<SUBMISSION>
<ACCESSION-NUMBER>0000950134-07-022150
<TYPE>424B5
<PUBLIC-DOCUMENT-COUNT>3
<FILING-DATE>20071029
<DATE-OF-FILING-DATE-CHANGE>20071029
<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>424B5
<ACT>33
<FILE-NUMBER>333-130929
<FILM-NUMBER>071195565
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>1301 SECOND AVENUE
<CITY>SEATTLE
<STATE>WA
<ZIP>98101
<PHONE>206-461-2000
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>1301 SECOND AVENUE
<CITY>SEATTLE
<STATE>WA
<ZIP>98101
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>WASHINGTON MUTUAL INC
<DATE-CHANGED>19941123
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>424B5
<SEQUENCE>1
<FILENAME>v34832b5e424b5.htm
<DESCRIPTION>424B5
<TEXT>
<HTML>
<HEAD>
<TITLE>e424b5</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CALCULATION
    OF REGISTRATION FEE</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="66%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="6%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="5%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Title of Each Class of Securities Offered</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Maximum Aggregate Offering Price</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Amount of Registration
    Fee<SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    7.25% Subordinated Notes due November&#160;1, 2017
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    500,000,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    15,350
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    (1)&#160;</TD>
    <TD align="left">
    A filing fee of $15,350 has been calculated in accordance with
    Rule&#160;457(r) of the Securities Act of 1933 in connection
    with the securities offered from Registration Statement
    No.&#160;333-130929 by means of this prospectus supplement.
</TD>
</TR>

</TABLE>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV><B>Filed
    Pursuant to Rule 424(b)(5)<BR>
    Registration Statement No. 333-130929</B>
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt">
&nbsp;
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="50%"></TD>
    <TD width="50%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">    <B><FONT style="font-size: 12pt; font-family: 'Times New Roman', Times">PROSPECTUS
    SUPPLEMENT</FONT></B></TD>
    <TD nowrap align="right">    <B><FONT style="font-size: 9pt; font-family: 'Times New Roman', Times">TO
    PROSPECTUS DATED JANUARY&#160;9, 2006</FONT></B></TD>
</TR>

</TABLE>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 18pt">$500,000,000
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="v34832b5v3483202.gif" alt="(COMPANY LOGO)" ><FONT style="font-size: 18pt">
    </FONT>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 18pt">7.250% Subordinated Notes due
    November&#160;1, 2017
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=456 length=456 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We will pay interest on the 7.250%&#160;subordinated notes due
    November&#160;1, 2017 on each May&#160;1 and November&#160;1.
    The first interest payment will be made on May&#160;1, 2008.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The notes will not be redeemable prior to their maturity. There
    will be no sinking fund for the notes. The notes will be
    unsecured.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The notes will be subordinate in right of payment to all our
    existing and future senior debt and rank on a parity with all of
    our other subordinated debt, other than junior subordinated
    notes as described herein. At June&#160;30, 2007, we had issued
    and outstanding an aggregate principal amount of
    $5.9&#160;billion in debt senior to the notes. The notes will
    also be effectively subordinated to all liabilities, including
    deposits, of our subsidiaries. At June&#160;30, 2007, our
    subsidiaries had approximately $201.4&#160;billion of deposits
    and $66.8&#160;billion of debt outstanding.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The notes will not be listed on any securities exchange or
    automated inter-dealer quotation system.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I><FONT style="font-size: 12pt">See &#147;Risk Factors&#148;
    beginning on
    <FONT style="white-space: nowrap">page&#160;S-5</FONT>
    of this prospectus supplement and &#147;Factors That May Affect
    Future Results&#148; contained in our Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended December&#160;31, 2006, incorporated by
    reference in this prospectus supplement, to read about important
    factors you should consider before buying the notes.</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="77%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="5%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <FONT style="font-size: 10pt">Per Note
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <FONT style="font-size: 10pt">Total
    </FONT>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Initial public offering price(1)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    99.377
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    496,885,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Underwriting discount
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.500
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,500,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Proceeds to us, before expenses(1)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    98.877
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    494,385,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=456 length=60 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (1)&#160;Plus accrued interest, if any, from November&#160;1,
    2007 if settlement occurs after that date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The notes are expected to be delivered in book-entry form only
    through the facilities of The Depository Trust&#160;Company
    against payment in New York, New York on November&#160;1, 2007.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Neither the Securities and Exchange Commission nor any state
    securities commission has approved or disapproved of these
    securities or determined if this prospectus supplement or the
    prospectus to which it relates is truthful or complete. Any
    representation to the contrary is a criminal offense.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=456 length=456 -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Joint Book-Running Managers</I>
</DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<TR>
<TD width="1%%" align="center" nowrap>
    <B><FONT style="font-size: 16pt; font-variant: SMALL-CAPS">Barclays
    Capital</FONT></B>
</TD>
<TD width="99%%">
&nbsp;
</TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<TR>
<TD width="25%">
&nbsp;
</TD>
<TD width="20%" align="center" nowrap>
    <B><FONT style="font-size: 16pt; font-variant: SMALL-CAPS">Credit
    Suisse</FONT></B>
</TD>
<TD width="55%">
&nbsp;
</TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<TR>
<TD width="50%">
&nbsp;
</TD>
<TD width="27%" align="center" nowrap>
    <B><FONT style="font-size: 16pt; font-variant: SMALL-CAPS">Lehman
    Brothers</FONT></B>
</TD>
<TD width="23%">
&nbsp;
</TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<TR>
<TD width="99%%">
&nbsp;
</TD>
<TD width="1%%" align="center" nowrap>
    <B><FONT style="font-size: 16pt; font-variant: SMALL-CAPS">Morgan
    Stanley</FONT></B>
</TD>
</TR>
</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Co-Managers</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<TR>
<TD width="1%%" align="center" nowrap>
    <B><FONT style="font-size: 14pt; font-variant: SMALL-CAPS">Cabrera
    Capital Markets, LLC</FONT></B>
</TD>
<TD width="99%%">
&nbsp;
</TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<TR>
<TD width="26%">
&nbsp;
</TD>
<TD width="34%" align="center" nowrap>
    <B><FONT style="font-size: 14pt; font-variant: SMALL-CAPS">Keefe,
    Bruyette&#160;&#038; Woods</FONT></B>
</TD>
<TD width="40%">
&nbsp;
</TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<TR>
<TD width="99%%">
&nbsp;
</TD>
<TD width="1%%" align="center" nowrap>
    <B><FONT style="font-size: 14pt; font-variant: SMALL-CAPS">The
    Williams Capital Group, L.P.</FONT></B>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 12pt">The date of this prospectus
    supplement is October&#160;25, 2007.
    </FONT>
</DIV>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left">
<!-- TOC -->
</DIV>

<DIV align="left">
<A name="tocpage"></A>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Table of
    Contents</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="97%">&nbsp;</TD>         <!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>  <!-- colindex=02 type=gutter -->
    <TD width="1%">&nbsp;</TD>  <!-- colindex=02 type=quadleft -->
    <TD width="1%">&nbsp;</TD>  <!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>  <!-- colindex=02 type=quadright -->
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Page</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="5" align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Prospectus Supplement</B>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#101'>About this Prospectus Supplement</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    S-1
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#102'>Incorporation of Certain Documents by
    Reference</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    S-1
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#103'>Special Note Regarding Forward-Looking
    Statements</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    S-1
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#104'>Washington Mutual, Inc.</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    S-2
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#105'>Use of Proceeds</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    S-3
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#106'>Ratio of Earnings to Fixed Charges</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    S-3
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#107'>Capitalization</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    S-4
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#108'>Risk Factors</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    S-5
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#109'>Certain Terms of the Notes</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    S-6
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#110'>Certain United States Federal Income Tax
    Consequences to
    <FONT style="white-space: nowrap">Non-U.S.</FONT>
    Holders</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    S-9
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#111'>Certain ERISA Considerations</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    S-11
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#112'>Underwriting</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    S-13
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#113'>Legal Matters</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    S-14
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#114'>Experts</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    S-14
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Page</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="5" align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Prospectus</B>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#301'>About this Prospectus</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    3
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#302'>Where You Can Find Additional Information</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    3
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#303'>Incorporation of Certain Documents by
    Reference</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    4
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#304'>Special Note Regarding Forward-Looking
    Statements</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    4
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#305'>The Company</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    5
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#306'>Use of Proceeds</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    6
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#307'>Ratio of Earnings to Fixed Charges</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    6
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#308'>Description of Debt Securities</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    7
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#309'>Description of Capital Stock</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    17
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#310'>Description of Depositary Shares</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    19
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#311'>Plan of Distribution</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    22
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#312'>Legal Matters</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    22
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#313'>Experts</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    22
</TD>
<TD>
</TD>
</TR>
</TABLE>


<DIV align="left">
<!-- /TOC -->
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>You should rely only on the information that this prospectus
    supplement and the accompanying prospectus contain or
    incorporate by reference. We have not authorized anyone to
    provide you with information different from that contained in
    this prospectus supplement and the accompanying prospectus. We
    are offering to sell the notes, and seeking offers to buy the
    notes, only in jurisdictions where offers and sales are
    permitted. The information contained or incorporated by
    reference in this prospectus supplement and the accompanying
    prospectus is accurate only as of their respective dates,
    regardless of the time of their delivery or any sale of the
    notes.</B>
</DIV>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->


<!-- link1 "ABOUT THIS PROSPECTUS SUPPLEMENT" -->


<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <A name='101'></A><B><FONT style="font-family: 'Times New Roman', Times">ABOUT
    THIS PROSPECTUS SUPPLEMENT</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We provide information to you about the notes (referred to in
    the accompanying prospectus as &#147;subordinated debt
    securities&#148;) in two documents&#160;&#151; this prospectus
    supplement and the accompanying prospectus. Because the terms of
    the notes may differ from the general terms of the subordinated
    debt securities described in the accompanying prospectus, you
    should rely on the information in this prospectus supplement
    over contradictory information in the accompanying prospectus.
    You should read the accompanying prospectus and this prospectus
    supplement together for a complete description of the notes.
</DIV>


<!-- link1 "INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE" -->


<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <A name='102'></A><B><FONT style="font-family: 'Times New Roman', Times">INCORPORATION
    OF CERTAIN DOCUMENTS BY REFERENCE</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Securities and Exchange Commission, or SEC, allows us to
    &#147;incorporate by reference&#148; the information we file
    with it, which means that we can disclose important information
    to you by referring you to another document that we filed with
    the SEC. The information incorporated by reference is an
    important part of this prospectus supplement, and information
    that we file later with the SEC will automatically update and
    supersede this information. We incorporate by reference the
    documents listed below and any future filings we make with the
    SEC under Section&#160;13(a), 13(c), 14 or 15(d) of the
    Securities Exchange Act of 1934, as amended (the &#147;Exchange
    Act&#148;), until we sell all of the notes:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Our Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the fiscal year ended December&#160;31, 2006;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Our Quarterly Reports on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarters ended March&#160;31, 2007 and June&#160;30,
    2007;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Our Current Reports on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    (in each case, other than information and exhibits
    &#147;furnished&#148; to and not &#147;filed&#148; with the SEC
    in accordance with SEC rules and regulations) filed on
    January&#160;22, 2007, February&#160;7, 2007, March&#160;14,
    2007, April&#160;23, 2007, May&#160;30, 2007, July&#160;18,
    2007, September&#160;13, 2007 and October&#160;17, 2007, and
    Current Report on
    <FONT style="white-space: nowrap">Form&#160;8-K/A</FONT>
    furnished October&#160;19, 2007.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    You may obtain a copy of these filings at no cost, by writing or
    telephoning us at 1201 Third Avenue, Seattle, Washington 98101,
    telephone
    <FONT style="white-space: nowrap">(206)&#160;461-3187,</FONT>
    attention Investor Relations Department WMT0735. You should
    specifically consider the description of our business in our
    Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the fiscal year ended December&#160;31, 2006, the risks
    described under the caption &#147;Factors That May Affect Future
    Results&#148; contained therein and the risks described under
    the caption &#147;Risk Factors&#148; on page
    <FONT style="white-space: nowrap">S-5.</FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    You should rely only on the information contained or
    incorporated by reference in this prospectus supplement and the
    accompanying prospectus. We have not authorized anyone to
    provide you with any other information. We are not making an
    offer of the notes in any state where the offer is not
    permitted. You should not assume that the information in this
    prospectus supplement, the accompanying prospectus or any
    document incorporated by reference is accurate as of any date
    other than the date of this prospectus supplement.
</DIV>


<!-- link1 "SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS" -->


<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <A name='103'></A><B><FONT style="font-family: 'Times New Roman', Times">SPECIAL
    NOTE&#160;REGARDING FORWARD-LOOKING STATEMENTS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This prospectus supplement and the accompanying prospectus
    contain or incorporate by reference forward-looking statements
    within the meaning of Section&#160;27A of the Securities Act of
    1933, as amended, and Section&#160;21E of the Securities
    Exchange Act of 1934, as amended. Forward-looking statements can
    be identified by the fact that they do not relate strictly to
    historical or current facts. They often include words such as
    &#147;expects&#148;, &#147;anticipates&#148;,
    &#147;intends&#148;, &#147;plans&#148;, &#147;believes&#148;,
    &#147;seeks&#148;, &#147;estimates&#148;, or words of similar
    meaning, or future or conditional verbs such as
    &#147;will&#148;, &#147;would&#148;, &#147;should&#148;,
    &#147;could&#148; or &#147;may&#148;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Forward-looking statements provide management&#146;s current
    expectations or predictions of future conditions, events or
    results. They may include projections of our revenues, income,
    earnings per share, capital expenditures, dividends, capital
    structure or other financial items, descriptions of
    management&#146;s plans or objectives for future operations,
    products or services, or descriptions of assumptions underlying
    or relating to the foregoing. They are not guarantees of future
    performance. By their nature, forward-looking statements are
    subject to risks and uncertainties. These statements speak only
    as of the date they are made. Management does not undertake to
    update forward-looking statements to reflect the impact of
    circumstances or events that arise
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    S-1
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    after the date the forward-looking statements were made. There
    are a number of factors, many of which are beyond
    management&#146;s control or its ability to accurately forecast
    or predict their significance, which could cause actual
    conditions, events or results to differ materially from those
    described in the forward-looking statements. Significant among
    these factors are the following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    volatile interest rates and their impact on the mortgage banking
    business;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    credit risk;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    operational risk;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    risks related to credit card operations;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    changes in the regulation of financial services companies,
    housing government-sponsored enterprises and credit card lenders;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    competition from banking and nonbanking companies;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    general business, economic and market conditions;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    reputational risk.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Each of the factors can significantly impact our businesses,
    operations, activities, condition and results in significant
    ways that are not described in the foregoing discussion and
    which are beyond our ability to anticipate or control, and could
    cause actual results to differ materially from the outcomes
    described in the forward-looking statements.
</DIV>


