereafter &quot;Company&quot; shall
     mean such successor corporation), for value received, hereby promises to
     pay to Cede &amp; Co., or registered assigns, the principal sum of FOUR
     HUNDRED MILLION ($400,000,000) on November 3, 2005, and to and to pay
     interest thereon at the rate of 1.4325% per annum (the &quot;Initial
     Interest Rate&quot;) from and including November 3, 2003 (the
     &quot;Original Issue Date&quot;) to but excluding February 3, 2004 and
     thereafter at a rate per annum equal to LIBOR (as defined below) plus 0.27%
     per annum until the principal hereof is paid or duly made available for
     payment, quarterly in arrears on February 3, May 3, August 3 and November 3
     of each year (each such date, an &quot;Interest Payment Date&quot;),
     commencing on February 3, 2004, and on the Maturity Date.&nbsp; Interest
     will be computed based on an actual/360 day count basis.&nbsp; Interest
     payments for this Security shall include accrued interest from and
     including the Original Issue Date or from and including the last date in
     respect of which interest has been paid or duly provided for, as the case
     may be, to but excluding the Interest Payment Date or Maturity Date (except
     as described below), as the case may be.</font></p>
     <hr>
     <p>&nbsp;</p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     If any Interest Payment Date, other than the Maturity Date, falls on a day
     that is not a Business Day (as defined below), the interest payment shall
     be postponed to the next day that is a Business Day, except if that
     Business Day is in the next succeeding calendar month, the Interest Payment
     Date shall be the immediately preceding Business Day. If the Maturity Date
     falls on a day that is not a Business Day, the payment of interest and
     principal on this Security shall be made on the next succeeding Business
     Day, and no interest on such payment shall accrue for the period from and
     after the Maturity Date.</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     The rate of interest on this Security shall be reset quarterly (the
     &quot;Interest Reset Period,&quot; and the first day of each Interest Reset
     Period being an &quot;Interest Reset Date&quot;). The Interest Reset Dates
     shall be February 1, May 1, August 1 and November 1 of each year; provided
     that the interest rate in effect from the Original Issue Date to but
     excluding the first Interest Reset Date shall be the Initial Interest
     Rate.&nbsp; If any Interest Reset Date falls on a day that is not a
     Business Day (as defined below), the Interest Reset Date shall be postponed
     to the next day that is a Business Day, except if that Business Day is in
     the next succeeding calendar month, the Interest Reset Date shall be the
     next preceding Business Day.</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     As used herein, &quot;Business Day&quot; means any day, other than a
     Saturday or Sunday, that is neither a legal holiday nor a day on which
     banking institutions are authorized or required by law or regulation to
     close in The City of New York.</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     The Bank of New York is the &quot;Calculation Agent&quot; for this
     Security. Upon the request of the Holder of this Security, the Calculation
     Agent shall provide the interest rate then in effect and, if determined,
     the interest rate that shall become effective on the next Interest Reset
     Date.<br>
     </font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     The Calculation Agent shall determine the Initial Interest Rate on the
     second London banking day preceding the Original Issue Date and interest
     rate for each succeeding Interest Reset Period by reference to LIBOR on the
     second London banking day preceding the applicable Interest Reset Date
     (each such day, an &quot;Interest Determination Date&quot;). &quot;London
     banking day&quot; means any day on which dealings in deposits in U.S.
     dollars are transacted in the London interbank market.</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     &quot;LIBOR&quot; shall be determined by the Calculation Agent as follows:</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (i)&nbsp; As of each Interest Determination Date, LIBOR shall be the rate
     for deposits in U.S. dollars for a period of three months, commencing on
     the related Interest Reset Date, that appears on Page 3750, or any
     successor page, on Moneyline Telerate Inc., or any successor service, at
     approximately 11:00 a.m., London time, on such Interest Determination Date.</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (ii)&nbsp; If no rate so appears, then the Calculation Agent shall request
     the principal London offices of each of four major reference banks in the
     London interbank market, as selected by the Calculation Agent after
     consultation with the Issuer, to provide the Calculation Agent with its
     offered quotation for deposits in U.S. dollars for a period of three
     months, commencing on the related Interest Reset Date, to prime banks in
     the London interbank market at approximately 11:00 a.m., London time, on
     such Interest Determination Date and in a principal amount that is
     representative of a single transaction in U.S. dollars in that market at
     that time. If at least two quotations are provided, LIBOR determined on
     such Interest Determination Date shall be the arithmetic mean of those
     quotations. If fewer than two quotations are provided, LIBOR shall be
     determined for the related Interest Reset Date as the arithmetic mean of
     the rates quoted at approximately 11:00 a.m., New York City time, on that
     Interest Reset Date, by three major banks in New York City, as selected by
     the Calculation Agent after consultation with the Issuer, for loans in U.S.
     dollars to leading European banks, for a period of three months, commencing
     on the related Interest Reset Date, and in a principal amount that is
     representative of a single transaction in U.S. dollars in that market at
     that time. If the banks so selected by the</font></p>
     <p align="center"><font face="Times New Roman" size="2">2</font></p>
     <hr>
     <p><font face="Times New Roman" size="2">&nbsp;Calculation Agent are not
     quoting as set forth above, LIBOR for such Interest Determination Date
     shall remain LIBOR for the immediately preceding Interest Reset Period, or,
     if there was no such Interest Reset Period, the rate of interest payable
     shall be the Initial Interest Rate.<br>
     </font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     Accrued interest on this Security shall be calculated by multiplying the
     principal amount hereof by an accrued interest factor. The accrued interest
     factor shall be computed by adding the interest factors calculated for each
     day in the period for which interest is being paid. The interest factor for
     each day is computed by dividing the interest rate applicable to that day
     by 360. The interest rate in effect on any Interest Reset Date shall be the
     applicable rate as reset on that date. The interest rate applicable to any
     other day is the interest rate from the immediately preceding Interest
     Reset Date, or if none, the Initial Interest Rate. All percentages used in
     or resulting from any calculation of the rate of interest on this
     Registered Global Security shall be rounded, if necessary, to the nearest
     one hundred-thousandth of a percentage point (with .000005% rounded up to
     .00001%), and all U.S. dollar amounts used in or resulting from these
     calculations shall be rounded to the nearest cent (with one-half cent
     rounded upward).</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     The interest so payable, and punctually paid or duly provided for, on any
     Interest Payment Date will, as provided in such Indenture, be paid to the
     Person in whose name this Security (or one or more Predecessor Securities)
     is registered at the close of business on the Regular Record Date for such
     interest, which shall be (in each case whether or not a Business Day) the
     January 19, April 18, July 19 and October 19, as the case may be, next
     preceding such Interest Payment Date.&nbsp; Any interest not punctually
     paid or duly provided for shall forthwith cease to be payable to the Holder
     on such Regular Record Date and may either be paid to the Person in whose
     name this Security (or one or more Predecessor Securities) is registered at
     the close of business on a Special Record Date for the payment of such
     Defaulted Interest to be fixed by the Trustee, notice whereof shall be
     given to Holders of Securities of this series not less than 10&nbsp;days
     prior to such Special Record Date, or be paid at any time in any other
     lawful manner not inconsistent with the requirements of any securities
     exchange on which the Securities of this series may be listed, and upon
     such notice as may be required by such exchange, all as more fully provided
     in said Indenture.</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     Payment of the principal of (and premium, if any, on) and interest, if any,
     on this Security will be made at the corporate trust office of the Trustee
     maintained for that purpose in the Borough of Manhattan, in The City of New
     York, or at such other office or agency that the Company will maintain for
     that purpose in New York City, in such coin or currency of the United
     States of America as at the time of payment is legal tender for payment of
     public and private debts; provided, however, that at the option of the
     Company, payment of interest may be made by check mailed to the address of
     the Person entitled thereto as such address shall appear in the Security
     Register.</font></p>
     <p align="center"><font face="Times New Roman" size="2">3</font></p>
     <hr>
     <p>&nbsp;</p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     This security is one of a duly authorized issue of securities of the
     Company (herein called the &quot;Securities&quot;), issued and to be issued
     in one or more series under an Indenture, dated as of August 10, 1999,
     between the Company and The Bank of New York, as Trustee (herein called the
     &quot;Trustee,&quot; which term includes any successor trustee or trustees
     under the Indenture) as supplemented by a First Supplemental Indenture
     dated August 1, 2002 and a second Supplemental Indenture dated November 20,
     2002 (herein called the &quot;Indenture&quot;), to which Indenture and all
     indentures supplemental thereto reference is hereby made for a statement of
     the respective rights, limitations of rights, duties and immunities
     thereunder of the Company, the Trustee and the Holders of the Securities
     and of the terms upon which the Securities are, and are to be,
     authenticated and delivered.&nbsp; This Security is one of the series
     designated on the face hereof, limited in aggregate principal amount to
     $400,000,000.</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     Each Holder of the Securities, by the acceptance thereof, agrees to and
     shall be bound by such provisions of the Indenture. The Securities may not
     be redeemed by the Company prior to maturity.</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     If an Event of Default with respect to Securities of this series shall
     occur and be continuing, the principal of the Securities of this series may
     be declared immediately due and payable in the manner and with the effect
     provided in the Indenture.</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     The Indenture permits, with certain exceptions as therein provided, the
     amendment thereof and the modification of the rights and obligations of the
     Company and the rights of the Holders of the Securities of each series to
     be affected under the Indenture at any time by the Company and the Trustee
     with the consent of the Holders of not less than a majority in principal
     amount of the Securities at the time Outstanding of all series to be
     affected (acting as one class).&nbsp; The Indenture also provides that,
     regarding the Securities of any series, the Holders of not less than a
     Majority in principal amount of the Securities at the time outstanding of
     such series may waive certain past defaults and their consequences on
     behalf of the Holders of all Securities of such series.&nbsp; Any such
     consent or waiver by the Holder of this Security shall be conclusive and
     binding upon such Holder and upon all future Holders of this Security and
     of any Security issued upon the registration of transfer hereof or in
     exchange hereof or in lieu hereof, whether or not notation of such consent
     or waiver is made upon this Security.</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     As provided in the Indenture, the Company shall be discharged from its
     obligations with respect to the Securities of any series when (1)&nbsp;with
     respect to all Outstanding Securities of such series, the Company has
     irrevocably deposited or caused to be deposited with the Trustee as a trust
     fund specifically pledged as security for, and dedicated solely to, the
     benefit of the Holders of the Securities of such series (i)&nbsp;money in
     an amount as will, or (ii)&nbsp;U.S. Government Obligations as will,
     together with the predetermined and certain income to accrue thereon
     without consideration of any reinvestment thereof, or (iii)&nbsp;a
     combination of (i) and (ii) as will (in a written opinion with respect to
     (ii) or (iii) of independent public accountants delivered to the Trustee),
     be sufficient to pay and discharge the entire indebtedness on all
     Outstanding Securities of such series for principal (and premium, if any)
     and interest, if any, to the Stated Maturity; and (2)&nbsp;the Company has
     paid or caused to be paid all other sums payable with respect to the
     Outstanding Securities of such series; and (3)&nbsp;the Company has
     delivered to the Trustee an Officers' Certificate and an Opinion of Counsel
     stating that all such conditions precedent have been complied with; and
     (4)&nbsp;the Company has delivered to the Trustee (i)&nbsp;a ruling
     directed to the Company and the Trustee from the United States Internal
     Revenue Service to the effect that Holders of the Securities of such series
     will not recognize income, gain or loss for Federal income tax purposes as
     a result thereof and will be subject to Federal income tax as if such
     option had not been exercised or (ii)&nbsp;an opinion of Counsel to the
     same effect and based upon a change in law.</font></p>
     <p align="center"><font face="Times New Roman" size="2">4</font></p>
     <hr>
     <p>&nbsp;</p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     No reference herein to the Indenture and no provisions of this Security or
     of the Indenture shall alter or impair the obligation of the Company, which
     is absolute and unconditional, to pay the principal of (and premium, if
     any) and interest, if any, on this Security at the times, place and rate,
     and in the coin or currency, herein and in the Indenture provided; subject,
     however, to the provisions for the discharge of the Company from its
     obligations under the Securities upon satisfaction of the conditions set
     forth in the preceding paragraph or in the Indenture.</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     As provided in the Indenture, upon any consolidation or merger or any
     conveyance, transfer or lease of the properties and assets of the Company
     substantially as an entirety in accordance with the provisions of the
     Indenture, the successor corporation formed by such consolidation or into
     which the predecessor corporation is merged or to which such conveyance,
     transfer or lease is made shall be substituted for the predecessor
     corporation with the same effect as if such successor corporation had been
     named as the Company.&nbsp; Thereafter the predecessor corporation shall be
     relieved of the performance and observance of all obligations and covenants
     of the Indenture and the Securities, including but not limited to the
     obligation to make payment of the principal of (and premium, if any, on)
     and interest, if any, on all the Securities then Outstanding, and, in the
     event of any such conveyance, transfer or lease, may be liquidated and
     dissolved.</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     As provided in the Indenture and subject to certain limitations therein set
     forth, the transfer of this Security is registrable in the Security
     Register, upon surrender of this Security for registration of transfer at
     the office or agency of the Company in any place where the principal of
     (and premium, if any) and interest on this Security are payable, when duly
     endorsed by, or accompanied by a written instrument of transfer in form
     satisfactory to the Company and the Security Registrar duly executed by,
     the Holder hereof or his attorney duly authorized in writing, and thereupon
     one or more new Securities of this series, of authorized denominations and
     for a like aggregate principal amount and tenor, will be issued to the
     designated transferee or transferees.</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     The Securities of this series are issuable only in registered form without
     coupons in denominations of $1,000 and any larger amount that is an
     integral multiple of $1,000.&nbsp; As provided in the Indenture and subject
     to certain limitations therein set forth, Securities of this series are
     exchangeable for a like aggregate principal amount and tenor of Securities
     of this series of a different authorized denomination, upon surrender of
     the Securities to be exchanged at any such office or agency as described
     above.</font></p>
     <p align="center"><font face="Times New Roman" size="2">5</font></p>
     <hr>
     <p>&nbsp;</p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     No service charge shall be made for any such registration of transfer or
     exchange, but the Company may require payment of a sum sufficient to cover
     any tax or other governmental charge payable in connection therewith.</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     Prior to due presentment of this Security for registration of transfer, the
     Company, the Trustee and any agent of the Company or the Trustee may treat
     the Person in whose name this Security is registered as the owner hereof
     for all purposes, whether or not this Security be overdue, and neither the
     Company, the Trustee nor any such agent shall be affected by notice to the
     contrary.</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     As provided in the Indenture, no recourse shall be had for the payment of
     the principal of (or premium, if any, on) or the interest, if any, on this
     Security, or any part hereof, or for any claim based hereon or otherwise in
     respect hereof, or of the indebtedness represented hereby, or upon any
     obligation, covenant or agreement of the Company in the Indenture, against
     any incorporator, direct or indirect stockholder, officer or director, as
     such, past, present or future, of the Company or of any successor
     corporation (either directly or through the Company or any such successor
     corporation), whether by virtue of any constitutional provision, statute or
     rule of law, or by the enforcement of any assessment or penalty or
     otherwise, all liability, if any, of that character against every such
     incorporator, stockholder, officer and director being by the acceptance
     hereof, and as a condition of and as part of the consideration for the
     issue hereof, expressly waived and released.</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     The Indenture and the Securities shall be governed by and construed in
     accordance with the laws of the State of New York.</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     All terms used in this Security which are defined in the Indenture shall
     have the meanings assigned to them in the Indenture.</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     Unless the certificate of authentication hereon has been executed by the
     Trustee by manual signature, this Security shall not be entitled to any
     benefit under the Indenture or be valid or obligatory for any purpose.</font></p>
     <p align="center"><font face="Times New Roman" size="2">6</font></p>
     <hr>
     <div>
          <font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          IN WITNESS WHEREOF, the Company has caused this instrument to be duly
          executed and attested.</font>
          <p>&nbsp;</p>
          <div align="right">
               <table border="0" cellspacing="0" cellpadding="0" width="65%">
                    <tr>
                         <td valign="top">
                              <p><font face="Times New Roman" size="2">WASHINGTON
                              MUTUAL, INC.</font></p>
                              <p>&nbsp;</p>
                         </td>
                    </tr>
                    <tr>
                         <td valign="top"></td>
                    </tr>
                    <tr>
                         <td valign="top"></td>
                    </tr>
                    <tr>
                         <td valign="top">
                              <p><font face="Times New Roman" size="2">By:&nbsp;
                              <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></p>
                         </td>
                    </tr>
                    <tr>
                         <td valign="top">
                              <p><font face="Times New Roman" size="2">Name:&nbsp;
                              Thomas W. Casey</font></p>
                         </td>
                    </tr>
                    <tr>
                         <td valign="top">
                              <p><font face="Times New Roman" size="2">Title:&nbsp;
                              Chief Financial Officer</font></p>
                         </td>
                    </tr>
               </table>
          </div>
          <p><font face="Times New Roman" size="2">Attest:</font></p>
          <p><font face="Times New Roman" size="2">By: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
          </u>Name:&nbsp;<br>
          Title:&nbsp;</font></p>
          <p align="center"><font face="Times New Roman" size="2">TRUSTEE'S
          CERTIFICATE OF AUTHENTICATION</font></p>
          <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          This is one of the Securities of the series designated and issued
          under the within mentioned Indenture.</font></p>
          <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          Dated:&nbsp; November 3, 2003</font></p>
          <div align="right">
               <table border="0" cellspacing="0" cellpadding="0" width="65%">
                    <tr>
                         <td valign="top">
                              <p><font face="Times New Roman" size="2">THE BANK
                              OF NEW YORK, as Trustee</font></p>
                              <p>&nbsp;</p>
                         </td>
                    </tr>
                    <tr>
                         <td valign="top"></td>
                    </tr>
                    <tr>
                         <td valign="top"></td>
                    </tr>
                    <tr>
                         <td valign="top">
                              <p><font face="Times New Roman" size="2">By: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></p>
                         </td>
                    </tr>
                    <tr>
                         <td valign="top">
                              <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                              Authorized Signatory</font></p>
                         </td>
                    </tr>
                    <tr>
                         <td valign="top"></td>
                    </tr>
               </table>
          </div>
          <p>&nbsp;</p>
          <p align="center"><font face="Times New Roman" size="2">7</font></p>
          <hr>
          &nbsp;
          <p align="center"><font face="Times New Roman" size="2">ABBREVIATIONS</font></p>
          <p><font face="Times New Roman" size="2">The following abbreviations,
          when used in the inscription on this Security, shall be construed as
          though they were written out in full according to applicable laws or
          regulations.</font></p>
          <table border="0" cellspacing="0" cellpadding="0" width="667">
               <tr>
                    <td valign="top" width="456">
                         <p><font face="Times New Roman" size="2">TEN COM
                         -&nbsp;&nbsp;&nbsp; as tenants in common<br>
                         TEN ENT -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; as tenants by
                         the entireties with right of survivorship and<br>
                         &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                         not as tenants in common<br>
                         JT TEN
                         -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; as
                         joint tenants with right of survivorship and not as<br>
                         &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                         tenants in common</font></p>
                    </td>
                    <td valign="top" width="207">
                         <p><font face="Times New Roman" size="2">UNIF GIFT MIN
                         ACT</font></p>
                         <p><font face="Times New Roman" size="2">________________
                         Custodian<br>
                         (Cust)</font></p>
                         <p><font face="Times New Roman" size="2">------------------------------------<br>
                         (Minor)</font></p>
                         <p><font face="Times New Roman" size="2">Under Uniform
