<SUBMISSION>
<ACCESSION-NUMBER>0001277277-07-000518
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>3
<PERIOD>20071024
<ITEMS>5.03
<ITEMS>8.01
<ITEMS>9.01
<FILING-DATE>20071030
<DATE-OF-FILING-DATE-CHANGE>20071030
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>WASHINGTON MUTUAL, INC
<CIK>0000933136
<ASSIGNED-SIC>6035
<IRS-NUMBER>911653725
<STATE-OF-INCORPORATION>WA
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>001-14667
<FILM-NUMBER>071200384
</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>8-K
<SEQUENCE>1
<FILENAME>form8koct242007.htm
<TEXT>
<html>
<head>
<title></title>
<!--
 /* Font Definitions */
 @font-face
    {font-family:Wingdings;
    panose-1:5 0 0 0 0 0 0 0 0 0;}
@font-face
    {font-family:Tahoma;
    panose-1:2 11 6 4 3 5 4 4 2 4;}
@font-face
    {font-family:Times-Bold;
    panose-1:0 0 0 0 0 0 0 0 0 0;}
@font-face
    {font-family:Times-Roman;
    panose-1:0 0 0 0 0 0 0 0 0 0;}
@font-face
    {font-family:"\(normal text\)";
    panose-1:0 0 0 0 0 0 0 0 0 0;}
 /* Style Definitions */
 p.MsoNormal, li.MsoNormal, div.MsoNormal
    {margin:0in;
    margin-bottom:.0001pt;
    font-size:12.0pt;
    font-family:"Times New Roman";}
h1
    {margin-top:12.0pt;
    margin-right:0in;
    margin-bottom:12.0pt;
    margin-left:0in;
    text-indent:.5in;
    font-size:13.0pt;
    font-family:"Times New Roman";
    font-weight:normal;}
h2
    {margin-top:0in;
    margin-right:0in;
    margin-bottom:12.0pt;
    margin-left:0in;
    text-indent:1.0in;
    font-size:11.0pt;
    font-family:Arial;
    font-weight:normal;}
h3
    {margin-top:0in;
    margin-right:0in;
    margin-bottom:12.0pt;
    margin-left:0in;
    text-indent:1.5in;
    font-size:11.0pt;
    font-family:Arial;
    font-weight:normal;}
h4
    {margin-top:0in;
    margin-right:0in;
    margin-bottom:12.0pt;
    margin-left:0in;
    text-indent:2.0in;
    font-size:11.0pt;
    font-family:Arial;
    font-weight:normal;}
h5
    {margin-top:0in;
    margin-right:0in;
    margin-bottom:12.0pt;
    margin-left:0in;
    text-indent:2.5in;
    font-size:11.0pt;
    font-family:Arial;
    font-weight:normal;}
h6
    {margin-top:0in;
    margin-right:0in;
    margin-bottom:12.0pt;
    margin-left:1.0in;
    text-indent:1.5in;
    page-break-after:avoid;
    font-size:13.0pt;
    font-family:"Times New Roman";
    font-weight:bold;}
p.MsoHeading7, li.MsoHeading7, div.MsoHeading7
    {margin-top:0in;
    margin-right:0in;
    margin-bottom:12.0pt;
    margin-left:1.5in;
    text-indent:1.5in;
    page-break-after:avoid;
    font-size:13.0pt;
    font-family:"Times New Roman";
    font-weight:bold;}
p.MsoHeading8, li.MsoHeading8, div.MsoHeading8
    {margin-top:0in;
    margin-right:0in;
    margin-bottom:12.0pt;
    margin-left:2.0in;
    text-indent:1.5in;
    page-break-after:avoid;
    font-size:13.0pt;
    font-family:"Times New Roman";
    font-weight:bold;}
p.MsoHeading9, li.MsoHeading9, div.MsoHeading9
    {margin-top:0in;
    margin-right:0in;
    margin-bottom:12.0pt;
    margin-left:2.5in;
    text-indent:1.5in;
    page-break-after:avoid;
    font-size:13.0pt;
    font-family:"Times New Roman";
    font-weight:bold;}
p.MsoIndex1, li.MsoIndex1, div.MsoIndex1
    {margin-top:0in;
    margin-right:0in;
    margin-bottom:12.0pt;
    margin-left:.5in;
    text-indent:-.5in;
    font-size:12.0pt;
    font-family:"Times New Roman";}
p.MsoIndex2, li.MsoIndex2, div.MsoIndex2
    {margin-top:0in;
    margin-right:0in;
    margin-bottom:12.0pt;
    margin-left:1.0in;
    text-indent:-.5in;
    font-size:12.0pt;
    font-family:"Times New Roman";}
p.MsoIndex3, li.MsoIndex3, div.MsoIndex3
    {margin-top:0in;
    margin-right:0in;
    margin-bottom:12.0pt;
    margin-left:1.5in;
    text-indent:-.5in;
    font-size:12.0pt;
    font-family:"Times New Roman";}
p.MsoIndex4, li.MsoIndex4, div.MsoIndex4
    {margin-top:0in;
    margin-right:0in;
    margin-bottom:12.0pt;
    margin-left:2.0in;
    text-indent:-.5in;
    font-size:12.0pt;
    font-family:"Times New Roman";}
p.MsoIndex5, li.MsoIndex5, div.MsoIndex5
    {margin-top:0in;
    margin-right:0in;
    margin-bottom:12.0pt;
    margin-left:2.5in;
    text-indent:-.5in;
    font-size:12.0pt;
    font-family:"Times New Roman";}
p.MsoIndex6, li.MsoIndex6, div.MsoIndex6
    {margin-top:0in;
    margin-right:0in;
    margin-bottom:12.0pt;
    margin-left:2.5in;
    text-indent:-.5in;
    font-size:12.0pt;
    font-family:"Times New Roman";}
p.MsoIndex7, li.MsoIndex7, div.MsoIndex7
    {margin-top:0in;
    margin-right:0in;
    margin-bottom:12.0pt;
    margin-left:3.0in;
    text-indent:-.5in;
    font-size:12.0pt;
    font-family:"Times New Roman";}
p.MsoIndex8, li.MsoIndex8, div.MsoIndex8
    {margin-top:0in;
    margin-right:0in;
    margin-bottom:12.0pt;
    margin-left:3.5in;
    text-indent:-.5in;
    font-size:12.0pt;
    font-family:"Times New Roman";}
p.MsoIndex9, li.MsoIndex9, div.MsoIndex9
    {margin-top:0in;
    margin-right:0in;
    margin-bottom:12.0pt;
    margin-left:4.0in;
    text-indent:-.5in;
    font-size:12.0pt;
    font-family:"Times New Roman";}
p.MsoToc1, li.MsoToc1, div.MsoToc1
    {margin:0in;
    margin-bottom:.0001pt;
    font-size:12.0pt;
    font-family:"Times New Roman";}
p.MsoToc2, li.MsoToc2, div.MsoToc2
    {margin-top:0in;
    margin-right:0in;
    margin-bottom:0in;
    margin-left:.5in;
    margin-bottom:.0001pt;
    font-size:12.0pt;
    font-family:"Times New Roman";
    color:black;}
p.MsoToc3, li.MsoToc3, div.MsoToc3
    {margin-top:0in;
    margin-right:0in;
    margin-bottom:0in;
    margin-left:1.0in;
    margin-bottom:.0001pt;
    font-size:12.0pt;
    font-family:"Times New Roman";}
p.MsoToc4, li.MsoToc4, div.MsoToc4
    {margin-top:0in;
    margin-right:0in;
    margin-bottom:0in;
    margin-left:1.5in;
    margin-bottom:.0001pt;
    font-size:12.0pt;
    font-family:"Times New Roman";}
p.MsoToc5, li.MsoToc5, div.MsoToc5
    {margin-top:0in;
    margin-right:0in;
    margin-bottom:0in;
    margin-left:2.0in;
    margin-bottom:.0001pt;
    font-size:12.0pt;
    font-family:"Times New Roman";}
p.MsoToc6, li.MsoToc6, div.MsoToc6
    {margin-top:0in;
    margin-right:0in;
    margin-bottom:0in;
    margin-left:2.5in;
    margin-bottom:.0001pt;
    font-size:12.0pt;
    font-family:"Times New Roman";}
p.MsoToc7, li.MsoToc7, div.MsoToc7
    {margin-top:0in;
    margin-right:0in;
    margin-bottom:0in;
    margin-left:3.0in;
    margin-bottom:.0001pt;
    font-size:12.0pt;
    font-family:"Times New Roman";}
p.MsoToc8, li.MsoToc8, div.MsoToc8
    {margin-top:0in;
    margin-right:0in;
    margin-bottom:0in;
    margin-left:3.5in;
    margin-bottom:.0001pt;
    font-size:12.0pt;
    font-family:"Times New Roman";}
p.MsoToc9, li.MsoToc9, div.MsoToc9
    {margin-top:0in;
    margin-right:0in;
    margin-bottom:0in;
    margin-left:4.0in;
    margin-bottom:.0001pt;
    font-size:12.0pt;
    font-family:"Times New Roman";}
p.MsoNormalIndent, li.MsoNormalIndent, div.MsoNormalIndent
    {margin-top:0in;
    margin-right:0in;
    margin-bottom:0in;
    margin-left:.5in;
    margin-bottom:.0001pt;
    font-size:12.0pt;
    font-family:"Times New Roman";}
p.MsoFootnoteText, li.MsoFootnoteText, div.MsoFootnoteText
    {margin:0in;
    margin-bottom:.0001pt;
    font-size:10.0pt;
    font-family:"Times New Roman";}
p.MsoCommentText, li.MsoCommentText, div.MsoCommentText
    {margin:0in;
    margin-bottom:.0001pt;
    font-size:10.0pt;
    font-family:"Times New Roman";}
p.MsoHeader, li.MsoHeader, div.MsoHeader
    {margin:0in;
    margin-bottom:.0001pt;
    font-size:12.0pt;
    font-family:"Times New Roman";}
p.MsoFooter, li.MsoFooter, div.MsoFooter
    {margin:0in;
    margin-bottom:.0001pt;
    font-size:12.0pt;
    font-family:"Times New Roman";}
p.MsoIndexHeading, li.MsoIndexHeading, div.MsoIndexHeading
    {margin-top:0in;
    margin-right:0in;
    margin-bottom:12.0pt;
    margin-left:0in;
    font-size:12.0pt;
    font-family:"Times New Roman";}
p.MsoCaption, li.MsoCaption, div.MsoCaption
    {margin-top:6.0pt;
    margin-right:0in;
    margin-bottom:6.0pt;
    margin-left:0in;
    font-size:10.0pt;
    font-family:"Times New Roman";}
p.MsoTof, li.MsoTof, div.MsoTof
    {margin-top:0in;
    margin-right:0in;