<!-- link1 "WASHINGTON MUTUAL, INC." -->


<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <A name='104'></A><B><FONT style="font-family: 'Times New Roman', Times">WASHINGTON
    MUTUAL, INC.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    With a history dating back to 1889, Washington Mutual, Inc. is a
    retailer of financial services to consumers and small
    businesses. Based on our consolidated total assets at
    June&#160;30, 2007, we were the largest thrift holding company
    in the United States and seventh&#160;largest among all
    <FONT style="white-space: nowrap">U.S.-based</FONT>
    bank and thrift holding companies.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We operate principally in California, Washington, Oregon,
    Illinois, Florida, Texas and the greater New York/New Jersey
    metropolitan area, and have operations in 26 other states. We
    manage and report information concerning our activities,
    operations, products and services around four segments: the
    Retail Banking Group, the Card Services Group, the Home Loans
    Group and the Commercial Group.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Recent
    Developments</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On October&#160;17, 2007, we announced our results of operations
    for the quarter ended September&#160;30, 2007. Our net income
    was $210&#160;million in the third quarter of 2007, compared
    with net income of $748&#160;million in the third quarter of
    2006 and $830&#160;million in the second quarter of 2007.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Net interest income was $2.014&#160;billion in the third quarter
    of 2007, compared with $1.947&#160;billion in the third quarter
    of 2006 and $2.034&#160;billion in the second quarter of 2007.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Non-performing assets were approximately $5.5&#160;billion, or
    1.65% of total assets, at September&#160;30, 2007, compared with
    approximately $2.40&#160;billion, or 0.69%, at
    September&#160;30, 2006 and approximately $4.03&#160;billion, or
    1.29%, at June&#160;30, 2007. The provision for loan and lease
    losses was $967&#160;million in the third quarter of 2007,
    compared with $166&#160;million in the third quarter of 2006 and
    $372&#160;million in the second quarter of 2007. This resulted
    in our allowance for loan and lease losses increasing to
    $1.9&#160;billion at September&#160;30, 2007, up 21% from
    June&#160;30, 2007.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Total assets at September&#160;30, 2007 were
    $330.1&#160;billion, compared to $348.9&#160;billion at
    September&#160;30, 2006 and $312.2&#160;billion at June&#160;30,
    2007. Total loans held in portfolio, net of allowance for loan
    and lease losses at September&#160;30, 2007, were
    $235.2&#160;billion, compared to $240.2&#160;billion at
    September&#160;30, 2006 and $213.4&#160;billion at June&#160;30,
    2007.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    S-2
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our results for the third quarter of 2007 reflect adverse
    developments in the mortgage lending business (and in the
    housing market more generally) and related volatility and
    liquidity constraints in the capital markets since June&#160;30,
    2007. It appears that those developments will be significantly
    worse and longer lasting than originally expected. The
    consequences for us have included:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    For the foreseeable future, we likely will have a higher level
    of non-performing assets leading to higher levels of provisions
    and charge-offs compared to periods prior to the second quarter
    of 2007.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Disruptions in the capital markets continue to affect the
    ability of mortgage originators, including us, to sell mortgage
    loans to the capital markets through whole loan sales or any
    securitization format. Loans held in portfolio by us increased
    during the third quarter of 2007 as a result of its retention of
    loans that in the past we would have sold through whole loan
    sales or any securitization format. Such retained loans consist
    primarily of non-conforming loans.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For additional information regarding our results for operations
    for the quarter ended September&#160;30, 2007, please see our
    press release, dated October&#160;17, 2007, which was furnished
    to the SEC on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    on October&#160;17, 2007 and
    <FONT style="white-space: nowrap">Form&#160;8-K/A</FONT>
    furnished on October&#160;19, 2007, both of which are
    incorporated by reference in this prospectus supplement. See
    &#147;Where You Can Find Additional Information&#148; in the
    accompanying prospectus.
</DIV>


<!-- link1 "USE OF PROCEEDS" -->


<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <A name='105'></A><B><FONT style="font-family: 'Times New Roman', Times">USE
    OF PROCEEDS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We anticipate that the net proceeds from the sale of the notes,
    before estimated expenses payable by us, will be $494,385,000.
    We will apply the proceeds from the sale of the notes for
    general corporate purposes, including providing funding to our
    subsidiaries. Until we use the proceeds from the sale of the
    notes for these purposes, we will use the net proceeds to reduce
    our short-term indebtedness or for temporary investments.
</DIV>


<!-- link1 "RATIO OF EARNINGS TO FIXED CHARGES" -->


<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <A name='106'></A><B><FONT style="font-family: 'Times New Roman', Times">RATIO
    OF EARNINGS TO FIXED CHARGES</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table sets forth our ratio of earnings to fixed
    charges for each of the periods indicated.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="16%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="14%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="14%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="14%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="14%">&nbsp;</TD>	<!-- colindex=05 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="14%">&nbsp;</TD>	<!-- colindex=06 type=maindata -->
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Six Months<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Ended<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="9" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Year Ended December&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>June&#160;30,<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2002</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2003</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2004</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2005</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2006</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2.02
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    2.28
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    1.89
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    1.68
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    1.40
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    1.43
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For purposes of this ratio, earnings consist of income from
    continuing operations before income taxes plus fixed charges.
    Fixed charges consist of interest expense on borrowings and
    deposits, the estimated interest portion of rent expense and
    preference security dividend requirements of our consolidated
    subsidiaries.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    S-3
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->


<!-- link1 "CAPITALIZATION" -->


<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <A name='107'></A><B><FONT style="font-family: 'Times New Roman', Times">CAPITALIZATION</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table sets forth, on a consolidated basis, our
    capitalization as of September&#160;30, 2007:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    on an actual basis;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    as adjusted to give effect to the issuance and sale of the notes
    offered hereby.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    You should read the following table together with our
    consolidated financial statements and notes thereto incorporated
    by reference into this prospectus supplement and the
    accompanying prospectus
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="77%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>As of September&#160;30,<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Actual</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>As Adjusted</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>($ in millions)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Deposits
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    194,280
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    194,280
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Federal funds purchased and commercial paper
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,482
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,482
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Securities sold under agreement to repurchase
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,732
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,732
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Advances from Federal Home Loan Banks
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    52,530
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    52,530
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Other borrowings
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    40,887
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    41,387
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Other liabilities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,289
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,289
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Minority interests
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,945
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,945
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Total liabilities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    306,145
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    306,645
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Stockholders&#146; equity
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Preferred stock
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    492
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    492
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Common stock
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Capital surplus&#160;&#151;&#160;common stock
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,575
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,575
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Accumulated other comprehensive loss
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (390
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (390
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Retained earnings
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21,288
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21,288
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Total stockholders&#146; equity
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23,965
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23,965
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Total liabilities and stockholder&#146;s equity
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    330,110
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    330,610
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    S-4
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->


<!-- link1 "RISK FACTORS" -->


<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <A name='108'></A><B><FONT style="font-family: 'Times New Roman', Times">RISK
    FACTORS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Investing in the notes involves risks. You should consider
    carefully the information set forth in this section and all the
    other information provided to you or incorporated by reference
    in this prospectus supplement and the accompanying prospectus
    before deciding whether to invest in the notes.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Risks
    Relating to the Company</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Before investing in the notes, investors should consider the
    risk factors discussed under the caption &#147;Factors That May
    Affect Future Results&#148; in our Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the fiscal year ended December&#160;31, 2006, which is
    incorporated by reference into this prospectus supplement.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Liquidity
    is essential to the Company&#146;s business.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our liquidity may be affected by an inability to access the
    capital markets or by unforeseen demands on cash. This situation
    may arise due to circumstances beyond our control, such as a
    general market disruption. During the first half of the year and
    continuing into the third quarter of 2007, there has been
    significant volatility in the subprime secondary mortgage market
    which has spread into markets for all other nonconforming
    residential mortgages. Since the latter part of July 2007,
    liquidity in the secondary market for nonconforming residential
    mortgage loans and securities backed by such loans has
    diminished significantly. While these market conditions persist,
    our ability to raise liquidity through the sale of mortgage
    loans in the secondary market will be adversely affected. We
    cannot predict with any degree of certainty how long these
    market conditions may continue or whether liquidity for
    nonconforming residential mortgages will improve, nor can we
    anticipate the impact such market conditions will have on loan
    origination volumes and gain on sale results during the
    remainder of the year.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Risks
    Relating to the Offering</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    notes will be subordinated to all of our senior debt and will be
    effectively subordinated to all the obligations of our
    subsidiaries, and our ability to service our debt will be
    dependent on the performance of our subsidiaries.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The notes will be subordinated to all of our existing and future
    senior debt. In addition, the notes will be effectively
    subordinated to the liabilities, including deposits, of our
    subsidiaries. The incurrence of other indebtedness or other
    liabilities by any of our subsidiaries is not prohibited in
    connection with the notes and could adversely affect our ability
    to pay our obligations on the notes. As of June&#160;30, 2007,
    our subsidiaries had $201.4&#160;billion of deposits and
    $66.8&#160;billion of outstanding debt (excluding intercompany
    liabilities and obligations of a type not required to be
    reflected on a balance sheet in accordance with generally
    accepted accounting principles) that would effectively have been
    senior to the notes. We anticipate that from time to time our
    subsidiaries will incur additional debt and other liabilities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The notes will be exclusively our obligation. However, since we
    conduct a significant portion of our operations through our
    subsidiaries, our cash flow and our consequent ability to
    service our debt, including the notes, depend in part upon the
    earnings of our subsidiaries and the distribution of those
    earnings by those subsidiaries to us. The payment of dividends
    and the making of loans and advances to us by our subsidiaries
    are subject to statutory and contractual restrictions, depend
    upon the earnings of those subsidiaries and are subject to
    various business considerations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have not agreed to any financial covenants in connection with
    the notes. Consequently, we will not be required in connection
    with the notes to meet any financial tests, such as those that
    measure our working capital, interest coverage, fixed charges or
    net worth, in order to maintain compliance with the terms of the
    notes.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We
    cannot assure you that an active trading market will develop for
    the notes.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Prior to this offering, there was no market for the notes. The
    notes will not be listed on any securities exchange or included
    in any automated quotation system. The underwriters have
    informed us that they intend
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    S-5
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    to make a market in the notes after this offering is completed.
    They may, however, cease their market making at any time without
    notice. The price at which the notes may trade will depend on
    many factors, including, but not limited to, prevailing interest
    rates, general economic conditions, our performance and
    financial results and markets for similar securities.
    Historically, the markets for debt such as the notes have been
    subject to disruptions that have caused substantial volatility
    in their prices. The market, if any, for the notes may be
    subject to similar disruptions which may have an adverse effect
    on the holders of the notes.
</DIV>