                         Gifts to Minor Act</font></p>
                         <p><font face="Times New Roman" size="2">------------------------------------<br>
                         (State)</font></td>
               </tr>
          </table>
          <p align="center"><font face="Times New Roman" size="2">Additional
          abbreviations may also be used though not in the above list.</font></p>
          <p align="center"><font face="Times New Roman" size="2">-----------------</font></p>
          <p>&nbsp;</p>
          <p align="center"><font face="Times New Roman" size="2">8</font></p>
          <hr>
          &nbsp;
          <div align="center">
               <center>
               <table border="0" cellspacing="0" cellpadding="0" width="567" height="217">
                    <tr>
                         <td valign="top" height="16" width="565">
                              <p><font face="Times New Roman" size="2">FOR VALUE
                              RECEIVED, the undersigned hereby sells, assigns
                              and transfers to</font></p>
                              <p>&nbsp;</p>
                         </td>
                    </tr>
                    <tr>
                         <td valign="top" height="17" width="565">
                              <p><font face="Times New Roman" size="2">INSERT
                              SOCIAL SECURITY OR</font></p>
                         </td>
                    </tr>
                    <tr>
                         <td valign="top" height="17" width="565">
                              <p><font face="Times New Roman" size="2">OTHER
                              IDENTIFYING NUMBER OF ASSIGNEE</font></p>
                         </td>
                    </tr>
               </center>
               <tr>
                    <td valign="top" height="17" width="565">
                         <p align="left"><u><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>
                    </td>
               </tr>
               <tr>
                    <td valign="top" height="17" width="565">
                         <p align="left"><u><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>
                    </td>
               </tr>
               <tr>
                    <td valign="top" height="17" width="565">
                         <p align="left"><u><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>
                    </td>
               </tr>
               <center>
               <tr>
                    <td valign="top" height="21" width="565"></td>
               </tr>
               </center>
               <tr>
                    <td valign="top" height="17" width="565">
                         <p align="left"><font face="Times New Roman" size="2">PLEASE
                         PRINT OR TYPEWRITE NAME AND ADDRESS OF ASSIGNEE</font></p>
                    </td>
               </tr>
               <tr>
                    <td valign="top" height="14" width="565">
                         <p align="left"><u><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>
                    </td>
               </tr>
               <tr>
                    <td valign="top" height="17" width="565">
                         <p align="left"><u><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>
                    </td>
               </tr>
               <center>
               <tr>
                    <td valign="top" height="47" width="565">
                         <p><font face="Times New Roman" size="2">the within
                         Security of Washington Mutual, Inc., and irrevocably
                         constitutes and appoints <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                         &nbsp;</u> to transfer said Security<br>
                         on the books of the within named Company, with full
                         power of substitution in the premises.</font></p>
                    </td>
               </tr>
               </table>
               </center>
          </div>
          <p>&nbsp;</p>
          <div align="center">
               <center>
               <table border="0" cellspacing="0" cellpadding="0" width="528">
                    <tr>
                         <td valign="top" width="268">
                              <p><font face="Times New Roman" size="2">Dated:
                              ___________<br />
                              </font></p>
                              <p>&nbsp;</p>
                         </td>
                         <td valign="top" width="254">
                              <p><u><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                              &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
                              &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                              &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>
                              <p><font face="Times New Roman" size="2">The
                              signature to this assignment must correspond with
                              the name as written upon the face of the Security
                              in every particular without alteration or
                              enlargement, or any change whatsoever.<br />
                              <br />
                              Signatures must be guaranteed by an &quot;eligible
                              guarantor institution&quot; meeting the
                              requirements of the Security Registrar, which
                              requirements include membership or participation
                              in the Security Transfer Agent Medallion Program
                              (&quot;STAMP&quot;) or such other &quot;signature
                              guarantee program&quot; as may be determined by
                              the Security Registrar in addition to, or in
                              substitution for, STAMP, all in accordance with
                              the Securities Exchange Act of 1934, as amended.</font></p>
                         </td>
                    </tr>
               </table>
               </center>
          </div>
          <p align="center"><font face="Times New Roman" size="2">9</font>
     </div>
     &nbsp;
</div>

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<DOCUMENT>
<TYPE>EX-4.2
<SEQUENCE>5
<FILENAME>exh42to8koct2003a.htm
<TEXT>
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<head>
<title>Q4-2003 2*4% Fixed Rate Note</title>
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<div>
     <p align="center"><b><font face="Times New Roman" size="2">EXHIBIT4.2</font></b></p>
     <p align="center">&nbsp;</p>
     <p><font face="Times New Roman" size="2">UNLESS THIS SECURITY (AS DEFINED
     HEREIN) IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
     TRUST COMPANY, A NEW YORK CORPORATION (THE &quot;DEPOSITARY&quot;) TO THE
     COMPANY (AS DEFINED HEREIN) OR ITS AGENT FOR REGISTRATION OF TRANSFER,
     EXCHANGE OR PAYMENT, AND ANY CERTIFICATE TO BE ISSUED IS REGISTERED IN THE
     NAME OF CEDE &amp; CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
     AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY (AND ANY AMOUNT PAYABLE
     THEREUNDER IS MADE PAYABLE TO CEDE &amp; CO. OR TO SUCH OTHER NAME AS IS
     REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY), ANY TRANSFER,
     PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
     WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE &amp; CO., HAS AN
     INTEREST HEREIN.</font></p>
     <p><font face="Times New Roman" size="2">UNLESS AND UNTIL THIS SECURITY IS
     EXCHANGED IN WHOLE OR IN PART FOR CERTIFICATED SECURITIES REGISTERED IN THE
     NAMES OF THE VARIOUS BENEFICIAL HOLDERS HEREOF AS THEN CERTIFIED TO THE
     COMPANY BY THE DEPOSITARY OR A SUCCESSOR DEPOSITARY, THIS SECURITY MAY NOT
     BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE
     DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER
     NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A
     SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.</font></p>
     <p align="center"><font face="Times New Roman" size="2">WASHINGTON MUTUAL,
     INC.</font></p>
     <p align="center"><font face="Times New Roman" size="2">2.40% NOTES DUE
     NOVEMBER 3, 2005</font></p>
     <table border="0" width="100%" cellspacing="0" cellpadding="0">
          <tr>
               <td width="50%"><font face="Times New Roman" size="2">No. 1</font></td>
               <td width="50%">
                    <p align="right"><font face="Times New Roman" size="2">$250,000,000</font></td>
          </tr>
          <tr>
               <td width="50%"></td>
               <td width="50%">
                    <p align="right"><font face="Times New Roman" size="2">CUSIP:&nbsp;
                    939322 AK 9</font></td>
          </tr>
     </table>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     WASHINGTON MUTUAL, INC., a Washington corporation (hereinafter called the
     &quot;Company,&quot; which term shall refer to such Company until a
     successor corporation shall have become such pursuant to the provisions of
     the Indenture referred to herein and thereafter &quot;Company&quot; shall
     mean such successor corporation), for value received, hereby promises to
     pay to Cede &amp; Co., or registered assigns, the principal sum of TWO
     HUNDRED FIFTY MILLION ($250,000,000) on November 3, 2005, and to pay
     interest thereon from November 3, 2003, or from the most recent Interest
     Payment Date to which interest has been paid or duly provided for,
     semiannually on May 3 and November 3 in each year, commencing May 3, 2004
     at the rate of 2.40% per annum, until the principal hereof is paid or made
     available for payment.</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     The interest so payable, and punctually paid or duly provided for, on any
     Interest Payment Date will, as provided in such Indenture, be paid to the
     Person in whose name this Security (or one or more Predecessor Securities)
     is registered at the close of business on the Regular Record Date for such
     interest, which shall be (in each case whether or not a Business Day) the
     April 18 or October 19 as the case may be, next preceding such Interest
     Payment Date.&nbsp; Any interest not punctually paid or duly provided for
     shall forthwith cease to be payable to the Holder on such Regular Record
     Date and may either be paid to the Person in whose name this Security (or
     one or more Predecessor Securities) is registered at the close of business
     on a Special Record Date for the payment of such Defaulted Interest to be
     fixed by the Trustee, notice whereof shall be given to Holders of
     Securities of this series not less than 10&nbsp;days prior to such Special
     Record Date, or be paid at any time in any other lawful manner not
     inconsistent with the requirements of any securities exchange on which the
     Securities of this series may be listed, and upon such notice as may be
     required by such exchange, all as more fully provided in said Indenture.</font></p>
     <hr>
     <p>&nbsp;</p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     Payment of the principal of (and premium, if any, on) and interest, if any,
     on this Security will be made at corporate trust office of the Trustee
     maintained for that purpose in the Borough of Manhattan, in The City of New
     York or at such other office or agency that the Company will maintain for
     that purpose in New York City, in such coin or currency of the United
     States of America as at the time of payment is legal tender for payment of
     public and private debts; provided, however, that at the option of the
     Company, payment of interest may be made by check mailed to the address of
     the Person entitled thereto as such address shall appear in the Security
     Register.</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     This security is one of a duly authorized issue of securities of the
     Company (herein called the &quot;Securities&quot;), issued and to be issued
     in one or more series under an Indenture, dated as of August 10, 1999,
     between the Company and The Bank of New York, as Trustee (herein called the
     &quot;Trustee,&quot; which term includes any successor trustee or trustees
     under the Indenture) as supplemented by a First Supplemental Indenture
     dated August 1, 2002 and a second Supplemental Indenture dated November 20,
     2002 (herein called the &quot;Indenture&quot;), to which Indenture and all
     indentures supplemental thereto reference is hereby made for a statement of
     the respective rights, limitations of rights, duties and immunities
     thereunder of the Company, the Trustee and the Holders of the Securities
     and of the terms upon which the Securities are, and are to be,
     authenticated and delivered.&nbsp; This Security is one of the series
     designated on the face hereof, limited in aggregate principal amount to
     $250,000,000.</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     Each Holder of the Securities, by the acceptance thereof, agrees to and
     shall be bound by such provisions of the Indenture. The Securities may not
     be redeemed by the Company prior to maturity.</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     If an Event of Default with respect to Securities of this series shall
     occur and be continuing, the principal of the Securities of this series may
     be immediately declared due and payable in the manner and with the effect
     provided in the Indenture.</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     The Indenture permits, with certain exceptions as therein provided, the
     amendment thereof and the modification of the rights and obligations of the
     Company and the rights of the Holders of the Securities of each series to
     be affected under the Indenture at any time by the Company and the Trustee
     with the consent of the Holders of not less than a majority in principal
     amount of the Securities at the time Outstanding of all series to be
     affected (acting as one class).&nbsp; The Indenture also provides that,
     regarding the Securities of any series, the Holders of not less than a
     Majority in principal amount of the Securities at the time outstanding of
     such series may waive certain past defaults and their consequences on
     behalf of the Holders of all Securities of such series.&nbsp; Any such
     consent or waiver by the Holder of this Security shall be conclusive and
     binding upon such Holder and upon all future Holders of this Security and
     of any Security issued upon the registration of transfer hereof or in
     exchange hereof or in lieu hereof, whether or not notation of such consent
     or waiver is made upon this Security.</font></p>
     <p align="center"><font face="Times New Roman" size="2">2</font></p>
     <hr>
     <p>&nbsp;</p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     As provided in the Indenture, the Company shall be discharged from its
     obligations with respect to the Securities of any series when (1)&nbsp;with
     respect to all Outstanding Securities of such series, the Company has
     irrevocably deposited or caused to be deposited with the Trustee as a trust
     fund specifically pledged as security for, and dedicated solely to, the
     benefit of the Holders of the Securities of such series (i)&nbsp;money in
     an amount as will, or (ii)&nbsp;U.S. Government Obligations as will,
     together with the predetermined and certain income to accrue thereon
     without consideration of any reinvestment thereof, or (iii)&nbsp;a
     combination of (i) and (ii) as will (in a written opinion with respect to
     (ii) or (iii) of independent public accountants delivered to the Trustee),
     be sufficient to pay and discharge the entire indebtedness on all
     Outstanding Securities of such series for principal (and premium, if any)
     and interest, if any, to the Stated Maturity; and (2)&nbsp;the Company has
     paid or caused to be paid all other sums payable with respect to the
     Outstanding Securities of such series; and (3)&nbsp;the Company has
     delivered to the Trustee an Officers' Certificate and an Opinion of Counsel
     stating that all such conditions precedent have been complied with; and
     (4)&nbsp;the Company has delivered to the Trustee (i)&nbsp;a ruling
     directed to the Company and the Trustee from the United States Internal
     Revenue Service to the effect that Holders of the Securities of such series
     will not recognize income, gain or loss for Federal income tax purposes as
     a result thereof and will be subject to Federal income tax as if such
     option had not been exercised or (ii)&nbsp;an opinion of Counsel to the
     same effect and based upon a change in law.</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     No reference herein to the Indenture and no provisions of this Security or
     of the Indenture shall alter or impair the obligation of the Company, which
     is absolute and unconditional, to pay the principal of (and premium, if
     any) and interest, if any, on this Security at the times, place and rate,
     and in the coin or currency, herein and in the Indenture provided; subject,
     however, to the provisions for the discharge of the Company from its
     obligations under the Securities upon satisfaction of the conditions set
     forth in the preceding paragraph or in the Indenture.</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     As provided in the Indenture, upon any consolidation or merger or any
     conveyance, transfer or lease of the properties and assets of the Company
     substantially as an entirety in accordance with the provisions of the
     Indenture, the successor corporation formed by such consolidation or into
     which the predecessor corporation is merged or to which such conveyance,
     transfer or lease is made shall be substituted for the predecessor
     corporation with the same effect as if such successor corporation had been
     named as the Company.&nbsp; Thereafter the predecessor corporation shall be
     relieved of the performance and observance of all obligations and covenants
     of the Indenture and the Securities, including but not limited to the
     obligation to make payment of the principal of (and premium, if any, on)
     and interest, if any, on all the Securities then Outstanding, and, in the
     event of any such conveyance, transfer or lease, may be liquidated and
     dissolved.</font></p>
     <p align="center"><font face="Times New Roman" size="2">3</font></p>
     <hr>
     <p>&nbsp;</p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     As provided in the Indenture and subject to certain limitations therein set
     forth, the transfer of this Security is registrable in the Security
     Register, upon surrender of this Security for registration of transfer at
     the office or agency of the Company in any place where the principal of
     (and premium, if any) and interest on this Security are payable, when duly
     endorsed by, or accompanied by a written instrument of transfer in form
     satisfactory to the Company and the Security Registrar duly executed by,
     the Holder hereof or his attorney duly authorized in writing, and thereupon
     one or more new Securities of this series, of authorized denominations and
     for a like aggregate principal amount and tenor, will be issued to the
     designated transferee or transferees.</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     The Securities of this series are issuable only in registered form without
     coupons in denominations of $1,000 and any larger amount that is an
     integral multiple of $1,000.&nbsp; As provided in the Indenture and subject
     to certain limitations therein set forth, Securities of this series are
     exchangeable for a like aggregate principal amount and tenor of Securities
     of this series of a different authorized denomination, upon surrender of
     the Securities to be exchanged at any such office or agency as described
     above.</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     No service charge shall be made for any such registration of transfer or
     exchange, but the Company may require payment of a sum sufficient to cover
     any tax or other governmental charge payable in connection therewith.</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     Prior to due presentment of this Security for registration of transfer, the
     Company, the Trustee and any agent of the Company or the Trustee may treat
     the Person in whose name this Security is registered as the owner hereof
     for all purposes, whether or not this Security be overdue, and neither the
     Company, the Trustee nor any such agent shall be affected by notice to the
     contrary.</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     As provided in the Indenture, no recourse shall be had for the payment of
     the principal of (or premium, if any, on) or the interest, if any, on this
     Security, or any part hereof, or for any claim based hereon or otherwise in
     respect hereof, or of the indebtedness represented hereby, or upon any
     obligation, covenant or agreement of the Company in the Indenture, against
     any incorporator, direct or indirect stockholder, officer or director, as
     such, past, present or future, of the Company or of any successor
     corporation (either directly or through the Company or any such successor
     corporation), whether by virtue of any constitutional provision, statute or
     rule of law, or by the enforcement of any assessment or penalty or
     otherwise, all liability, if any, of that character against every such
     incorporator, stockholder, officer and director being by the acceptance
     hereof, and as a condition of and as part of the consideration for the
     issue hereof, expressly waived and released.</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     The Indenture and the Securities shall be governed by and construed in
     accordance with the laws of the State of New York.</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     All terms used in this Security which are defined in the Indenture shall
     have the meanings assigned to them in the Indenture.</font></p>
     <p align="center"><font face="Times New Roman" size="2">4</font></p>
     <hr>
     <p>&nbsp;</p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     Unless the certificate of authentication hereon has been executed by the
     Trustee by manual signature, this Security shall not be entitled to any
     benefit under the Indenture or be valid or obligatory for any purpose.</font></p>
     <p>&nbsp;</p>
     <p align="center"><font face="Times New Roman" size="2">5</font></p>
     <hr>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     IN WITNESS WHEREOF, the Company has caused this instrument to be duly
     executed and attested.</font></p>
     <div align="right">
          <table border="0" cellspacing="0" cellpadding="0" width="65%">
               <tr>
                    <td valign="top">
                         <p><font face="Times New Roman" size="2">WASHINGTON
                         MUTUAL, INC.</font></p>
                         <p>&nbsp;</p>
                    </td>
               </tr>
               <tr>
                    <td valign="top"></td>
               </tr>
               <tr>
                    <td valign="top"></td>
               </tr>
               <tr>
                    <td valign="top">
                         <p><font face="Times New Roman" size="2">By:&nbsp; <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></p>
                    </td>
               </tr>
               <tr>
                    <td valign="top">
                         <p><font face="Times New Roman" size="2">Name:&nbsp;
                         Thomas W. Casey</font></p>
                    </td>
               </tr>
               <tr>
                    <td valign="top">
                         <p><font face="Times New Roman" size="2">Title:&nbsp;
                         Chief Financial Officer</font></p>
                    </td>
               </tr>
          </table>
     </div>
     <p><font face="Times New Roman" size="2">Attest:</font></p>
     <p><font face="Times New Roman" size="2">By: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
     </u>Name:&nbsp;<br>
     Title:&nbsp;</font></p>
     <p align="center"><font face="Times New Roman" size="2">TRUSTEE'S
     CERTIFICATE OF AUTHENTICATION</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     This is one of the Securities of the series designated and issued under the
     within mentioned Indenture.</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     Dated:&nbsp; November 3, 2003</font></p>
     <div align="right">
          <table border="0" cellspacing="0" cellpadding="0" width="65%">
               <tr>
                    <td valign="top">
                         <p><font face="Times New Roman" size="2">THE BANK OF
                         NEW YORK, as Trustee</font></p>
                         <p>&nbsp;</p>
                    </td>
               </tr>
               <tr>
                    <td valign="top"></td>
               </tr>
               <tr>
                    <td valign="top"></td>
               </tr>
               <tr>
                    <td valign="top">
                         <p><font face="Times New Roman" size="2">By: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></p>
                    </td>
               </tr>
               <tr>
                    <td valign="top">
                         <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                         Authorized Signatory</font></p>
                    </td>
               </tr>
               <tr>
                    <td valign="top"></td>
               </tr>
          </table>
     </div>
     <p>&nbsp;</p>
     <p align="center"><font face="Times New Roman" size="2">6</font></p>
     <hr>
     &nbsp;
     <p align="center"><font face="Times New Roman" size="2">ABBREVIATIONS</font></p>
     <p><font face="Times New Roman" size="2">The following abbreviations, when
     used in the inscription on this Security, shall be construed as though they
     were written out in full according to applicable laws or regulations.</font></p>