    margin-bottom:0in;
    margin-left:24.0pt;
    margin-bottom:.0001pt;
    text-indent:-24.0pt;
    font-size:12.0pt;
    font-family:"Times New Roman";}
p.MsoEnvelopeAddress, li.MsoEnvelopeAddress, div.MsoEnvelopeAddress
    {margin-top:0in;
    margin-right:0in;
    margin-bottom:0in;
    margin-left:2.0in;
    margin-bottom:.0001pt;
    font-size:12.0pt;
    font-family:"Times New Roman";}
p.MsoEnvelopeReturn, li.MsoEnvelopeReturn, div.MsoEnvelopeReturn
    {margin:0in;
    margin-bottom:.0001pt;
    font-size:10.0pt;
    font-family:"Times New Roman";}
span.MsoFootnoteReference
    {vertical-align:super;}
span.MsoEndnoteReference
    {vertical-align:super;}
p.MsoEndnoteText, li.MsoEndnoteText, div.MsoEndnoteText
    {margin:0in;
    margin-bottom:.0001pt;
    font-size:10.0pt;
    font-family:"Times New Roman";}
p.MsoToa, li.MsoToa, div.MsoToa
    {margin-top:0in;
    margin-right:0in;
    margin-bottom:0in;
    margin-left:12.0pt;
    margin-bottom:.0001pt;
    text-indent:-12.0pt;
    font-size:12.0pt;
    font-family:"Times New Roman";}
p.MsoMacroText, li.MsoMacroText, div.MsoMacroText
    {margin:0in;
    margin-bottom:.0001pt;
    font-size:10.0pt;
    font-family:"Courier New";}
p.MsoToaHeading, li.MsoToaHeading, div.MsoToaHeading
    {margin-top:0in;
    margin-right:0in;
    margin-bottom:12.0pt;
    margin-left:0in;
    font-size:12.0pt;
    font-family:"Times New Roman";
    font-weight:bold;}
p.MsoList, li.MsoList, div.MsoList
    {margin-top:0in;
    margin-right:0in;
    margin-bottom:12.0pt;
    margin-left:.5in;
    text-indent:-.5in;
    font-size:12.0pt;
    font-family:"Times New Roman";}
p.MsoListBullet, li.MsoListBullet, div.MsoListBullet
    {margin-top:0in;
    margin-right:0in;
    margin-bottom:12.0pt;
    margin-left:.5in;
    text-indent:-.5in;
    font-size:12.0pt;
    font-family:"Times New Roman";}
p.MsoListNumber, li.MsoListNumber, div.MsoListNumber
    {margin-top:0in;
    margin-right:0in;
    margin-bottom:12.0pt;
    margin-left:0in;
    text-indent:1.0in;
    font-size:12.0pt;
    font-family:"Times New Roman";}
p.MsoList2, li.MsoList2, div.MsoList2
    {margin-top:0in;
    margin-right:0in;
    margin-bottom:12.0pt;
    margin-left:1.0in;
    text-indent:-.5in;
    font-size:12.0pt;
    font-family:"Times New Roman";}
p.MsoList3, li.MsoList3, div.MsoList3
    {margin-top:0in;
    margin-right:0in;
    margin-bottom:12.0pt;
    margin-left:1.5in;
    text-indent:-.5in;
    font-size:12.0pt;
    font-family:"Times New Roman";}
p.MsoList4, li.MsoList4, div.MsoList4
    {margin-top:0in;
    margin-right:0in;
    margin-bottom:12.0pt;
    margin-left:2.0in;
    text-indent:-.5in;
    font-size:12.0pt;
    font-family:"Times New Roman";}
p.MsoList5, li.MsoList5, div.MsoList5
    {margin-top:0in;
    margin-right:0in;
    margin-bottom:12.0pt;
    margin-left:2.5in;
    text-indent:-.5in;
    font-size:12.0pt;
    font-family:"Times New Roman";}
p.MsoListBullet2, li.MsoListBullet2, div.MsoListBullet2
    {margin-top:0in;
    margin-right:0in;
    margin-bottom:12.0pt;
    margin-left:1.0in;
    text-indent:-.5in;
    font-size:12.0pt;
    font-family:"Times New Roman";}
p.MsoListBullet3, li.MsoListBullet3, div.MsoListBullet3
    {margin-top:0in;
    margin-right:0in;
    margin-bottom:12.0pt;
    margin-left:1.5in;
    text-indent:-.5in;
    font-size:12.0pt;
    font-family:"Times New Roman";}
p.MsoListBullet4, li.MsoListBullet4, div.MsoListBullet4
    {margin-top:0in;
    margin-right:0in;
    margin-bottom:12.0pt;
    margin-left:2.0in;
    text-indent:-.5in;
    font-size:12.0pt;
    font-family:"Times New Roman";}
p.MsoListBullet5, li.MsoListBullet5, div.MsoListBullet5
    {margin-top:0in;
    margin-right:0in;
    margin-bottom:12.0pt;
    margin-left:2.5in;
    text-indent:-.5in;
    font-size:12.0pt;
    font-family:"Times New Roman";}
p.MsoListNumber2, li.MsoListNumber2, div.MsoListNumber2
    {margin-top:0in;
    margin-right:0in;
    margin-bottom:12.0pt;
    margin-left:1.0in;
    text-indent:-.5in;
    font-size:12.0pt;
    font-family:"Times New Roman";}
p.MsoListNumber3, li.MsoListNumber3, div.MsoListNumber3
    {margin-top:0in;
    margin-right:0in;
    margin-bottom:12.0pt;
    margin-left:1.5in;
    text-indent:-.5in;
    font-size:12.0pt;
    font-family:"Times New Roman";}
p.MsoListNumber4, li.MsoListNumber4, div.MsoListNumber4
    {margin-top:0in;
    margin-right:0in;
    margin-bottom:12.0pt;
    margin-left:2.0in;
    text-indent:-.5in;
    font-size:12.0pt;
    font-family:"Times New Roman";}
p.MsoListNumber5, li.MsoListNumber5, div.MsoListNumber5
    {margin-top:0in;
    margin-right:0in;
    margin-bottom:12.0pt;
    margin-left:2.5in;
    text-indent:-.5in;
    font-size:12.0pt;
    font-family:"Times New Roman";}
p.MsoTitle, li.MsoTitle, div.MsoTitle
    {margin-top:0in;
    margin-right:0in;
    margin-bottom:12.0pt;
    margin-left:0in;
    text-align:center;
    font-size:12.0pt;
    font-family:"Times New Roman";
    text-transform:uppercase;}
p.MsoClosing, li.MsoClosing, div.MsoClosing
    {margin-top:0in;
    margin-right:0in;
    margin-bottom:0in;
    margin-left:3.0in;
    margin-bottom:.0001pt;
    font-size:12.0pt;
    font-family:"Times New Roman";}
p.MsoSignature, li.MsoSignature, div.MsoSignature
    {margin-top:0in;
    margin-right:0in;
    margin-bottom:0in;
    margin-left:3.0in;
    margin-bottom:.0001pt;
    font-size:12.0pt;
    font-family:"Times New Roman";}
p.MsoBodyText, li.MsoBodyText, div.MsoBodyText
    {margin-top:0in;
    margin-right:0in;
    margin-bottom:12.0pt;
    margin-left:0in;
    text-indent:.5in;
    font-size:13.0pt;
    font-family:"Times New Roman";}
p.MsoBodyTextIndent, li.MsoBodyTextIndent, div.MsoBodyTextIndent
    {margin-top:0in;
    margin-right:0in;
    margin-bottom:12.0pt;
    margin-left:0in;
    text-indent:.5in;
    font-size:13.0pt;
    font-family:"Times New Roman";}
p.MsoListContinue, li.MsoListContinue, div.MsoListContinue
    {margin-top:0in;
    margin-right:0in;
    margin-bottom:12.0pt;
    margin-left:0in;
    font-size:12.0pt;
    font-family:"Times New Roman";}
p.MsoListContinue2, li.MsoListContinue2, div.MsoListContinue2
    {margin-top:0in;
    margin-right:0in;
    margin-bottom:12.0pt;
    margin-left:.5in;
    font-size:12.0pt;
    font-family:"Times New Roman";}
p.MsoListContinue3, li.MsoListContinue3, div.MsoListContinue3
    {margin-top:0in;
    margin-right:0in;
    margin-bottom:12.0pt;
    margin-left:1.0in;
    font-size:12.0pt;
    font-family:"Times New Roman";}
p.MsoListContinue4, li.MsoListContinue4, div.MsoListContinue4
    {margin-top:0in;
    margin-right:0in;
    margin-bottom:12.0pt;
    margin-left:1.5in;
    font-size:12.0pt;
    font-family:"Times New Roman";}
p.MsoListContinue5, li.MsoListContinue5, div.MsoListContinue5
    {margin-top:0in;
    margin-right:0in;
    margin-bottom:12.0pt;
    margin-left:2.0in;
    font-size:12.0pt;
    font-family:"Times New Roman";}
p.MsoMessageHeader, li.MsoMessageHeader, div.MsoMessageHeader
    {margin-top:0in;
    margin-right:0in;
    margin-bottom:0in;
    margin-left:.75in;
    margin-bottom:.0001pt;
    text-align:justify;
    text-indent:-.75in;
    background:#CCCCCC;
    border:none;
    padding:0in;
    font-size:10.0pt;
    font-family:Arial;}
p.MsoSubtitle, li.MsoSubtitle, div.MsoSubtitle
    {margin-top:0in;
    margin-right:0in;
    margin-bottom:12.0pt;
    margin-left:0in;
    text-align:center;
    font-size:12.0pt;
    font-family:"Times New Roman";
    font-weight:bold;}
p.MsoSalutation, li.MsoSalutation, div.MsoSalutation
    {margin:0in;
    margin-bottom:.0001pt;
    font-size:12.0pt;
    font-family:"Times New Roman";}
p.MsoDate, li.MsoDate, div.MsoDate
    {margin:0in;
    margin-bottom:.0001pt;
    font-size:10.0pt;
    font-family:"Times New Roman";}
p.MsoBodyTextFirstIndent, li.MsoBodyTextFirstIndent, div.MsoBodyTextFirstIndent
    {margin-top:0in;
    margin-right:0in;
    margin-bottom:6.0pt;
    margin-left:0in;
    text-indent:10.5pt;
    font-size:12.0pt;
    font-family:"Times New Roman";}
p.MsoBodyTextFirstIndent2, li.MsoBodyTextFirstIndent2, div.MsoBodyTextFirstIndent2
    {margin-top:0in;
    margin-right:0in;
    margin-bottom:12.0pt;