<!-- link1 "CERTAIN TERMS OF THE NOTES" -->


<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <A name='109'></A><B><FONT style="font-family: 'Times New Roman', Times">CERTAIN
    TERMS OF THE NOTES</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The 7.250% subordinated notes due November&#160;1, 2017 will be
    subordinated debt securities as described in the accompanying
    prospectus. The following description of the particular terms of
    the notes offered hereby supplements and, to the extent
    inconsistent therewith, replaces the description of the general
    terms and provisions of the subordinated debt securities set
    forth in the accompanying prospectus. Capitalized terms used
    herein and not defined in this prospectus supplement shall have
    the meanings given to them in the accompanying prospectus or in
    the subordinated indenture referred to in this prospectus
    supplement.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">General</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We will issue the notes under the subordinated indenture, dated
    as of April&#160;4, 2000, between Washington Mutual, Inc. and
    The Bank of New York, as successor to Harris Trust and Savings
    Bank, as trustee (as supplemented by a first supplemental
    indenture, dated as of August&#160;1, 2002, and a second
    supplemental indenture, dated as of March&#160;16, 2004,
    collectively, the &#147;indenture&#148;). An officers&#146;
    certificate will set forth the terms of the notes in accordance
    with the indenture. The notes will rank equally with all of our
    other unsecured and subordinated debt. See &#147;Description of
    Debt Securities&#148; in the accompanying prospectus for a
    description of the general terms and provisions of our
    subordinated debt securities, including the notes, issued under
    the indenture.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We may, without the consent of the holders of the notes, issue
    additional notes having the same ranking and the same interest
    rate, maturity and other terms (except for the public offering
    price and issue date) as the notes, provided that such
    additional notes do not have, for purposes of U.S.&#160;federal
    income taxation, a greater amount of original issue discount
    than the outstanding notes offered hereby have as of the date of
    the issue of such additional notes. Any of these additional
    notes, together with the notes offered hereby, will constitute a
    single series of notes under the indenture. No additional notes
    may be issued if an event of default has occurred with respect
    to the notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We will issue the notes only in registered form, in
    denominations of $2,000 and integral multiples of $1,000. We
    will pay principal and interest at the corporate trust office of
    the trustee in New York, New York or at such other office or
    agency that we will maintain for such purpose in New York, New
    York. At our option, we may pay interest by check mailed to the
    person entitled to payment at that person&#146;s address
    appearing on the register of the notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The notes will not be redeemable by us or repayable at the
    option of the holders prior to maturity. The notes will not be
    subject to any sinking fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The notes will initially be limited to a total principal amount
    of $500,000,000, and will mature on November&#160;1, 2017.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The notes will bear interest from November&#160;1, 2007 or from
    the most recent date to which we have paid or provided for
    interest, at the annual rate of 7.250%. We will pay interest
    semiannually on the notes on each May&#160;1 and
    November&#160;1, beginning on May&#160;1, 2008, to the person in
    whose name the notes are registered at the close of business on
    April&#160;15 or October&#160;15 prior to the payment date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We will compute interest on the notes on the basis of a
    <FONT style="white-space: nowrap">360-day</FONT> year
    consisting of twelve
    <FONT style="white-space: nowrap">30-day</FONT>
    months. If an interest payment date or the maturity date falls
    on a day that is not a business day, the payment will be made on
    the next business day as if it were made on the date the payment
    was due, and no interest will accrue on the amount so payable
    for the period from and after that interest payment date or the
    maturity date, as the case may be, to the date the payment is
    made.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    S-6
</DIV><!-- END LOGICAL PAGE -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Subordination
    of Subordinated Debt Securities</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The notes will be subordinate and junior in right of payment to
    the prior payment in full of all of our senior debt. At
    June&#160;30, 2007, we had issued and outstanding an aggregate
    principal amount of $5.9&#160;billion in senior debt and
    $2.4&#160;billion in subordinated debt (not including debt
    issued by our subsidiaries). The notes will rank on a parity
    with all other subordinated debt other than the junior
    subordinated notes described below. The notes will be senior to
    the junior subordinated notes and to our common stock and
    preferred stock, and will be senior to any other class of
    capital stock which may be authorized and issued.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The notes will be effectively subordinated to all liabilities,
    including deposits, of our subsidiaries. At June&#160;30, 2007,
    our subsidiaries had approximately $201.4&#160;billion of
    deposits and $66.8&#160;billion of other debt outstanding,
    excluding trade payables, intercompany liabilities and
    liabilities of the type not required to be reflected on a
    balance sheet in accordance with generally accepted accounting
    principles that would rank senior or effectively senior to the
    notes. Any right we may have to receive assets of a subsidiary
    upon its liquidation or reorganization (and the consequent right
    of the holders of the notes to participate in those assets) will
    be effectively subordinated to the claims of that
    subsidiary&#146;s creditors, except to the extent that we are
    recognized as a creditor of a subsidiary, in which case our
    claims would still be subordinate to any security interests in
    the assets of the subsidiary and any liabilities of the
    subsidiary senior to liabilities held by us.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The indenture does not limit or restrict our ability to incur
    additional senior debt. In the event of any sale pursuant to any
    judgment or decree in any proceeding by or on behalf of any
    holder, or of any distribution, division or application of all
    or any part of our assets to our creditors by reason of any
    liquidation, dissolution or winding up of us or any
    receivership, insolvency, bankruptcy or similar proceeding
    relative to us or our debts or properties, then the holders of
    senior debt will be preferred in the payment of their claims
    over the holders of the notes, and such senior debt will be
    satisfied in full before any payment or other distribution
    (other than securities which are subordinate and junior in right
    of payment to the payment of all senior debt then outstanding)
    may be made upon the notes. If the notes are declared or become
    due and payable before their maturity because of an occurrence
    of an event of default (under circumstances not described in the
    preceding sentence), no amount may be paid in respect of the
    notes in excess of current interest payments, except at
    maturity, unless all senior debt then outstanding shall have
    been paid in full or payments satisfactory to the holders
    thereof have been provided for. During the continuance of any
    default on senior debt, no payments of principal or interest may
    be made with respect to the notes if either (i)&#160;notice of
    default has been given to us, provided judicial proceedings are
    commenced in respect of such default within 120&#160;days, or
    (ii)&#160;judicial proceedings are pending in respect of such
    default. In the event that the notes are accelerated or
    otherwise become due and payable before maturity, each holder of
    senior debt will be entitled to notice of that event and will be
    entitled to declare payable on demand any senior debt
    outstanding to such holder, as provided in the senior indenture.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#147;Debt&#148; is defined in the indenture to include all
    indebtedness of ours or any subsidiary representing deposits and
    money borrowed, except indebtedness owed to us by any subsidiary
    or owed to any subsidiary by us or any other subsidiary, and
    includes indebtedness of any other person for money borrowed
    when such indebtedness is guaranteed by us or any consolidated
    subsidiary. The term &#147;debt&#148; is deemed to include the
    liability of ours or any subsidiary in respect of any investment
    or similar certificate, except to the extent such certificates
    are pledged by purchasers as collateral for, and are offset by,
    receivables. &#147;Senior debt&#148; is defined to mean all debt
    of the company except subordinated debt. &#147;Subordinated
    debt&#148; consists of our 8.25%&#160;Subordinated Notes due
    2010 and 4.625%&#160;Subordinated Notes due 2014 and any other
    debt of ours which is subordinated and junior in right of
    payment to any other debt of ours by the terms of the instrument
    creating or evidencing such subordinated debt and senior to the
    junior subordinated notes. &#147;Junior subordinated notes&#148;
    consists of our 5.375% Subordinated Deferrable Interest
    Debentures due 2041.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Book-Entry,
    Delivery and Form</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The notes will be issued in the form of one or more fully
    registered global notes, the &#147;global notes,&#148; which
    will be deposited with, or on behalf of, The Depository
    Trust&#160;Company, New York, New York, referred to herein as
    the &#147;depositary&#148; or &#147;DTC,&#148; and registered in
    the name of Cede&#160;&#038; Co., the depositary&#146;s nominee.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    S-7
</DIV><!-- END LOGICAL PAGE -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Beneficial interests in the global notes will be represented
    through book-entry accounts of financial institutions acting on
    behalf of beneficial owners as direct and indirect participants
    in the depositary. Investors may elect to hold interests in the
    global notes held by the depositary through Clearstream Banking,
    <I>soci&#233;t&#233; anonyme, </I>&#147;Clearstream,
    Luxembourg,&#148; or Euroclear Bank S.A./ N.V., as operator of
    the Euroclear System, the &#147;Euroclear operator,&#148; if
    they are participants of such systems, or indirectly through
    organizations that are participants in such systems.
    Clearstream, Luxembourg and the Euroclear operator will hold
    interests on behalf of their participants through securities
    accounts in Clearstream, Luxembourg&#146;s and the Euroclear
    operator&#146;s names on the books of their respective
    depositaries, which in turn will hold such interests in
    securities accounts in the depositaries&#146; names on the books
    of the depositary. Citibank, N.A. will act as depositary for
    Clearstream, Luxembourg and JPMorgan Chase Bank will act as
    depositary for the Euroclear operator, in such capacities, the
    &#147;U.S.&#160;depositaries.&#148; Because holders will
    acquire, hold and transfer security entitlements with respect to
    the notes through accounts with DTC and its participants,
    including Clearstream, Luxembourg, the Euroclear operator and
    their participants, a beneficial holder&#146;s rights with
    respect to the notes will be subject to the laws (including
    Article&#160;8 of the Uniform Commercial Code) and contractual
    provisions governing a holder&#146;s relationship with its
    securities intermediary and the relationship between its
    securities intermediary and each other securities intermediary
    between it and us, as the issuer. Except as set forth below, the
    global notes may be transferred, in whole and not in part, only
    to another nominee of the depositary or to a successor of the
    depositary or its nominee.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    DTC has advised us as follows: DTC, the world&#146;s largest
    depository, is a limited-purpose trust company organized under
    the New York Banking Law, a &#147;banking organization&#148;
    within the meaning of the New York Banking Law, a member of the
    Federal Reserve System, a &#147;clearing corporation&#148;
    within the meaning of the New York Uniform Commercial Code, and
    a &#147;clearing agency&#148; registered pursuant to the
    provisions of Section&#160;17A of the Securities Exchange Act of
    1934. DTC holds and provides asset servicing for over
    2.2&#160;million issues of U.S.&#160;and
    <FONT style="white-space: nowrap">non-U.S.&#160;equity,</FONT>
    corporate and municipal debt issues, and money market
    instruments from over 100 countries that DTC&#146;s participants
    (&#147;direct participants&#148;) deposit with DTC. DTC also
    facilitates the post-trade settlement among direct participants
    of sales and other securities transactions in deposited
    securities, through electronic computerized book-entry transfers
    and pledges between direct participants&#146; accounts. This
    eliminates the need for physical movement of securities
    certificates. Direct participants include both U.S.&#160;and
    <FONT style="white-space: nowrap">non-U.S.&#160;securities</FONT>
    brokers and dealers, banks, trust companies, clearing
    corporations, and certain other organizations. DTC is a wholly
    owned subsidiary of The Depository Trust&#160;&#038; Clearing
    Corporation (&#147;DTCC&#148;). DTCC, in turn, is owned by a
    number of direct participants of DTC and members of the National
    Securities Clearing Corporation, Fixed Income Clearing
    Corporation and Emerging Markets Clearing Corporation (NSCC,
    FICC and EMCC, also subsidiaries of DTCC), as well as by the New
    York Stock Exchange, Inc., the American Stock Exchange LLC and
    the National Association of Securities Dealers, Inc. Access to
    the DTC system is also available to others such as both
    U.S.&#160;and
    <FONT style="white-space: nowrap">non-U.S.&#160;securities</FONT>
    brokers and dealers, banks, trust companies and clearing
    corporations that clear through or maintain a custodial
    relationship with a direct participant, either directly or
    indirectly (&#147;indirect participants&#148;). DTC has
    Standard&#160;&#038; Poor&#146;s highest rating: AAA. The DTC
    rules applicable to its participants are on file with the
    Securities and Exchange Commission. More information about DTC
    can be found at www.dtcc.com and www.dtc.org.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The information in this section concerning DTC and DTC&#146;s
    book-entry system has been obtained from sources that we believe
    to be reliable, but we take no responsibility for the accuracy
    thereof.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Global
    Clearance and Settlement Procedures</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Initial settlement for the global notes will be made in
    immediately available funds. Secondary market trading between
    the depositary&#146;s participants will occur in the ordinary
    way in accordance with the depositary&#146;s rules and will be
    settled in immediately available funds using the
    depositary&#146;s
    <FONT style="white-space: nowrap">Same-Day</FONT>
    Funds Settlement System. Secondary market trading between
    Clearstream, Luxembourg customers
    <FONT style="white-space: nowrap">and/or</FONT>
    Euroclear participants will occur in the ordinary way in
    accordance with the applicable rules and operating procedures of
    Clearstream, Luxembourg and the Euroclear System and will be
    settled using the procedures applicable to conventional
    Eurobonds in immediately available funds.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    S-8
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Cross-market transfers between persons holding directly or
    indirectly through the depositary on the one hand, and directly
    or indirectly through Clearstream, Luxembourg customers or
    Euroclear participants, on the other, will be effected through
    the depositary in accordance with the depositary&#146;s rules on
    behalf of the relevant European international clearing system by
    its U.S.&#160;depositary; however, these cross-market
    transactions will require delivery of instructions to the
    relevant European international clearing system by the
    counterparty in the clearing system in accordance with its rules
    and procedures and within its established deadlines (European
    time). The relevant European international clearing system will,
    if the transaction meets its settlement requirements, deliver
    instructions to its U.S.&#160;depositary to take action to
    effect final settlement on its behalf by delivering interests in
    the notes to or receiving interests in the notes from the
    depositary, and making or receiving payment in accordance with
    normal procedures for
    <FONT style="white-space: nowrap">same-day</FONT>
    funds settlement applicable to the depositary. Clearstream,
    Luxembourg customers and Euroclear participants may not deliver
    instructions directly to their respective U.S.&#160;depositaries.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Because of time-zone differences, credits of interests in the
    notes received in Clearstream, Luxembourg or the Euroclear
    system as a result of a transaction with a depositary
    participant will be made during subsequent securities settlement
    processing and dated the business day following the depositary
    settlement date. Credits of interests or any transactions
    involving interests in the notes received in Clearstream,
    Luxembourg or the Euroclear System as a result of a transaction
    with a depositary participant and settled during subsequent
    securities settlement processing will be reported to the
    relevant Clearstream, Luxembourg customers or Euroclear
    participants on the business day following the depositary
    settlement date. Cash received in Clearstream, Luxembourg or the
    Euroclear System as a result of sales of interests in the notes
    by or through a Clearstream, Luxembourg customer or a Euroclear
    participant to a depositary participant will be received with
    value on the depositary settlement date but will be available in
    the relevant Clearstream, Luxembourg or Euroclear cash account
    only as of the business day following settlement in the
    depositary.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Although the depositary, Clearstream, Luxembourg and the
    Euroclear operator have agreed to the foregoing procedures in
    order to facilitate transfers of interests in the notes among
    participants of the depositary, Clearstream, Luxembourg and
    Euroclear, they are under no obligation to perform or continue
    to perform the foregoing procedures and these procedures may be
    changed or discontinued at any time.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Notices</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Notices to holders of the notes will be given by mailing such
    notices to each holder by first class mail, postage prepaid, at
    the respective address of each holder as that address appears
    upon our books. Notices given to the depositary, as holder of
    the global notes, will be passed on to the beneficial owners of
    the notes in accordance with the standard rules and procedures
    of the depositary and its direct and indirect participants,
    including Clearstream, Luxembourg and the Euroclear operator.
</DIV>


<!-- link1 "CERTAIN UNITED STATES FEDERAL INCOME TAX CONSEQUENCES TO NON-U.S. HOLDERS" -->


<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <A name='110'></A><B><FONT style="font-family: 'Times New Roman', Times">CERTAIN
    UNITED STATES FEDERAL INCOME TAX CONSEQUENCES TO
    <FONT style="white-space: nowrap">NON-U.S.</FONT>
    HOLDERS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following is a summary of certain United States federal
    income tax considerations for
    <FONT style="white-space: nowrap">non-U.S.&#160;Holders</FONT>
    (as defined below) material to the purchase, ownership and
    disposition of the notes. This summary does not describe all of
    the tax consequences that may be relevant to you in light of
    your particular circumstances. For example, it does not address
    considerations that may be relevant to you if you are an
    investor that is subject to special tax rules such as banks,
    thrifts, real estate investment trusts, regulated investment
    companies, insurance companies, dealers in securities or
    currencies, tax-exempt investors, holders that have a functional
    currency other than the U.S.&#160;dollar, or certain
    U.S.&#160;expatriates. It also does not discuss notes held as
    part of a hedge, straddle, conversion, &#147;synthetic
    security&#148; or other integrated transaction. This summary
    addresses only holders that purchase the notes in connection
    with their original issue at the issue price and that hold the
    notes as capital assets. It does not include any description of
    any alternative minimum tax consequences, federal estate tax
    consequences or the tax laws of any state or local government or
    of any foreign government that may be applicable to the notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This summary is based upon the Internal Revenue Code of 1986, as
    amended (the &#147;Code&#148;), Treasury regulations, Internal
    Revenue Service (&#147;IRS&#148;) rulings and pronouncements and
    administrative and judicial
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    S-9
</DIV><!-- END LOGICAL PAGE -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    decisions currently in effect, all of which are subject to
    change (possibly with retroactive effect) or possible differing
    interpretations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>YOU SHOULD CONSULT WITH YOUR OWN TAX ADVISOR TO DETERMINE THE
    ANTICIPATED TAX CONSEQUENCES TO YOU OF HOLDING THE NOTES,
    INCLUDING THE TAX CONSEQUENCES UNDER UNITED STATES FEDERAL,
    STATE, LOCAL, AND
    <FONT style="white-space: nowrap">NON-U.S.&#160;TAX</FONT>
    LAWS AND POSSIBLE CHANGES IN TAX LAWS.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For the purposes of this summary, you are a
    &#147;U.S.&#160;Holder&#148; if you own the notes and:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    You are a citizen or resident of the United States;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    You are a corporation (or other entity taxable as a corporation
    under U.S.&#160;income tax laws) created or organized in or
    under the laws of the United States or of any political
    subdivision of the United States;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    You are an estate the income of which is includable in gross
    income for United States federal income tax purposes regardless
    of its source;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    You are a trust subject to the primary supervision of a United
    States court and the control of one or more United States
    persons, or a trust (other than a wholly owned grantor trust)
    that has made a valid election to be treated as a domestic trust
    despite not meeting the requirements described above.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    You are a &#147;Non-U.S.&#160;Holder&#148; if you own the notes
    but are not a U.S.&#160;Holder.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If a partnership, including any entity treated as a partnership
    for U.S.&#160;federal income tax purposes, is a holder, the tax
    treatment of a partner in the partnership will generally depend
    upon the status of the partner and the activities of the
    partnership. A holder that is a partnership, and partners in
    such a partnership, should consult their own tax advisors
    regarding the tax consequences of the purchase, ownership and
    disposition of the notes.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Payments
    of Interest</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If you are a
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder,</FONT>
    payments of interest or premium (if any) on the notes made to
    you will be exempt from United States income and withholding
    taxes, unless:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    You hold the notes as part of a United States trade or business,
    in which case such income from the notes will be subject to
    United States federal income tax on a net income basis as if you
    were a U.S.&#160;Holder, and such income may also be subject to
    the branch profits tax if you are a corporation;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    You own, actually or constructively, 10% or more of the total
    combined voting power of all classes of our stock entitled to
    vote, or you are a controlled foreign corporation related,
    directly or indirectly, to us through stock ownership;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    You fail to provide to us the required certification that you
    are not a United States person or to provide your name and
    address or otherwise satisfy applicable documentation
    requirements.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Sale,
    Redemption or Other Disposition</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If you are a
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder,</FONT>
    you will not be subject to United States federal income tax on
    gain realized on the sale, exchange, redemption or other
    disposition of the notes unless:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Such gain is effectively connected with your conduct of a trade
    or business in the United States, in which case such gain will
    be subject to United States federal income tax on a net income
    basis as if you were a U.S.&#160;Holder, and such gain may also
    be subject to the branch profits tax if you are a
    corporation;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    You are an individual holder present in the United States for
    183&#160;days or more in the taxable year of the disposition and
    certain other conditions are met.
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    S-10
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Backup
    Withholding Tax and Information Reporting</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Certain &#147;backup&#148; withholding and information reporting
    requirements may apply to payments of principal, premium (if
    any) and interest on the notes and to certain payments of
    proceeds of the sale or other disposition of the notes made to
    non-corporate investors in the notes. Backup withholding and
    information reporting generally will not apply to payments made
    to a
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder</FONT>
    if you have provided the required certification under penalties
    of perjury that you are not a U.S.&#160;Holder or have otherwise
    established an exemption. Any amounts withheld under the backup
    withholding rules from a payment to you may be claimed as a
    credit against your U.S.&#160;federal income tax liability
    provided you furnish the required information to the IRS.
</DIV>


<!-- link1 "CERTAIN ERISA CONSIDERATIONS" -->


<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <A name='111'></A><B><FONT style="font-family: 'Times New Roman', Times">CERTAIN
    ERISA CONSIDERATIONS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following is a summary of certain considerations associated
    with the purchase of the notes by employee benefit plans to
    which Title&#160;I of the U.S.&#160;Employee Retirement Income
    Security Act of 1974, as amended, which we refer to as ERISA,
    applies; plans, individual retirement accounts and other
    arrangements to which Section&#160;4975 of the Code or
    provisions under any federal, state, local,
    <FONT style="white-space: nowrap">non-U.S.&#160;or</FONT>
    other laws or regulations that are similar to such provisions of
    ERISA or the Code, which we collectively refer to as Similar
    Laws, apply; and entities whose underlying assets are considered
    to include &#147;plan assets&#148; of such plans, accounts and
    arrangements (each of which we call a Plan).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Each fiduciary of a Plan should consider the fiduciary standards
    of ERISA or any applicable Similar Laws in the context of the
    Plan&#146;s particular circumstances before authorizing an
    investment in the notes. Accordingly, among other factors, the
    fiduciary should consider whether the investment would satisfy
    the prudence and diversification requirements of ERISA or any
    applicable Similar Laws and would be consistent with the
    documents and instruments governing the Plan.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Section&#160;406 of ERISA and Section&#160;4975 of the Code
    prohibit Plans subject to such provisions, which we call ERISA
    Plans, from engaging in certain transactions involving
    &#147;plan assets&#148; with persons that are &#147;parties in
    interest&#148; under ERISA or &#147;disqualified persons&#148;
    under the Code with respect to the ERISA Plans. A violation of
    these &#147;prohibited transaction&#148; rules may result in an
    excise tax or other liabilities under ERISA
    <FONT style="white-space: nowrap">and/or</FONT>
    Section&#160;4975 of the Code for those persons, unless
    exemptive relief is available under an applicable statutory or
    administrative exemption. Employee benefit plans that are
    governmental plans (as defined in Section&#160;3(32) of ERISA),
    certain church plans (as defined in Section&#160;3(33) of ERISA)
    and foreign plans (as described in Section&#160;4(b)(4) of
    ERISA) are not subject to the requirements of ERISA or
    Section&#160;4975 of the Code, but may be subject to Similar
    Laws.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Prohibited transactions within the meaning of Section&#160;406
    of ERISA or Section&#160;4975 of the Code could arise if the
    notes were acquired by an ERISA Plan with respect to which we or
    any of our affiliates are a party in interest or a disqualified
    person. For example, if we are a party in interest or
    disqualified person with respect to an investing ERISA Plan
    (either directly or by reason of our ownership of our
    subsidiaries), an extension of credit prohibited by
    Section&#160;406(a)(1)(B) of ERISA and
    Section&#160;4975(c)(1)(B) of the Code between the investing
    ERISA Plan and us may be deemed to occur, unless exemptive
    relief were available under an applicable exemption (see below).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The United States Department of Labor has issued prohibited
    transaction class exemptions, or PTCEs, that may provide
    exemptive relief for direct or indirect prohibited transactions
    resulting from the purchase, holding or disposition of the
    notes. Those class exemptions include:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <FONT style="white-space: nowrap">PTCE&#160;96-23&#160;&#151;</FONT>
    for certain transactions determined by in-house asset managers;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <FONT style="white-space: nowrap">PTCE&#160;95-60&#160;&#151;</FONT>
    for certain transactions involving insurance company general
    accounts;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <FONT style="white-space: nowrap">PTCE&#160;91-38&#160;&#151;</FONT>
    for certain transactions involving bank collective investment
    funds;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <FONT style="white-space: nowrap">PTCE&#160;90-1&#160;&#151;</FONT>
    for certain transactions involving insurance company separate
    accounts;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <FONT style="white-space: nowrap">PTCE&#160;84-14&#160;&#151;</FONT>
    for certain transactions determined by independent qualified
    professional asset managers.
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    S-11
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, Section 408(b)(17) of ERISA and
    Section&#160;4975(d)(20) of the Code provide an exemption for
    the purchase and sale of securities where neither the issuer of
    the securities nor any of its affiliates have or exercise any
    discretionary authority or control or render any investment
    advice with respect to the assets of the ERISA Plan involved in
    the transaction and the ERISA Plan pays no more and receives no
    less than &#147;adequate consideration&#148; in connection with
    the transaction.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Because of the possibility that direct or indirect prohibited
    transactions or violations of Similar Laws could occur as a
    result of the purchase, holding or disposition of the notes by a
    Plan, the notes may not be purchased by any Plan, or any person
    investing the assets of any Plan, unless its purchase, holding
    and disposition of the notes will not constitute or result in a
    non-exempt prohibited transaction under ERISA or the Code or a
    violation of any Similar Laws. Any purchaser or holder of the
    notes or any interest in the notes will be deemed to have
    represented by its purchase and holding of the notes that either:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    it is not a Plan and is not purchasing the notes or interest in
    the notes on behalf of or with the assets of any Plan;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    its purchase, holding and disposition of the notes or interest
    in the notes will not constitute or result in a non-exempt
    prohibited transaction under ERISA or the Code or a violation of
    any Similar Laws.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Due to the complexity of these rules and the penalties imposed
    upon persons involved in non-exempt prohibited transactions, it
    is important that any person considering the purchase of notes
    on behalf of or with the assets of any Plan consult with its
    counsel regarding the consequences under ERISA, the Code and any
    applicable Similar Laws of the acquisition, ownership and
    disposition of notes, whether any exemption would be applicable,
    and whether all conditions of such exemption have been satisfied
    such that the acquisition and holding of the notes by the Plan
    are entitled to full exemptive relief thereunder.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Nothing herein shall be construed as, and the sale of notes to a
    Plan is in no respect, a representation by us or the
    underwriters that any investment in the notes would meet any or
    all of the relevant legal requirements with respect to
    investment by, or is appropriate for, Plans generally or any
    particular Plan.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    S-12
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->