     <table border="0" cellspacing="0" cellpadding="0" width="667">
          <tr>
               <td valign="top" width="456">
                    <p><font face="Times New Roman" size="2">TEN COM
                    -&nbsp;&nbsp;&nbsp; as tenants in common<br>
                    TEN ENT -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; as tenants by the
                    entireties with right of survivorship and<br>
                    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                    not as tenants in common<br>
                    JT TEN -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; as
                    joint tenants with right of survivorship and not as<br>
                    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                    tenants in common</font></p>
               </td>
               <td valign="top" width="207">
                    <p><font face="Times New Roman" size="2">UNIF GIFT MIN ACT</font></p>
                    <p><font face="Times New Roman" size="2">________________
                    Custodian<br>
                    (Cust)</font></p>
                    <p><font face="Times New Roman" size="2">------------------------------------<br>
                    (Minor)</font></p>
                    <p><font face="Times New Roman" size="2">Under Uniform Gifts
                    to Minor Act</font></p>
                    <p><font face="Times New Roman" size="2">------------------------------------<br>
                    (State)</font></td>
          </tr>
     </table>
     <p align="center"><font face="Times New Roman" size="2">Additional
     abbreviations may also be used though not in the above list.</font></p>
     <p align="center"><font face="Times New Roman" size="2">-----------------</font></p>
     <p>&nbsp;</p>
     <p align="center"><font face="Times New Roman" size="2">7</font></p>
     <hr>
     &nbsp;
     <div align="center">
          <center>
          <table border="0" cellspacing="0" cellpadding="0" width="567" height="217">
               <tr>
                    <td valign="top" height="16" width="565">
                         <p><font face="Times New Roman" size="2">FOR VALUE
                         RECEIVED, the undersigned hereby sells, assigns and
                         transfers to</font></p>
                         <p>&nbsp;</p>
                    </td>
               </tr>
               <tr>
                    <td valign="top" height="17" width="565">
                         <p><font face="Times New Roman" size="2">INSERT SOCIAL
                         SECURITY OR</font></p>
                    </td>
               </tr>
               <tr>
                    <td valign="top" height="17" width="565">
                         <p><font face="Times New Roman" size="2">OTHER
                         IDENTIFYING NUMBER OF ASSIGNEE</font></p>
                    </td>
               </tr>
          </center>
          <tr>
               <td valign="top" height="17" width="565">
                    <p align="left"><u><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>
               </td>
          </tr>
          <tr>
               <td valign="top" height="17" width="565">
                    <p align="left"><u><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>
               </td>
          </tr>
          <tr>
               <td valign="top" height="17" width="565">
                    <p align="left"><u><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>
               </td>
          </tr>
          <center>
          <tr>
               <td valign="top" height="21" width="565"></td>
          </tr>
          </center>
          <tr>
               <td valign="top" height="17" width="565">
                    <p align="left"><font face="Times New Roman" size="2">PLEASE
                    PRINT OR TYPEWRITE NAME AND ADDRESS OF ASSIGNEE</font></p>
               </td>
          </tr>
          <tr>
               <td valign="top" height="14" width="565">
                    <p align="left"><u><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>
               </td>
          </tr>
          <tr>
               <td valign="top" height="17" width="565">
                    <p align="left"><u><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>
               </td>
          </tr>
          <center>
          <tr>
               <td valign="top" height="47" width="565">
                    <p><font face="Times New Roman" size="2">the within Security
                    of Washington Mutual, Inc., and irrevocably constitutes and
                    appoints <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                    &nbsp;</u> to transfer said Security<br>
                    on the books of the within named Company, with full power of
                    substitution in the premises.</font></p>
               </td>
          </tr>
          </table>
          </center>
     </div>
     <p>&nbsp;</p>
     <div align="center">
          <center>
          <table border="0" cellspacing="0" cellpadding="0" width="528">
               <tr>
                    <td valign="top" width="268">
                         <p><font face="Times New Roman" size="2">Dated:
                         ___________<br />
                         </font></p>
                         <p>&nbsp;</p>
                    </td>
                    <td valign="top" width="254">
                         <p><u><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                         &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
                         &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                         &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>
                         <p><font face="Times New Roman" size="2">The signature
                         to this assignment must correspond with the name as
                         written upon the face of the Security in every
                         particular without alteration or enlargement, or any
                         change whatsoever.<br />
                         <br />
                         Signatures must be guaranteed by an &quot;eligible
                         guarantor institution&quot; meeting the requirements of
                         the Security Registrar, which requirements include
                         membership or participation in the Security Transfer
                         Agent Medallion Program (&quot;STAMP&quot;) or such
                         other &quot;signature guarantee program&quot; as may be
                         determined by the Security Registrar in addition to, or
                         in substitution for, STAMP, all in accordance with the
                         Securities Exchange Act of 1934, as amended.</font></p>
                    </td>
               </tr>
          </table>
          </center>
     </div>
     <p align="center"><font face="Times New Roman" size="2">8</font>
</div>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.3
<SEQUENCE>6
<FILENAME>exh43to8koct2003a.htm
<TEXT>
<html>

<head>
<title>Q4-2003 4% Fixed Rate Note</title>
<meta name="GENERATOR" content="Microsoft FrontPage 4.0">
<meta name="ProgId" content="FrontPage.Editor.Document">
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<body>

<div>
     <p align="center"><b><font face="Times New Roman" size="2">EXHIBIT 4.3</font></b></p>
     <p align="center">&nbsp;</p>
     <p><font face="Times New Roman" size="2">UNLESS THIS SECURITY (AS DEFINED
     HEREIN) IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
     TRUST COMPANY, A NEW YORK CORPORATION (THE &quot;DEPOSITARY&quot;) TO THE
     COMPANY (AS DEFINED HEREIN) OR ITS AGENT FOR REGISTRATION OF TRANSFER,
     EXCHANGE OR PAYMENT, AND ANY CERTIFICATE TO BE ISSUED IS REGISTERED IN THE
     NAME OF CEDE &amp; CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
     AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY (AND ANY AMOUNT PAYABLE
     THEREUNDER IS MADE PAYABLE TO CEDE &amp; CO. OR TO SUCH OTHER NAME AS IS
     REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY), ANY TRANSFER,
     PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
     WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE &amp; CO., HAS AN
     INTEREST HEREIN.</font></p>
     <p><font face="Times New Roman" size="2">UNLESS AND UNTIL THIS SECURITY IS
     EXCHANGED IN WHOLE OR IN PART FOR CERTIFICATED SECURITIES REGISTERED IN THE
     NAMES OF THE VARIOUS BENEFICIAL HOLDERS HEREOF AS THEN CERTIFIED TO THE
     COMPANY BY THE DEPOSITARY OR A SUCCESSOR DEPOSITARY, THIS SECURITY MAY NOT
     BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE
     DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER
     NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A
     SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.</font></p>
     <p align="center"><font face="Times New Roman" size="2">WASHINGTON MUTUAL,
     INC.</font></p>
     <p align="center"><font face="Times New Roman" size="2">4.00% NOTES DUE
     JANUARY 15, 2009</font></p>
     <table border="0" width="100%" cellspacing="0" cellpadding="0">
          <tr>
               <td width="50%"><font face="Times New Roman" size="2">No. 1</font></td>
               <td width="50%">
                    <p align="right"><font face="Times New Roman" size="2">$500,000,000</font></td>
          </tr>
          <tr>
               <td width="50%"></td>
               <td width="50%">
                    <p align="right"><font face="Times New Roman" size="2">CUSIP:&nbsp;
                    939322 AL 7</font></td>
          </tr>
     </table>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     WASHINGTON MUTUAL, INC., a Washington corporation (hereinafter called the
     &quot;Company,&quot; which term shall refer to such Company until a
     successor corporation shall have become such pursuant to the provisions of
     the Indenture referred to herein and thereafter &quot;Company&quot; shall
     mean such successor corporation), for value received, hereby promises to
     pay to Cede &amp; Co., or registered assigns, the principal sum of FIVE
     HUNDRED MILLION ($500,000,000) on January 15, 2009, and to pay interest
     thereon from November 3, 2003, or from the most recent Interest Payment
     Date to which interest has been paid or duly provided for, semiannually on
     January 15 and July 15 in each year, commencing July 15, 2004 at the rate
     of 4.00% per annum, until the principal hereof is paid or made available
     for payment.</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     The interest so payable, and punctually paid or duly provided for, on any
     Interest Payment Date will, as provided in such Indenture, be paid to the
     Person in whose name this Security (or one or more Predecessor Securities)
     is registered at the close of business on the Regular Record Date for such
     interest, which shall be (in each case whether or not a Business Day) the
     January 1 or July 1 as the case may be, next preceding such Interest
     Payment Date.&nbsp; Any interest not punctually paid or duly provided for
     shall forthwith cease to be payable to the Holder on such Regular Record
     Date and may either be paid to the Person in whose name this Security (or
     one or more Predecessor Securities) is registered at the close of business
     on a Special Record Date for the payment of such Defaulted Interest to be
     fixed by the Trustee, notice whereof shall be given to Holders of
     Securities of this series not less than 10&nbsp;days prior to such Special
     Record Date, or be paid at any time in any other lawful manner not
     inconsistent with the requirements of any securities exchange on which the
     Securities of this series may be listed, and upon such notice as may be
     required by such exchange, all as more fully provided in said Indenture.</font></p>
     <hr>
     <p>&nbsp;</p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     Payment of the principal of (and premium, if any, on) and interest, if any,
     on this Security will be made at the corporate trust office of the Trustee
     maintained for that purpose in the Borough of Manhattan, in The City of New
     York or at such other office or agency that the Company will maintain for
     that purpose in New York City, in such coin or currency of the United
     States of America as at the time of payment is legal tender for payment of
     public and private debts; provided, however, that at the option of the
     Company, payment of interest may be made by check mailed to the address of
     the Person entitled thereto as such address shall appear in the Security
     Register.</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     This security is one of a duly authorized issue of securities of the
     Company (herein called the &quot;Securities&quot;), issued and to be issued
     in one or more series under an Indenture, dated as of August 10, 1999,
     between the Company and The Bank of New York, as Trustee (herein called the
     &quot;Trustee,&quot; which term includes any successor trustee or trustees
     under the Indenture) as supplemented by a First Supplemental Indenture
     dated August 1, 2002 and a second Supplemental Indenture dated November 20,
     2002 (herein called the &quot;Indenture&quot;), to which Indenture and all
     indentures supplemental thereto reference is hereby made for a statement of
     the respective rights, limitations of rights, duties and immunities
     thereunder of the Company, the Trustee and the Holders of the Securities
     and of the terms upon which the Securities are, and are to be,
     authenticated and delivered.&nbsp; This Security is one of the series
     designated on the face hereof, limited in aggregate principal amount to
     $1,000,000,000.</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     Each Holder of the Securities, by the acceptance thereof, agrees to and
     shall be bound by such provisions of the Indenture. The Securities may not
     be redeemed by the Company prior to maturity.</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     If an Event of Default with respect to Securities of this series shall
     occur and be continuing, the principal of the Securities of this series may
     be declared immediately due and payable in the manner and with the effect
     provided in the Indenture.</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     The Indenture permits, with certain exceptions as therein provided, the
     amendment thereof and the modification of the rights and obligations of the
     Company and the rights of the Holders of the Securities of each series to
     be affected under the Indenture at any time by the Company and the Trustee
     with the consent of the Holders of not less than a majority in principal
     amount of the Securities at the time Outstanding of all series to be
     affected (acting as one class).&nbsp; The Indenture also provides that,
     regarding the Securities of any series, the Holders of not less than a
     Majority in principal amount of the Securities at the time outstanding of
     such series may waive certain past defaults and their consequences on
     behalf of the Holders of all Securities of such series.&nbsp; Any such
     consent or waiver by the Holder of this Security shall be conclusive and
     binding upon such Holder and upon all future Holders of this Security and
     of any Security issued upon the registration of transfer hereof or in
     exchange hereof or in lieu hereof, whether or not notation of such consent
     or waiver is made upon this Security.</font></p>
     <p align="center"><font face="Times New Roman" size="2">2</font></p>
     <hr>
     <p>&nbsp;</p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     As provided in the Indenture, the Company shall be discharged from its
     obligations with respect to the Securities of any series when (1)&nbsp;with
     respect to all Outstanding Securities of such series, the Company has
     irrevocably deposited or caused to be deposited with the Trustee as a trust
     fund specifically pledged as security for, and dedicated solely to, the
     benefit of the Holders of the Securities of such series (i)&nbsp;money in
     an amount as will, or (ii)&nbsp;U.S. Government Obligations as will,
     together with the predetermined and certain income to accrue thereon
     without consideration of any reinvestment thereof, or (iii)&nbsp;a
     combination of (i) and (ii) as will (in a written opinion with respect to
     (ii) or (iii) of independent public accountants delivered to the Trustee),
     be sufficient to pay and discharge the entire indebtedness on all
     Outstanding Securities of such series for principal (and premium, if any)
     and interest, if any, to the Stated Maturity; and (2)&nbsp;the Company has
     paid or caused to be paid all other sums payable with respect to the
     Outstanding Securities of such series; and (3)&nbsp;the Company has
     delivered to the Trustee an Officers' Certificate and an Opinion of
     Counsel stating that all such conditions precedent have been complied with;
     and (4)&nbsp;the Company has delivered to the Trustee (i)&nbsp;a ruling
     directed to the Company and the Trustee from the United States Internal
     Revenue Service to the effect that Holders of the Securities of such series
     will not recognize income, gain or loss for Federal income tax purposes as
     a result thereof and will be subject to Federal income tax as if such
     option had not been exercised or (ii)&nbsp;an opinion of Counsel to the
     same effect and based upon a change in law.</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     No reference herein to the Indenture and no provisions of this Security or
     of the Indenture shall alter or impair the obligation of the Company, which
     is absolute and unconditional, to pay the principal of (and premium, if
     any) and interest, if any, on this Security at the times, place and rate,
     and in the coin or currency, herein and in the Indenture provided; subject,
     however, to the provisions for the discharge of the Company from its
     obligations under the Securities upon satisfaction of the conditions set
     forth in the preceding paragraph or in the Indenture.</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     As provided in the Indenture, upon any consolidation or merger or any
     conveyance, transfer or lease of the properties and assets of the Company
     substantially as an entirety in accordance with the provisions of the
     Indenture, the successor corporation formed by such consolidation or into
     which the predecessor corporation is merged or to which such conveyance,
     transfer or lease is made shall be substituted for the predecessor
     corporation with the same effect as if such successor corporation had been
     named as the Company.&nbsp; Thereafter the predecessor corporation shall be
     relieved of the performance and observance of all obligations and covenants
     of the Indenture and the Securities, including but not limited to the
     obligation to make payment of the principal of (and premium, if any, on)
     and interest, if any, on all the Securities then Outstanding, and, in the
     event of any such conveyance, transfer or lease, may be liquidated and
     dissolved.</font></p>
     <p align="center"><font face="Times New Roman" size="2">3</font></p>
     <hr>
     <p>&nbsp;</p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     As provided in the Indenture and subject to certain limitations therein set
     forth, the transfer of this Security is registrable in the Security
     Register, upon surrender of this Security for registration of transfer at
     the office or agency of the Company in any place where the principal of
     (and premium, if any) and interest on this Security are payable, when duly
     endorsed by, or accompanied by a written instrument of transfer in form
     satisfactory to the Company and the Security Registrar duly executed by,
     the Holder hereof or his attorney duly authorized in writing, and thereupon
     one or more new Securities of this series, of authorized denominations and
     for a like aggregate principal amount and tenor, will be issued to the
     designated transferee or transferees.</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     The Securities of this series are issuable only in registered form without
     coupons in denominations of $1,000 and any larger amount that is an
     integral multiple of $1,000.&nbsp; As provided in the Indenture and subject
     to certain limitations therein set forth, Securities of this series are
     exchangeable for a like aggregate principal amount and tenor of Securities
     of this series of a different authorized denomination, upon surrender of
     the Securities to be exchanged at any such office or agency as described
     above.</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     No service charge shall be made for any such registration of transfer or
     exchange, but the Company may require payment of a sum sufficient to cover
     any tax or other governmental charge payable in connection therewith.</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     Prior to due presentment of this Security for registration of transfer, the
     Company, the Trustee and any agent of the Company or the Trustee may treat
     the Person in whose name this Security is registered as the owner hereof
     for all purposes, whether or not this Security be overdue, and neither the
     Company, the Trustee nor any such agent shall be affected by notice to the
     contrary.</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     As provided in the Indenture, no recourse shall be had for the payment of
     the principal of (or premium, if any, on) or the interest, if any, on this
     Security, or any part hereof, or for any claim based hereon or otherwise in
     respect hereof, or of the indebtedness represented hereby, or upon any
     obligation, covenant or agreement of the Company in the Indenture, against
     any incorporator, direct or indirect stockholder, officer or director, as
     such, past, present or future, of the Company or of any successor
     corporation (either directly or through the Company or any such successor
     corporation), whether by virtue of any constitutional provision, statute or
     rule of law, or by the enforcement of any assessment or penalty or
     otherwise, all liability, if any, of that character against every such
     incorporator, stockholder, officer and director being by the acceptance
     hereof, and as a condition of and as part of the consideration for the
     issue hereof, expressly waived and released.</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     The Indenture and the Securities shall be governed by and construed in
     accordance with the laws of the State of New York.</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     All terms used in this Security which are defined in the Indenture shall
     have the meanings assigned to them in the Indenture.</font></p>
     <p align="center"><font face="Times New Roman" size="2">4</font></p>
     <hr>
     <p>&nbsp;</p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     Unless the certificate of authentication hereon has been executed by the
     Trustee by manual signature, this Security shall not be entitled to any
     benefit under the Indenture or be valid or obligatory for any purpose.</font></p>
     &nbsp;
     <p>&nbsp;</p>
     <p>&nbsp;</p>
     <p>&nbsp;</p>
     <p align="center"><font face="Times New Roman" size="2">5</font></p>
     <hr>
     <div>
          &nbsp;
          <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          IN WITNESS WHEREOF, the Company has caused this instrument to be duly
          executed and attested.</font></p>
          <div align="right">
               <table border="0" cellspacing="0" cellpadding="0" width="65%">
                    <tr>
                         <td valign="top">
                              <p><font face="Times New Roman" size="2">WASHINGTON
                              MUTUAL, INC.</font></p>
                              <p>&nbsp;</p>
                         </td>
                    </tr>
                    <tr>
                         <td valign="top"></td>
                    </tr>
                    <tr>
                         <td valign="top"></td>
                    </tr>
                    <tr>
                         <td valign="top">
                              <p><font face="Times New Roman" size="2">By:&nbsp;
                              <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></p>
                         </td>
                    </tr>
                    <tr>
                         <td valign="top">
                              <p><font face="Times New Roman" size="2">Name:&nbsp;
                              Thomas W. Casey</font></p>
                         </td>
                    </tr>
                    <tr>
                         <td valign="top">
                              <p><font face="Times New Roman" size="2">Title:&nbsp;
                              Chief Financial Officer</font></p>
                         </td>
                    </tr>
               </table>
          </div>
          <p><font face="Times New Roman" size="2">Attest:</font></p>
          <p><font face="Times New Roman" size="2">By: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
          </u>Name:&nbsp;<br>
          Title:&nbsp;</font></p>
          <p align="center"><font face="Times New Roman" size="2">TRUSTEE'S
          CERTIFICATE OF AUTHENTICATION</font></p>
          <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          This is one of the Securities of the series designated and issued
          under the within mentioned Indenture.</font></p>
          <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          Dated:&nbsp; November 3, 2003</font></p>
          <div align="right">
               <table border="0" cellspacing="0" cellpadding="0" width="65%">
                    <tr>
                         <td valign="top">
                              <p><font face="Times New Roman" size="2">THE BANK
                              OF NEW YORK, as Trustee</font></p>
                              <p>&nbsp;</p>
                         </td>
                    </tr>
                    <tr>