    margin-left:0in;
    text-indent:.5in;
    font-size:12.0pt;
    font-family:"Times New Roman";}
p.MsoNoteHeading, li.MsoNoteHeading, div.MsoNoteHeading
    {margin:0in;
    margin-bottom:.0001pt;
    font-size:12.0pt;
    font-family:"Times New Roman";}
p.MsoBodyText2, li.MsoBodyText2, div.MsoBodyText2
    {margin-top:0in;
    margin-right:0in;
    margin-bottom:6.0pt;
    margin-left:0in;
    line-height:200%;
    font-size:12.0pt;
    font-family:"Times New Roman";}
p.MsoBodyText3, li.MsoBodyText3, div.MsoBodyText3
    {margin-top:0in;
    margin-right:0in;
    margin-bottom:12.0pt;
    margin-left:.5in;
    font-size:12.0pt;
    font-family:"Times New Roman";}
p.MsoBodyTextIndent2, li.MsoBodyTextIndent2, div.MsoBodyTextIndent2
    {margin-top:0in;
    margin-right:0in;
    margin-bottom:12.0pt;
    margin-left:0in;
    text-indent:.5in;
    font-size:12.0pt;
    font-family:"Times New Roman";}
p.MsoBodyTextIndent3, li.MsoBodyTextIndent3, div.MsoBodyTextIndent3
    {margin-top:0in;
    margin-right:0in;
    margin-bottom:12.0pt;
    margin-left:1.5in;
    text-indent:.5in;
    font-size:12.0pt;
    font-family:"Times New Roman";}
p.MsoBlockText, li.MsoBlockText, div.MsoBlockText
    {margin-top:0in;
    margin-right:0in;
    margin-bottom:12.0pt;
    margin-left:1.0in;
    font-size:12.0pt;
    font-family:"Times New Roman";}
a:link, span.MsoHyperlink
    {color:blue;
    text-decoration:underline;}
a:visited, span.MsoHyperlinkFollowed
    {color:purple;
    text-decoration:underline;}
p.MsoDocumentMap, li.MsoDocumentMap, div.MsoDocumentMap
    {margin:0in;
    margin-bottom:.0001pt;
    text-align:justify;
    background:navy;
    font-size:10.0pt;
    font-family:Tahoma;}
p.MsoPlainText, li.MsoPlainText, div.MsoPlainText
    {margin:0in;
    margin-bottom:.0001pt;
    font-size:12.0pt;
    font-family:"Courier New";}
p.MsoAutoSig, li.MsoAutoSig, div.MsoAutoSig
    {margin:0in;
    margin-bottom:.0001pt;
    font-size:12.0pt;
    font-family:"Times New Roman";}
p
    {margin-right:0in;
    margin-left:0in;
    font-size:12.0pt;
    font-family:"Times New Roman";}
address
    {margin:0in;
    margin-bottom:.0001pt;
    font-size:12.0pt;
    font-family:"Times New Roman";
    font-style:italic;}
code
    {font-family:"Courier New";}
kbd
    {font-family:"Courier New";}
pre
    {margin:0in;
    margin-bottom:.0001pt;
    font-size:10.0pt;
    font-family:"Courier New";}
samp
    {font-family:"Courier New";}
tt
    {font-family:"Courier New";}
p.MsoAcetate, li.MsoAcetate, div.MsoAcetate
    {margin:0in;
    margin-bottom:.0001pt;
    font-size:8.0pt;
    font-family:Tahoma;}
p.Trailer, li.Trailer, div.Trailer
    {margin-top:24.0pt;
    margin-right:0in;
    margin-bottom:0in;
    margin-left:0in;
    margin-bottom:.0001pt;
    font-size:8.0pt;
    font-family:"Times New Roman";}
p.CaptionText, li.CaptionText, div.CaptionText
    {margin-top:0in;
    margin-right:0in;
    margin-bottom:12.0pt;
    margin-left:0in;
    font-size:12.0pt;
    font-family:"Times New Roman";}
p.CaptionTitle, li.CaptionTitle, div.CaptionTitle
    {margin-top:0in;
    margin-right:0in;
    margin-bottom:12.0pt;
    margin-left:0in;
    text-align:center;
    page-break-after:avoid;
    font-size:12.0pt;
    font-family:"Times New Roman";
    font-weight:bold;}
p.Draft, li.Draft, div.Draft
    {margin:0in;
    margin-bottom:.0001pt;
    text-align:right;
    font-size:12.0pt;
    font-family:"Times New Roman";}
p.SCFileStamp, li.SCFileStamp, div.SCFileStamp
    {margin:0in;
    margin-bottom:.0001pt;
    text-align:right;
    font-size:12.0pt;
    font-family:"Times New Roman";}
p.SCDocID, li.SCDocID, div.SCDocID
    {margin:0in;
    margin-bottom:.0001pt;
    font-size:8.0pt;
    font-family:"Times New Roman";}
p.SecondHeading1, li.SecondHeading1, div.SecondHeading1
    {margin-top:0in;
    margin-right:0in;
    margin-bottom:12.0pt;
    margin-left:0in;
    page-break-after:avoid;
    font-size:12.0pt;
    font-family:"Times New Roman";}
p.SecondHeading2, li.SecondHeading2, div.SecondHeading2
    {margin-top:0in;
    margin-right:0in;
    margin-bottom:12.0pt;
    margin-left:0in;
    font-size:12.0pt;
    font-family:"Times New Roman";}
p.SecondHeading3, li.SecondHeading3, div.SecondHeading3
    {margin-top:0in;
    margin-right:0in;
    margin-bottom:12.0pt;
    margin-left:0in;
    font-size:12.0pt;
    font-family:"Times New Roman";}
p.SecondHeading4, li.SecondHeading4, div.SecondHeading4
    {margin-top:0in;
    margin-right:0in;
    margin-bottom:12.0pt;
    margin-left:0in;
    font-size:12.0pt;
    font-family:"Times New Roman";}
p.SecondHeading5, li.SecondHeading5, div.SecondHeading5
    {margin-top:0in;
    margin-right:0in;
    margin-bottom:12.0pt;
    margin-left:0in;
    font-size:12.0pt;
    font-family:"Times New Roman";}
p.SecondHeading6, li.SecondHeading6, div.SecondHeading6
    {margin-top:0in;
    margin-right:0in;
    margin-bottom:12.0pt;
    margin-left:0in;
    font-size:12.0pt;
    font-family:"Times New Roman";}
p.SecondHeading7, li.SecondHeading7, div.SecondHeading7
    {margin-top:0in;
    margin-right:0in;
    margin-bottom:12.0pt;
    margin-left:0in;
    font-size:12.0pt;
    font-family:"Times New Roman";}
p.SecondHeading8, li.SecondHeading8, div.SecondHeading8
    {margin-top:0in;
    margin-right:0in;
    margin-bottom:12.0pt;
    margin-left:0in;
    font-size:12.0pt;
    font-family:"Times New Roman";}
p.SecondHeading9, li.SecondHeading9, div.SecondHeading9
    {margin-top:0in;
    margin-right:0in;
    margin-bottom:12.0pt;
    margin-left:0in;
    font-size:12.0pt;
    font-family:"Times New Roman";}
p.TableText, li.TableText, div.TableText
    {margin:0in;
    margin-bottom:.0001pt;
    font-size:12.0pt;
    font-family:"Times New Roman";}
p.CenteredText, li.CenteredText, div.CenteredText
    {margin-top:0in;
    margin-right:0in;
    margin-bottom:12.0pt;
    margin-left:0in;
    text-align:center;
    font-size:12.0pt;
    font-family:"Times New Roman";}
p.address, li.address, div.address
    {margin-top:0in;
    margin-right:0in;
    margin-bottom:12.0pt;
    margin-left:1.0in;
    font-size:12.0pt;
    font-family:"Times New Roman";}
p.CharChar, li.CharChar, div.CharChar
    {margin-top:0in;
    margin-right:0in;
    margin-bottom:12.0pt;
    margin-left:1.0in;
    text-indent:.5in;
    font-size:12.0pt;
    font-family:"Times New Roman";}
p.CharCharChar, li.CharCharChar, div.CharCharChar
    {margin-top:0in;
    margin-right:0in;
    margin-bottom:8.0pt;
    margin-left:0in;
    line-height:12.0pt;
    font-size:10.0pt;
    font-family:"Times New Roman";}
p.BodyText2Sgl, li.BodyText2Sgl, div.BodyText2Sgl
    {margin-top:0in;
    margin-right:0in;
    margin-bottom:12.0pt;
    margin-left:0in;
    text-indent:.5in;
    font-size:12.0pt;
    font-family:"Times New Roman";}
p.BlockTextSglJ, li.BlockTextSglJ, div.BlockTextSglJ
    {margin-top:0in;
    margin-right:0in;
    margin-bottom:12.0pt;
    margin-left:0in;
    text-align:justify;
    font-size:12.0pt;
    font-family:"Times New Roman";}
p.CharCharCharCharCharChar, li.CharCharCharCharCharChar, div.CharCharCharCharCharChar
    {margin-top:0in;
    margin-right:0in;
    margin-bottom:8.0pt;
    margin-left:0in;
    line-height:12.0pt;
    font-size:10.0pt;
    font-family:"Times New Roman";}
 /* Page Definitions */
 @page Section1
    {size:8.5in 11.0in;
    margin:1.0in 1.25in 1.0in 1.25in;}
div.Section1
    {page:Section1;}
@page Section2
    {size:8.5in 11.0in;
    margin:1.0in 1.0in 1.0in 1.0in;}
div.Section2
    {page:Section2;}
@page Section3
    {size:8.5in 11.0in;
    margin:95.75pt 1.0in 1.0in 1.5in;}
div.Section3
    {page:Section3;}
@page Section4
    {size:8.5in 11.0in;
    margin:95.75pt 1.0in 1.0in 1.5in;}
div.Section4
    {page:Section4;}
@page Section5
    {size:8.5in 11.0in;
    margin:1.0in 1.0in 1.0in 1.0in;}
div.Section5
    {page:Section5;}
 /* List Definitions */
 ol
    {margin-bottom:0in;}
ul
    {margin-bottom:0in;}
-->
</head>
<body lang="EN-US" link="blue" vlink="purple">
<div class="Section1">
<p align="center" style='text-align:center'><b>
<font size="2" face="Times New Roman">SECURITIES AND EXCHANGE COMMISSION<br>
Washington, D.C. 20549</font></b></p>