<!-- link1 "UNDERWRITING" -->


<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <A name='112'></A><B><FONT style="font-family: 'Times New Roman', Times">UNDERWRITING</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under the terms and subject to the conditions contained in an
    underwriting agreement dated October&#160;25, 2007, we have
    agreed to sell to the underwriters named below, for whom
    Barclays Capital Inc., Credit Suisse Securities (USA) LLC,
    Lehman Brothers Inc. and Morgan Stanley &#038; Co. Incorporated
    are acting as representatives, the following respective
    principal amounts of notes:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="margin-left: 4%; margin-right: 4%">
<TABLE border="0" width="92%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="84%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="12%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Principal Amount<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Underwriter</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>of Notes</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Barclays Capital Inc.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    112,500,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Credit Suisse Securities (USA) LLC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    112,500,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Lehman Brothers Inc.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    112,500,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Morgan Stanley &#038; Co. Incorporated
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    112,500,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Keefe, Bruyette &#038; Woods, Inc.
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25,000,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Cabrera Capital Markets, LLC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12,500,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    The Williams Capital Group, L.P.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12,500,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    500,000,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The underwriters propose to offer the notes initially at the
    public offering price on the cover page of this prospectus
    supplement and may offer the notes to other dealers at that
    price less a concession of 0.300% of the principal amount per
    note. The underwriters and other dealers (if any) may reallow a
    discount of 0.150% of the principal amount per note on sales to
    other broker-dealers. After the initial offering, the
    underwriters may change the public offering price and concession.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The notes are a new issue of securities with no established
    trading market. One or more of the underwriters for the notes
    have advised us that they intend to make a market in the notes
    but are not obligated to do so and may discontinue market making
    at any time without notice. No assurance can be given as to the
    liquidity of the trading market for the notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In connection with the offering, the underwriters may purchase
    and sell the notes in the open market. These transactions may
    include short sales, stabilizing transactions and purchases to
    cover positions created by short sales. Short sales involve the
    sale by the underwriters of a greater number of notes than they
    are required to purchase in the offering. Stabilizing
    transactions consist of certain bids or purchases made for the
    purpose of preventing or retarding a decline in the market price
    of the notes while the offering is in progress.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    These activities by the underwriters may stabilize, maintain or
    otherwise affect the market price of the notes. As a result, the
    price of the notes may be higher than the price that otherwise
    might exist in the open market. If these activities are
    commenced, they may be discontinued by the underwriters at any
    time. These transactions may be effected in the over-the-counter
    market or otherwise.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    It is expected that delivery of the notes will be made against
    payment therefore on or about the date specified on the cover
    page of this prospectus supplement, which is the fifth business
    day following the date hereof. Under
    <FONT style="white-space: nowrap">Rule&#160;15c6-1</FONT>
    of the SEC under the Exchange Act, trades in the secondary
    market generally are required to settle in three business days,
    unless the parties to any such trade expressly agree otherwise.
    Accordingly, purchasers who wish to trade the notes on any date
    prior to the third business day before delivery will be
    required, by virtue of the fact that the notes initially will
    settle on the fifth business day following the day of pricing
    (&#147;T+5&#148;), to specify an alternate settlement cycle at
    the time of any such trade to prevent a failed settlement and
    should consult their own advisor.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We estimate that our share of the total expenses of the
    offering, excluding underwriting discounts and commissions, will
    be approximately $100,000.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have agreed to indemnify the underwriters against certain
    liabilities, including liabilities under the Securities Act of
    1933, as amended.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    S-13
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the ordinary course of business, certain of the underwriters
    and their affiliates have provided and may in the future
    continue to provide investment banking, commercial banking
    <FONT style="white-space: nowrap">and/or</FONT> other
    financial services to us and our subsidiaries for which they
    have received, and may in the future receive, compensation.
</DIV>


<!-- link1 "LEGAL MATTERS" -->


<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <A name='113'></A><B><FONT style="font-family: 'Times New Roman', Times">LEGAL
    MATTERS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Heller Ehrman LLP, Seattle, Washington, will pass upon the
    validity of the notes for us. Sullivan&#160;&#038; Cromwell LLP,
    New York, New York, will pass upon the validity of the notes for
    the underwriters. As of October&#160;25, 2007, Heller Ehrman LLP
    and individual attorneys at the firm who participated in this
    transaction owned an aggregate of 12,192&#160;shares of our
    common stock.
</DIV>


<!-- link1 "EXPERTS" -->


<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <A name='114'></A><B><FONT style="font-family: 'Times New Roman', Times">EXPERTS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The financial statements and management&#146;s report on the
    effectiveness of internal control over financial reporting
    incorporated in this prospectus supplement by reference from the
    Company&#146;s Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended December&#160;31, 2006 have been audited by
    Deloitte&#160;&#038; Touche LLP, an independent registered
    public accounting firm, as stated in their reports, which are
    incorporated herein by reference, and have been so incorporated
    in reliance upon the reports of such firm given upon their
    authority as experts in accounting and auditing.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    S-14
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
PROSPECTUS
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<IMG src="v34832b5b3483201.gif" alt="(WASHINGTON MUTUAL LOGO)">
</DIV>

<DIV align="center" style="font-size: 12.0pt;color: #000000; background: #ffffff; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Debt Securities</B>
</DIV>

<DIV align="center" style="font-size: 12.0pt;color: #000000; background: #ffffff;">
<B>Preferred Stock</B>
</DIV>

<DIV align="center" style="font-size: 12.0pt;color: #000000; background: #ffffff;">
<B>Depositary Shares</B>
</DIV>

<DIV align="center" style="font-size: 3.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<DIV style="width: 26%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
This prospectus is part of a registration statement that we
filed with the Securities and Exchange Commission using a
&#147;shelf&#148; registration process. This means:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top">
    <TD><FONT face="webdings">4</FONT><FONT style="font-size: 10.0pt">&nbsp;</FONT></TD>
    <TD align="left">
    <FONT style="font-size: 10.0pt">we may sell any of the following
    securities from time to time:
    </FONT></TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="2%"></TD>
    <TD width="2%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>-&nbsp;</TD>
    <TD align="left">
    debt securities</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>-&nbsp;</TD>
    <TD align="left">
    preferred stock</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>-&nbsp;</TD>
    <TD align="left">
    depositary shares</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top">
    <TD><FONT face="webdings">4</FONT><FONT style="font-size: 10.0pt">&nbsp;</FONT></TD>
    <TD align="left">
    <FONT style="font-size: 10.0pt">we will provide a prospectus
    supplement each time we issue the securities; and
    </FONT></TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT face="webdings">4</FONT><FONT style="font-size: 10.0pt">&nbsp;</FONT></TD>
    <TD align="left">
    <FONT style="font-size: 10.0pt">the prospectus supplement will
    provide specific information about the terms of that issuance
    and also may add, update or change information contained in this
    prospectus.
    </FONT></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
We may also issue common stock upon conversion or exchange of
any of the securities listed above. We will provide the specific
terms of these securities in supplements to this prospectus. You
should read this prospectus and the applicable prospectus
supplement carefully before you invest.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The securities may be sold directly to investors, through agents
designated from time to time or to or through underwriters or
dealers. See &#147;Plan of Distribution.&#148; If any
underwriters are involved in the sale of any securities in
respect of which this prospectus is being delivered, the names
of such underwriters and any applicable commissions or discounts
will be set forth in the applicable prospectus supplement. The
net proceeds we expect to receive from such sale also will be
set forth in the applicable prospectus supplement.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
This prospectus may not be used to offer or sell any securities
unless accompanied by a prospectus supplement.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Neither the Securities and Exchange Commission nor any state
securities commission has approved or disapproved of these
securities or determined if this prospectus is truthful or
complete. Any representation to the contrary is a criminal
offense.</B>
</DIV>

<DIV align="center" style="font-size: 3.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<DIV style="width: 26%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The date of this prospectus is January&nbsp;9, 2006.
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
</DIV>


<DIV align="left" style="font-size: 3.0pt;color: #000000; background: #ffffff;">
<DIV style="width: 100%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 16.0pt;color: #000000; background: #ffffff; margin-top: 14pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Table of contents
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 12pt; ">

<TR style="font-size: 1pt;">
    <TD width="87%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" nowrap><B>Page</B></TD>
</TR>


<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3" align="right" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#301'>About this Prospectus</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    <B>3</B></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#302'>Where You Can Find Additional
    Information</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    <B>3</B></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#303'>Incorporation of Certain Documents by
    Reference</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    <B>4</B></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#304'>Special Note&nbsp;Regarding Forward-Looking
    Statements</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    <B>4</B></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#305'>The Company</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    <B>5</B></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#306'>Use of Proceeds</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    <B>6</B></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#307'>Ratio of Earnings to Fixed Charges</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    <B>6</B></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#308'>Description of Debt Securities</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    <B>7</B></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#309'>Description of Capital Stock</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    <B>17</B></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#310'>Description of Depositary Shares</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    <B>19</B></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#311'>Plan of Distribution</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    <B>22</B></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#312'>Legal Matters</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    <B>22</B></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#313'>Experts</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    <B>22</B></TD>
</TR>

</TABLE>
</CENTER>


<DIV align="left" style="font-size: 3.0pt;color: #000000; background: #ffffff;">
<DIV style="width: 100%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 8.0pt;color: #000000; background: #ffffff;">
<B> 2</B>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='301'></A>
</DIV>

<!-- link1 "About this prospectus" -->

<DIV align="left" style="font-size: 16.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
About this prospectus
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
This prospectus is part of a &#147;shelf&#148; registration
statement that we have filed with the Securities Exchange
Commission (the &#147;SEC&#148;). By using a shelf registration
statement, we may sell, at any time and from time to time, in
one or more offerings, any combination of the securities
described in this prospectus. The exhibits to our registration
statement contain the full text of certain contracts and other
important documents we have summarized in this prospectus. Since
these summaries may not contain all the information that you may
find important in deciding whether to purchase the securities we
offer, you should review the full text of these documents. The
registration statement and the exhibits can be obtained from the
SEC as indicated under the heading &#147;Where You Can Find
Additional Information.&#148;
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
This prospectus only provides you with a general description of
the securities we may offer. Each time we sell securities, we
will provide a prospectus supplement that contains specific
information about the terms of those securities. The prospectus
supplement may also add, update or change information contained
in this prospectus. You should read both this prospectus and any
prospectus supplement together with the additional information
described below under the heading &#147;Where You Can Find
Additional Information.&#148;
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>We are not making an offer of these securities in any
jurisdiction where the offer is not permitted. You should not
assume that the information in this prospectus or a prospectus
supplement is accurate as of any date other than the date on the
front of the document.</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
References in this prospectus to Washington Mutual, the Company,
we, us and our are to Washington Mutual, Inc. (together with its
subsidiaries) unless the context otherwise provides.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='302'></A>
</DIV>

<!-- link1 "Where you can find additional information" -->

<DIV align="left" style="font-size: 16.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Where you can find additional information
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
We file annual, quarterly and current reports and other
information with the SEC. You may read and copy these reports
and other information at the public reference room of the SEC at
100 F Street, N.E., Washington , D.C. 20549. You may also obtain
copies of these documents by mail from the SEC reference room at
prescribed rates. Please call the SEC at
<FONT style="white-space: nowrap">1-800-SEC-0330</FONT> for
further information on the public reference room. These reports
and other information are also filed by us electronically with
the SEC and are available at the SEC&#146;s website, www.sec.gov.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The indentures pursuant to which the debt securities will be
issued require us to file reports under the Securities Exchange
Act of 1934, as amended (the &#147;Exchange Act&#148;).
Quarterly and annual reports will be made available upon request
of holders of the debt securities, which annual reports will
contain financial information that has been examined and
reported upon by, with an opinion expressed by, an independent
public or certified public accountant.
</DIV>

<DIV align="left" style="font-size: 3.0pt;color: #000000; background: #ffffff;">
<DIV style="width: 100%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="right" style="font-size: 8.0pt;color: #000000; background: #ffffff;">
<B> 3</B>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='303'></A>
</DIV>