                         <td valign="top"></td>
                    </tr>
                    <tr>
                         <td valign="top"></td>
                    </tr>
                    <tr>
                         <td valign="top">
                              <p><font face="Times New Roman" size="2">By: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></p>
                         </td>
                    </tr>
                    <tr>
                         <td valign="top">
                              <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                              Authorized Signatory</font></p>
                         </td>
                    </tr>
                    <tr>
                         <td valign="top"></td>
                    </tr>
               </table>
          </div>
          <p>&nbsp;</p>
          <p align="center"><font face="Times New Roman" size="2">6</font></p>
          <hr>
          &nbsp;
          <p align="center"><font face="Times New Roman" size="2">ABBREVIATIONS</font></p>
          <p><font face="Times New Roman" size="2">The following abbreviations,
          when used in the inscription on this Security, shall be construed as
          though they were written out in full according to applicable laws or
          regulations.</font></p>
          <table border="0" cellspacing="0" cellpadding="0" width="667">
               <tr>
                    <td valign="top" width="456">
                         <p><font face="Times New Roman" size="2">TEN COM
                         -&nbsp;&nbsp;&nbsp; as tenants in common<br>
                         TEN ENT -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; as tenants by
                         the entireties with right of survivorship and<br>
                         &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                         not as tenants in common<br>
                         JT TEN
                         -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; as
                         joint tenants with right of survivorship and not as<br>
                         &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                         tenants in common</font></p>
                    </td>
                    <td valign="top" width="207">
                         <p><font face="Times New Roman" size="2">UNIF GIFT MIN
                         ACT</font></p>
                         <p><font face="Times New Roman" size="2">________________
                         Custodian<br>
                         (Cust)</font></p>
                         <p><font face="Times New Roman" size="2">------------------------------------<br>
                         (Minor)</font></p>
                         <p><font face="Times New Roman" size="2">Under Uniform
                         Gifts to Minor Act</font></p>
                         <p><font face="Times New Roman" size="2">------------------------------------<br>
                         (State)</font></td>
               </tr>
          </table>
          <p align="center"><font face="Times New Roman" size="2">Additional
          abbreviations may also be used though not in the above list.</font></p>
          <p align="center"><font face="Times New Roman" size="2">-----------------</font></p>
          <p>&nbsp;</p>
          <p align="center"><font face="Times New Roman" size="2">7</font></p>
          <hr>
          &nbsp;
          <div align="center">
               <center>
               <table border="0" cellspacing="0" cellpadding="0" width="567" height="217">
                    <tr>
                         <td valign="top" height="16" width="565">
                              <p><font face="Times New Roman" size="2">FOR VALUE
                              RECEIVED, the undersigned hereby sells, assigns
                              and transfers to</font></p>
                              <p>&nbsp;</p>
                         </td>
                    </tr>
                    <tr>
                         <td valign="top" height="17" width="565">
                              <p><font face="Times New Roman" size="2">INSERT
                              SOCIAL SECURITY OR</font></p>
                         </td>
                    </tr>
                    <tr>
                         <td valign="top" height="17" width="565">
                              <p><font face="Times New Roman" size="2">OTHER
                              IDENTIFYING NUMBER OF ASSIGNEE</font></p>
                         </td>
                    </tr>
               </center>
               <tr>
                    <td valign="top" height="17" width="565">
                         <p align="left"><u><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>
                    </td>
               </tr>
               <tr>
                    <td valign="top" height="17" width="565">
                         <p align="left"><u><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>
                    </td>
               </tr>
               <tr>
                    <td valign="top" height="17" width="565">
                         <p align="left"><u><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>
                    </td>
               </tr>
               <center>
               <tr>
                    <td valign="top" height="21" width="565"></td>
               </tr>
               </center>
               <tr>
                    <td valign="top" height="17" width="565">
                         <p align="left"><font face="Times New Roman" size="2">PLEASE
                         PRINT OR TYPEWRITE NAME AND ADDRESS OF ASSIGNEE</font></p>
                    </td>
               </tr>
               <tr>
                    <td valign="top" height="14" width="565">
                         <p align="left"><u><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>
                    </td>
               </tr>
               <tr>
                    <td valign="top" height="17" width="565">
                         <p align="left"><u><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>
                    </td>
               </tr>
               <center>
               <tr>
                    <td valign="top" height="47" width="565">
                         <p><font face="Times New Roman" size="2">the within
                         Security of Washington Mutual, Inc., and irrevocably
                         constitutes and appoints <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                         &nbsp;</u> to transfer said Security<br>
                         on the books of the within named Company, with full
                         power of substitution in the premises.</font></p>
                    </td>
               </tr>
               </table>
               </center>
          </div>
          <p>&nbsp;</p>
          <div align="center">
               <center>
               <table border="0" cellspacing="0" cellpadding="0" width="528">
                    <tr>
                         <td valign="top" width="268">
                              <p><font face="Times New Roman" size="2">Dated:
                              ___________<br />
                              </font></p>
                              <p>&nbsp;</p>
                         </td>
                         <td valign="top" width="254">
                              <p><u><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                              &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
                              &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                              &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>
                              <p><font face="Times New Roman" size="2">The
                              signature to this assignment must correspond with
                              the name as written upon the face of the Security
                              in every particular without alteration or
                              enlargement, or any change whatsoever.<br />
                              <br />
                              Signatures must be guaranteed by an &quot;eligible
                              guarantor institution&quot; meeting the
                              requirements of the Security Registrar, which
                              requirements include membership or participation
                              in the Security Transfer Agent Medallion Program
                              (&quot;STAMP&quot;) or such other &quot;signature
                              guarantee program&quot; as may be determined by
                              the Security Registrar in addition to, or in
                              substitution for, STAMP, all in accordance with
                              the Securities Exchange Act of 1934, as amended.</font></p>
                         </td>
                    </tr>
               </table>
               </center>
          </div>
          <p align="center"><font face="Times New Roman" size="2">8</font>
     </div>
</div>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>7
<FILENAME>exh51to8koct2003.htm
<TEXT>
<html>

<head>
<title>5-1 Opinion For Q4-2003 Takedown.DOC</title>
<meta name="GENERATOR" content="Microsoft FrontPage 4.0">
<meta name="ProgId" content="FrontPage.Editor.Document">
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<body>

<div>
     <p align="center"><b><font face="Times New Roman" size="2">EXHIBIT 5.1</font></b></p>
     <p>&nbsp;</p>
     <p><a name="FileNumber"><font face="Times New Roman" size="2">October 29,
     2003</font></a></p>
     <p>&nbsp;</p>
     <p><font face="Times New Roman" size="2">Washington Mutual, Inc.<br>
     1201 Third Avenue<br>
     Seattle, Washington 98101</font></p>
     <p>&nbsp;</p>
     <p><font face="Times New Roman" size="2"><b>Re:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     Washington Mutual, Inc. - Public Offering of<br>
     </b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     <b>Floating Rate Notes Due November 3, 2005, 2.40% Notes Due November 3,
     2005 and<br>
     &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     4.00% Notes Due January 15, 2009</b></font></p>
     <p><font face="Times New Roman" size="2">Ladies and Gentlemen:</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     We have acted as counsel to Washington Mutual, Inc., a Washington
     corporation (the &quot;Company&quot;), in connection with the filing by the
     Company with the Securities and Exchange Commission (the
     &quot;Commission&quot;) pursuant to the Securities Act of 1933, as amended
     (the &quot;Securities Act&quot;) of a Registration Statement on Form S-3,
     File No. 333-86546, on April 18, 2002 and as declared effective on May 6,
     2002, and a Registration Statement on Form S-3, File No. 333-102991, on
     February 5, 2003, and as declared effective on April 15, 2003 (the
     &quot;Registration Statements&quot;), and the combined prospectus dated
     April 15, 2003, as supplemented by the prospectus supplement dated October
     27, 2003 (the final prospectus, in the form filed with the Commission
     pursuant to Rule 424(b) of the rules and regulations under the Act, the
     &quot;Prospectus&quot;), relating to the offering by the Company of
     $400,000,000 aggregate principal amount of Floating Rate Notes Due November
     3, 2005 (the &quot;Floating Rate Notes&quot;), $250,000,000 aggregate
     principal amount of 2.40% Notes Due November 3, 2005 (the &quot;2.40%
     Notes&quot;) and $400,000,000 aggregate principal amount of 4.00% Notes Due
     January 15, 2009 (the &quot;4.00% Notes&quot; and together with Floating
     Rate Notes and 2.40% Notes, the &quot;Securities&quot;).&nbsp; The
     Securities will be issued pursuant to a Senior Debt Securities Indenture
     between The Bank of New York, as Trustee, and the Company, dated August 10,
     1999, as supplemented by the First Supplemental Indenture dated as of
     August&nbsp;1, 2002 and Second Supplemental Indenture dated as of
     November&nbsp;20, 2002 (the &quot;Indenture&quot;).</font></p>
     <p align="center"><font face="Times New Roman" size="2">I.</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     We have assumed the authenticity of all records, documents and instruments
     submitted to us as originals, the genuineness of all signatures, the legal
     capacity of natural persons and the conformity to the originals of all
     records, documents and instruments submitted to us as copies.&nbsp; We have
     based our opinion upon our review of the following records, documents,
     instruments and certificates and such additional certificates relating to
     factual matters as we have deemed necessary or appropriate for our opinion:</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Registration Statements
     and the Prospectus;</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Indenture;</font></p>
     <hr>
     <p align="right"><font face="Times New Roman" size="2">Washington Mutual,
     Inc.<br>
     October 29, 2003<br>
     Page 2</font></p>
     <p>&nbsp;</p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The form of each of the
     Securities;</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Amended and Restated
     Articles of Incorporation (including all amendments thereto) of the Company
     filed with the Washington Secretary of State, and certified to us by an
     officer of the Company as being complete and in full force and effect as of
     the date of this opinion;</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A Certificate of Existence
     relating to the Company issued by the Washington Secretary of State, dated
     October 29, 2003;</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Bylaws of the
     Company (and all amendments thereto) certified to us by an officer of the
     Company as being complete and in full force and effect as of the date of
     this opinion;</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Records certified to us by an
     officer of the Company as constituting all records of proceedings and
     actions of the board of directors of the Company relating to the issuance
     of the Securities by the Company; and</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     (h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A certificate (the
     &quot;Officer's Certificate&quot;) of an officer of the Company as to
     certain factual matters.</font></p>
     <p align="center"><font face="Times New Roman" size="2">II.</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     This opinion is limited to the federal laws of the United States of
     America, and the laws of the State of New York and State of Washington, and
     we disclaim any opinion as to the laws of any other jurisdiction. We
     express no opinion as to the applicable choice of law rules that may affect
     the interpretation or enforcement of the Securities.&nbsp; We further
     disclaim any opinion as to any statute, rule, regulation, ordinance, order
     or other promulgation of any regional or local governmental body or as to
     any related judicial or administrative opinion.</font></p>
     <p align="center"><font face="Times New Roman" size="2">III.</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     Based upon the foregoing and our examination of such questions of law as we
     have deemed necessary or appropriate for the purpose of our opinion, and
     subject to the limitations and qualifications expressed herein, it is our
     opinion that the Floating Rate Notes, 2.4% Notes and 4.00% Notes have been
     duly authorized and, after receipt of payment therefor, will constitute
     valid and binding obligations of the Company, enforceable against the
     Company in accordance with their terms, subject, as to enforcement, (i)&nbsp;to
     bankruptcy, insolvency, reorganization, arrangement, moratorium and other
     laws of general applicability relating to or affecting creditors' rights
     and (ii)&nbsp;to general principles of equity, whether such enforceability
     is considered in a proceeding in equity or at law.</font></p>
     <hr>
     <p align="right"><font face="Times New Roman" size="2">Washington Mutual,
     Inc.<br>
     October 29, 2003<br>
     Page 3</font></p>
     <p>&nbsp;</p>
     <p align="center"><font face="Times New Roman" size="2">IV.</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     We further advise you that:</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; As noted, the enforceability
     of the Securities is subject to the effect of general principles of
     equity.&nbsp; As applied to the Securities, these principles will require
     the parties thereto to not invoke penalties for defaults that bear no
     reasonable relation to the damage suffered or that would otherwise work a
     forfeiture.</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The effectiveness of
     indemnities, rights of contribution, exculpatory provisions and waivers of
     the benefits of statutory provisions may be limited on public policy
     grounds.</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provisions of the Securities
     requiring that waivers must be in writing may not be binding or enforceable
     if a non-executory oral agreement has been created modifying any such
     provision or an implied agreement by trade practice or course of conduct
     has given rise to a waiver.</font></p>
     <p align="center"><font face="Times New Roman" size="2">V.</font></p>
     <p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     This opinion is rendered to you in connection with the filing of the
     Registration Statements and is solely for your benefit and the benefit of
     the purchasers of the Securities.&nbsp; We consent to the filing of this
     letter as an exhibit to the Registration Statements and to reference to our
     firm in the Registration Statements.&nbsp; This opinion may not be relied
     upon by any other person, firm, corporation or other entity without our
     prior written consent.&nbsp; We disclaim any obligation to advise you of
     any change of law that occurs, or any facts of which we become aware, after
     the date of this opinion.</font></p>
     <div align="right">
          <table border="0" width="60%" cellspacing="0" cellpadding="0">
               <tr>
                    <td width="100%"><font face="Times New Roman" size="2">Very
                         truly yours,</font>
                         <p>&nbsp;</td>
               </tr>
               <tr>
                    <td width="100%"><font face="Times New Roman" size="2">/s/
                         HELLER EHRMAN WHITE &amp; MCAULIFFE LLP</font></td>
               </tr>
          </table>
     </div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12.1
<SEQUENCE>8
<FILENAME>exh121to8koct2003b.htm
<TEXT>


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<p align="center"><b><font face="Times New Roman" size="1">EXHIBIT 12 (a)</font></b>
<p align="center"><b><font face="Times New Roman" size="1">WASHINGTON MUTUAL,
INC.<br>
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES<br>
</font></b></p>
<table cellpadding="0" cellspacing="0" border="0" width="609" height="753">
     <tr valign="Bottom">
          <th colspan="3" width="195" height="21"></th>
          <th colspan="3" width="110" height="36" rowspan="2"><font face="Times New Roman" size="1">Nine
               Months Ended<br>
               September 30, 2003</font></th>
          <th colspan="15" width="285" height="21"><font face="Times New Roman" size="1">Year
               Ended December 31,</font></th>
     </tr>
     <tr valign="Bottom">
          <th colspan="3" width="195" height="15">
               <p align="left"><font face="Times New Roman" size="1">(in
               millions)</font></th>
          <th colspan="3" width="52" height="15"><font face="Times New Roman" size="1">2002</font></th>
          <th colspan="3" width="55" height="15"><font face="Times New Roman" size="1">2001</font></th>
          <th colspan="3" width="68" height="15"><font face="Times New Roman" size="1">2000</font></th>
          <th colspan="3" width="62" height="15"><font face="Times New Roman" size="1">1999</font></th>
          <th colspan="3" width="48" height="15"><font face="Times New Roman" size="1">1998</font></th>
     </tr>
     <tr valign="Bottom">
          <td width="190" align="LEFT" height="21"></td>
          <td width="3" align="LEFT" height="21"></td>
          <td width="3" align="LEFT" height="21"></td>
          <td width="106" align="RIGHT" colspan="3" height="21">
               <hr>
          </td>
          <td width="6" align="RIGHT" height="21"></td>
          <td width="36" align="RIGHT" height="21">
               <hr>
          </td>
          <td width="6" align="LEFT" height="21"></td>
          <td width="8" align="RIGHT" height="21"></td>
          <td width="33" align="RIGHT" height="21">
               <hr>
          </td>
          <td width="10" align="LEFT" height="21"></td>
          <td width="6" align="RIGHT" height="21"></td>
          <td width="50" align="RIGHT" height="21">
               <hr>
          </td>
          <td width="8" align="LEFT" height="21"></td>
          <td width="6" align="RIGHT" height="21"></td>
          <td width="42" align="RIGHT" height="21">
               <hr>
          </td>
          <td width="10" align="LEFT" height="21"></td>
          <td width="8" align="RIGHT" height="21"></td>
          <td width="27" align="RIGHT" height="21">
               <hr>
          </td>
          <td width="9" align="LEFT" height="21"></td>
     </tr>
     <tr valign="Bottom">
          <td width="190" align="LEFT" height="30"><font face="Times New Roman" size="1">Earnings,
               including interest<br>
               &nbsp; on&nbsp; deposits(1):</font></td>
          <td width="3" align="LEFT" height="30"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td width="3" align="LEFT" height="30"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td width="15" align="RIGHT" height="30"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td width="82" align="RIGHT" height="30"></td>
          <td width="9" align="LEFT" height="30"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td width="6" align="RIGHT" height="30"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td width="36" align="RIGHT" height="30"></td>
          <td width="6" align="LEFT" height="30"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td width="8" align="RIGHT" height="30"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td width="33" align="RIGHT" height="30"></td>
          <td width="10" align="LEFT" height="30"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td width="6" align="RIGHT" height="30"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td width="50" align="RIGHT" height="30"></td>
          <td width="8" align="LEFT" height="30"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td width="6" align="RIGHT" height="30"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td width="42" align="RIGHT" height="30"></td>
          <td width="10" align="LEFT" height="30"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td width="8" align="RIGHT" height="30"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td width="27" align="RIGHT" height="30"></td>
          <td width="9" align="LEFT" height="30"><font face="Times New Roman" size="1">&nbsp;</font></td>
     </tr>
     <tr valign="Bottom">
          <td align="LEFT" width="190" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">Income
               before income tax expense</font></td>
          <td align="LEFT" width="3" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="LEFT" width="3" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="15" height="16" bgcolor="#00FFFF">
               <p align="left"><font face="Times New Roman" size="1">$</font></p>
          </td>
          <td align="RIGHT" width="82" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">4,837</font></td>
          <td align="LEFT" width="9" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="6" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" width="36" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">6,154</font></td>
          <td align="LEFT" width="6" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="8" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" width="33" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">4,932</font></td>
          <td align="LEFT" width="10" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="6" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" width="50" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">2,984</font></td>
          <td align="LEFT" width="8" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="6" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" width="42" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">2,884</font></td>
          <td align="LEFT" width="10" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="8" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" width="27" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">2,369</font></td>
          <td align="LEFT" width="9" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
     </tr>
     <tr valign="Bottom">
          <td align="LEFT" width="190" height="16"><font face="Times New Roman" size="1">Fixed
               charges</font></td>
          <td align="LEFT" width="3" height="16"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="LEFT" width="3" height="16"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="15" height="16"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="82" height="16"><font face="Times New Roman" size="1">3,708</font></td>
          <td align="LEFT" width="9" height="16"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="6" height="16"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="36" height="16"><font face="Times New Roman" size="1">6,026</font></td>
          <td align="LEFT" width="6" height="16"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="8" height="16"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="33" height="16"><font face="Times New Roman" size="1">8,285</font></td>
          <td align="LEFT" width="10" height="16"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="6" height="16"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="50" height="16"><font face="Times New Roman" size="1">9,538</font></td>