<div class="MsoNormal" align="center" style='text-align:center'>
<hr size="2" width="120" style='width:1.25in' noshade color="#aca899" align="center">
</div>

<p align="center" style='text-align:center'><b>
<font size="2" face="Times New Roman">FORM 8-K<br>
<br>
CURRENT REPORT</font></b></p>

<p align="center" style='text-align:center'><b>
<font size="2" face="Times New Roman">Pursuant to Section&nbsp;13 or 15(d) of the<br>
Securities Exchange Act of 1934</font></b></p>

<p align="center" style='text-align:center'>
<font size="2" face="Times New Roman">Date of Report (Date of Earliest Event Reported): October 24, 2007</font></p>

<p align="center" style='text-align:center'><b><u>
<font size="2" face="Times New Roman">WASHINGTON MUTUAL, INC.<br>
</font></u></b><font face="Times New Roman" size="2">(Exact name of Registrant as specified in its charter)<br>
</font><font size="2" color="black" face="Times New Roman">&nbsp;</font></p>

<div align="center">
<table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="100%" style='width:100.0%' id="table1">
<tr>
<td width="32%" valign="top" style='width:32.0%;padding:0in 0in 0in 0in'>
<p class="MsoNormal" align="center" style='text-align:center'><b><font size="2" color="black" face="Times New Roman">Washington</font></b></p>
</td>
<td width="2%" valign="top" style='width:2.0%;padding:0in 0in 0in 0in'>
<p class="MsoNormal"><font size="2" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td width="32%" valign="top" style='width:32.0%;padding:0in 0in 0in 0in'>
<p class="MsoNormal" align="center" style='text-align:center'><b><font size="2" color="black" face="Times New Roman">1-14667</font></b></p>
</td>
<td width="2%" valign="top" style='width:2.0%;padding:0in 0in 0in 0in'>
<p class="MsoNormal"><font size="2" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td width="32%" valign="top" style='width:32.0%;padding:0in 0in 0in 0in'>
<p class="MsoNormal" align="center" style='text-align:center'><b><font size="2" color="black" face="Times New Roman">91-1653725</font></b></p>
</td>
</tr>