<!-- link1 "Incorporation of certain documents by reference" -->

<DIV align="left" style="font-size: 16.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Incorporation of certain documents by reference
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The SEC allows us to &#147;incorporate by reference&#148; the
information we file with it, which means that we can disclose
important information to you by referring you to another
document that we filed with the SEC. The information
incorporated by reference is an important part of this
prospectus, and information that we file later with the SEC will
automatically update and supersede this information. We
incorporate by reference the documents listed below and any
future filings we make with the SEC under Sections&nbsp;13(a),
13(c), 14 or 15(d) of the Exchange Act, until we sell all of the
securities:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top">
    <TD><FONT face="webdings">4</FONT><FONT style="font-size: 10.0pt">&nbsp;</FONT></TD>
    <TD align="left">
    <FONT style="font-size: 10.0pt">Our Annual Report to
    Shareholders on
    Form&nbsp;<FONT style="white-space: nowrap">10-K</FONT> for the
    fiscal year ended December&nbsp;31, 2004;</FONT></TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT face="webdings">4</FONT><FONT style="font-size: 10.0pt">&nbsp;</FONT></TD>
    <TD align="left">
    <FONT style="font-size: 10.0pt">Our Quarterly Reports on
    Form&nbsp;<FONT style="white-space: nowrap">10-Q</FONT> for the
    quarters ended March&nbsp;31, June&nbsp;30, and
    September&nbsp;30, 2005;</FONT></TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT face="webdings">4</FONT><FONT style="font-size: 10.0pt">&nbsp;</FONT></TD>
    <TD align="left">
    <FONT style="font-size: 10.0pt">Current Reports on
    Form&nbsp;<FONT style="white-space: nowrap">8-K</FONT>
    and&nbsp;<FONT style="white-space: nowrap">8-K/</FONT> A dated
    January&nbsp;6, January&nbsp;14, January&nbsp;20,
    January&nbsp;24, February&nbsp;18, February&nbsp;22,
    March&nbsp;2, March&nbsp;22, March&nbsp;23, April&nbsp;19,
    June&nbsp;7, June&nbsp;9, June&nbsp;24, July&nbsp;6,
    July&nbsp;20, July&nbsp;25, September&nbsp;8, September&nbsp;23,
    September&nbsp;26, October 4 and October&nbsp;27, 2005 and
    Items&nbsp;1.01 and 9.01 and Exhibit&nbsp;10.1 from the Current
    Reports on
    Form&nbsp;<FONT style="white-space: nowrap">8-K</FONT> dated
    November 2 and December&nbsp;23, 2005;</FONT></TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT face="webdings">4</FONT><FONT style="font-size: 10.0pt">&nbsp;</FONT></TD>
    <TD align="left">
    <FONT style="font-size: 10.0pt">The description of our capital
    stock contained in Item&nbsp;5 of Current Report on
    Form&nbsp;<FONT style="white-space: nowrap">8-K</FONT> dated
    November&nbsp;29, 1994, and any amendment or report filed for
    the purpose of updating this description; and</FONT></TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT face="webdings">4</FONT><FONT style="font-size: 10.0pt">&nbsp;</FONT></TD>
    <TD align="left">
    <FONT style="font-size: 10.0pt">Form&nbsp;<FONT style="white-space: nowrap">8-A/12B</FONT>
    dated February&nbsp;8, 2001, as amended.</FONT></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
You may obtain a copy of these filings at no cost, by writing or
telephoning us at 1201 Third Avenue, Seattle, Washington 98101,
telephone (206)&nbsp;461-3187, attention Investor Relations
Department WMT0735.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
You should rely only on the information contained or
incorporated by reference in this prospectus, any supplemental
prospectus or any pricing supplement. We have not authorized
anyone to provide you with any other information. We are not
making an offer of these securities in any state where the offer
is not permitted. You should not assume that the information in
this prospectus, any accompanying prospectus supplement or any
document incorporated by reference is accurate as of any date
other than the date on the front of the document.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<A name='304'></A>
</DIV>

<!-- link1 "Special note regarding forward-looking statements" -->

<DIV align="left" style="font-size: 16.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Special note regarding forward-looking statements
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
This prospectus and the documents incorporated by reference
contain certain &#147;forward-looking statements&#148; within
the meaning of the Private Securities Litigation Reform Act of
1995 with respect to financial condition, results of operations,
and other matters. Statements in this prospectus, including
those incorporated by reference, that are not historical facts
are &#147;forward-looking statements&#148; for the purpose of
the safe harbor provided by Section&nbsp;21E of the Exchange Act
and Section&nbsp;27A of the Securities Act of 1933, as amended
(the &#147;Securities Act&#148;). Forward-looking statements can
be identified by the fact that they do not relate strictly to
historical or current facts. They often include words, such as
&#147;expects,&#148; &#147;anticipates,&#148;
&#147;intends,&#148; &#147;plans,&#148; &#147;believes,
&#147;seeks,&#148; &#147;estimates,&#148; or words of similar
meaning, or future or conditional verbs, such as
&#147;will,&#148; &#147;should,&#148; &#147;could,&#148; or
&#147;may.&#148;
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Forward-looking statements provide our expectations or
predictions of future conditions, events or results. They are
not guarantees of future performance. By their nature
forward-looking statements are subject to risks and
uncertainties. These statements speak only as of the date they
are made. We do not undertake to update forward-looking
statements to reflect the impact of circumstances or events that
arise after the date the forward-looking statements were made.
There are a number of factors, many of which are beyond our
control, that could cause actual conditions, events or results
to differ significantly from those described in the
forward-looking statements. The factors are generally described
in our most recent
Form&nbsp;<FONT style="white-space: nowrap">10-K</FONT> and
Form&nbsp;<FONT style="white-space: nowrap">10-Q</FONT> under
the caption &#147;Risk Factors.&#148;
</DIV>

<DIV align="left" style="font-size: 3.0pt;color: #000000; background: #ffffff;">
<DIV style="width: 100%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 8.0pt;color: #000000; background: #ffffff;">
<B> 4</B>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='305'></A>
</DIV>

<!-- link1 "The company" -->

<DIV align="left" style="font-size: 16.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The company
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
With a history dating back to 1889, Washington Mutual is a
financial services company committed to serving consumers and
small- to medium-sized businesses. Based on our consolidated
total assets at September&nbsp;30, 2005, we were the largest
thrift holding company in the United States and 7th&nbsp;largest
among all <FONT style="white-space: nowrap">U.S.-based</FONT>
bank and thrift holding companies.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Washington Mutual operates principally in California,
Washington, Oregon, Illinois, Florida, Texas and the greater New
York/ New Jersey metropolitan area, and has operations in 31
other states. We manage and report information concerning the
Company&#146;s activities, operations, products and services
around four segments: the Retail Banking and Financial Services
Group, the Home Loans Group (previously called the
&#147;Mortgage Banking Group&#148;), the Commercial Group and,
as of the quarter beginning October&nbsp;1, 2005, Washington
Mutual Card Services.
</DIV>

<DIV align="left" style="font-size: 3.0pt;color: #000000; background: #ffffff;">
<DIV style="width: 100%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="right" style="font-size: 8.0pt;color: #000000; background: #ffffff;">
<B> 5</B>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='306'></A>
</DIV>

<!-- link1 "Use of proceeds" -->

<DIV align="left" style="font-size: 16.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Use of proceeds
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Unless otherwise specified in the applicable prospectus
supplement, we will use the net proceeds from the sale of the
securities for general corporate purposes. Examples of general
corporate purposes include additions to working capital,
repayment of existing debt, acquisitions, and office expansions.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='307'></A>
</DIV>

<!-- link1 "Ratio of earnings to fixed charges" -->

<DIV align="left" style="font-size: 16.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Ratio of earnings to fixed charges
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The following table sets forth our ratio of earnings to fixed
charges for each of the periods indicated.
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="29%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>


<TR style="font-size: 8.0pt;">
    <TD colspan="18" align="center" nowrap><B>Year ended December&nbsp;31,</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD colspan="18" align="right" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right" nowrap><B>Nine Months Ended</B></TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD colspan="2" align="right" nowrap><B>2000</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right" nowrap><B>2001</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right" nowrap><B>2002</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right" nowrap><B>2003</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right" nowrap><B>2004</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right" nowrap><B>September&nbsp;30, 2005</B></TD><TD></TD>
</TR>


<TR valign="bottom" style="font-size: 1px">
    <TD colspan="22" align="right" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>1.30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1.60</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2.03</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2.29</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1.90</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1.76</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
For purposes of this ratio, earnings consist of income before
income taxes plus fixed charges. Fixed charges consist of
interest expense on borrowings and deposits, and the estimated
interest portion of rent expense.
</DIV>

<DIV align="left" style="font-size: 3.0pt;color: #000000; background: #ffffff;">
<DIV style="width: 100%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 8.0pt;color: #000000; background: #ffffff;">
<B> 6</B>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='308'></A>
</DIV>

<!-- link1 "Description of debt securities" -->

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

</DIV>

<DIV align="left" style="font-size: 3.0pt;color: #000000; background: #ffffff;">
<DIV style="width: 100%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 16.0pt;color: #000000; background: #ffffff; margin-top: 14pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Description of debt securities
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The following description of the debt securities sets forth the
material terms and provisions of the debt securities to which
any prospectus supplement may relate. The particular terms of
the debt securities offered by any prospectus supplement (the
&#147;Offered Debt Securities&#148;) and the extent, if any, to
which such general provisions may apply to the Offered Debt
Securities, will be described in the prospectus supplement
relating to such Offered Debt Securities. Accordingly, for a
description of the terms of a particular issue of debt
securities, reference must be made to both the prospectus
supplement relating thereto and to the following description.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The debt securities will be our general obligations. In the
event that any series of debt securities will be subordinated to
other securities that we have outstanding or may incur, the
terms of the subordination will be set forth in the prospectus
supplement relating to the subordinated debt securities. Senior
debt securities will be issued under the senior indenture dated
as of August&nbsp;10, 1999 between Washington Mutual, Inc. and
The Bank of New York, as trustee, as supplemented by a first
supplemental indenture dated as of August&nbsp;1, 2002 and a
second supplemental indenture dated as of November&nbsp;20,
2002. References to the senior indenture in this prospectus will
mean the senior indenture as supplemented. Subordinated debt
securities will be issued under the subordinated indenture dated
April&nbsp;4, 2000 between us and The Bank of New York, as
supplemented by the first supplemental indenture dated
August&nbsp;1, 2002, and a second supplemental indenture dated
March&nbsp;16, 2004. References to the subordinated indenture in
this prospectus will mean the subordinated indenture as
supplemented. Together the senior indenture and the subordinated
indenture and the supplemental indentures thereto are called the
&#147;indentures.&#148;
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
We have summarized selected provisions of the indentures below.
The senior indenture and form of subordinated indenture have
been filed as exhibits to the registration statement filed with
the SEC and you should read the indentures for provisions that
may be important to you. Accordingly, the following summary is
qualified in its entirety by reference to the provisions of the
indentures. Unless otherwise specified, capitalized terms used
in this summary have the meanings specified in the indentures.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>GENERAL</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The indentures do not limit the aggregate principal amount of
debt securities which may be issued under the indentures and
provide that debt securities may be issued from time to time in
one or more series. The indentures do not limit the amount of
other indebtedness or debt securities, other than certain
secured indebtedness as described below, which may be issued by
us or our subsidiaries.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Unless otherwise provided in a prospectus supplement, the debt
securities will be our unsecured obligations. The senior debt
securities will rank equally with all other unsecured and
unsubordinated indebtedness of ours. The subordinated debt
securities will be subordinated in right of payment to the prior
payment in full of all Senior Indebtedness including our senior
debt securities as described below under &#147;Subordination of
Subordinated Debt Securities&#148; and in the applicable
prospectus supplement.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The debt securities are our obligations exclusively. Because our
operations are currently conducted substantially through our
subsidiaries, our cash flow and the consequent ability to
service our debt, including the debt securities, are dependent
upon the earnings of our subsidiaries and the distribution of
those earnings to us, or upon loans or other payments of funds
to us by our subsidiaries. Our subsidiaries are separate and
distinct legal entities and have no obligation, contingent or
otherwise, to pay any amounts due with respect to the debt
securities or to make funds available therefor, whether by
dividends, loans or other payments. In addition, the payment to
us of dividends and certain loans and advances by our
subsidiaries may be subject to certain statutory or contractual
restrictions.
</DIV>

<DIV align="left" style="font-size: 3.0pt;color: #000000; background: #ffffff;">
<DIV style="width: 100%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="right" style="font-size: 8.0pt;color: #000000; background: #ffffff;">
<B> 7</B>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
Payments are contingent upon the earnings of the subsidiaries,
and are subject to various business considerations.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The debt securities will be effectively subordinated to all
liabilities, including deposits, of our subsidiaries. At
September&nbsp;30, 2005, our subsidiaries had
$190.41&nbsp;billion of deposits and $103.80&nbsp;billion of
debt outstanding. Any right we may have to receive assets of a
subsidiary upon its liquidation or reorganization (and the
consequent right of the holders of the debt securities to
participate in those assets) will be effectively subordinated to
the claims of that subsidiary&#146;s creditors, except to the
extent that we are recognized as a creditor of a subsidiary, in
which case our claims would still be subordinate to any security
interests in the assets of the subsidiary and any liabilities of
the subsidiary senior to liabilities held by us.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The debt securities may be issued in fully registered form
without coupons (&#147;registered securities&#148;) or in the
form of one or more global securities (each a &#147;Global
Security&#148;). Registered securities that are book-entry
securities will be issued as registered Global Securities.
Unless otherwise provided in the prospectus supplement, the debt
securities will be only registered securities. The debt
securities will be issued, unless otherwise provided in the
prospectus supplement, in denominations of $1,000 or an integral
multiple thereof for registered securities.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The prospectus supplement relating to the particular debt
securities offered thereby will describe the following terms of
the Offered Debt Securities:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>(1)</TD>
    <TD align="left">
    the title of the Offered Debt Securities;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(2)</TD>
    <TD align="left">
    whether the Offered Debt Securities are senior debt securities
    or subordinated debt securities;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(3)</TD>
    <TD align="left">
    the percentage of principal amount at which the Offered Debt
    Securities will be issued;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(4)</TD>
    <TD align="left">
    any limit on the aggregate principal amount of the Offered Debt
    Securities;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(5)</TD>
    <TD align="left">
    the date or dates on which the Offered Debt Securities will
    mature and the amount or amounts of any installment of principal
    payable on such dates;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(6)</TD>
    <TD align="left">
    the rate or rates (which may be fixed or variable) per year at
    which the Offered Debt Securities will bear interest, if any, or
    the method of determining such rate or rates and the date or
    dates from which such interest, if any, will accrue;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(7)</TD>
    <TD align="left">
    the date or dates on which interest, if any, on the Offered Debt
    Securities will be payable and the regular record dates for such
    payment dates;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(8)</TD>
    <TD align="left">
    the terms of any sinking fund and the obligation, if any, of
    ours to redeem or purchase the Offered Debt Securities pursuant
    to any sinking fund or analogous provisions;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(9)</TD>
    <TD align="left">
    the portion of the principal amount of Offered Debt Securities
    that is payable upon declaration of acceleration of the maturity
    of the Offered Debt Securities;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(10)</TD>
    <TD align="left">
    whether the Offered Debt Securities will be issued in registered
    form without coupons, including temporary and definitive global
    form, and the circumstances, if any, upon which such Offered
    Debt Securities may be exchanged for Offered Debt Securities
    issued in a different form;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(11)</TD>
    <TD align="left">
    whether the Offered Debt Securities are to be issued in whole or
    in part in the form of one or more Global Securities and, if so,
    the identity of the depositary for such Global Security or
    Securities;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(12)</TD>
    <TD align="left">
    whether and under what circumstances we will pay additional
    amounts to any holder of Offered Debt Securities who is not a
    United States person in respect of any tax, assessment or other
    governmental charge required to be withheld or deducted and, if
    so, whether we will have the option to redeem rather than pay
    any additional amounts;</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 3.0pt;color: #000000; background: #ffffff;">
<DIV style="width: 100%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 8.0pt;color: #000000; background: #ffffff;">
<B> 8</B>
</DIV>

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<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>(13)</TD>
    <TD align="left">
    the place or places, if any, in addition to or instead of the
    corporate trust office of the trustee, where the principal,
    premium and interest with respect to the Offered Debt Securities
    shall be payable;</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>(14)</TD>
    <TD align="left">
    the terms, if any, upon which the debt securities of the series
    may be convertible into or exchanged for our common stock,
    preferred stock, other debt securities or other securities of
    any kind and the terms and conditions upon which such conversion
    or exchange shall be effected, including the initial conversion
    or exchange price or rate, the conversion or exchange period and
    any other additional provisions;</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>(15)</TD>
    <TD align="left">
    if the amount of principal, premium or interest with respect to
    the debt securities of the series may be determined with
    reference to an index or pursuant to a formula, the manner in
    which such amounts will be determined;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(16)</TD>
    <TD align="left">
    any authenticating or paying agent, transfer agent or registrar;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(17)</TD>
    <TD align="left">
    the applicability of, and any addition to or change in, the
    covenants and definitions then set forth in the indenture or in
    the terms then set forth in the indenture relating to permitted
    consolidations, mergers, or sales of assets;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(18)</TD>
    <TD align="left">
    certain other terms, including our ability to satisfy and
    discharge our obligations under an indenture with respect to the
    Offered Debt Securities.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
No service charge will be made for any transfer or exchange of
the debt securities except for any tax or other governmental
charge.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Debt securities of a single series may be issued at various
times with different maturity dates and different principal
repayment provisions, may bear interest at different rates, may
be issued at or above par or with an original issue discount,
and may otherwise vary, all as provided in the indentures. The
prospectus supplement for any debt securities issued above par
or with an original issue discount will state any applicable
material federal income tax consequences and other special
considerations.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>SUBORDINATION OF SUBORDINATED DEBT SECURITIES</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Payment of the principal of (and premium, if any) and interest,
if any, on the subordinated debt securities will be subordinate
and junior in right of payment to the prior payment in full of
all Senior Debt (as defined herein). At September&nbsp;30, 2005,
we had an aggregate par value of $7.60&nbsp;billion in Senior
Debt and a par value of $3.83&nbsp;billion in debt securities
subordinate to Senior Debt (exclusive of our subsidiaries). The
subordinated indenture does not limit or restrict our ability to
incur additional Senior Debt, but certain of our other debt
instruments contain such limitations.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
In the event of any sale pursuant to any judgment or decree in
any proceeding by or on behalf of any holder, or of any
distribution, division or application of all or any part of our
assets to our creditors by reason of any liquidation,
dissolution or winding up of us or any receivership, insolvency,
bankruptcy or similar proceeding relative to us or our debts or
properties, then the holders of Senior Debt shall be preferred
in the payment of their claims over the holders of the
subordinated debt securities, and such Senior Debt shall be
satisfied in full before any payment or other distribution
(other than securities which are subordinate and junior in right
of payment to the payment of all Senior Debt then outstanding)
shall be made upon the subordinated debt securities. In the
event that any subordinated debt security is declared or becomes
due and payable before its maturity because of an occurrence of
an event of default (under circumstances not described in the
preceding sentence), no amount shall be paid in respect of the
subordinated debt securities in excess of current interest
payments, except sinking fund payments or at maturity, unless
all Senior Debt then outstanding shall have been paid in full or
payments satisfactory to the holders thereof provided therefor.
During the continuance of any default on Senior Debt, no
payments of principal, sinking fund, interest or premium shall
be made with respect to any Subordinated Debt Security if either
(i)&nbsp;notice of default has been given to us, provided
judicial proceedings are commenced in respect thereof within
120&nbsp;days,
</DIV>