          <td align="LEFT" width="8" height="16"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="6" height="16"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="42" height="16"><font face="Times New Roman" size="1">7,674</font></td>
          <td align="LEFT" width="10" height="16"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="8" height="16"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="27" height="16"><font face="Times New Roman" size="1">6,990</font></td>
          <td align="LEFT" width="9" height="16"><font face="Times New Roman" size="1">&nbsp;</font></td>
     </tr>
     <tr>
          <td colspan="3" width="195" height="21"></td>
          <td colspan="2" align="RIGHT" width="99" height="21">
               <hr noshade color="Black" size="1">
          </td>
          <td width="9" height="21"></td>
          <td colspan="2" align="RIGHT" width="44" height="21">
               <hr noshade color="Black" size="1">
          </td>
          <td width="6" height="21"></td>
          <td colspan="2" align="RIGHT" width="43" height="21">
               <hr noshade color="Black" size="1">
          </td>
          <td width="10" height="21"></td>
          <td colspan="2" align="RIGHT" width="58" height="21">
               <hr noshade color="Black" size="1">
          </td>
          <td width="8" height="21"></td>
          <td colspan="2" align="RIGHT" width="50" height="21">
               <hr noshade color="Black" size="1">
          </td>
          <td width="10" height="21"></td>
          <td colspan="2" align="RIGHT" width="37" height="21">
               <hr noshade color="Black" size="1">
          </td>
          <td width="9" height="21"></td>
     </tr>
     <tr valign="Bottom">
          <td align="LEFT" width="190" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="LEFT" width="3" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="LEFT" width="3" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="15" height="16" bgcolor="#00FFFF">
               <p align="left"><font face="Times New Roman" size="1">$</font></p>
          </td>
          <td align="RIGHT" width="82" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">8,545</font></td>
          <td align="LEFT" width="9" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="6" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" width="36" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">12,180</font></td>
          <td align="LEFT" width="6" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="8" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" width="33" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">13,217</font></td>
          <td align="LEFT" width="10" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="6" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" width="50" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">12,522</font></td>
          <td align="LEFT" width="8" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="6" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" width="42" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">10,558</font></td>
          <td align="LEFT" width="10" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="8" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" width="27" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">9,359</font></td>
          <td align="LEFT" width="9" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
     </tr>
     <tr>
          <td colspan="3" width="195" height="21"></td>
          <td colspan="2" align="RIGHT" width="99" height="21">
               <hr noshade color="Black" size="2">
          </td>
          <td width="9" height="21"></td>
          <td colspan="2" align="RIGHT" width="44" height="21">
               <hr noshade color="Black" size="2">
          </td>
          <td width="6" height="21"></td>
          <td colspan="2" align="RIGHT" width="43" height="21">
               <hr noshade color="Black" size="2">
          </td>
          <td width="10" height="21"></td>
          <td colspan="2" align="RIGHT" width="58" height="21">
               <hr noshade color="Black" size="2">
          </td>
          <td width="8" height="21"></td>
          <td colspan="2" align="RIGHT" width="50" height="21">
               <hr noshade color="Black" size="2">
          </td>
          <td width="10" height="21"></td>
          <td colspan="2" align="RIGHT" width="37" height="21">
               <hr noshade color="Black" size="2">
          </td>
          <td width="9" height="21"></td>
     </tr>
     <tr valign="Bottom">
          <td align="LEFT" width="190" height="16"><font face="Times New Roman" size="1">Fixed
               charges (1):</font></td>
          <td align="LEFT" width="3" height="16"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="LEFT" width="3" height="16"><font face="Times New Roman" size="1">&nbsp;</font></td>
     </tr>
     <tr valign="Bottom">
          <td align="LEFT" width="190" height="16"><font face="Times New Roman" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest
               expense</font></td>
          <td align="LEFT" width="3" height="16"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="LEFT" width="3" height="16"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="15" height="16">
               <p align="left"><font face="Times New Roman" size="1">$</font></p>
          </td>
          <td align="RIGHT" width="82" height="16"><font face="Times New Roman" size="1">3,597</font></td>
          <td align="LEFT" width="9" height="16"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="6" height="16"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" width="36" height="16"><font face="Times New Roman" size="1">5,906</font></td>
          <td align="LEFT" width="6" height="16"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="8" height="16"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" width="33" height="16"><font face="Times New Roman" size="1">8,189</font></td>
          <td align="LEFT" width="10" height="16"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="6" height="16"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" width="50" height="16"><font face="Times New Roman" size="1">9,472</font></td>
          <td align="LEFT" width="8" height="16"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="6" height="16"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" width="42" height="16"><font face="Times New Roman" size="1">7,610</font></td>
          <td align="LEFT" width="10" height="16"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="8" height="16"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" width="27" height="16"><font face="Times New Roman" size="1">6,929</font></td>
          <td align="LEFT" width="9" height="16"><font face="Times New Roman" size="1">&nbsp;</font></td>
     </tr>
     <tr valign="Bottom">
          <td align="LEFT" width="190" height="21"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="LEFT" width="3" height="21"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="LEFT" width="3" height="21"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="15" height="21"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="82" height="21"></td>
          <td align="LEFT" width="9" height="21"></td>
          <td align="RIGHT" width="6" height="21"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="36" height="21"></td>
          <td align="LEFT" width="6" height="21"></td>
     </tr>
     <tr valign="Bottom">
          <td align="LEFT" width="190" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Estimated
               interest component<br>
               &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of net rental expense</font></td>
          <td align="LEFT" width="3" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="LEFT" width="3" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="15" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="82" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">111</font></td>
          <td align="LEFT" width="9" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="6" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="36" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">120</font></td>
          <td align="LEFT" width="6" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="8" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="33" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">96</font></td>
          <td align="LEFT" width="10" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="6" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="50" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">66</font></td>
          <td align="LEFT" width="8" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="6" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="42" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">64</font></td>
          <td align="LEFT" width="10" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="8" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="27" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">61</font></td>
          <td align="LEFT" width="9" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
     </tr>
     <tr>
          <td colspan="3" width="195" height="21"></td>
          <td colspan="2" align="RIGHT" width="99" height="21">
               <hr noshade color="Black" size="1">
          </td>
          <td width="9" height="21"></td>
          <td colspan="2" align="RIGHT" width="44" height="21">
               <hr noshade color="Black" size="1">
          </td>
          <td width="6" height="21"></td>
          <td colspan="2" align="RIGHT" width="43" height="21">
               <hr noshade color="Black" size="1">
          </td>
          <td width="10" height="21"></td>
          <td colspan="2" align="RIGHT" width="58" height="21">
               <hr noshade color="Black" size="1">
          </td>
          <td width="8" height="21"></td>
          <td colspan="2" align="RIGHT" width="50" height="21">
               <hr noshade color="Black" size="1">
          </td>
          <td width="10" height="21"></td>
          <td colspan="2" align="RIGHT" width="37" height="21">
               <hr noshade color="Black" size="1">
          </td>
          <td width="9" height="21"></td>
     </tr>
     <tr valign="Bottom">
          <td align="LEFT" width="190" height="16"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="LEFT" width="3" height="16"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="LEFT" width="3" height="16"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="15" height="16">
               <p align="left"><font face="Times New Roman" size="1">$</font></p>
          </td>
          <td align="RIGHT" width="82" height="16"><font face="Times New Roman" size="1">3,708</font></td>
          <td align="LEFT" width="9" height="16"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="6" height="16"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" width="36" height="16"><font face="Times New Roman" size="1">6,026</font></td>
          <td align="LEFT" width="6" height="16"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="8" height="16"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" width="33" height="16"><font face="Times New Roman" size="1">8,285</font></td>
          <td align="LEFT" width="10" height="16"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="6" height="16"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" width="50" height="16"><font face="Times New Roman" size="1">9,538</font></td>
          <td align="LEFT" width="8" height="16"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="6" height="16"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" width="42" height="16"><font face="Times New Roman" size="1">7,674</font></td>
          <td align="LEFT" width="10" height="16"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="8" height="16"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" width="27" height="16"><font face="Times New Roman" size="1">6,990</font></td>
          <td align="LEFT" width="9" height="16"><font face="Times New Roman" size="1">&nbsp;</font></td>
     </tr>
     <tr valign="Bottom">
          <td align="LEFT" width="190" height="21"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="LEFT" width="3" height="21"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="LEFT" width="3" height="21"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="15" height="21"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="82" height="21"></td>
          <td align="LEFT" width="9" height="21"></td>
          <td align="RIGHT" width="6" height="21"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="36" height="21"></td>
          <td align="LEFT" width="6" height="21"></td>
     </tr>
     <tr>
          <td colspan="3" width="195" height="21"></td>
          <td colspan="2" align="RIGHT" width="99" height="21">
               <hr noshade color="Black" size="2">
          </td>
          <td width="9" height="21"></td>
          <td colspan="2" align="RIGHT" width="44" height="21">
               <hr noshade color="Black" size="2">
          </td>
          <td width="6" height="21"></td>
          <td colspan="2" align="RIGHT" width="43" height="21">
               <hr noshade color="Black" size="2">
          </td>
          <td width="10" height="21"></td>
          <td colspan="2" align="RIGHT" width="58" height="21">
               <hr noshade color="Black" size="2">
          </td>
          <td width="8" height="21"></td>
          <td colspan="2" align="RIGHT" width="50" height="21">
               <hr noshade color="Black" size="2">
          </td>
          <td width="10" height="21"></td>
          <td colspan="2" align="RIGHT" width="37" height="21">
               <hr noshade color="Black" size="2">
          </td>
          <td width="9" height="21"></td>
     </tr>
     <tr valign="Bottom">
          <td align="LEFT" width="190" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">Ratio
               of earnings to fixed charges(2)</font></td>
          <td align="LEFT" width="3" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="LEFT" width="3" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="15" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="82" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">2.30</font></td>
          <td align="LEFT" width="9" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="6" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="36" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">2.02</font></td>
          <td align="LEFT" width="6" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="8" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="33" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">1.60</font></td>
          <td align="LEFT" width="10" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="6" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="50" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">1.31</font></td>
          <td align="LEFT" width="8" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="6" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="42" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">1.38</font></td>
          <td align="LEFT" width="10" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="8" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="27" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">1.34</font></td>
          <td align="LEFT" width="9" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
     </tr>
     <tr>
          <td colspan="3" width="195" height="21"></td>
          <td colspan="2" align="RIGHT" width="99" height="21">
               <hr noshade color="Black" size="2">
          </td>
          <td width="9" height="21"></td>
          <td colspan="2" align="RIGHT" width="44" height="21">
               <hr noshade color="Black" size="2">
          </td>
          <td width="6" height="21"></td>
          <td colspan="2" align="RIGHT" width="43" height="21">
               <hr noshade color="Black" size="2">
          </td>
          <td width="10" height="21"></td>
          <td colspan="2" align="RIGHT" width="58" height="21">
               <hr noshade color="Black" size="2">
          </td>
          <td width="8" height="21"></td>
          <td colspan="2" align="RIGHT" width="50" height="21">
               <hr noshade color="Black" size="2">
          </td>
          <td width="10" height="21"></td>
          <td colspan="2" align="RIGHT" width="37" height="21">
               <hr noshade color="Black" size="2">
          </td>
          <td width="9" height="21"></td>
     </tr>
     <tr valign="Bottom">
          <td align="LEFT" width="190" height="30"><font face="Times New Roman" size="1">Earnings,
               excluding interest<br>
               &nbsp; on deposits(1):</font></td>
          <td align="LEFT" width="3" height="30"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="LEFT" width="3" height="30"><font face="Times New Roman" size="1">&nbsp;</font></td>
     </tr>
     <tr valign="Bottom">
          <td align="LEFT" width="190" height="16"><font face="Times New Roman" size="1">Income
               before income tax expense</font></td>
          <td align="LEFT" width="3" height="16"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="LEFT" width="3" height="16"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="15" height="16">
               <p align="left"><font face="Times New Roman" size="1">$</font></p>
          </td>
          <td align="RIGHT" width="82" height="16"><font face="Times New Roman" size="1">4,837</font></td>
          <td align="LEFT" width="9" height="16"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="6" height="16"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" width="36" height="16"><font face="Times New Roman" size="1">6,154</font></td>
          <td align="LEFT" width="6" height="16"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="8" height="16"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" width="33" height="16"><font face="Times New Roman" size="1">4,932</font></td>
          <td align="LEFT" width="10" height="16"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="6" height="16"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" width="50" height="16"><font face="Times New Roman" size="1">2,984</font></td>
          <td align="LEFT" width="8" height="16"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="6" height="16"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" width="42" height="16"><font face="Times New Roman" size="1">2,884</font></td>
          <td align="LEFT" width="10" height="16"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="8" height="16"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" width="27" height="16"><font face="Times New Roman" size="1">2,369</font></td>
          <td align="LEFT" width="9" height="16"><font face="Times New Roman" size="1">&nbsp;</font></td>
     </tr>
     <tr valign="Bottom">
          <td align="LEFT" width="190" height="21"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="LEFT" width="3" height="21"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="LEFT" width="3" height="21"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="15" height="21"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="82" height="21"></td>
          <td align="LEFT" width="9" height="21"></td>
          <td align="RIGHT" width="6" height="21"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="36" height="21"></td>
          <td align="LEFT" width="6" height="21"></td>
     </tr>
     <tr valign="Bottom">
          <td align="LEFT" width="190" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">Fixed
               charges</font></td>
          <td align="LEFT" width="3" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="LEFT" width="3" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="15" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="82" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">2,034</font></td>
          <td align="LEFT" width="9" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="6" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="36" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">3,358</font></td>
          <td align="LEFT" width="6" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="8" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="33" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">5,191</font></td>
          <td align="LEFT" width="10" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="6" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="50" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">6,248</font></td>
          <td align="LEFT" width="8" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="6" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="42" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">4,504</font></td>
          <td align="LEFT" width="10" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="8" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="27" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">3,402</font></td>
          <td align="LEFT" width="9" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
     </tr>
     <tr>
          <td colspan="3" width="195" height="21"></td>
          <td colspan="2" align="RIGHT" width="99" height="21">
               <hr noshade color="Black" size="1">
          </td>
          <td width="9" height="21"></td>
          <td colspan="2" align="RIGHT" width="44" height="21">
               <hr noshade color="Black" size="1">
          </td>
          <td width="6" height="21"></td>
          <td colspan="2" align="RIGHT" width="43" height="21">
               <hr noshade color="Black" size="1">
          </td>
          <td width="10" height="21"></td>
          <td colspan="2" align="RIGHT" width="58" height="21">
               <hr noshade color="Black" size="1">
          </td>
          <td width="8" height="21"></td>
          <td colspan="2" align="RIGHT" width="50" height="21">
               <hr noshade color="Black" size="1">
          </td>
          <td width="10" height="21"></td>
          <td colspan="2" align="RIGHT" width="37" height="21">
               <hr noshade color="Black" size="1">
          </td>
          <td width="9" height="21"></td>
     </tr>
     <tr valign="Bottom">
          <td align="LEFT" width="190" height="16"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="LEFT" width="3" height="16"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="LEFT" width="3" height="16"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="15" height="16">
               <p align="left"><font face="Times New Roman" size="1">$</font></p>
          </td>
          <td align="RIGHT" width="82" height="16"><font face="Times New Roman" size="1">6,871</font></td>
          <td align="LEFT" width="9" height="16"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="6" height="16"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" width="36" height="16"><font face="Times New Roman" size="1">9,512</font></td>
          <td align="LEFT" width="6" height="16"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="8" height="16"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" width="33" height="16"><font face="Times New Roman" size="1">10,123</font></td>
          <td align="LEFT" width="10" height="16"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="6" height="16"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" width="50" height="16"><font face="Times New Roman" size="1">9,232</font></td>
          <td align="LEFT" width="8" height="16"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="6" height="16"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" width="42" height="16"><font face="Times New Roman" size="1">7,388</font></td>
          <td align="LEFT" width="10" height="16"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="8" height="16"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" width="27" height="16"><font face="Times New Roman" size="1">5,771</font></td>
          <td align="LEFT" width="9" height="16"><font face="Times New Roman" size="1">&nbsp;</font></td>
     </tr>
     <tr valign="Bottom">
          <td align="LEFT" width="190" height="21"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="LEFT" width="3" height="21"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="LEFT" width="3" height="21"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="15" height="21"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="82" height="21"></td>
          <td align="LEFT" width="9" height="21"></td>
          <td align="RIGHT" width="6" height="21"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="36" height="21"></td>
          <td align="LEFT" width="6" height="21"></td>
          <td align="RIGHT" width="8" height="21"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="33" height="21"></td>
          <td align="LEFT" width="10" height="21"></td>
     </tr>
     <tr>
          <td colspan="3" width="195" height="21"></td>
          <td colspan="2" align="RIGHT" width="99" height="21">
               <hr noshade color="Black" size="2">
          </td>
          <td width="9" height="21"></td>
          <td colspan="2" align="RIGHT" width="44" height="21">
               <hr noshade color="Black" size="2">
          </td>
          <td width="6" height="21"></td>
          <td colspan="2" align="RIGHT" width="43" height="21">
               <hr noshade color="Black" size="2">
          </td>
          <td width="10" height="21"></td>
          <td colspan="2" align="RIGHT" width="58" height="21">
               <hr noshade color="Black" size="2">
          </td>
          <td width="8" height="21"></td>
          <td colspan="2" align="RIGHT" width="50" height="21">
               <hr noshade color="Black" size="2">
          </td>
          <td width="10" height="21"></td>
          <td colspan="2" align="RIGHT" width="37" height="21">
               <hr noshade color="Black" size="2">
          </td>
          <td width="9" height="21"></td>
     </tr>
     <tr valign="Bottom">
          <td align="LEFT" width="190" height="16"><font face="Times New Roman" size="1">Fixed
               charges:</font></td>
          <td align="LEFT" width="3" height="16"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="LEFT" width="3" height="16"><font face="Times New Roman" size="1">&nbsp;</font></td>
     </tr>
     <tr valign="Bottom">
          <td align="LEFT" width="190" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest
               expense</font></td>
          <td align="LEFT" width="3" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="LEFT" width="3" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="15" height="16" bgcolor="#00FFFF">
               <p align="left"><font face="Times New Roman" size="1">$</font></p>
          </td>
          <td align="RIGHT" width="82" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">3,597</font></td>
          <td align="LEFT" width="9" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="6" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" width="36" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">5,906</font></td>
          <td align="LEFT" width="6" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="8" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" width="33" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">8,189</font></td>
          <td align="LEFT" width="10" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="6" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" width="50" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">9,472</font></td>
          <td align="LEFT" width="8" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="6" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" width="42" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">7,610</font></td>
          <td align="LEFT" width="10" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="8" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" width="27" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">6,929</font></td>
          <td align="LEFT" width="9" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
     </tr>
     <tr valign="Bottom">
          <td align="LEFT" width="190" height="21"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="LEFT" width="3" height="21"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="LEFT" width="3" height="21"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="15" height="21"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="82" height="21"></td>
          <td align="LEFT" width="9" height="21"></td>
          <td align="RIGHT" width="6" height="21"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="36" height="21"></td>
          <td align="LEFT" width="6" height="21"></td>
     </tr>
     <tr valign="Bottom">
          <td align="LEFT" width="190" height="16"><font face="Times New Roman" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less
               interest on deposits</font></td>
          <td align="LEFT" width="3" height="16"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="LEFT" width="3" height="16"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="15" height="16"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="82" height="16"><font face="Times New Roman" size="1">1,674</font></td>
          <td align="LEFT" width="9" height="16"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="6" height="16"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="36" height="16"><font face="Times New Roman" size="1">2,668</font></td>
          <td align="LEFT" width="6" height="16"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="8" height="16"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="33" height="16"><font face="Times New Roman" size="1">3,094</font></td>
          <td align="LEFT" width="10" height="16"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="6" height="16"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="50" height="16"><font face="Times New Roman" size="1">3,290</font></td>
          <td align="LEFT" width="8" height="16"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="6" height="16"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="42" height="16"><font face="Times New Roman" size="1">3,170</font></td>
          <td align="LEFT" width="10" height="16"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="8" height="16"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="27" height="16"><font face="Times New Roman" size="1">3,588</font></td>
          <td align="LEFT" width="9" height="16"><font face="Times New Roman" size="1">&nbsp;</font></td>
     </tr>
     <tr valign="Bottom">
          <td align="LEFT" width="190" height="30" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Estimated
               interest component<br>
               &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of net rental expense</font></td>
          <td align="LEFT" width="3" height="30" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="LEFT" width="3" height="30" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="15" height="30" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="82" height="30" bgcolor="#00FFFF"><font face="Times New Roman" size="1">111</font></td>
          <td align="LEFT" width="9" height="30" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="6" height="30" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="36" height="30" bgcolor="#00FFFF"><font face="Times New Roman" size="1">120</font></td>
          <td align="LEFT" width="6" height="30" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="8" height="30" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="33" height="30" bgcolor="#00FFFF"><font face="Times New Roman" size="1">96</font></td>
          <td align="LEFT" width="10" height="30" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="6" height="30" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="50" height="30" bgcolor="#00FFFF"><font face="Times New Roman" size="1">66</font></td>
          <td align="LEFT" width="8" height="30" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="6" height="30" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="42" height="30" bgcolor="#00FFFF"><font face="Times New Roman" size="1">64</font></td>
          <td align="LEFT" width="10" height="30" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="8" height="30" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="27" height="30" bgcolor="#00FFFF"><font face="Times New Roman" size="1">61</font></td>
          <td align="LEFT" width="9" height="30" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
     </tr>
     <tr>
          <td colspan="3" width="195" height="21"></td>
          <td colspan="2" align="RIGHT" width="99" height="21">
               <hr noshade color="Black" size="1">
          </td>
          <td width="9" height="21"></td>
          <td colspan="2" align="RIGHT" width="44" height="21">
               <hr noshade color="Black" size="1">
          </td>
          <td width="6" height="21"></td>
          <td colspan="2" align="RIGHT" width="43" height="21">
               <hr noshade color="Black" size="1">
          </td>
          <td width="10" height="21"></td>
          <td colspan="2" align="RIGHT" width="58" height="21">
               <hr noshade color="Black" size="1">
          </td>
          <td width="8" height="21"></td>
          <td colspan="2" align="RIGHT" width="50" height="21">
               <hr noshade color="Black" size="1">
          </td>
          <td width="10" height="21"></td>
          <td colspan="2" align="RIGHT" width="37" height="21">
               <hr noshade color="Black" size="1">
          </td>
          <td width="9" height="21"></td>
     </tr>
     <tr valign="Bottom">
          <td align="LEFT" width="190" height="14"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="LEFT" width="3" height="14"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="LEFT" width="3" height="14"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="15" height="14">
               <p align="left"><font face="Times New Roman" size="1">$</font></p>
          </td>
          <td align="RIGHT" width="82" height="14"><font face="Times New Roman" size="1">2,034</font></td>
          <td align="LEFT" width="9" height="14"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="6" height="14"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" width="36" height="14"><font face="Times New Roman" size="1">3,358</font></td>
          <td align="LEFT" width="6" height="14"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="8" height="14"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" width="33" height="14"><font face="Times New Roman" size="1">5,191</font></td>
          <td align="LEFT" width="10" height="14"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="6" height="14"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" width="50" height="14"><font face="Times New Roman" size="1">6,248</font></td>
          <td align="LEFT" width="8" height="14"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="6" height="14"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" width="42" height="14"><font face="Times New Roman" size="1">4,504</font></td>
          <td align="LEFT" width="10" height="14"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="8" height="14"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" width="27" height="14"><font face="Times New Roman" size="1">3,402</font></td>
          <td align="LEFT" width="9" height="14"><font face="Times New Roman" size="1">&nbsp;</font></td>
     </tr>
     <tr valign="Bottom">
          <td align="LEFT" width="190" height="21"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="LEFT" width="3" height="21"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="LEFT" width="3" height="21"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="15" height="21"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="82" height="21"></td>
          <td align="LEFT" width="9" height="21"></td>
          <td align="RIGHT" width="6" height="21"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="36" height="21"></td>
          <td align="LEFT" width="6" height="21"></td>
     </tr>
     <tr>
          <td colspan="3" width="195" height="21"></td>
          <td colspan="2" align="RIGHT" width="99" height="21">
               <hr noshade color="Black" size="2">
          </td>
          <td width="9" height="21"></td>
          <td colspan="2" align="RIGHT" width="44" height="21">
               <hr noshade color="Black" size="2">
          </td>
          <td width="6" height="21"></td>
          <td colspan="2" align="RIGHT" width="43" height="21">
               <hr noshade color="Black" size="2">
          </td>
          <td width="10" height="21"></td>
          <td colspan="2" align="RIGHT" width="58" height="21">
               <hr noshade color="Black" size="2">
          </td>
          <td width="8" height="21"></td>
          <td colspan="2" align="RIGHT" width="50" height="21">
               <hr noshade color="Black" size="2">
          </td>
          <td width="10" height="21"></td>
          <td colspan="2" align="RIGHT" width="37" height="21">
               <hr noshade color="Black" size="2">
          </td>
          <td width="9" height="21"></td>
     </tr>
     <tr valign="Bottom">
          <td align="LEFT" width="190" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">Ratio
               of earnings to fixed charges(2)</font></td>
          <td align="LEFT" width="3" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="LEFT" width="3" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="15" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="82" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">3.38</font></td>
          <td align="LEFT" width="9" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="6" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="36" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">2.83</font></td>
          <td align="LEFT" width="6" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="8" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="33" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">1.95</font></td>
          <td align="LEFT" width="10" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="6" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="50" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">1.48</font></td>
          <td align="LEFT" width="8" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="6" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="42" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">1.64</font></td>
          <td align="LEFT" width="10" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="8" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" width="27" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">1.70</font></td>
          <td align="LEFT" width="9" height="16" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
     </tr>
     <tr>
          <td colspan="3" width="195" height="21"></td>
          <td colspan="2" align="RIGHT" width="99" height="21">
               <hr noshade color="Black" size="2">
          </td>
          <td width="9" height="21"></td>
          <td colspan="2" align="RIGHT" width="44" height="21">
               <hr noshade color="Black" size="2">
          </td>
          <td width="6" height="21"></td>
          <td colspan="2" align="RIGHT" width="43" height="21">
               <hr noshade color="Black" size="2">
          </td>
          <td width="10" height="21"></td>
          <td colspan="2" align="RIGHT" width="58" height="21">
               <hr noshade color="Black" size="2">
          </td>
          <td width="8" height="21"></td>
          <td colspan="2" align="RIGHT" width="50" height="21">
               <hr noshade color="Black" size="2">
          </td>
          <td width="10" height="21"></td>
          <td colspan="2" align="RIGHT" width="37" height="21">
               <hr noshade color="Black" size="2">
          </td>
          <td width="9" height="21"></td>
     </tr>
</table>
&nbsp;
<p><font face="Times New Roman, Times, Serif" size="2"><sup>(1)</sup>&nbsp;&nbsp;&nbsp;&nbsp;
As defined in Item 503(d) of Regulation S-K.</font></p>
<p><font face="Times New Roman, Times, Serif" size="2"><sup>(2)</sup>&nbsp;&nbsp;&nbsp;&nbsp;
These computations are included herein in compliance with Securities and
Exchange Commission Regulations. However, management believes that fixed charge
ratios are not meaningful measures for the business of the Company because of
two factors. First, even if there were no change in net income, the ratios would
decline with an increase in the proportion of income which is tax-exempt or,
conversely, they would increase with a decrease in the proportion of income
which is tax-exempt. Second, even if there were no change in net income, the
ratios would decline if interest income and interest expense increase by the
same amount due to an increase in the level of interest rates or, conversely,
they would increase if interest income and interest expense decrease by the same
amount due to a decrease in the level of interest rates.</font></p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<hr>
<p>&nbsp;</p>
<p align="center"><b><font face="Times New Roman" size="1">EXHIBIT 12 (b)</font></b></p>
<p align="center"><font size="1"><b><font face="Times New Roman">WASHINGTON
MUTUAL, INC.<br>
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES<br>
AND PREFERRED DIVIDENDS</font></b><font face="Times New Roman"></font></font></p>
<p align="center">&nbsp;</p>
<table cellpadding="0" cellspacing="0" border="0" width="642" height="861">
     <tr valign="Bottom">
          <td width="194" align="LEFT" height="21"></td>
          <td width="3" align="LEFT" height="21"></td>
          <td width="3" align="LEFT" height="21"></td>
          <td width="106" align="RIGHT" height="42" colspan="2" rowspan="2">
               <p align="center"><font face="Times New Roman" size="1"><b>Nine
               MonthsEnded<br>
               September 30, 2003</b></font></td>
          <td width="8" align="LEFT" height="21"></td>
          <td width="281" align="RIGHT" height="21" colspan="14">
               <p align="center"><font face="Times New Roman" size="1"><b>Year
               Ended December 31,</b></font></td>
          <td width="5" align="LEFT" height="21"></td>
     </tr>
     <tr valign="Bottom">
          <td width="194" align="LEFT" height="21"><font face="Times New Roman" size="1"><b>(in
               millions)</b></font></td>
          <td width="3" align="LEFT" height="21"></td>
          <td width="3" align="LEFT" height="21"></td>
          <td width="8" align="LEFT" height="21"></td>
          <td width="48" align="RIGHT" height="21" colspan="2">
               <p align="center"><font face="Times New Roman" size="1"><b>2002</b></font></td>
          <td width="7" align="LEFT" height="21"></td>
          <td width="54" align="RIGHT" height="21" colspan="2">
               <p align="center"><font face="Times New Roman" size="1"><b>2001</b></font></td>
          <td width="8" align="LEFT" height="21"></td>
          <td width="50" align="RIGHT" height="21" colspan="2">
               <p align="center"><font face="Times New Roman" size="1"><b>2000</b></font></td>
          <td width="9" align="LEFT" height="21"></td>
          <td width="49" align="RIGHT" height="21" colspan="2">
               <p align="center"><font face="Times New Roman" size="1"><b>1999</b></font></td>
          <td width="6" align="LEFT" height="21"></td>
          <td width="50" align="RIGHT" height="21" colspan="2">
               <p align="center"><font face="Times New Roman" size="1"><b>1998</b></font></td>
          <td width="5" align="LEFT" height="21"></td>
     </tr>
     <tr valign="Bottom">
          <td width="194" align="LEFT" height="21"></td>
          <td width="3" align="LEFT" height="21"></td>
          <td width="3" align="LEFT" height="21"></td>
          <td width="106" align="RIGHT" height="21" colspan="2">
               <hr>
          </td>
          <td width="8" align="LEFT" height="21"></td>
          <td width="48" align="RIGHT" height="21" colspan="2">
               <hr>
          </td>
          <td width="7" align="LEFT" height="21"></td>
          <td width="54" align="RIGHT" height="21" colspan="2">
               <hr>
          </td>
          <td width="8" align="LEFT" height="21"></td>
          <td width="50" align="RIGHT" height="21" colspan="2">
               <hr>
          </td>
          <td width="9" align="LEFT" height="21"></td>
          <td width="49" align="RIGHT" height="21" colspan="2">
               <hr>
          </td>
          <td width="6" align="LEFT" height="21"></td>
          <td width="50" align="RIGHT" height="21" colspan="2">
               <hr>
          </td>
          <td width="5" align="LEFT" height="21"></td>
     </tr>
     <tr valign="Bottom">
          <td width="194" align="LEFT" height="21"><font face="Times New Roman" size="1">Earnings,
               including<br>
               &nbsp; interest on deposits(1):</font></td>
          <td width="3" align="LEFT" height="21"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td width="3" align="LEFT" height="21"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td width="50" align="RIGHT" height="21"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td width="56" align="RIGHT" height="21"></td>
          <td width="8" align="LEFT" height="21"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td width="11" align="RIGHT" height="21"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td width="37" align="RIGHT" height="21"></td>
          <td width="7" align="LEFT" height="21"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td width="14" align="RIGHT" height="21"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td width="40" align="RIGHT" height="21"></td>
          <td width="8" align="LEFT" height="21"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td width="14" align="RIGHT" height="21"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td width="36" align="RIGHT" height="21"></td>
          <td width="9" align="LEFT" height="21"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td width="13" align="RIGHT" height="21"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td width="36" align="RIGHT" height="21"></td>
          <td width="6" align="LEFT" height="21"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td width="11" align="RIGHT" height="21"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td width="39" align="RIGHT" height="21"></td>
          <td width="5" align="LEFT" height="21"><font face="Times New Roman" size="1">&nbsp;</font></td>
     </tr>
     <tr valign="Bottom">
          <td align="LEFT" height="16" width="194" bgcolor="#00FFFF"><font face="Times New Roman" size="1">Income
               before income tax expense</font></td>
          <td align="LEFT" height="16" width="3" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="LEFT" height="16" width="3" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="50" bgcolor="#00FFFF">
               <p align="left"><font face="Times New Roman" size="1">$</font></p>
          </td>
          <td align="RIGHT" height="16" width="56" bgcolor="#00FFFF"><font face="Times New Roman" size="1">4,837</font></td>
          <td align="LEFT" height="16" width="8" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="11" bgcolor="#00FFFF"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" height="16" width="37" bgcolor="#00FFFF"><font face="Times New Roman" size="1">6,154</font></td>
          <td align="LEFT" height="16" width="7" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="14" bgcolor="#00FFFF"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" height="16" width="40" bgcolor="#00FFFF"><font face="Times New Roman" size="1">4,932</font></td>
          <td align="LEFT" height="16" width="8" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="14" bgcolor="#00FFFF"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" height="16" width="36" bgcolor="#00FFFF"><font face="Times New Roman" size="1">2,984</font></td>
          <td align="LEFT" height="16" width="9" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="13" bgcolor="#00FFFF"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" height="16" width="36" bgcolor="#00FFFF"><font face="Times New Roman" size="1">2,884</font></td>
          <td align="LEFT" height="16" width="6" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="11" bgcolor="#00FFFF"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" height="16" width="39" bgcolor="#00FFFF"><font face="Times New Roman" size="1">2,369</font></td>
          <td align="LEFT" height="16" width="5" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
     </tr>
     <tr valign="Bottom">
          <td align="LEFT" height="16" width="194"><font face="Times New Roman" size="1">Fixed
               charges</font></td>
          <td align="LEFT" height="16" width="3"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="LEFT" height="16" width="3"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="50"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="56"><font face="Times New Roman" size="1">3,708</font></td>
          <td align="LEFT" height="16" width="8"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="11"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="37"><font face="Times New Roman" size="1">6,026</font></td>
          <td align="LEFT" height="16" width="7"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="14"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="40"><font face="Times New Roman" size="1">8,285</font></td>
          <td align="LEFT" height="16" width="8"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="14"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="36"><font face="Times New Roman" size="1">9,538</font></td>
          <td align="LEFT" height="16" width="9"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="13"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="36"><font face="Times New Roman" size="1">7,674</font></td>
          <td align="LEFT" height="16" width="6"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="11"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="39"><font face="Times New Roman" size="1">6,990</font></td>
          <td align="LEFT" height="16" width="5"><font face="Times New Roman" size="1">&nbsp;</font></td>
     </tr>
     <tr valign="Bottom">
          <td align="LEFT" height="16" width="194"></td>
          <td align="LEFT" height="16" width="3"></td>
          <td align="LEFT" height="16" width="3"></td>
          <td align="RIGHT" height="16" colspan="2" width="108">
               <hr noshade color="Black" size="1">
          </td>
          <td align="LEFT" height="16" width="8"></td>
          <td align="RIGHT" height="16" colspan="2" width="50">
               <hr noshade color="Black" size="1">
          </td>
          <td align="LEFT" height="16" width="7"></td>
          <td align="RIGHT" height="16" colspan="2" width="52">
               <hr noshade color="Black" size="1">
          </td>
          <td align="LEFT" height="16" width="8"></td>
          <td align="RIGHT" height="16" colspan="2" width="52">
               <hr noshade color="Black" size="1">
          </td>
          <td align="LEFT" height="16" width="9"></td>
          <td align="RIGHT" height="16" colspan="2" width="51">
               <hr noshade color="Black" size="1">
          </td>
          <td align="LEFT" height="16" width="6"></td>
          <td align="RIGHT" height="16" colspan="2" width="52">
               <hr noshade color="Black" size="1">
          </td>
          <td align="LEFT" height="16" width="5"></td>
     </tr>
     <tr valign="Bottom">
          <td align="LEFT" height="16" width="194" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="LEFT" height="16" width="3" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="LEFT" height="16" width="3" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="50" bgcolor="#00FFFF">
               <p align="left"><font face="Times New Roman" size="1">$</font></p>
          </td>
          <td align="RIGHT" height="16" width="56" bgcolor="#00FFFF"><font face="Times New Roman" size="1">8,545</font></td>
          <td align="LEFT" height="16" width="8" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="11" bgcolor="#00FFFF"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" height="16" width="37" bgcolor="#00FFFF"><font face="Times New Roman" size="1">12,180</font></td>
          <td align="LEFT" height="16" width="7" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="14" bgcolor="#00FFFF"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" height="16" width="40" bgcolor="#00FFFF"><font face="Times New Roman" size="1">13,217</font></td>