<tr>
<td width="32%" valign="top" style='width:32.0%;padding:0in 0in 0in 0in'>
<p class="MsoNormal" align="center" style='text-align:center'><font size="2" color="black" face="Times New Roman">(State or other jurisdiction<br>
 of incorporation)</font></p>
</td>
<td width="2%" valign="top" style='width:2.0%;padding:0in 0in 0in 0in'>
<p class="MsoNormal"><font size="2" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td width="32%" valign="top" style='width:32.0%;padding:0in 0in 0in 0in'>
<p class="MsoNormal" align="center" style='text-align:center'><font size="2" color="black" face="Times New Roman">(Commission File Number)</font></p>
</td>
<td width="2%" valign="top" style='width:2.0%;padding:0in 0in 0in 0in'>
<p class="MsoNormal"><font size="2" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td width="32%" valign="top" style='width:32.0%;padding:0in 0in 0in 0in'>
<p class="MsoNormal" align="center" style='text-align:center'><font size="2" color="black" face="Times New Roman">(I.R.S. Employer<br>
 Identification No.)</font></p>
</td>
</tr>
</table>
</div>

<p align="center" style='text-align:center'><b><font size="2" color="black" face="Times New Roman">1301 SECOND AVENUE<br>
SEATTLE, WASHINGTON 98101<br>
</font></b><font size="2" color="black">(Address of principal executive offices and Zip Code)</font></p>

<p><font size="2" color="black" face="Times New Roman">Registrant's telephone number, including area code: (206)&nbsp;461-2000</font></p>

<table class="MsoNormalTable" border="1" cellspacing="0" cellpadding="0" width="100%" style='width:100.0%;border-collapse:collapse;border:none' id="table2">
<tr>
<td width="100%" style='width:100.0%;border:medium none black;padding:0in; '>
<div class="MsoNormal" align="center" style='text-align:center'>
<hr size="1" width="75%" noshade color="black" align="center">
</div>
</td>
</tr>

<tr>
<td width="100%" style='border-left:medium none black; border-right:medium none black; border-bottom:medium none black; width:100.0%;border-top: medium none;padding:0in; '>
<p class="MsoNormal" align="center" style='text-align:center'><font size="2" color="black" face="Times New Roman">(Former name or former address, if changed since last report)</font></p>
</td>
</tr>
</table>

<p><font size="2" color="black" face="Times New Roman">&nbsp;Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</font></p>

<p><font size="2" color="black" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="2">
</font> <font size="2" color="black" face="Wingdings">o</font><font size="2" color="black">&nbsp;Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR
230.425)</font></p>

<p><font size="2" color="black" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="2">
</font> <font size="2" color="black" face="Wingdings">o</font><font size="2" color="black">&nbsp;Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR
240.14a-12)</font></p>

<p><font size="2" color="black" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="2">
</font> <font size="2" color="black" face="Wingdings">o</font><font size="2" color="black">&nbsp;Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))</font></p>

<p><font size="2" color="black" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="2">
</font> <font size="2" color="black" face="Wingdings">o</font><font size="2" color="black">&nbsp;Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))</font></p>

<div class="MsoNormal" align="center" style='text-align:center'>
<hr size="2" width="100%" noshade color="#aca899" align="center">
</div>

<p><b><font size="2" color="black" face="Times New Roman">&nbsp;</font></b></p>

<p class="MsoNormal" align="center" style='text-align:center;text-autospace:none'><b>
<font size="2" face="Times New Roman">SECTION 5 &ndash; CORPORATE GOVERNANCE AND MANAGEMENT</font></b></p>

<p class="MsoNormal" style='text-autospace:none'><b>
<font size="2" face="Times New Roman">Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.</font></b></p>

<p class="MsoNormal" style='text-indent:.5in;text-autospace:none'>
<font size="2" face="Times New Roman">On October 24, 2007, Washington Mutual, Inc. (&ldquo;<u>WMI</u>&rdquo;) filed Articles of Amendment with the Washington Secretary of State for the purpose of amending
its Articles of Incorporation to establish the preferences, limitations, voting powers and relative rights of its Series N Perpetual Non-cumulative Fixed-to-Floating Rate Preferred Stock, no par value and with a liquidation preference of $1,000,000 per share (the
&ldquo;<u>WMI Series N Preferred Stock</u>&rdquo;). The Articles of Amendment became effective upon the filing with the Washington Secretary of State.&nbsp; A copy of the Articles of Amendment is attached hereto as Exhibit 3.1 and is incorporated herein by
reference.</font></p>

<p class="MsoNormal" align="center" style='text-align:center'><b><font size="2" face="Times New Roman">SECTION 8 &ndash; OTHER EVENTS</font></b></p>

<p class="MsoNormal"><b><font size="2" face="Times New Roman">Item 8.01&nbsp; Other Events</font></b></p>

<p class="MsoNormal"><b><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp; <u>Preferred Securities Offering</u></font></b></p>

<p class="MsoNormal" style='text-indent:.5in'><font size="2" face="Times New Roman">On October 25, 2007, Washington Mutual Preferred Funding Trust IV, a Delaware statutory trust (&ldquo;<u>WaMu Delaware IV</u>&rdquo;), closed the sale of $1,000,000,000 of its
Fixed-to-Floating Rate Perpetual Non-cumulative Trust Securities, liquidation preference $100,000 per security (the &ldquo;<u>Trust Securities</u>&rdquo;).&nbsp; WaMu Delaware IV offered and sold the Trust Securities in reliance on Rule 144A under the U.S. Securities
Act of 1933, as amended (the &ldquo;<u>Securities Act</u>&rdquo;) and only to persons who are &ldquo;qualified institutional buyers&rdquo; within the meaning of Rule 144A and &ldquo;qualified purchasers&rdquo; within the meaning of Section 2(a)(51) of the U.S.
Investment Company Act of 1940, as amended.&nbsp;</font></p>

<p class="MsoNormal" style='text-indent:.5in'><font size="2" face="Times New Roman">Also on October 25, 2007, WaMu Delaware IV used the proceeds of its offering to purchase from Washington Mutual Bank, a subsidiary of WMI (&ldquo;<u>WMB</u>&rdquo;), a corresponding
amount of the Fixed-to-Floating Rate Perpetual Non-cumulative Preferred Securities, Series 2007-B, liquidation preference $1,000 per security (the &ldquo;<u>Series 2007-B WaMu LLC Preferred Securities</u>&rdquo;) previously conveyed by Washington Mutual Preferred
Funding LLC, a Delaware limited liability company (&ldquo;<u>WaMu LLC</u>&rdquo;), to WMB in exchange for mortgages.&nbsp;</font></p>

<p class="MsoNormal" style='text-indent:.5in'>
<font size="2" face="Times New Roman">University Street, Inc., an indirect subsidiary of WMB, owns 100% of WaMu LLC&rsquo;s common, voting securities.&nbsp; As a result, WaMu
LLC is an indirect subsidiary of WMB and will be consolidated in accordance with generally accepted accounting principles applicable in the United States.&nbsp; Management of WMI has concluded that its consolidated ownership of WaMu LLC should be characterized as a
minority interest on WMI's and WMB's respective balance sheets, and for purposes of Financial Accounting Standards Board Interpretation No. 46R, that WaMu Delaware IV should not be characterized as a consolidated entity on WMI&rsquo;s or WMB&rsquo;s respective
balance sheets.</font></p>

<p class="MsoNormal" style='text-indent:.5in'><font size="2" face="Times New Roman">Upon receipt, the WMI group intends to use the proceeds it receives in connection with the offering for general corporate purposes.&nbsp;&nbsp;</font></p>

<p class="MsoNormal" style='text-indent:.5in'><font size="2" face="Times New Roman">WMB has received confirmation from the Office of Thrift Supervision (the "<u>OTS</u>") that the Series 2007-B WaMu LLC Preferred Securities are eligible for treatment as core capital
of WMB under the OTS' applicable regulatory capital regulations and intends to treat the Series 2007-B WaMu LLC Preferred Securities accordingly.</font></p>