<DIV align="left" style="font-size: 3.0pt;color: #000000; background: #ffffff;">
<DIV style="width: 100%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="right" style="font-size: 8.0pt;color: #000000; background: #ffffff;">
<B> 9</B>
</DIV>

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<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
or (ii)&nbsp;judicial proceedings shall be pending in respect of
such default. In the event that any subordinated debt security
is declared or becomes due and payable before maturity, each
holder of Senior Debt shall be entitled to notice of same and
shall be entitled to declare payable on demand any Senior Debt
outstanding to such holder.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
&#147;Debt&#148; is defined in the indentures to include all
indebtedness of ours or any Consolidated Subsidiary representing
money borrowed, except indebtedness owed to us by any
Consolidated Subsidiary or owed to any Consolidated Subsidiary
by us or any other Consolidated Subsidiary, and includes
indebtedness of any other person for money borrowed when such
indebtedness is guaranteed by us or any Consolidated Subsidiary.
The term &#147;Debt&#148; shall be deemed to include the
liability of ours or any Consolidated Subsidiary in respect of
any investment or similar certificate, except to the extent such
certificates are pledged by purchasers as collateral for, and
are offset by, receivables. &#147;Senior Debt&#148; is defined
to mean all Debt of the Company except Subordinated Debt.
&#147;Subordinated Debt&#148; is defined to mean Debt of ours
which is subordinate and junior in right of payment to any
Senior Debt of ours by the terms of the instrument creating or
evidencing such Subordinate Debt and senior to the Junior
Subordinated Notes. &#147;Junior Subordinated Notes&#148; is
defined to mean our 8.36%&nbsp;Subordinated Notes due 2026,
8.375% Junior Subordinated Debentures due 2027, 9.33% Junior
Subordinated Deferrable Interest Debentures due 2027, and
5.375%&nbsp;Subordinated Defeasible Interest Debentures due 2041.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Subordinated debt securities will rank on a parity with all
other Subordinated Debt other than the Junior Subordinated
Notes. Subordinated debt securities are senior to the Junior
Subordinated Note and to our common stock and preferred stock,
and will be senior to any other class of capital stock which may
be authorized.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>EXCHANGE, REGISTRATION AND TRANSFER</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Registered securities (other than book-entry securities) of any
series of Offered Debt Securities will be exchangeable for other
registered securities of the same series and of a like aggregate
principal amount and tenor of different authorized denominations.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Debt securities may be presented for exchange as provided above,
and registered securities (other than book-entry securities) may
be presented for registration of transfer (with the form of
transfer endorsed thereon duly executed), at the office of the
Security Registrar or at the office of any transfer agent
designated by us for such purpose with respect to any series of
debt securities and referred to in the prospectus supplement. No
service charge will be charged for the transfer, but any tax or
other governmental charge must be paid. Such transfer or
exchange will be effected upon the Security Registrar or such
transfer agent, as the case may be, being satisfied with the
documents of title and identity of the person making the
request. If a prospectus supplement refers to any transfer
agents (in addition to the Security Registrar) initially
designated by us with respect to any series of debt securities,
we may at any time rescind the designation of any such transfer
agent or approve a change in the location through which any such
transfer agent acts, except that, if debt securities of a series
are issuable solely as registered securities, we will be
required to maintain a transfer agent in each Place of Payment
for such series. We may at any time designate additional
transfer agents with respect to any series of debt securities.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
In the event of any redemption in part, we will not be required
to:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top">
    <TD><FONT face="webdings">4</FONT><FONT style="font-size: 10.0pt">&nbsp;</FONT></TD>
    <TD align="left">
    <FONT style="font-size: 10.0pt">issue, register the transfer of
    or exchange debt securities of any series during a period
    beginning at the opening of business 15&nbsp;days before any
    selection of debt securities of that series to be redeemed and
    ending at the close of business on if debt securities of the
    series are issuable only as registered securities, the day of
    mailing of the relevant notice of redemption; or
    </FONT></TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT face="webdings">4</FONT><FONT style="font-size: 10.0pt">&nbsp;</FONT></TD>
    <TD align="left">
    <FONT style="font-size: 10.0pt">register the transfer of or
    exchange any registered security, or portion thereof, called for
    redemption, except the unredeemed portion of any registered
    security being redeemed in part.
    </FONT></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 3.0pt;color: #000000; background: #ffffff;">
<DIV style="width: 100%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 8.0pt;color: #000000; background: #ffffff;">
<B> 10</B>
</DIV>

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<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
For a discussion of restrictions on the exchange, registration
and transfer of Global Securities, see &#147;Global
Securities&#148;.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>PAYMENT AND PAYING AGENTS</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Unless otherwise provided in the prospectus supplement, payment
of principal of (and premium, if any) and interest, if any, on
registered securities will be made in U.S.&nbsp;dollars at the
office of such Paying Agent or Paying Agents as we may designate
from time to time, except that at our option payment of any
interest may be made by check mailed to the address of the
Person entitled thereto as such address shall appear in the
Security Register. Unless otherwise provided in a prospectus
supplement, payment of any installment of interest on registered
securities will be made to the Person in whose name such
registered security is registered at the close of business on
the Regular Record Date for such interest.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Unless otherwise provided in a prospectus supplement, the
Corporate Trust Office of the trustee will be designated as our
sole Paying Agent for payments with respect to Offered Debt
Securities that are issuable solely as registered securities.
Any Paying Agents outside the United States and any other Paying
Agents in the United States initially designated by us for the
Offered Debt Securities will be named in a prospectus
supplement. We may at any time designate additional Paying
Agents or rescind the designation of any Paying Agent or approve
a change in the office through which any Paying Agent acts,
except that, if debt securities of a series are issuable solely
as registered securities, we will be required to maintain a
Paying Agent in each Place of Payment for such series.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
All moneys paid by us to a Paying Agent for the payment of
principal of (and premium, if any) or interest, if any, on any
debt security or coupon that remain unclaimed at the end of two
years after such principal, premium or interest shall have
become due and payable will be repaid to us and the holder of
such debt security or coupon will thereafter look only to us for
payment thereof.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>GLOBAL SECURITIES</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The debt securities of a series may be issued in whole or in
part as one or more Global Securities that will be deposited
with, or on behalf of, a depositary located in the United States
(a &#147;U.S.&nbsp;Depositary&#148;) or a common depositary
located outside the United States (a &#147;Common
Depositary&#148;) identified in the prospectus supplement
relating to such series. Global Securities will be issued in
registered form, in either temporary or definitive form.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The specific terms of the depositary arrangement with respect to
any debt securities of a series will be described in the
Prospectus Supplement relating to such series. We anticipate
that the following provisions will apply to all depositary
arrangements with a U.S.&nbsp;Depositary or Common Depositary.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>BOOK-ENTRY SECURITIES</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Unless otherwise specified in a prospectus supplement, debt
securities which are to be represented by a Global Security to
be deposited with or on behalf of a U.S.&nbsp;Depositary will be
represented by a Global Security registered in the name of such
depositary or its nominee. Upon the issuance of a Global
Security in registered form, the U.S.&nbsp;Depositary for such
Global Security will credit, on its book-entry registration and
transfer system, the respective principal amounts of the debt
securities represented by such Global Security to the accounts
of institutions that have accounts with such depositary or its
nominee (&#147;participants&#148;). The accounts to be credited
shall be designated by the underwriters or agents of such debt
securities or by us, if such debt securities are offered and
sold directly by us. Ownership of beneficial interests in such
Global Securities will be limited to participants or persons
that may hold interests through participants. Ownership of
beneficial interests in such Global Securities will be shown on,
and the transfer of that ownership will be effected only
through, records maintained by the U.S.&nbsp;Depositary or its
nominee for such Global Security or by participants or persons
that hold through participants. The laws of some jurisdictions
require that certain purchasers of securities take
</DIV>

<DIV align="left" style="font-size: 3.0pt;color: #000000; background: #ffffff;">
<DIV style="width: 100%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="right" style="font-size: 8.0pt;color: #000000; background: #ffffff;">
<B> 11</B>
</DIV>

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<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
physical delivery of such securities in definitive form. Such
limits and such laws may impair the ability to transfer
beneficial interests in a Global Security.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
So long as the U.S.&nbsp;Depositary for a Global Security in
registered form, or its nominee, is the registered owner of such
Global Security, such depositary or such nominee, as the case
may be, will be considered the sole owner or holder of the debt
securities represented by such Global Security for all purposes
under the indenture governing such debt securities. Except as
set forth below, owners of beneficial interests in such Global
Securities will not be entitled to have debt securities of the
series represented by such Global Security registered in their
names, will not receive or be entitled to receive physical
delivery of debt securities of such series in definitive form
and will not be considered the owners or holders thereof under
the indenture.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Payment of principal of (and premium, if any) and interest, if
any, on debt securities registered in the name of or held by a
U.S.&nbsp;Depositary or its nominee will be made to the
U.S.&nbsp;Depositary or its nominee, as the case may be, as the
registered owner or the holder of the Global Security
representing such debt securities. We nor any trustee or Paying
Agent, or the Security Registrar for such debt securities will
have any responsibility or liability for any aspect of the
records relating to or payments made on account of beneficial
ownership interests in a Global Security for such debt
securities or for maintaining, supervising or reviewing any
records relating to such beneficial ownership interests.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
We expect that the U.S.&nbsp;Depositary for debt securities of a
series, upon receipt of any payment of principal of (and
premium, if any) or interest on permanent Global Securities,
will credit participants&#146; accounts on the date such payment
is payable in accordance with their respective beneficial
interests in the principal amount of such Global Securities as
shown on the records of such Depositary. We also expect that
payments by participants to owners of beneficial interests in
such Global Security held through such participants will be
governed by standing instructions and customary practices, as is
now the case with securities held for the accounts of customers
registered in &#147;street name&#148;, and will be the
responsibility of such participants.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Unless and until it is exchanged in whole for debt securities in
definitive form, a Global Security may not be transferred except
as a whole by the U.S.&nbsp;Depositary for such Global Security
to a nominee of such Depositary or by a nominee of such
Depositary to such Depositary or another nominee of such
Depositary or by such Depositary or any such nominee to a
successor of such Depositary or a nominee of such successor. If
a U.S.&nbsp;Depositary for debt securities in registered form is
at any time unwilling or unable to continue as depositary and a
successor depositary is not appointed by us within ninety days,
we will issue debt securities in definitive registered form in
exchange for the Global Security or Securities representing such
debt securities. In addition, we may at any time and in our sole
discretion determine not to have any debt securities in
registered form represented by one or more Global Securities
and, in such event, will issue debt securities in definitive
registered form in exchange for the Global Security or
Securities representing such debt securities. In any such
instance, an owner of a beneficial interest in a Global Security
will be entitled to physical delivery in definitive form of debt
securities of the series represented by such Global Security
equal in principal amount to such beneficial interest and to
have such debt securities registered in the name of the owner of
such beneficial interest.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>ABSENCE OF RESTRICTIVE COVENANTS</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
We are not restricted by either of the indentures from paying
dividends or from incurring, assuming or becoming liable for any
type of debt or other obligations or from creating liens on our
property for any purpose. The indentures do not require the
maintenance of any financial ratios or specified levels of net
worth or liquidity. The indentures do not contain provisions
which afford holders of the debt securities protection in the
event of a highly leveraged transaction involving us.
</DIV>

<DIV align="left" style="font-size: 3.0pt;color: #000000; background: #ffffff;">
<DIV style="width: 100%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 8.0pt;color: #000000; background: #ffffff;">
<B> 12</B>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>MERGER AND CONSOLIDATION</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Each indenture provides that we, without the consent of the
holders of any of the outstanding debt securities, may
consolidate with or merge into any other corporation or transfer
or lease our properties and assets substantially as an entirety
to any Person or may permit any corporation to merge into us,
provided that:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top">
    <TD><FONT face="webdings">4</FONT><FONT style="font-size: 10.0pt">&nbsp;</FONT></TD>
    <TD align="left">
    <FONT style="font-size: 10.0pt">the successor is a corporation
    organized under the laws of any domestic jurisdiction;
    </FONT></TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT face="webdings">4</FONT><FONT style="font-size: 10.0pt">&nbsp;</FONT></TD>
    <TD align="left">
    <FONT style="font-size: 10.0pt">the successor, if other than us,
    assumes our obligations under such indenture and the debt
    securities issued thereunder;
    </FONT></TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT face="webdings">4</FONT><FONT style="font-size: 10.0pt">&nbsp;</FONT></TD>
    <TD align="left">
    <FONT style="font-size: 10.0pt">immediately after giving effect
    to such transaction, no Event of Default and no event which,
    after notice or lapse of time or both, would become an Event of
    Default, shall have occurred and be continuing; and
    </FONT></TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT face="webdings">4</FONT><FONT style="font-size: 10.0pt">&nbsp;</FONT></TD>
    <TD align="left">
    <FONT style="font-size: 10.0pt">certain other conditions are met.
    </FONT></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Each indenture provides that, upon any consolidation or merger
or transfer or lease of our properties and assets of
substantially as an entirety in accordance with the preceding
paragraph, the successor corporation formed by such
consolidation or into which we are merged or to which such
transfer or lease is made shall be substituted for us with the
same effect as if such successor corporation had been named as
us. Thereafter, we shall be relieved of the performance and
observance of all obligations and covenants of such indenture
and the senior debt securities or subordinated debt securities,
as the case may be, including but not limited to the obligation
to make payment of the principal of (and premium, if any) and
interest, if any, on all the debt securities then outstanding,
and we may thereupon or any time thereafter be liquidated and
dissolved.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>SATISFACTION AND DISCHARGE</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Unless a prospectus supplement provides otherwise, we will be
discharged from our obligations under the outstanding debt
securities of a series upon satisfaction of the following
conditions:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top">
    <TD><FONT face="webdings">4</FONT><FONT style="font-size: 10.0pt">&nbsp;</FONT></TD>
    <TD align="left">
    <FONT style="font-size: 10.0pt">we have irrevocably deposited
    with the trustee either money, or U.S.&nbsp;Government
    Obligations together with the predetermined and certain income
    to accrue thereon without consideration of any reinvestment
    thereof, or a combination of which (in the written opinion of
    independent public accountants delivered to the trustee), will
    be sufficient to pay and discharge the entire principal of (and
    premium, if any), and interest, if any, to Stated Maturity or
    any redemption date on, the outstanding debt securities of such
    series;
    </FONT></TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT face="webdings">4</FONT><FONT style="font-size: 10.0pt">&nbsp;</FONT></TD>
    <TD align="left">
    <FONT style="font-size: 10.0pt">we have paid or caused to be
    paid all other sums payable with respect to the outstanding debt
    securities of such series;
    </FONT></TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT face="webdings">4</FONT><FONT style="font-size: 10.0pt">&nbsp;</FONT></TD>
    <TD align="left">
    <FONT style="font-size: 10.0pt">the trustee has received an
    Officers&#146; Certificate and an Opinion of Counsel each
    stating that all conditions precedent have been complied with; or
    </FONT></TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT face="webdings">4</FONT><FONT style="font-size: 10.0pt">&nbsp;</FONT></TD>
    <TD align="left">
    <FONT style="font-size: 10.0pt">the trustee has received
    (a)&nbsp;a ruling directed to us and the trustee from the United
    States Internal Revenue Service to the effect that the holders
    of the debt securities of such series will not recognize income,
    gain or loss for federal income tax purposes as a result of our
    exercise of our option to discharge our obligations under the
    indenture with respect to such series and will be subject to
    federal income tax on the same amount and in the same manner and
    at the same times as would have been the case if such deposit
    and discharge had not occurred or (b)&nbsp;an opinion of tax
    counsel to the same effect as the ruling described in
    clause&nbsp;(a) above and based upon a change in law.
    </FONT></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Upon such discharge, we will be deemed to have satisfied all the
obligations under the indenture, except for obligations with
respect to registration of transfer and exchange of the debt
securities of such series, and the rights of the holders to
receive from deposited funds payment of the principal of (and
premium, if any) and interest, if any, on the debt securities of
such series.
</DIV>