          <td align="LEFT" height="16" width="8" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="14" bgcolor="#00FFFF"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" height="16" width="36" bgcolor="#00FFFF"><font face="Times New Roman" size="1">12,522</font></td>
          <td align="LEFT" height="16" width="9" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="13" bgcolor="#00FFFF"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" height="16" width="36" bgcolor="#00FFFF"><font face="Times New Roman" size="1">10,558</font></td>
          <td align="LEFT" height="16" width="6" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="11" bgcolor="#00FFFF"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" height="16" width="39" bgcolor="#00FFFF"><font face="Times New Roman" size="1">9,359</font></td>
          <td align="LEFT" height="16" width="5" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
     </tr>
     <tr valign="Bottom">
          <td align="LEFT" height="16" width="194"></td>
          <td align="LEFT" height="16" width="3"></td>
          <td align="LEFT" height="16" width="3"></td>
          <td align="RIGHT" height="16" colspan="2" width="108">
               <hr noshade color="Black" size="2">
          </td>
          <td align="LEFT" height="16" width="8"></td>
          <td align="RIGHT" height="16" colspan="2" width="50">
               <hr noshade color="Black" size="2">
          </td>
          <td align="LEFT" height="16" width="7"></td>
          <td align="RIGHT" height="16" colspan="2" width="52">
               <hr noshade color="Black" size="2">
          </td>
          <td align="LEFT" height="16" width="8"></td>
          <td align="RIGHT" height="16" colspan="2" width="52">
               <hr noshade color="Black" size="2">
          </td>
          <td align="LEFT" height="16" width="9"></td>
          <td align="RIGHT" height="16" colspan="2" width="51">
               <hr noshade color="Black" size="2">
          </td>
          <td align="LEFT" height="16" width="6"></td>
          <td align="RIGHT" height="16" colspan="2" width="52">
               <hr noshade color="Black" size="2">
          </td>
          <td align="LEFT" height="16" width="5"></td>
     </tr>
     <tr valign="Bottom">
          <td align="LEFT" height="16" width="194"><font face="Times New Roman" size="1">Preferred
               dividend requirement</font></td>
          <td align="LEFT" height="16" width="3"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="LEFT" height="16" width="3"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="50">
               <p align="left"><font face="Times New Roman" size="1">$</font></p>
          </td>
          <td align="RIGHT" height="16" width="56"><font face="Times New Roman" size="1">--</font></td>
          <td align="LEFT" height="16" width="8"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="11"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" height="16" width="37"><font face="Times New Roman" size="1">5</font></td>
          <td align="LEFT" height="16" width="7"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="14"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" height="16" width="40"><font face="Times New Roman" size="1">7</font></td>
          <td align="LEFT" height="16" width="8"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="14"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" height="16" width="36"><font face="Times New Roman" size="1">--</font></td>
          <td align="LEFT" height="16" width="9"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="13"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" height="16" width="36"><font face="Times New Roman" size="1">--</font></td>
          <td align="LEFT" height="16" width="6"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="11"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" height="16" width="39"><font face="Times New Roman" size="1">20</font></td>
          <td align="LEFT" height="16" width="5"><font face="Times New Roman" size="1">&nbsp;</font></td>
     </tr>
     <tr valign="Bottom">
          <td align="LEFT" height="30" width="194" bgcolor="#00FFFF"><font face="Times New Roman" size="1">Ratio
               of income before income tax<br>
               &nbsp; expense to net income</font></td>
          <td align="LEFT" height="30" width="3" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="LEFT" height="30" width="3" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="30" width="50" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="30" width="56" bgcolor="#00FFFF"><font face="Times New Roman" size="1">1.59</font></td>
          <td align="LEFT" height="30" width="8" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="30" width="11" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="30" width="37" bgcolor="#00FFFF"><font face="Times New Roman" size="1">1.58</font></td>
          <td align="LEFT" height="30" width="7" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="30" width="14" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="30" width="40" bgcolor="#00FFFF"><font face="Times New Roman" size="1">1.58</font></td>
          <td align="LEFT" height="30" width="8" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="30" width="14" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="30" width="36" bgcolor="#00FFFF"><font face="Times New Roman" size="1">1.57</font></td>
          <td align="LEFT" height="30" width="9" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="30" width="13" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="30" width="36" bgcolor="#00FFFF"><font face="Times New Roman" size="1">1.59</font></td>
          <td align="LEFT" height="30" width="6" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="30" width="11" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="30" width="39" bgcolor="#00FFFF"><font face="Times New Roman" size="1">1.59</font></td>
          <td align="LEFT" height="30" width="5" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
     </tr>
     <tr>
          <td align="LEFT" height="16" width="194"></td>
          <td align="LEFT" height="16" width="3"></td>
          <td align="LEFT" height="16" width="3"></td>
          <td align="RIGHT" height="16" colspan="2" width="108">
               <hr noshade color="Black" size="1">
          </td>
          <td align="LEFT" height="16" width="8"></td>
          <td align="RIGHT" height="16" colspan="2" width="50">
               <hr noshade color="Black" size="1">
          </td>
          <td align="LEFT" height="16" width="7"></td>
          <td align="RIGHT" height="16" colspan="2" width="52">
               <hr noshade color="Black" size="1">
          </td>
          <td align="LEFT" height="16" width="8"></td>
          <td align="RIGHT" height="16" colspan="2" width="52">
               <hr noshade color="Black" size="1">
          </td>
          <td align="LEFT" height="16" width="9"></td>
          <td align="RIGHT" height="16" colspan="2" width="51">
               <hr noshade color="Black" size="1">
          </td>
          <td align="LEFT" height="16" width="6"></td>
          <td align="RIGHT" height="16" colspan="2" width="52">
               <hr noshade color="Black" size="1">
          </td>
          <td align="LEFT" height="16" width="5"></td>
     </tr>
     <tr valign="Bottom">
          <td align="LEFT" height="16" width="194"><font face="Times New Roman" size="1">Preferred
               dividends (2)</font></td>
          <td align="LEFT" height="16" width="3"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="LEFT" height="16" width="3"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="50">
               <p align="left"><font face="Times New Roman" size="1">$</font></p>
          </td>
          <td align="RIGHT" height="16" width="56"><font face="Times New Roman" size="1">--</font></td>
          <td align="LEFT" height="16" width="8"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="11"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" height="16" width="37"><font face="Times New Roman" size="1">8</font></td>
          <td align="LEFT" height="16" width="7"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="14"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" height="16" width="40"><font face="Times New Roman" size="1">11</font></td>
          <td align="LEFT" height="16" width="8"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="14"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" height="16" width="36"><font face="Times New Roman" size="1">--</font></td>
          <td align="LEFT" height="16" width="9"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="13"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" height="16" width="36"><font face="Times New Roman" size="1">--</font></td>
          <td align="LEFT" height="16" width="6"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="11"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" height="16" width="39"><font face="Times New Roman" size="1">32</font></td>
          <td align="LEFT" height="16" width="5"><font face="Times New Roman" size="1">&nbsp;</font></td>
     </tr>
     <tr>
          <td align="LEFT" height="16" width="194"></td>
          <td align="LEFT" height="16" width="3"></td>
          <td align="LEFT" height="16" width="3"></td>
          <td align="RIGHT" height="16" colspan="2" width="108">
               <hr noshade color="Black" size="2">
          </td>
          <td align="LEFT" height="16" width="8"></td>
          <td align="RIGHT" height="16" colspan="2" width="50">
               <hr noshade color="Black" size="2">
          </td>
          <td align="LEFT" height="16" width="7"></td>
          <td align="RIGHT" height="16" colspan="2" width="52">
               <hr noshade color="Black" size="2">
          </td>
          <td align="LEFT" height="16" width="8"></td>
          <td align="RIGHT" height="16" colspan="2" width="52">
               <hr noshade color="Black" size="2">
          </td>
          <td align="LEFT" height="16" width="9"></td>
          <td align="RIGHT" height="16" colspan="2" width="51">
               <hr noshade color="Black" size="2">
          </td>
          <td align="LEFT" height="16" width="6"></td>
          <td align="RIGHT" height="16" colspan="2" width="52">
               <hr noshade color="Black" size="2">
          </td>
          <td align="LEFT" height="16" width="5"></td>
     </tr>
     <tr valign="Bottom">
          <td align="LEFT" height="16" width="194"><font face="Times New Roman" size="1">Fixed
               charges (1):</font></td>
          <td align="LEFT" height="16" width="3"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="LEFT" height="16" width="3"><font face="Times New Roman" size="1">&nbsp;</font></td>
     </tr>
     <tr valign="Bottom">
          <td align="LEFT" height="16" width="194" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest
               expense</font></td>
          <td align="LEFT" height="16" width="3" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="LEFT" height="16" width="3" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="50" bgcolor="#00FFFF">
               <p align="left"><font face="Times New Roman" size="1">$</font></p>
          </td>
          <td align="RIGHT" height="16" width="56" bgcolor="#00FFFF"><font face="Times New Roman" size="1">3,597</font></td>
          <td align="LEFT" height="16" width="8" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="11" bgcolor="#00FFFF"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" height="16" width="37" bgcolor="#00FFFF"><font face="Times New Roman" size="1">5,906</font></td>
          <td align="LEFT" height="16" width="7" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="14" bgcolor="#00FFFF"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" height="16" width="40" bgcolor="#00FFFF"><font face="Times New Roman" size="1">8,189</font></td>
          <td align="LEFT" height="16" width="8" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="14" bgcolor="#00FFFF"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" height="16" width="36" bgcolor="#00FFFF"><font face="Times New Roman" size="1">9,472</font></td>
          <td align="LEFT" height="16" width="9" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="13" bgcolor="#00FFFF"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" height="16" width="36" bgcolor="#00FFFF"><font face="Times New Roman" size="1">7,610</font></td>
          <td align="LEFT" height="16" width="6" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="11" bgcolor="#00FFFF"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" height="16" width="39" bgcolor="#00FFFF"><font face="Times New Roman" size="1">6,929</font></td>
          <td align="LEFT" height="16" width="5" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
     </tr>
     <tr valign="Bottom">
          <td align="LEFT" height="16" width="194"><font face="Times New Roman" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Estimated
               interest component of<br>
               &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; net rental expense</font></td>
          <td align="LEFT" height="16" width="3"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="LEFT" height="16" width="3"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="50"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="56"><font face="Times New Roman" size="1">111</font></td>
          <td align="LEFT" height="16" width="8"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="11"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="37"><font face="Times New Roman" size="1">120</font></td>
          <td align="LEFT" height="16" width="7"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="14"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="40"><font face="Times New Roman" size="1">96</font></td>
          <td align="LEFT" height="16" width="8"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="14"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="36"><font face="Times New Roman" size="1">66</font></td>
          <td align="LEFT" height="16" width="9"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="13"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="36"><font face="Times New Roman" size="1">64</font></td>
          <td align="LEFT" height="16" width="6"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="11"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="39"><font face="Times New Roman" size="1">61</font></td>
          <td align="LEFT" height="16" width="5"><font face="Times New Roman" size="1">&nbsp;</font></td>
     </tr>
     <tr>
          <td align="LEFT" height="16" width="194"></td>
          <td align="LEFT" height="16" width="3"></td>
          <td align="LEFT" height="16" width="3"></td>
          <td align="RIGHT" height="16" colspan="2" width="108">
               <hr noshade color="Black" size="1">
          </td>
          <td align="LEFT" height="16" width="8"></td>
          <td align="RIGHT" height="16" colspan="2" width="50">
               <hr noshade color="Black" size="1">
          </td>
          <td align="LEFT" height="16" width="7"></td>
          <td align="RIGHT" height="16" colspan="2" width="52">
               <hr noshade color="Black" size="1">
          </td>
          <td align="LEFT" height="16" width="8"></td>
          <td align="RIGHT" height="16" colspan="2" width="52">
               <hr noshade color="Black" size="1">
          </td>
          <td align="LEFT" height="16" width="9"></td>
          <td align="RIGHT" height="16" colspan="2" width="51">
               <hr noshade color="Black" size="1">
          </td>
          <td align="LEFT" height="16" width="6"></td>
          <td align="RIGHT" height="16" colspan="2" width="52">
               <hr noshade color="Black" size="1">
          </td>
          <td align="LEFT" height="16" width="5"></td>
     </tr>
     <tr valign="Bottom">
          <td align="LEFT" height="16" width="194" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="LEFT" height="16" width="3" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="LEFT" height="16" width="3" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="50" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="56" bgcolor="#00FFFF"><font face="Times New Roman" size="1">3,708</font></td>
          <td align="LEFT" height="16" width="8" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="11" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="37" bgcolor="#00FFFF"><font face="Times New Roman" size="1">6,026</font></td>
          <td align="LEFT" height="16" width="7" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="14" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="40" bgcolor="#00FFFF"><font face="Times New Roman" size="1">8,285</font></td>
          <td align="LEFT" height="16" width="8" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="14" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="36" bgcolor="#00FFFF"><font face="Times New Roman" size="1">9,538</font></td>
          <td align="LEFT" height="16" width="9" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="13" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="36" bgcolor="#00FFFF"><font face="Times New Roman" size="1">7,674</font></td>
          <td align="LEFT" height="16" width="6" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="11" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="39" bgcolor="#00FFFF"><font face="Times New Roman" size="1">6,990</font></td>
          <td align="LEFT" height="16" width="5" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
     </tr>
     <tr>
          <td colspan="3" height="21" width="204"></td>
          <td colspan="3" align="RIGHT" height="21" width="118">
               <hr noshade color="Black" size="1">
          </td>
          <td colspan="3" align="RIGHT" height="21" width="59">
               <hr noshade color="Black" size="1">
          </td>
          <td colspan="3" align="RIGHT" height="21" width="62">
               <hr noshade color="Black" size="1">
          </td>
          <td colspan="3" align="RIGHT" height="21" width="63">
               <hr noshade color="Black" size="1">
          </td>
          <td colspan="3" align="RIGHT" height="21" width="59">
               <hr noshade color="Black" size="1">
          </td>
          <td colspan="3" align="RIGHT" height="21" width="59">
               <hr noshade color="Black" size="1">
          </td>
     </tr>
     <tr valign="Bottom">
          <td align="LEFT" height="16" width="194"><font face="Times New Roman" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed
               charges and preferred dividends</font></td>
          <td align="LEFT" height="16" width="3"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="LEFT" height="16" width="3"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="50">
               <p align="left"><font face="Times New Roman" size="1">$</font></p>
          </td>
          <td align="RIGHT" height="16" width="56"><font face="Times New Roman" size="1">3,708</font></td>
          <td align="LEFT" height="16" width="8"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="11"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" height="16" width="37"><font face="Times New Roman" size="1">6,034</font></td>
          <td align="LEFT" height="16" width="7"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="14"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" height="16" width="40"><font face="Times New Roman" size="1">8,296</font></td>
          <td align="LEFT" height="16" width="8"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="14"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" height="16" width="36"><font face="Times New Roman" size="1">9,538</font></td>
          <td align="LEFT" height="16" width="9"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="13"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" height="16" width="36"><font face="Times New Roman" size="1">7,674</font></td>
          <td align="LEFT" height="16" width="6"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="11"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" height="16" width="39"><font face="Times New Roman" size="1">7,022</font></td>
          <td align="LEFT" height="16" width="5"><font face="Times New Roman" size="1">&nbsp;</font></td>
     </tr>
     <tr>
          <td align="LEFT" height="16" width="194"></td>
          <td align="LEFT" height="16" width="3"></td>
          <td align="LEFT" height="16" width="3"></td>
          <td align="RIGHT" height="16" colspan="2" width="108">
               <hr noshade color="Black" size="2">
          </td>
          <td align="LEFT" height="16" width="8"></td>
          <td align="RIGHT" height="16" colspan="2" width="50">
               <hr noshade color="Black" size="2">
          </td>
          <td align="LEFT" height="16" width="7"></td>
          <td align="RIGHT" height="16" colspan="2" width="52">
               <hr noshade color="Black" size="2">
          </td>
          <td align="LEFT" height="16" width="8"></td>
          <td align="RIGHT" height="16" colspan="2" width="52">
               <hr noshade color="Black" size="2">
          </td>
          <td align="LEFT" height="16" width="9"></td>
          <td align="RIGHT" height="16" colspan="2" width="51">
               <hr noshade color="Black" size="2">
          </td>
          <td align="LEFT" height="16" width="6"></td>
          <td align="RIGHT" height="16" colspan="2" width="52">
               <hr noshade color="Black" size="2">
          </td>
          <td align="LEFT" height="16" width="5"></td>
     </tr>
     <tr valign="Bottom">
          <td align="LEFT" height="16" width="194" bgcolor="#00FFFF"><font face="Times New Roman" size="1">Ratio
               of earnings to fixed charges<br>
               &nbsp; and preferred dividends (3)</font></td>
          <td align="LEFT" height="16" width="3" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="LEFT" height="16" width="3" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="50" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="56" bgcolor="#00FFFF"><font face="Times New Roman" size="1">2.30</font></td>
          <td align="LEFT" height="16" width="8" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="11" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="37" bgcolor="#00FFFF"><font face="Times New Roman" size="1">2.02</font></td>
          <td align="LEFT" height="16" width="7" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="14" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="40" bgcolor="#00FFFF"><font face="Times New Roman" size="1">1.59</font></td>
          <td align="LEFT" height="16" width="8" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="14" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="36" bgcolor="#00FFFF"><font face="Times New Roman" size="1">1.31</font></td>
          <td align="LEFT" height="16" width="9" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="13" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="36" bgcolor="#00FFFF"><font face="Times New Roman" size="1">1.38</font></td>
          <td align="LEFT" height="16" width="6" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="11" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="39" bgcolor="#00FFFF"><font face="Times New Roman" size="1">1.33</font></td>
          <td align="LEFT" height="16" width="5" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
     </tr>
     <tr>
          <td align="LEFT" height="16" width="194"></td>
          <td align="LEFT" height="16" width="3"></td>
          <td align="LEFT" height="16" width="3"></td>
          <td align="RIGHT" height="16" colspan="2" width="108">
               <hr noshade color="Black" size="2">
          </td>
          <td align="LEFT" height="16" width="8"></td>
          <td align="RIGHT" height="16" colspan="2" width="50">
               <hr noshade color="Black" size="2">
          </td>
          <td align="LEFT" height="16" width="7"></td>
          <td align="RIGHT" height="16" colspan="2" width="52">
               <hr noshade color="Black" size="2">
          </td>
          <td align="LEFT" height="16" width="8"></td>
          <td align="RIGHT" height="16" colspan="2" width="52">
               <hr noshade color="Black" size="2">
          </td>
          <td align="LEFT" height="16" width="9"></td>
          <td align="RIGHT" height="16" colspan="2" width="51">
               <hr noshade color="Black" size="2">
          </td>
          <td align="LEFT" height="16" width="6"></td>
          <td align="RIGHT" height="16" colspan="2" width="52">
               <hr noshade color="Black" size="2">
          </td>
          <td align="LEFT" height="16" width="5"></td>
     </tr>
     <tr valign="Bottom">
          <td align="LEFT" height="16" width="194"><font face="Times New Roman" size="1">Earnings,
               excluding interest on deposits(1):</font></td>
          <td align="LEFT" height="16" width="3"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="LEFT" height="16" width="3"><font face="Times New Roman" size="1">&nbsp;</font></td>
     </tr>
     <tr valign="Bottom">
          <td align="LEFT" height="16" width="194"><font face="Times New Roman" size="1">Income
               before income tax expense</font></td>
          <td align="LEFT" height="16" width="3"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="LEFT" height="16" width="3">
               <p align="left"><font face="Times New Roman" size="1">&nbsp;</font></p>
          </td>
          <td align="RIGHT" height="16" width="50">
               <p align="left"><font face="Times New Roman" size="1">$</font></p>
          </td>
          <td align="RIGHT" height="16" width="56"><font face="Times New Roman" size="1">4,837</font></td>
          <td align="LEFT" height="16" width="8"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="11"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" height="16" width="37"><font face="Times New Roman" size="1">6,154</font></td>
          <td align="LEFT" height="16" width="7"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="14"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" height="16" width="40"><font face="Times New Roman" size="1">4,932</font></td>
          <td align="LEFT" height="16" width="8"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="14"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" height="16" width="36"><font face="Times New Roman" size="1">2,984</font></td>
          <td align="LEFT" height="16" width="9"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="13"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" height="16" width="36"><font face="Times New Roman" size="1">2,884</font></td>