<p class="MsoNormal" style='text-indent:.5in'><font size="2" face="Times New Roman">If the OTS so directs following the occurrence of an Exchange Event (defined below), each Trust Security will be automatically exchanged for a like amount of fixed-to-floating rate
depositary shares representing a 1/1000<sup>th</sup> of a share of WMI Series N Preferred Stock.&nbsp; &ldquo;Exchange Event&rdquo; means (a) WMB becoming &ldquo;undercapitalized&rdquo; under the OTS&rsquo; &ldquo;prompt corrective action&rdquo; regulations, (b) WMB
being placed into conservatorship or receivership or (c) the OTS, in its sole discretion, directing such exchange in anticipation of WMB becoming &ldquo;undercapitalized&rdquo; in the near term or taking supervisory action that limits the payment of dividends, as
applicable, by WMB, and in connection therewith, directs such exchange.</font></p>

<p class="MsoNormal" style='text-indent:.5in'><font size="2" face="Times New Roman">In connection with the closing of the transactions described above, on October 25, 2007, WMI entered into a Replacement Capital Covenant (the &ldquo;<u>Covenant</u>&rdquo;) whereby
WMI agreed for the benefit of certain debt holders that it would not repurchase or redeem the Series 2007-B WaMu LLC Preferred Securities, the Trust Securities or the WMI Preferred Stock (including any depositary shares representing WMI Preferred Stock) unless such
repurchase or redemption is made from proceeds of certain qualifying securities issuances and on other terms and conditions described in the Covenant.&nbsp; A copy of the Covenant is attached hereto as Exhibit 99.1 and is incorporated herein by reference.</font></p>

<p align="center" style='text-align:center'><b><font size="2" face="Times New Roman">SECTION 9 - FINANCIAL STATEMENTS AND EXHIBITS</font></b></p>

<p><b><font size="2" face="Times New Roman">Item 9.01 Financial Statements and Exhibits.</font></b></p>

<p style='margin-left:1.0in;text-indent:-.5in'><font size="2" face="Times New Roman">(d)<font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></font><font face="Times New Roman"><font size="2">
</font> <u><font size=
"2">Exhibits</font></u></font></p>

<p class="MsoNormal" style='text-indent:.5in;text-autospace:none'>
<font size="2" face="Times New Roman">3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp; Articles of Amendment of
Washington Mutual, Inc. with respect to the Series N Preferred Stock filed with the Washington Secretary of State on October 24, 2007.</font></p>

<p class="MsoNormal" style='text-indent:27.0pt'><font size="2" face="Times New Roman">&nbsp;&nbsp; 99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Replacement Capital Covenant dated October 25, 2007, by Washington Mutual, Inc. in favor of specified debtholders.</font></p>

<font size="2" face="Times New Roman"><br clear="all" style='page-break-before:always'>
</font>

<hr>

<p align="center" style='text-align:center'>
<font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style='text-align:center'><b><font size="2" color="black" face="Times New Roman">SIGNATURE</font></b></p>

<p><font size="2" color="black" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.</font></p>

<table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="95%" style='width:95.0%' id="table3">
<tr>
<td width="47%" valign="top" style='width:47.0%;padding:0in 0in 0in 0in'>
<p class="MsoNormal"><font size="2" color="black" face="Times New Roman">Date:&nbsp;
October 30, 2007</font></p>
</td>
<td width="2%" valign="top" style='width:2.0%;padding:0in 0in 0in 0in'>
<p class="MsoNormal"><font size="2" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td width="3%" valign="top" style='width:3.0%;padding:0in 0in 0in 0in'>
<p class="MsoNormal"><font size="2" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td width="2%" valign="top" style='width:2.0%;padding:0in 0in 0in 0in'>
<p class="MsoNormal"><font size="2" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td width="47%" valign="top" style='width:47.0%;padding:0in 0in 0in 0in'>
<p class="MsoNormal" align="center" style='text-align:center'><b><font size="2" color="black" face="Times New Roman">WASHINGTON MUTUAL, INC.</font></b></p>
</td>
</tr>

<tr>
<td width="47%" valign="top" style='width:47.0%;padding:0in 0in 0in 0in'>
<p class="MsoNormal"><font size="2" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td width="2%" valign="top" style='width:2.0%;padding:0in 0in 0in 0in'>
<p class="MsoNormal"><font size="2" color="black" face="Times New Roman"><br>
 &nbsp;</font></p>
</td>
<td width="3%" valign="top" style='width:3.0%;padding:0in 0in 0in 0in'>
<p class="MsoNormal"><font size="2" color="black" face="Times New Roman"><br>
<br>
</font></p>

<p class="MsoNormal"><font size="2" color="black" face="Times New Roman">By:</font></p>
</td>
<td width="2%" valign="top" style='width:2.0%;padding:0in 0in 0in 0in'>
<p class="MsoNormal"><font size="2" color="black" face="Times New Roman"><br>
 &nbsp;</font></p>
</td>
<td width="47%" valign="top" style='width:47.0%;padding:0in 0in 0in 0in'>
<p class="MsoNormal" align="center" style='text-align:center'><font size="2" color="black" face="Times New Roman"><br>
<br>
/s/ Fay L. Chapman</font></p>

<div class="MsoNormal" align="center" style='text-align:center'>
<hr size="2" width="100%" noshade color="#aca899" align="center">
</div>

<p class="MsoNormal" align="center" style='text-align:center'><font size="2" color="black" face="Times New Roman">Fay L. Chapman<br>
</font><i><font size="2" color="black" face="Times New Roman">Senior Executive Vice President</font></i></p>
</td>
</tr>
</table>

<hr>

<p class="MsoNormal" align="right" style='text-align:right'>
<font size="2" face="Times New Roman">&nbsp;</font></p>

<p class="MsoNormal" align="center" style='text-align:center'><b><font size="2" face="Times New Roman">EXHIBIT INDEX</font></b></p>

<p class="MsoNormal" align="center" style='text-align:center'><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>

<table class="MsoTableGrid" border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'>
<tr>
<td width="99" valign="top" style='width:74.6pt;padding:0in 5.4pt 0in 5.4pt'>
<p class="MsoNormal" align="center" style='text-align:center'><b><font size="2" face="Times New Roman">Exhibit No.</font></b></p>
</td>
<td width="16" valign="top" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'>
<p class="MsoNormal" align="center" style='text-align:center'><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td width="475" valign="top" style='width:4.95in;padding:0in 5.4pt 0in 5.4pt'>
<p class="MsoNormal"><b><font size="2" face="Times New Roman">Description</font></b></p>
</td>
</tr>

<tr>
<td width="99" valign="top" style='width:74.6pt;padding:0in 5.4pt 0in 5.4pt'>
<p class="MsoNormal" align="center" style='text-align:center'><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td width="16" valign="top" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'>
<p class="MsoNormal" align="center" style='text-align:center'><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td width="475" valign="top" style='width:4.95in;padding:0in 5.4pt 0in 5.4pt'>
<p class="MsoNormal"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
</td>
</tr>

<tr>
<td width="99" valign="top" style='width:74.6pt;padding:0in 5.4pt 0in 5.4pt'>
<p class="MsoNormal" align="center" style='text-align:center'><font size="2" face="Times New Roman">3.1</font></p>
</td>
<td width="16" valign="top" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'>
<p class="MsoNormal" align="center" style='text-align:center'><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td width="475" valign="top" style='width:4.95in;padding:0in 5.4pt 0in 5.4pt'>
<p class="MsoNormal"><font size="2" face="Times New Roman">Articles of Amendment of Washington Mutual, Inc. with respect to the Series N Preferred Stock filed with the Washington Secretary of State on October 24, 2007</font></p>

<p class="MsoNormal"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
</td>
</tr>

<tr>
<td width="99" valign="top" style='width:74.6pt;padding:0in 5.4pt 0in 5.4pt'>
<p class="MsoNormal" align="center" style='text-align:center'><font size="2" face="Times New Roman">99.1</font></p>
</td>
<td width="16" valign="top" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'>
<p class="MsoNormal" align="center" style='text-align:center'><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td width="475" valign="top" style='width:4.95in;padding:0in 5.4pt 0in 5.4pt'>
<p class="MsoNormal"><font size="2" face="Times New Roman">Replacement Capital Covenant dated October 25, 2007 by Washington Mutual, Inc. in favor of specified debtholders.</font></p>

<p class="MsoNormal"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
</td>
</tr>
</table>

<p class="MsoNormal" align="center" style='text-align:center'><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>

</div>

</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.1
<SEQUENCE>2
<FILENAME>exh31to8koct242007.htm
<TEXT>
<html>