<DIV align="left" style="font-size: 3.0pt;color: #000000; background: #ffffff;">
<DIV style="width: 100%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="right" style="font-size: 8.0pt;color: #000000; background: #ffffff;">
<B> 13</B>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>MODIFICATION OF THE INDENTURE</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Each indenture provides that we and the trustee thereunder may,
without the consent of any holders of debt securities, enter
into supplemental indentures for the purposes, among other
things, of adding to our covenants, adding any additional Events
of Default, establishing the form or terms of debt securities or
curing ambiguities or inconsistencies in such indenture or
making other provisions; provided such action shall not
adversely affect the interests of the holders of any series of
debt securities in any material respect.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Each indenture contains provisions permitting us, with the
consent of the holders of not less than a majority in principal
amount of the outstanding debt securities of all affected series
(acting as one class), to execute supplemental indentures adding
any provisions to or changing or eliminating any of the
provisions of such indenture or modifying the rights of the
holders of the debt securities of such series, except that no
such supplemental indenture may, without the consent of the
holders of all the outstanding debt securities affected thereby,
among other things:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>(1)</TD>
    <TD align="left">
    change the maturity of the principal of, or any installment of
    principal of or interest on, any of the debt securities;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(2)</TD>
    <TD align="left">
    reduce the principal amount thereof (or any premium thereon) or
    the rate of interest, if any, thereon;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(3)</TD>
    <TD align="left">
    reduce the amount of the principal of Original Issue Discount
    Securities payable on any acceleration of maturity;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(4)</TD>
    <TD align="left">
    change our obligation to maintain an office or agency in the
    places and for the purposes required by such indenture;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(5)</TD>
    <TD align="left">
    impair the right to institute suit for the enforcement of any
    such payment on or after the applicable maturity date;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(6)</TD>
    <TD align="left">
    reduce the percentage in principal amount of the outstanding
    debt securities of any series, the consent of the holders of
    which is required for any such supplemental indenture or for any
    waiver of compliance with certain provisions of, or of certain
    defaults under, such indenture;&nbsp;or</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(7)</TD>
    <TD align="left">
    with certain exceptions, to modify the provisions for the waiver
    of certain defaults and any of the foregoing provisions.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>EVENTS OF DEFAULT</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
An Event of Default in respect of any series of debt securities
(unless it is either inapplicable to a particular series or has
been modified or deleted with respect to any particular series)
is defined in each indenture to be:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top">
    <TD><FONT face="webdings">4</FONT><FONT style="font-size: 10.0pt">&nbsp;</FONT></TD>
    <TD align="left">
    <FONT style="font-size: 10.0pt">failure to pay interest on such
    series of debt securities for 30&nbsp;days after payment is due;
    </FONT></TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT face="webdings">4</FONT><FONT style="font-size: 10.0pt">&nbsp;</FONT></TD>
    <TD align="left">
    <FONT style="font-size: 10.0pt">failure to pay the principal of
    (or premium, if any) on such series of debt securities when due;
    </FONT></TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT face="webdings">4</FONT><FONT style="font-size: 10.0pt">&nbsp;</FONT></TD>
    <TD align="left">
    <FONT style="font-size: 10.0pt">failure to perform any other
    covenant in the indenture that applies to such series of debt
    securities for 90&nbsp;days after we have received written
    notice of the failure to perform in the manner specified in the
    indenture;
    </FONT></TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT face="webdings">4</FONT><FONT style="font-size: 10.0pt">&nbsp;</FONT></TD>
    <TD align="left">
    <FONT style="font-size: 10.0pt">an event of default under any
    mortgage, indenture (including the indenture) or other
    instrument under which any debt of Washington Mutual, Inc. or
    any Principal Subsidiary Bank (defined below) shall be
    outstanding which default shall have resulted in the
    acceleration of such debt in excess of $75,000,000 in aggregate
    principal amount and such acceleration shall not have been
    rescinded or such debt discharged within a period of
    30&nbsp;days after notice;
    </FONT></TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT face="webdings">4</FONT><FONT style="font-size: 10.0pt">&nbsp;</FONT></TD>
    <TD align="left">
    <FONT style="font-size: 10.0pt">certain events of bankruptcy,
    insolvency or reorganization; and
    </FONT></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 3.0pt;color: #000000; background: #ffffff;">
<DIV style="width: 100%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 8.0pt;color: #000000; background: #ffffff;">
<B> 14</B>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top">
    <TD><FONT face="webdings">4</FONT><FONT style="font-size: 10.0pt">&nbsp;</FONT></TD>
    <TD align="left">
    <FONT style="font-size: 10.0pt">any other event of default
    provided for in such series of debt securities.
    </FONT></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
&#147;Principal Subsidiary Bank&#148; is defined in the
indenture as each of Washington Mutual Bank (formerly known as
Washington Mutual Bank, FA) and any other subsidiary bank the
consolidated assets of which constitute 20% or more of the
consolidated assets of Washington Mutual, Inc. and its
subsidiaries. As of the date hereof, Washington Mutual Bank is
our only Principal Subsidiary Bank.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
If an Event of Default shall have happened and be continuing,
either the trustee thereunder or the holders of not less than
25% in principal amount of the outstanding debt securities of
such series may declare the principal of all of the outstanding
notes to be immediately due and payable.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Each indenture provides that the holders of not less than a
majority in principal amount of the outstanding debt securities
of any series may direct the time, method and place of
conducting any proceeding for any remedy available to the
trustee thereunder, or exercising any trust or power conferred
on such trustee, with respect to the debt securities of such
series; provided that:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top">
    <TD><FONT face="webdings">4</FONT><FONT style="font-size: 10.0pt">&nbsp;</FONT></TD>
    <TD align="left">
    <FONT style="font-size: 10.0pt">such direction shall not be in
    conflict with any rule of law or with the indenture,
    </FONT></TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT face="webdings">4</FONT><FONT style="font-size: 10.0pt">&nbsp;</FONT></TD>
    <TD align="left">
    <FONT style="font-size: 10.0pt">the trustee may take any other
    action deemed proper that is not inconsistent with such
    direction and
    </FONT></TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT face="webdings">4</FONT><FONT style="font-size: 10.0pt">&nbsp;</FONT></TD>
    <TD align="left">
    <FONT style="font-size: 10.0pt">the trustee shall not determine
    that the action so directed would be unjustly prejudicial to the
    holders of debt securities of such series not taking part in
    such direction.
    </FONT></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Each indenture provides that the holders of not less than a
majority in principal amount of the outstanding debt securities
of any series may on behalf of the holders of all of the
outstanding debt securities of such series waive any past
default under such indenture with respect to such series and its
consequences, except a default (1)&nbsp;in the payment of the
principal of (or premium, if any) or interest, if any, on any of
the debt securities of such series or (2)&nbsp;in respect of a
covenant or provision of such indenture which, under the terms
of such indenture, cannot be modified or amended without the
consent of the holders of all of the outstanding debt securities
of such series affected thereby.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Each indenture contains provisions entitling the trustee
thereunder, subject to the duty of the trustee during an Event
of Default in respect of any series of debt securities to act
with the required standard of care, to be indemnified by the
holders of the debt securities of such series before proceeding
to exercise any right or power under such indenture at the
request of the holders of the debt securities of such series.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Each indenture provides that the trustee will, within
90&nbsp;days after the occurrence of a default in respect of any
series of debt securities, give to the holders of the debt
securities of such series notice of all uncured and unwaived
defaults known to it; provided, however, that, except in the
case of a default in the payment of the principal of (or
premium, if any) or any interest on, or any sinking fund
installment with respect to, any of the debt securities of such
series, the trustee will be protected in withholding such notice
if it in good faith determines that the withholding of such
notice is in the interests of the holders of the debt securities
of such series; and provided, further, that such notice shall
not be given until at least 30&nbsp;days after the occurrence of
an Event of Default regarding the performance of any covenant of
ours under such indenture other than for the payment of the
principal of (or premium, if any) or any interest on, or any
sinking fund installment with respect to, any of the debt
securities of such series. The term default for the purpose of
this provision only means any event that is, or after notice or
lapse of time, or both, would become, an Event of Default with
respect to the debt securities of such series.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
We will be required to furnish annually to the trustee a
certificate as to compliance with all conditions and covenants
under the indenture.
</DIV>

<DIV align="left" style="font-size: 3.0pt;color: #000000; background: #ffffff;">
<DIV style="width: 100%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="right" style="font-size: 8.0pt;color: #000000; background: #ffffff;">
<B> 15</B>
</DIV>

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<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>NOTICES</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Notices to holders of registered securities will be given by
mail to the addresses of such holders as they appear in the
Security Register.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>TITLE</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
We, the appropriate Trustee and any agent of ours or such
Trustee may treat the registered owner of any registered
security (including registered securities in global registered
form) as the absolute owner thereof (whether or not such Debt
Security or coupon shall be overdue and notwithstanding any
notice to the contrary) for the purpose of making payment and
for all other purposes.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>GOVERNING LAW</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
New York law will govern the indentures and the debt securities.
</DIV>

<DIV align="left" style="font-size: 3.0pt;color: #000000; background: #ffffff;">
<DIV style="width: 100%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 8.0pt;color: #000000; background: #ffffff;">
<B> 16</B>
</DIV>

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<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='309'></A>
</DIV>

<!-- link1 "Description of capital stock" -->

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

</DIV>

<DIV align="left" style="font-size: 3.0pt;color: #000000; background: #ffffff;">
<DIV style="width: 100%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 16.0pt;color: #000000; background: #ffffff; margin-top: 14pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Description of capital stock
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The following descriptions are summaries of the material terms
of our Amended and Restated Articles of Incorporation
(&#147;articles of incorporation&#148;), our bylaws and
applicable provisions of law. Reference is made to the more
detailed provisions of, and such descriptions are qualified in
their entirety by reference to, our articles of incorporation
and bylaws, which are incorporated by reference in the
registration statement that we filed with the SEC. You should
read our articles of incorporation and bylaws for the provisions
that are important to you.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Our articles of incorporation currently authorize
1,600,000,000&nbsp;shares of common stock, no par value, and
10,000,000&nbsp;shares of preferred stock, no par value. On
November&nbsp;30, 2005, we had 992,057,807&nbsp;shares of common
stock outstanding. There were no shares of preferred stock
outstanding.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>COMMON STOCK</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
We do not intend to offer shares of our common stock pursuant to
this prospectus except upon the conversion or exchange of debt
securities or preferred stock that we offer under this
prospectus.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Each share of common stock is entitled to one vote on all
matters properly presented at a meeting of shareholders.
Shareholders are not entitled to cumulative voting in the
election of directors.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The number of our directors is determined by our bylaws. The
bylaws currently set the number of directors at up to sixteen.
Our board of directors is divided into three classes of as equal
a number of directors as possible. The term of office of each
class is three years, with each term expiring in a different
year.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<I>Interested Stockholders.</I> Our articles of incorporation
prohibit, except under certain circumstances, us (or any of our
subsidiaries) from engaging in certain significant business
transactions with a &#147;major stockholder.&#148; A &#147;major
stockholder&#148; is a person who, without the prior approval of
our board of directors, acquires beneficial ownership of five
percent or more of our outstanding voting stock. Prohibited
transactions include, among others:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top">
    <TD><FONT face="webdings">4</FONT><FONT style="font-size: 10.0pt">&nbsp;</FONT></TD>
    <TD align="left">
    <FONT style="font-size: 10.0pt">any merger with, disposition of
    assets to, acquisition by us of the assets of, issuance of
    securities of ours to, or acquisition by us of securities of, a
    major stockholder;
    </FONT></TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT face="webdings">4</FONT><FONT style="font-size: 10.0pt">&nbsp;</FONT></TD>
    <TD align="left">
    <FONT style="font-size: 10.0pt">any reclassification of our
    voting stock or of any subsidiary beneficially owned by a major
    stockholder; or
    </FONT></TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT face="webdings">4</FONT><FONT style="font-size: 10.0pt">&nbsp;</FONT></TD>
    <TD align="left">
    <FONT style="font-size: 10.0pt">any partial or complete
    liquidation, spin off, split off or split up of us or any
    subsidiary.
    </FONT></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The above prohibitions do not apply, in general, if the specific
transaction is approved by:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top">
    <TD><FONT face="webdings">4</FONT><FONT style="font-size: 10.0pt">&nbsp;</FONT></TD>
    <TD align="left">
    <FONT style="font-size: 10.0pt">our board of directors prior to
    the major stockholder involved having become a major stockholder;
    </FONT></TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT face="webdings">4</FONT><FONT style="font-size: 10.0pt">&nbsp;</FONT></TD>
    <TD align="left">
    <FONT style="font-size: 10.0pt">a vote of at least 80% of the
    &#147;continuing directors&#148; (defined as those members of
    our board prior to the involvement of the major stockholder);
    </FONT></TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT face="webdings">4</FONT><FONT style="font-size: 10.0pt">&nbsp;</FONT></TD>
    <TD align="left">
    <FONT style="font-size: 10.0pt">a majority of the
    &#147;continuing directors&#148; if the major stockholder
    obtained unanimous board approval to become a major stockholder;
    </FONT></TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT face="webdings">4</FONT><FONT style="font-size: 10.0pt">&nbsp;</FONT></TD>
    <TD align="left">
    <FONT style="font-size: 10.0pt">a vote of 95% of the outstanding
    shares of our voting stock other than shares held by the major
    stockholder; or
    </FONT></TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT face="webdings">4</FONT><FONT style="font-size: 10.0pt">&nbsp;</FONT></TD>
    <TD align="left">
    <FONT style="font-size: 10.0pt">a majority vote of the shares of
    voting stock and the shares of voting stock owned by
    stockholders other than any major stockholder if certain other
    conditions are met.
    </FONT></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 3.0pt;color: #000000; background: #ffffff;">
<DIV style="width: 100%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="right" style="font-size: 8.0pt;color: #000000; background: #ffffff;">
<B> 17</B>
</DIV>

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<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Our articles of incorporation also provide that during the time
a major stockholder exists, we may voluntarily dissolve only
upon the unanimous consent of our stockholders or an affirmative
vote of at least two-thirds of our board of directors and the
holders of at least two-thirds of the shares entitled to vote on
such a dissolution and of each class of shares entitled to vote
on such a dissolution as a class, if any.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<I>Shareholder Rights Plan.</I> We have adopted a shareholder
rights plan (the &#147;Rights Plan&#148;) which provides that
one right to purchase&nbsp;1/1,000th of a share of our
Series&nbsp;RP preferred stock (the &#147;Rights&#148;) is
attached to each outstanding share of our common stock. The
Rights have certain anti-takeover effects and are intended to
discourage coercive or unfair takeover tactics and to encourage
any potential acquiror to negotiate a price fair to all
shareholders. The Rights may cause substantial dilution to an
acquiring party that attempts to acquire us on terms not
approved by our board, but they will not interfere with any
merger or other business combination that is approved by our
board.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The Rights are attached to the shares of our common stock. The
Rights are not presently exercisable. At the time a party
acquires beneficial ownership of 15% or more of the outstanding
shares of our common stock or commences or publicly announces
for the first time a tender offer to do so, the Rights will
separate from the common stock and will become exercisable. Each
Right entitles the holder to purchase 1/1,000th&nbsp;share of
Series&nbsp;RP preferred stock, for an exercise price that is
currently $200&nbsp;per share. Once the Rights become
exercisable, any Rights held by the acquiring party will be void
and, for the next 60&nbsp;days, all other holders of Rights will
receive upon exercise of the Right that number of shares of our
common stock having a market value of two times the exercise
price of the Right. The Rights, which expire on January&nbsp;4,
2011, may be redeemed by us for $0.001&nbsp;per right prior to
becoming exercisable. Until a Right is exercised, the holder of
that Right will have no rights as a shareholder, including,
without limitation, the right to vote or receive dividends.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>PREFERRED STOCK</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
In this section we describe the general terms that will apply to
preferred stock that we may offer by this prospectus in the
future. When we issue a particular series, we will describe the
specific terms of the series of preferred stock in a prospectus
supplement. The description of provisions of our preferred stock
included in any prospectus supplement may not be complete and is
qualified in its entirety by reference to the description in our
articles of incorporation and our certificate of designation,
which will describe the terms of the offered preferred stock and
be filed with the SEC at the time of sale of that preferred
stock. At that time, you should read our articles of
incorporation and any certificate of designation relating to
each particular series of preferred stock for provisions that
may be important to you.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Our board of directors is authorized to provide for the issuance
from time to time of preferred stock in series and, as to each
series, to fix the designation, the dividend rate, whether
dividends are cumulative, the preferences which dividends will
have with respect to any other class or series of capital stock,
the voting rights, the voluntary and involuntary liquidation
prices, the conversion or exchange privileges, the redemption
prices and the other terms of redemption, and the terms of any
purchase or sinking funds applicable to the series. The terms of
any series of preferred stock will be described in a prospectus
supplement. Cumulative dividends, dividend preferences and
conversion, exchange and redemption provisions, to the extent
that some or all of these features may be present when shares of
our preferred stock are issued, could have an adverse effect on
the availability of earnings for distribution to the holders of
common stock or for other corporate purposes.
</DIV>