          <td align="LEFT" height="16" width="6"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="11"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" height="16" width="39"><font face="Times New Roman" size="1">2,369</font></td>
          <td align="LEFT" height="16" width="5"><font face="Times New Roman" size="1">&nbsp;</font></td>
     </tr>
     <tr valign="Bottom">
          <td align="LEFT" height="16" width="194" bgcolor="#00FFFF"><font face="Times New Roman" size="1">Fixed
               charges</font></td>
          <td align="LEFT" height="16" width="3" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="LEFT" height="16" width="3" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="50" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="56" bgcolor="#00FFFF"><font face="Times New Roman" size="1">2,034</font></td>
          <td align="LEFT" height="16" width="8" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="11" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="37" bgcolor="#00FFFF"><font face="Times New Roman" size="1">3,358</font></td>
          <td align="LEFT" height="16" width="7" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="14" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="40" bgcolor="#00FFFF"><font face="Times New Roman" size="1">5,191</font></td>
          <td align="LEFT" height="16" width="8" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="14" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="36" bgcolor="#00FFFF"><font face="Times New Roman" size="1">6,248</font></td>
          <td align="LEFT" height="16" width="9" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="13" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="36" bgcolor="#00FFFF"><font face="Times New Roman" size="1">4,504</font></td>
          <td align="LEFT" height="16" width="6" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="11" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="39" bgcolor="#00FFFF"><font face="Times New Roman" size="1">3,402</font></td>
          <td align="LEFT" height="16" width="5" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
     </tr>
     <tr>
          <td align="LEFT" height="16" width="194"></td>
          <td align="LEFT" height="16" width="3"></td>
          <td align="LEFT" height="16" width="3"></td>
          <td align="RIGHT" height="16" colspan="2" width="108">
               <hr noshade color="Black" size="1">
          </td>
          <td align="LEFT" height="16" width="8"></td>
          <td align="RIGHT" height="16" colspan="2" width="50">
               <hr noshade color="Black" size="1">
          </td>
          <td align="LEFT" height="16" width="7"></td>
          <td align="RIGHT" height="16" colspan="2" width="52">
               <hr noshade color="Black" size="1">
          </td>
          <td align="LEFT" height="16" width="8"></td>
          <td align="RIGHT" height="16" colspan="2" width="52">
               <hr noshade color="Black" size="1">
          </td>
          <td align="LEFT" height="16" width="9"></td>
          <td align="RIGHT" height="16" colspan="2" width="51">
               <hr noshade color="Black" size="1">
          </td>
          <td align="LEFT" height="16" width="6"></td>
          <td align="RIGHT" height="16" colspan="2" width="52">
               <hr noshade color="Black" size="1">
          </td>
          <td align="LEFT" height="16" width="5"></td>
     </tr>
     <tr valign="Bottom">
          <td align="LEFT" height="21" width="194"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="LEFT" height="21" width="3"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="LEFT" height="21" width="3"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="21" width="50">
               <p align="left"><font face="Times New Roman" size="1">$</font></p>
          </td>
          <td align="RIGHT" height="21" width="56"><font face="Times New Roman" size="1">6,871</font></td>
          <td align="LEFT" height="21" width="8"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="21" width="11"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" height="21" width="37"><font face="Times New Roman" size="1">9,512</font></td>
          <td align="LEFT" height="21" width="7"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="21" width="14"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" height="21" width="40"><font face="Times New Roman" size="1">10,123</font></td>
          <td align="LEFT" height="21" width="8"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="21" width="14"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" height="21" width="36"><font face="Times New Roman" size="1">9,232</font></td>
          <td align="LEFT" height="21" width="9"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="21" width="13"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" height="21" width="36"><font face="Times New Roman" size="1">7,388</font></td>
          <td align="LEFT" height="21" width="6"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="21" width="11"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" height="21" width="39"><font face="Times New Roman" size="1">5,771</font></td>
          <td align="LEFT" height="21" width="5"><font face="Times New Roman" size="1">&nbsp;</font></td>
     </tr>
     <tr>
          <td align="LEFT" height="16" width="194"></td>
          <td align="LEFT" height="16" width="3"></td>
          <td align="LEFT" height="16" width="3"></td>
          <td align="RIGHT" height="16" colspan="2" width="108">
               <hr noshade color="Black" size="2">
          </td>
          <td align="LEFT" height="16" width="8"></td>
          <td align="RIGHT" height="16" colspan="2" width="50">
               <hr noshade color="Black" size="2">
          </td>
          <td align="LEFT" height="16" width="7"></td>
          <td align="RIGHT" height="16" colspan="2" width="52">
               <hr noshade color="Black" size="2">
          </td>
          <td align="LEFT" height="16" width="8"></td>
          <td align="RIGHT" height="16" colspan="2" width="52">
               <hr noshade color="Black" size="2">
          </td>
          <td align="LEFT" height="16" width="9"></td>
          <td align="RIGHT" height="16" colspan="2" width="51">
               <hr noshade color="Black" size="2">
          </td>
          <td align="LEFT" height="16" width="6"></td>
          <td align="RIGHT" height="16" colspan="2" width="52">
               <hr noshade color="Black" size="2">
          </td>
          <td align="LEFT" height="16" width="5"></td>
     </tr>
     <tr valign="Bottom">
          <td align="LEFT" height="16" width="194" bgcolor="#00FFFF"><font face="Times New Roman" size="1">Preferred
               dividends (2)</font></td>
          <td align="LEFT" height="16" width="3" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="LEFT" height="16" width="3" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="50" bgcolor="#00FFFF">
               <p align="left"><font face="Times New Roman" size="1">$</font></p>
          </td>
          <td align="RIGHT" height="16" width="56" bgcolor="#00FFFF"><font face="Times New Roman" size="1">--</font></td>
          <td align="LEFT" height="16" width="8" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="11" bgcolor="#00FFFF"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" height="16" width="37" bgcolor="#00FFFF"><font face="Times New Roman" size="1">8</font></td>
          <td align="LEFT" height="16" width="7" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="14" bgcolor="#00FFFF"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" height="16" width="40" bgcolor="#00FFFF"><font face="Times New Roman" size="1">11</font></td>
          <td align="LEFT" height="16" width="8" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="14" bgcolor="#00FFFF"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" height="16" width="36" bgcolor="#00FFFF"><font face="Times New Roman" size="1">--</font></td>
          <td align="LEFT" height="16" width="9" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="13" bgcolor="#00FFFF"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" height="16" width="36" bgcolor="#00FFFF"><font face="Times New Roman" size="1">--</font></td>
          <td align="LEFT" height="16" width="6" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="11" bgcolor="#00FFFF"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" height="16" width="39" bgcolor="#00FFFF"><font face="Times New Roman" size="1">32</font></td>
          <td align="LEFT" height="16" width="5" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
     </tr>
     <tr valign="Bottom">
          <td align="LEFT" height="16" width="194"><font face="Times New Roman" size="1">Fixed
               charges:</font></td>
          <td align="LEFT" height="16" width="3"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="LEFT" height="16" width="3"><font face="Times New Roman" size="1">&nbsp;</font></td>
     </tr>
     <tr valign="Bottom">
          <td align="LEFT" height="16" width="194"><font face="Times New Roman" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest
               expense</font></td>
          <td align="LEFT" height="16" width="3"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="LEFT" height="16" width="3"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="50">
               <p align="left"><font face="Times New Roman" size="1">$</font></p>
          </td>
          <td align="RIGHT" height="16" width="56"><font face="Times New Roman" size="1">3,597</font></td>
          <td align="LEFT" height="16" width="8"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="11"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" height="16" width="37"><font face="Times New Roman" size="1">5,906</font></td>
          <td align="LEFT" height="16" width="7"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="14"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" height="16" width="40"><font face="Times New Roman" size="1">8,189</font></td>
          <td align="LEFT" height="16" width="8"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="14"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" height="16" width="36"><font face="Times New Roman" size="1">9,472</font></td>
          <td align="LEFT" height="16" width="9"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="13"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" height="16" width="36"><font face="Times New Roman" size="1">7,610</font></td>
          <td align="LEFT" height="16" width="6"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="11"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" height="16" width="39"><font face="Times New Roman" size="1">6,929</font></td>
          <td align="LEFT" height="16" width="5"><font face="Times New Roman" size="1">&nbsp;</font></td>
     </tr>
     <tr valign="Bottom">
          <td align="LEFT" height="16" width="194" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less
               interest on deposits</font></td>
          <td align="LEFT" height="16" width="3" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="LEFT" height="16" width="3" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="50" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="56" bgcolor="#00FFFF"><font face="Times New Roman" size="1">1,674</font></td>
          <td align="LEFT" height="16" width="8" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="11" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="37" bgcolor="#00FFFF"><font face="Times New Roman" size="1">2,668</font></td>
          <td align="LEFT" height="16" width="7" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="14" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="40" bgcolor="#00FFFF"><font face="Times New Roman" size="1">3,094</font></td>
          <td align="LEFT" height="16" width="8" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="14" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="36" bgcolor="#00FFFF"><font face="Times New Roman" size="1">3,290</font></td>
          <td align="LEFT" height="16" width="9" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="13" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="36" bgcolor="#00FFFF"><font face="Times New Roman" size="1">3,170</font></td>
          <td align="LEFT" height="16" width="6" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="11" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="39" bgcolor="#00FFFF"><font face="Times New Roman" size="1">3,588</font></td>
          <td align="LEFT" height="16" width="5" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
     </tr>
     <tr valign="Bottom">
          <td align="LEFT" height="16" width="194"><font face="Times New Roman" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Estimated
               interest component of<br>
               &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; net rental expense</font></td>
          <td align="LEFT" height="16" width="3"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="LEFT" height="16" width="3"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="50"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="56"><font face="Times New Roman" size="1">111</font></td>
          <td align="LEFT" height="16" width="8"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="11"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="37"><font face="Times New Roman" size="1">120</font></td>
          <td align="LEFT" height="16" width="7"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="14"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="40"><font face="Times New Roman" size="1">96</font></td>
          <td align="LEFT" height="16" width="8"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="14"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="36"><font face="Times New Roman" size="1">66</font></td>
          <td align="LEFT" height="16" width="9"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="13"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="36"><font face="Times New Roman" size="1">64</font></td>
          <td align="LEFT" height="16" width="6"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="11"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="39"><font face="Times New Roman" size="1">61</font></td>
          <td align="LEFT" height="16" width="5"><font face="Times New Roman" size="1">&nbsp;</font></td>
     </tr>
     <tr>
          <td align="LEFT" height="16" width="194"></td>
          <td align="LEFT" height="16" width="3"></td>
          <td align="LEFT" height="16" width="3"></td>
          <td align="RIGHT" height="16" colspan="2" width="108">
               <hr noshade color="Black" size="1">
          </td>
          <td align="LEFT" height="16" width="8"></td>
          <td align="RIGHT" height="16" colspan="2" width="50">
               <hr noshade color="Black" size="1">
          </td>
          <td align="LEFT" height="16" width="7"></td>
          <td align="RIGHT" height="16" colspan="2" width="52">
               <hr noshade color="Black" size="1">
          </td>
          <td align="LEFT" height="16" width="8"></td>
          <td align="RIGHT" height="16" colspan="2" width="52">
               <hr noshade color="Black" size="1">
          </td>
          <td align="LEFT" height="16" width="9"></td>
          <td align="RIGHT" height="16" colspan="2" width="51">
               <hr noshade color="Black" size="1">
          </td>
          <td align="LEFT" height="16" width="6"></td>
          <td align="RIGHT" height="16" colspan="2" width="52">
               <hr noshade color="Black" size="1">
          </td>
          <td align="LEFT" height="16" width="5"></td>
     </tr>
     <tr valign="Bottom">
          <td align="LEFT" height="16" width="194" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="LEFT" height="16" width="3" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="LEFT" height="16" width="3" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="50" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="56" bgcolor="#00FFFF"><font face="Times New Roman" size="1">2,034</font></td>
          <td align="LEFT" height="16" width="8" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="11" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="37" bgcolor="#00FFFF"><font face="Times New Roman" size="1">3,358</font></td>
          <td align="LEFT" height="16" width="7" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="14" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="40" bgcolor="#00FFFF"><font face="Times New Roman" size="1">5,191</font></td>
          <td align="LEFT" height="16" width="8" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="14" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="36" bgcolor="#00FFFF"><font face="Times New Roman" size="1">6,248</font></td>
          <td align="LEFT" height="16" width="9" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="13" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="36" bgcolor="#00FFFF"><font face="Times New Roman" size="1">4,504</font></td>
          <td align="LEFT" height="16" width="6" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="11" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="39" bgcolor="#00FFFF"><font face="Times New Roman" size="1">3,402</font></td>
          <td align="LEFT" height="16" width="5" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
     </tr>
     <tr>
          <td align="LEFT" height="16" width="194"></td>
          <td align="LEFT" height="16" width="3"></td>
          <td align="LEFT" height="16" width="3"></td>
          <td align="RIGHT" height="16" colspan="2" width="108">
               <hr noshade color="Black" size="1">
          </td>
          <td align="LEFT" height="16" width="8"></td>
          <td align="RIGHT" height="16" colspan="2" width="50">
               <hr noshade color="Black" size="1">
          </td>
          <td align="LEFT" height="16" width="7"></td>
          <td align="RIGHT" height="16" colspan="2" width="52">
               <hr noshade color="Black" size="1">
          </td>
          <td align="LEFT" height="16" width="8"></td>
          <td align="RIGHT" height="16" colspan="2" width="52">
               <hr noshade color="Black" size="1">
          </td>
          <td align="LEFT" height="16" width="9"></td>
          <td align="RIGHT" height="16" colspan="2" width="51">
               <hr noshade color="Black" size="1">
          </td>
          <td align="LEFT" height="16" width="6"></td>
          <td align="RIGHT" height="16" colspan="2" width="52">
               <hr noshade color="Black" size="1">
          </td>
          <td align="LEFT" height="16" width="5"></td>
     </tr>
     <tr valign="Bottom">
          <td align="LEFT" height="16" width="194"><font face="Times New Roman" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed
               charges and preferred dividends</font></td>
          <td align="LEFT" height="16" width="3"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="LEFT" height="16" width="3"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="50">
               <p align="left"><font face="Times New Roman" size="1">$</font></p>
          </td>
          <td align="RIGHT" height="16" width="56"><font face="Times New Roman" size="1">2,034</font></td>
          <td align="LEFT" height="16" width="8"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="11"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" height="16" width="37"><font face="Times New Roman" size="1">3,366</font></td>
          <td align="LEFT" height="16" width="7"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="14"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" height="16" width="40"><font face="Times New Roman" size="1">5,202</font></td>
          <td align="LEFT" height="16" width="8"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="14"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" height="16" width="36"><font face="Times New Roman" size="1">6,248</font></td>
          <td align="LEFT" height="16" width="9"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="13"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" height="16" width="36"><font face="Times New Roman" size="1">4,504</font></td>
          <td align="LEFT" height="16" width="6"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="11"><font face="Times New Roman" size="1">$</font></td>
          <td align="RIGHT" height="16" width="39"><font face="Times New Roman" size="1">3,434</font></td>
          <td align="LEFT" height="16" width="5"><font face="Times New Roman" size="1">&nbsp;</font></td>
     </tr>
     <tr>
          <td align="LEFT" height="16" width="194"></td>
          <td align="LEFT" height="16" width="3"></td>
          <td align="LEFT" height="16" width="3"></td>
          <td align="RIGHT" height="16" colspan="2" width="108">
               <hr noshade color="Black" size="2">
          </td>
          <td align="LEFT" height="16" width="8"></td>
          <td align="RIGHT" height="16" colspan="2" width="50">
               <hr noshade color="Black" size="2">
          </td>
          <td align="LEFT" height="16" width="7"></td>
          <td align="RIGHT" height="16" colspan="2" width="52">
               <hr noshade color="Black" size="2">
          </td>
          <td align="LEFT" height="16" width="8"></td>
          <td align="RIGHT" height="16" colspan="2" width="52">
               <hr noshade color="Black" size="2">
          </td>
          <td align="LEFT" height="16" width="9"></td>
          <td align="RIGHT" height="16" colspan="2" width="51">
               <hr noshade color="Black" size="2">
          </td>
          <td align="LEFT" height="16" width="6"></td>
          <td align="RIGHT" height="16" colspan="2" width="52">
               <hr noshade color="Black" size="2">
          </td>
          <td align="LEFT" height="16" width="5"></td>
     </tr>
     <tr valign="Bottom">
          <td align="LEFT" height="16" width="194" bgcolor="#00FFFF"><font face="Times New Roman" size="1">Ratio
               of earnings to fixed charges<br>
               &nbsp; and preferred dividends (3)</font></td>
          <td align="LEFT" height="16" width="3" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="LEFT" height="16" width="3" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="50" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="56" bgcolor="#00FFFF"><font face="Times New Roman" size="1">3.38</font></td>
          <td align="LEFT" height="16" width="8" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="11" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="37" bgcolor="#00FFFF"><font face="Times New Roman" size="1">2.83</font></td>
          <td align="LEFT" height="16" width="7" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="14" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="40" bgcolor="#00FFFF"><font face="Times New Roman" size="1">1.95</font></td>
          <td align="LEFT" height="16" width="8" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="14" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="36" bgcolor="#00FFFF"><font face="Times New Roman" size="1">1.48</font></td>
          <td align="LEFT" height="16" width="9" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="13" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="36" bgcolor="#00FFFF"><font face="Times New Roman" size="1">1.64</font></td>
          <td align="LEFT" height="16" width="6" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="11" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
          <td align="RIGHT" height="16" width="39" bgcolor="#00FFFF"><font face="Times New Roman" size="1">1.68</font></td>
          <td align="LEFT" height="16" width="5" bgcolor="#00FFFF"><font face="Times New Roman" size="1">&nbsp;</font></td>
     </tr>
     <tr>
          <td align="LEFT" height="16" width="194"></td>
          <td align="LEFT" height="16" width="3"></td>
          <td align="LEFT" height="16" width="3"></td>
          <td align="RIGHT" height="16" colspan="2" width="108">
               <hr noshade color="Black" size="2">
          </td>
          <td align="LEFT" height="16" width="8"></td>
          <td align="RIGHT" height="16" colspan="2" width="50">
               <hr noshade color="Black" size="2">
          </td>
          <td align="LEFT" height="16" width="7"></td>
          <td align="RIGHT" height="16" colspan="2" width="52">
               <hr noshade color="Black" size="2">
          </td>
          <td align="LEFT" height="16" width="8"></td>
          <td align="RIGHT" height="16" colspan="2" width="52">
               <hr noshade color="Black" size="2">
          </td>
          <td align="LEFT" height="16" width="9"></td>
          <td align="RIGHT" height="16" colspan="2" width="51">
               <hr noshade color="Black" size="2">
          </td>
          <td align="LEFT" height="16" width="6"></td>
          <td align="RIGHT" height="16" colspan="2" width="52">
               <hr noshade color="Black" size="2">
          </td>
          <td align="LEFT" height="16" width="5"></td>
     </tr>
</table>
<p><font face="Times New Roman, Times, Serif" size="2"><sup>(1)</sup>&nbsp;&nbsp;&nbsp;&nbsp;
As defined in Item 503(d) of Regulation S-K.</font></p>
<p><font face="Times New Roman, Times, Serif" size="2"><sup>(2)</sup>&nbsp;&nbsp;&nbsp;&nbsp;
The preferred dividends were increased to amounts representing the pretax
earnings that would be required to cover such dividend requirements.</font></p>
<p><font face="Times New Roman, Times, Serif" size="2"><sup>(3)&nbsp;&nbsp;&nbsp;&nbsp;
</sup> These computations are included herein in compliance with Securities and
Exchange Commission Regulations. However, management believes that fixed charge
ratios are not meaningful measures for the business of the Company because of
two factors. First, even if there were no change in net income, the ratios would
decline with an increase in the proportion of income which is tax-exempt or,
conversely, they would increase with a decrease in the proportion of income
which is tax-exempt. Second, even if there were no change in net income, the
ratios would decline if interest income and interest expense increase by the
same amount due to an increase in the level of interest rates or, conversely,
they would increase if interest income and interest expense decrease by the same
amount due to a decrease in the level of interest rates.</font></p>

</TEXT>
</DOCUMENT>
</SUBMISSION>