<head>
<title>Exhibit 3</title>
</head>

<body>

&nbsp;<div class="Section2">
<p align="right" style='text-indent:0in'><b>
<font face="Times New Roman">Exhibit 3.1</font></b></p><hr>
<p align="right" style='text-align:center;text-indent:0in'>&nbsp;</p>

<p align="center" style='text-align:center;text-indent:0in'><b>
<font size="2" face="Times New Roman">ARTICLES OF AMENDMENT</font></b></p>

<p align="center" style='text-align:center;text-indent:0in'><b>
<font size="2" face="Times New Roman">OF</font></b></p>

<p align="center" style='margin-bottom:.25in;text-align:center; text-indent:0in'><b>
<font size="2" face="Times New Roman">WASHINGTON MUTUAL, INC.</font></b></p>

<p align="center" style='margin-bottom:.25in;text-align:center; text-indent:0in'><b>
<font size="2" face="Times New Roman">(Series N Perpetual Non-cumulative Fixed-to-Floating Rate Preferred Stock)</font></b></p>

<p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the provisions of Chapter 23B.10 and Section 23B.06.020 of the Revised Code of Washington, the undersigned officer of Washington Mutual, Inc. (the "Company"), a corporation organized and existing under
the laws of the State of Washington, does hereby submit for filing these Articles of Amendment to the Company&rsquo;s Amended and Restated Articles of Incorporation:</font></p>

<p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FIRST:&nbsp;&nbsp;The name of the Company is Washington Mutual, Inc.</font></p>

<p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECOND:&nbsp;&nbsp;1,000 shares of the authorized preferred stock of the Company are hereby designated "Series N Perpetual Non-cumulative Fixed-to-Floating Rate Preferred Stock".</font></p>

<p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The preferences, limitations, voting powers and relative rights of the Series N Perpetual Non-cumulative Fixed-to-Floating Rate Preferred Stock are as follows:</font></p>

<p align="center" style='text-align:center;text-indent:0in; page-break-after:avoid'>
<font size="2" face="Times New Roman">DESIGNATION</font></p>

<p style='margin-left:0in'><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font> <u>
<font size="2" face="Times New Roman">Designation</font></u><font
size="2" face="Times New Roman">.&nbsp; There is hereby created out of the authorized and unissued shares of preferred stock of the Company a series of preferred stock designated as the &ldquo;Series N Perpetual Non-cumulative Fixed-to-Floating Rate Preferred Stock&rdquo; (the
&ldquo;Series N Preferred Stock&rdquo;). The number of shares constituting such series shall be 1,000. The Series N Preferred Stock shall have no par value per share and the liquidation preference of the Series N Preferred Stock shall be $1,000,000.00 per
share.&nbsp; Shares of the Series N Preferred Stock shall be issued if and only if a Conditional Exchange occurs.</font></p>

<p style='margin-left:0in'><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font> <u>
<font size="2" face="Times New Roman">Ranking</font></u><font
size="2" face="Times New Roman">.&nbsp;</font></p>

<p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Series N Preferred Stock will, with respect to dividend rights and rights on liquidation, winding-up and dissolution, rank (i) on a parity with the Company&rsquo;s Series I Perpetual Non-cumulative
Fixed-to-Floating Rate Preferred Stock (the &ldquo;Series I Preferred Stock&rdquo;), the Company&rsquo;s Series&nbsp;J Perpetual Non-cumulative Fixed Rate Preferred Stock (the &ldquo;Series J Preferred Stock&rdquo;), the Company&rsquo;s Series K Perpetual
Non-Cumulative Floating Rate Preferred Stock (the &ldquo;Series K Preferred Stock&rdquo;), the Company&rsquo;s Series L Perpetual Non-cumulative Fixed-to-Floating Rate Preferred Stock (the &ldquo;Series L Preferred Stock&rdquo;), the Company&rsquo;s Series M
Perpetual Non-cumulative Fixed-to-Floating Rate Preferred Stock (the &ldquo;Series M Preferred Stock&rdquo;) and with each other class or series of preferred stock established after the Designation Date by the Company the terms of which expressly provide that such
class or series will rank on a parity with the Series N Preferred Stock as to dividend rights and rights on liquidation, winding-up and dissolution of the Company (collectively referred to as &ldquo;Parity Securities&rdquo;) and (ii) senior to the Company&rsquo;s
common stock (the &ldquo;Common Stock&rdquo;), the Company&rsquo;s Series RP Preferred Stock and each other class of capital stock outstanding or established after the Designation Date by the Company the terms of which do not expressly provide that it ranks on a
parity with or senior to the Series N Preferred Stock as to dividend rights and rights on liquidation, winding-up and dissolution of the Company (collectively referred to as &ldquo;Junior Securities&rdquo;).&nbsp; The Company has the right to authorize and/or issue
additional shares or series of Junior Securities and Parity Securities without the consent of the holders of the Series N Preferred Stock.</font></p>

<p style='margin-left:0in'><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font> <u>
<font size="2" face="Times New Roman">Definitions</font></u><font
size="2" face="Times New Roman">.&nbsp; Unless the context or use indicates another meaning or intent, the following terms shall have the following meanings, whether used in the singular or the plural:</font></p>

<p style='margin-left:0in'><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<u>3-Month USD LIBOR</u>&rdquo; means, with respect to any
Dividend Period, a rate determined on the basis of the offered rates for three-month U.S. dollar deposits of not less than a principal amount equal to that which is representative for a single transaction in such market at such time, commencing on the first day of
such Dividend Period, which appears on Reuters Screen LIBOR01 Page as of approximately 11:00 a.m., London time, on the LIBOR Determination Date for such Dividend Period.&nbsp; If on any LIBOR Determination Date no rate appears on Reuters Screen LIBOR01 Page as of
approximately 11:00 a.m., London time, the Company or an affiliate of the Company on behalf of the Company will on such LIBOR Determination Date request four major reference banks in the London interbank market selected by the Company to provide the Company with a
quotation of the rate at which three-month deposits in U.S. dollars, commencing on the first day of such Dividend Period, are offered by them to prime banks in the London interbank market as of approximately 11:00 a.m., London time, on such LIBOR Determination Date
and in a principal amount equal to that which is representative for a single transaction in such market at such time.&nbsp; If at least two such quotations are provided, 3-Month USD LIBOR for such Dividend Period will be the arithmetic mean (rounded upward if
necessary to the nearest .00001 of 1%) of such quotations as calculated by the Company.&nbsp; If fewer than two quotations are provided, 3&#8209;Month USD LIBOR for such Dividend Period will be the arithmetic mean (rounded upward if necessary to the nearest .00001 of
1%) of the rates quoted as of approximately 11:00 am., New York time, on the first day of such Dividend Period by three major banks in New York City, New York selected by the Company for loans in U.S. dollars to leading European banks, for a three-month period
commencing on the first day of such Dividend Period and in a principal amount of not less than $1,000,000.</font></p>

<p style='margin-left:0in'><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<u>Business Day</u>&rdquo; means any day other than a Saturday,
Sunday or any other day on which banks in New York City, New York, or Seattle, Washington are generally required or authorized by law to be closed.</font></p>

<p style='margin-left:0in'><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<u>Common Stock</u>&rdquo; has the meaning set forth in Section
2.</font></p>

<p style='margin-left:0in'><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<u>Company</u>&rdquo; means Washington Mutual, Inc., a
Washington corporation.</font></p>

<p style='margin-left:0in'><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<u>Comparable Treasury Issue</u>&rdquo; means the United States
Treasury security selected by the Independent Investment Banker as having a maturity comparable to the term remaining to the Dividend Payment Date in December&nbsp;2017 that would be utilized, at the time of selection and in accordance with customary financial
practice, in pricing new issues of perpetual preferred securities having similar terms as the Series N Preferred Stock with respect to the payment of dividends and distributions of assets upon liquidation, dissolution or winding-up of the issuer of such preferred
stock.</font></p>

<p style='margin-left:0in'><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<u>Comparable Treasury Price</u>&rdquo; means with
respect to any Redemption Date the average of the Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or if the Independent Investment Banker obtains fewer than five such
Reference Treasury Dealer Quotations, the average of all such quotations.</font></p>

<p style='margin-left:0in'><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<u>Conditional Exchange</u>&rdquo; means the automatic exchange
of the Trust Securities into depositary shares representing an interest in the Series N Preferred Stock which occurs upon the written direction of the OTS upon or after the occurrence of an Exchange Event.&nbsp;</font></p>