<DIV align="left" style="font-size: 3.0pt;color: #000000; background: #ffffff;">
<DIV style="width: 100%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 8.0pt;color: #000000; background: #ffffff;">
<B> 18</B>
</DIV>

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<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='310'></A>
</DIV>

<!-- link1 "Description of depositary shares" -->

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

</DIV>

<DIV align="left" style="font-size: 3.0pt;color: #000000; background: #ffffff;">
<DIV style="width: 100%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 16.0pt;color: #000000; background: #ffffff; margin-top: 14pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Description of depositary shares
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
We describe in this section the general terms of the depositary
shares. We will describe the specific terms of the depositary
shares in a prospectus supplement. The following description of
the deposit agreement, the depositary shares and the depositary
receipts is only a summary and you should refer to the forms of
the deposit agreement and depositary share certificate that will
be filed with the SEC in connection with any particular offering
of depositary shares.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>GENERAL</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
We may offer fractional interests in preferred stock, rather
than full shares of preferred stock. In that case, we will
provide for the issuance by a depositary to investors of
receipts for depositary shares, each representing a fractional
interest in a share of a particular series of preferred stock.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The shares of any series of preferred stock underlying the
depositary shares will be deposited under a separate deposit
agreement between us and the depositary, which must be a bank or
trust company having its principal office in the United States
and having a combined capital and surplus of at least
$50&nbsp;million. The applicable prospectus supplement will set
forth the name and address of the depositary. Subject to the
terms of the deposit agreement, each owner of a depositary share
will have a fractional interest in all the rights and
preferences of the preferred stock underlying such depositary
share. Those rights include any dividend, voting, redemption,
conversion and liquidation rights.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The depositary shares will be evidenced by depositary receipts
issued under the deposit agreement. If you purchase fractional
interests in shares of the related series of preferred stock,
you will receive depositary receipts as described in the
applicable prospectus supplement. While the final depositary
receipts are being prepared, we may order the depositary to
issue temporary depositary receipts substantially identical to
the final depositary receipts although not in final form. The
holders of the temporary depositary receipts will be entitled to
the same rights as if they held the depositary receipts in final
form. Holders of the temporary depositary receipts can exchange
them for the final depositary receipts at our expense.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>WITHDRAWAL</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Unless otherwise indicated in the applicable prospectus
supplement and unless the related depositary shares have been
called for redemption, if you surrender depositary receipts at
the principal office of the depositary, then you are entitled to
receive at that office the number of shares of preferred stock
and any money or other property represented by the depositary
shares. We will not issue partial shares of preferred stock. If
you deliver depositary receipts evidencing a number of
depositary shares that represent more than a whole number of
shares of preferred stock, the depositary will issue to you a
new depositary receipt evidencing the excess number of
depositary shares at the same time that the preferred stock is
withdrawn. Holders of shares of preferred stock received in
exchange for depositary shares will no longer be entitled to
deposit those shares under the deposit agreement or to receive
depositary shares in exchange for those shares of preferred
stock.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>DIVIDENDS AND OTHER DISTRIBUTIONS</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The depositary will distribute all cash dividends or other cash
distributions received with respect to the preferred stock to
the record holders of depositary shares representing the
preferred stock in proportion to the numbers of depositary
shares owned by the holders on the relevant record date. The
depositary will distribute only the amount that can be
distributed without attributing to any holder of depositary
shares a fraction of one cent. The balance not distributed will
be added to and treated as part of the next sum received by the
depositary for distribution to record holders of depositary
shares.
</DIV>

<DIV align="left" style="font-size: 3.0pt;color: #000000; background: #ffffff;">
<DIV style="width: 100%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="right" style="font-size: 8.0pt;color: #000000; background: #ffffff;">
<B> 19</B>
</DIV>

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<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
If there is a distribution other than in cash, the depositary
will distribute property to the holders of depositary shares,
unless the depositary determines that it is not feasible to make
such distribution. If this occurs, the depositary may, with our
approval, sell the property and distribute the net proceeds from
the sale to the holders of depositary shares.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>CONVERSION, EXCHANGE AND REDEMPTION</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Unless otherwise specified in the applicable prospectus
supplement, neither the depositary shares nor the series of
preferred stock underlying the depositary shares will be
convertible or exchangeable into any other class or series of
our capital stock.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
If the series of the preferred stock underlying the depositary
shares is subject to redemption, the depositary shares will be
redeemed from the redemption proceeds, in whole or in part, of
the series of the preferred stock held by the depositary. The
redemption price per depositary share will bear the same
relationship to the redemption price per share of preferred
stock that the depositary share bears to the underlying
preferred stock. Whenever we redeem preferred stock held by the
depositary, the depositary will redeem, as of the same
redemption date, the number of depositary shares representing
the preferred stock redeemed. If less than all the depositary
shares are to be redeemed, the depositary shares to be redeemed
will be selected by lot or pro rata as determined by the
depositary.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>VOTING</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Upon receipt of notice of any meeting at which the holders of
the preferred stock are entitled to vote, the depositary will
mail Information about the meeting contained in the notice to
the record holders of the depositary shares relating to the
preferred stock. Each record holder of the depositary shares on
the record date (which will be the same date as the record date
for the preferred stock) will be entitled to instruct the
depositary as to how the preferred stock underlying the
holder&#146;s depositary shares should be voted.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The depositary will try, if practical, to vote the preferred
stock underlying the depositary shares according to the
instructions received. We will agree to take all action
requested by and deemed necessary by the depositary in order to
enable the depositary to vote the preferred stock in that
manner. The depositary will not vote any preferred stock for
which it does not receive specific instructions from the holders
of the depositary shares relating to the preferred stock.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>AMENDMENT AND TERMINATION OF THE DEPOSIT AGREEMENT</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
We may amend the form of depositary receipt evidencing the
depositary shares and any provision of the deposit agreement by
agreement with the depositary at any time. Any amendment that
materially and adversely alters the rights of the existing
holders of depositary shares will not be effective, however,
unless approved by the record holders of at least a majority of
the depositary shares then outstanding. A deposit agreement may
be terminated by us or the depositary only if:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top">
    <TD><FONT face="webdings">4</FONT><FONT style="font-size: 10.0pt">&nbsp;</FONT></TD>
    <TD align="left">
    <FONT style="font-size: 10.0pt">all outstanding depositary
    shares relating to the deposit agreement have been redeemed or
    converted into or exchanged for other securities; or
    </FONT></TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT face="webdings">4</FONT><FONT style="font-size: 10.0pt">&nbsp;</FONT></TD>
    <TD align="left">
    <FONT style="font-size: 10.0pt">there has been a final
    distribution on the underlying preferred stock in connection
    with our liquidation, dissolution or winding up and the
    distribution has been made to the holders of the related
    depositary shares
    </FONT></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>CHARGES OF DEPOSITARY</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
We will pay all transfer and other taxes and governmental
charges arising solely from the existence of the depositary
arrangements. We will pay charges of the depositary in
connection with its duties under the deposit agreement. Holders
of depositary shares will pay transfer and other taxes and
</DIV>

<DIV align="left" style="font-size: 3.0pt;color: #000000; background: #ffffff;">
<DIV style="width: 100%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 8.0pt;color: #000000; background: #ffffff;">
<B> 20</B>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
governmental charges and any other charges that are stated to be
their responsibility in the deposit agreement.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>MISCELLANEOUS</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The depositary will forward to the holders of depositary shares
all reports and communications that we must furnish to the
holders of the preferred stock.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Neither we nor the depositary will be liable if either of us is
prevented or delayed by law or any circumstance beyond our
control in performing our respective obligations under the
deposit agreement. Our obligations and the depositary&#146;s
obligations under the deposit agreement will be limited to
performance in good faith of duties set forth in the deposit
agreement. Neither we nor the depositary will be obligated to
prosecute or defend any legal proceeding connected with any
depositary shares or preferred stock unless satisfactory
indemnity is furnished. We and the depositary may rely upon
written advice of counsel or accountants, or information
provided by persons presenting preferred stock for deposit,
holders of depositary shares or other persons believed to be
competent and on documents believed to be genuine.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>RESIGNATION AND REMOVAL OF DEPOSITARY</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The depositary may resign at any time by delivering notice to
us. We may also remove the depositary at any time. Resignations
or removals will take effect upon the appointment of a successor
depositary and its acceptance of the appointment. The successor
depositary must be appointed within 60&nbsp;days after delivery
of the notice of resignation or removal.
</DIV>

<DIV align="left" style="font-size: 3.0pt;color: #000000; background: #ffffff;">
<DIV style="width: 100%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="right" style="font-size: 8.0pt;color: #000000; background: #ffffff;">
<B> 21</B>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='311'></A>
</DIV>

<!-- link1 "Plan of distribution" -->

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

</DIV>

<DIV align="left" style="font-size: 3.0pt;color: #000000; background: #ffffff;">
<DIV style="width: 100%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 16.0pt;color: #000000; background: #ffffff; margin-top: 14pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Plan of distribution
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
We may sell the securities being offered hereby:
(i)&nbsp;directly to purchasers, (ii)&nbsp;through agents,
(iii)&nbsp;through dealers, (iv)&nbsp;through underwriters, or
(v)&nbsp;through a combination of any such methods of sale.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The distribution of the securities may be effected from time to
time in one or more transactions either (i)&nbsp;at a fixed
price or prices, which may be changed, (ii)&nbsp;at market
prices prevailing at the time of sale, (iii)&nbsp;at prices
related to such prevailing market prices, or (iv)&nbsp;at
negotiated prices.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Offers to purchase the securities may be solicited directly by
us or by agents designated by us from time to time. Any such
agent, which may be deemed to be an underwriter as that term is
defined in the Securities Act, involved in the offer or sale of
the debt securities in respect of which this prospectus is
delivered will be named, and any commissions payable by us to
such agent will be set forth in the prospectus supplement
relating to the offering of the securities. Unless otherwise
indicated in the applicable prospectus supplement, any such
agent will be acting on a best efforts basis for the period of
its appointment.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
If a dealer is utilized in the sale of the securities in respect
of which this prospectus is delivered, we will sell the
securities to the dealer, as principal. The dealer, which may be
deemed to be an underwriter as that term is defined in the
Securities Act, may then resell the securities to the public at
varying prices to be determined by such dealer at the time of
resale. Dealer trading may take place in certain of the
securities, including securities not listed on any securities
exchange.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
If an underwriter or underwriters are utilized in the sale, we
will execute an underwriting agreement with such underwriters at
the time of sale to them and the names of the underwriters will
be set forth in the applicable prospectus supplement, which will
be used by the underwriters to make resales of the securities in
respect of which this prospectus is delivered to the public. The
obligations of underwriters to purchase securities will be
subject to certain conditions precedent and the underwriters
will be obligated to purchase all of the securities of a series
if any are purchased.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Underwriters, dealers, agents and other persons may be entitled,
under agreements that may be entered into with us, to
indemnification against certain civil liabilities, including
liabilities under the Securities Act, or to contribution with
respect to payments that they may be required to make in respect
thereof. Underwriters, dealers and agents may engage in
transactions with, or perform services for, us in the ordinary
course of business.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Except as indicated in the applicable prospectus supplement, the
securities are not expected to be listed on a securities
exchange, except for our common stock, which is listed on The
New York Stock Exchange, and any underwriters or dealers will
not be obligated to make a market in securities. We cannot
predict the activity or liquidity of any trading in the
securities.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='312'></A>
</DIV>

<!-- link1 "Legal matters" -->

<DIV align="left" style="font-size: 16.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Legal matters
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The legality of the securities offered by this prospectus will
be passed upon by Heller Ehrman LLP, Seattle, Washington. As of
November&nbsp;30, 2005, Heller Ehrman LLP and individual
attorneys at the firm who participated in this transaction owned
an aggregate of 12,992&nbsp;shares of our common stock.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='313'></A>
</DIV>

<!-- link1 "Experts" -->

<DIV align="left" style="font-size: 16.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Experts
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The auditors of the Issuer are Deloitte&nbsp;&#38; Touche LLP
(&#147;Deloitte&#148;), an independent registered public
accounting firm, who have audited the Issuer&#146;s consolidated
financial statements, without qualification,
</DIV>

<DIV align="left" style="font-size: 3.0pt;color: #000000; background: #ffffff;">
<DIV style="width: 100%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 8.0pt;color: #000000; background: #ffffff;">
<B> 22</B>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
in accordance with generally accepted auditing standards in the
United States of America for each of the financial periods ended
December&nbsp;31, 2004, 2003 and 2002, respectively, and who
have audited management&#146;s report on the effectiveness of
internal control over financial reporting for the year ended
December&nbsp;31, 2004. Deloitte&#146;s report on the
Issuer&#146;s consolidated financial statements for the year
ended December&nbsp;31, 2003 includes an explanatory paragraph
referring to the Issuer&#146;s adoption of Statement of
Financial Accounting Standards (SFAS)&nbsp;No.&nbsp;142,
Goodwill and Other Intangible Assets, on January&nbsp;1, 2002
and an explanatory paragraph referring to the Issuer&#146;s 2002
restatement of Note&nbsp;2 to the consolidated financial
statements. Deloitte&#146;s report on the Issuer&#146;s
consolidated financial statements for the year ended
December&nbsp;31, 2002 includes an explanatory paragraph
referring to the Issuer&#146;s adoption of
a)&nbsp;SFAS&nbsp;No.&nbsp;133, Accounting for Derivative
Instruments and Hedging Activities, as amended, on
January&nbsp;1, 2001, b)&nbsp;SFAS&nbsp;No.&nbsp;142, Goodwill
and Other Intangible Assets, on January&nbsp;1, 2002, and
c)&nbsp;SFAS&nbsp;No.&nbsp;147, Acquisitions of Certain
Financial Institutions, on October&nbsp;1, 2002.
</DIV>

<DIV align="left" style="font-size: 3.0pt;color: #000000; background: #ffffff;">
<DIV style="width: 100%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="right" style="font-size: 8.0pt;color: #000000; background: #ffffff;">
<B> 23</B>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 22pt">Washington Mutual,
    Inc.</FONT></B>
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 18pt">$500,000,000</FONT></B>
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 18pt">7.250% Subordinated
    Notes</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 18pt">due November&#160;1,
    2017</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 23%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=455 length=108 -->

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="v34832b5v3483202.gif" alt="(COMPANY LOGO)" ><FONT style="font-size: 18pt">
    </FONT>
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 23%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=455 length=108 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I><FONT style="font-size: 11pt">Joint Book-Running
    Managers</FONT></I>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 18pt; font-variant: SMALL-CAPS">Barclays
    Capital</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 18pt; font-variant: SMALL-CAPS">Credit
    Suisse</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 18pt; font-variant: SMALL-CAPS">Lehman
    Brothers</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 18pt; font-variant: SMALL-CAPS">Morgan
    Stanley</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I><FONT style="font-size: 11pt">Co-Managers</FONT></I>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 18pt; font-variant: SMALL-CAPS">Cabrera
    Capital Markets, LLC</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 18pt; font-variant: SMALL-CAPS">Keefe,
    Bruyette&#160;&#038; Woods</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 18pt; font-variant: SMALL-CAPS">The
    Williams Capital Group, L.P.</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END LOGICAL PAGE -->
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