<p style='margin-left:0in'><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<u>Delaware Preferred Securities</u>&rdquo; means the
Fixed-to-Floating Rate Perpetual Non-cumulative Preferred Securities, Series&nbsp;2007-B, liquidation preference $1,000 per security, issued or to be issued by Washington Mutual Preferred Funding LLC, a Delaware limited liability company.</font></p>

<p style='margin-left:0in'><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<u>Designation Date</u>&rdquo; means
October&nbsp;25, 2007.</font></p>

<p style='margin-left:0in'><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<u>Dividend Payment Date</u>&rdquo; has the
meaning set forth in Section 4(b).</font></p>

<p style='margin-left:0in'><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<u>Dividend Period</u>&rdquo; has the meaning set forth in
Section 4(b).</font></p>

<p style='margin-left:0in'><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<u>Exchange Event</u>&rdquo; means the
occurrence of any one of the following at a time as the Trust Securities are issued and outstanding:</font></p>

<p style='margin-left:0in'><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WMB becomes undercapitalized under the Prompt
Corrective Action Regulations;</font></p>

<p style='margin-left:0in'><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WMB is placed into conservatorship or receivership; or</font></p>

<p style='margin-left:0in'><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the OTS, in its sole discretion, directs an exchange of the Trust
Securities into depositary shares representing an interest in the Series N Preferred Stock in anticipation of WMB becoming undercapitalized under the Prompt Corrective Action Regulations or of the OTS taking any supervisory action that limits the payment of dividends
by WMB.</font></p>

<p style='margin-left:0in'><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<u>Independent Investment Banker</u>&rdquo; means an independent investment
banking institution of national standing appointed by the Company.</font></p>

<p style='margin-left:0in'><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<u>Junior Securities</u>&rdquo; has the meaning set forth in
Section 2.</font></p>

<p style='margin-left:0in'><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<u>LIBOR Business Day</u>&rdquo; means any day on which
commercial banks are open for general business (including dealings in deposits in U.S. dollars) in London.</font></p>

<p style='margin-left:0in'><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<u>LIBOR Determination Date</u>&rdquo; means, as to each
Dividend Period, the date that is two LIBOR Business Days prior to the first day of such Dividend Period.</font></p>

<p style='margin-left:0in'><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<u>OTS</u>&rdquo; means the Office of Thrift Supervision or any
successor regulatory entity.</font></p>

<p style='margin-left:0in'><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<u>Parity Securities</u>&rdquo; has the meaning set
forth in Section 2.</font></p>

<p style='margin-left:0in'><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<u>Primary Treasury Dealer</u>&rdquo; has the meaning set forth
in Section 3(x).</font></p>

<p style='margin-left:0in'><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<u>Prompt Corrective Action Regulation</u>&rdquo;
means 12 C.F.R. Part 565 as in effect from time to time, or any successor regulation.</font></p>

<p style='margin-left:0in'><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<u>Rating Agencies</u>&rdquo; means, at any time, Standard &amp;
Poor&rsquo;s Rating Services, a Division of the McGraw-Hill Companies, Inc., Moody&rsquo;s Investors Service, Inc. and Fitch, Inc., but only in the case of each such agency if it is rating the relevant security, including the Delaware Preferred Securities at the
relevant time or, if none of them is providing a rating for the relevant security, including the Delaware Preferred Securities at such time, then any &ldquo;<i>nationally recognized statistical rating organization</i>&rdquo; as that phrase is defined for purposes of
Rule 436(g)(2) under the Securities Act of 1933, as amended, which is rating such relevant security.</font></p>

<p style='margin-left:0in'><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A <u>&ldquo;Rating Agency Event</u>&rdquo; occurs when the
Company reasonably determines that an amendment, clarification or change has occurred in the equity criteria for securities such as the Delaware Preferred Securities of any Rating Agency that then publishes a rating for the Company which amendment, clarification or
change results in a lower equity credit for the Company than the respective equity credit assigned by such Rating Agency to the Delaware Preferred Securities on the Designation Date.</font></p>

<p style='margin-left:0in'><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<u>Redemption Date</u>&rdquo; means any date that is designated by the
Company in a notice of redemption delivered pursuant to Section 7.</font></p>

<p style='margin-left:0in'><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<u>Reference Treasury Dealer</u>&rdquo; means each of the
three primary U.S. government securities dealers (each, a &ldquo;<u>Primary Treasury Dealer</u>&rdquo;), as specified by the Company; provided that if any Primary Treasury Dealer as specified by the Company ceases to be a Primary Treasury Dealer, the Company will
substitute for such Primary Treasury Dealer another Primary Treasury Dealer and if the Company fails to select a substitute within a reasonable period of time, then the substitute will be a Primary Treasury Dealer selected by the Independent Investment Banker after
consultation with the Company.</font></p>

<p style='margin-left:0in'><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<u>Reference Treasury Dealer Quotations</u>&rdquo; means,
with respect to the Reference Treasury Dealer and any Redemption Date, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed, in each case, as a percentage of its principal amount)
quoted in writing to the Independent Investment Banker by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding such Redemption Date.</font></p>

<p style='margin-left:0in'><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A &ldquo;<u>Regulatory Capital Event</u>&rdquo; occurs when the Company
determines, based upon receipt of an opinion of counsel, that there is a significant risk that the Delaware Preferred Securities will no longer constitute core capital of WMB for purposes of the capital adequacy regulations issued by the OTS as a result of a change
in applicable laws, regulations or related interpretations after issuance of the Delaware Preferred Securities.</font></p>

<p style='margin-left:0in'><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<u>Reuters Screen LIBOR01 Page</u>&rdquo;&rsquo; means the display so designated on the
Reuters 3000 Xtra (or such other page as may replace that page on that service, or such other service as may be nominated as the information vendor, for the purpose of displaying rates comparable to the London Interbank Offered rate for U.S. dollar deposits).</font></p>

<p style='margin-left:0in'><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<u>Series I Preferred Stock</u>&rdquo; has the meaning set forth in Section 2.</font></p>

<p style='margin-left:0in'><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<u>Series J Preferred Stock</u>&rdquo; has the meaning set forth in Section 2.</font></p>

<p style='margin-left:0in'><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<u>Series K Preferred Stock</u>&rdquo; has the meaning set forth in Section 2.</font></p>

<p style='margin-left:0in'><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<u>Series L Preferred Stock</u>&rdquo; has the meaning set forth in Section 2.</font></p>

<p style='margin-left:0in'><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<u>Series M Preferred Stock</u>&rdquo; has the meaning set
forth in Section 2.</font></p>

<p style='margin-left:0in'><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<u>Series N Preferred Stock</u>&rdquo; has the meaning set forth in Section 1.</font></p>

<p style='margin-left:0in'><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<u>Ten-Year Date</u>&rdquo; means the Dividend Payment Date in December&nbsp;2017, and
the Dividend Payment Date of each tenth succeeding year (i.e., December 2027, December 2037, etc.) assuming in each case that the Series N Preferred Stock has been issued.</font></p>

<p style='margin-left:0in'><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<u>Treasury Rate</u>&rdquo; means the rate per year equal
to the quarterly equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for the relevant Redemption
Date.&nbsp; The Treasury Rate will be calculated on the third Business Day preceding the relevant Redemption Date.</font></p>

<p style='margin-left:0in'><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<u>Trust Securities</u>&rdquo; means the
Fixed-to-Floating Rate Perpetual Non-cumulative Trust Securities, liquidation preference $100,000 per security, issued by Washington Mutual Preferred Funding Trust IV, a Delaware statutory trust.</font></p>

<p style='margin-left:0in'><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<u>Voting Parity Securities</u>&rdquo; has the meaning set forth in Section
8(b).</font></p>

<p style='margin-left:0in'><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<u>WMB</u>&rdquo; means Washington Mutual Bank, a federal
savings association and a subsidiary of the Company, or its successor.</font></p>

<p style='margin-left:0in'><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font> <u>
<font size="2" face="Times New Roman">Dividends</font></u><font
size="2" face="Times New Roman">.</font></p>

<p style='margin-left:0in'><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Holders of shares of Series N Preferred Stock shall be entitled to
receive, when, as and if declared by the Board of Directors, out of the funds legally available therefor, non-cumulative cash dividends in the amount determined as set forth in Section 4(c), and no more.</font></p>

<p style='margin-left:0in'><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subject to Section 4(a), dividends shall be payable in arrears on
March&nbsp;15, June 15, September 15 and December 15 of each year commencing on the first such day after the issuance of the Series N Preferred Stock or, in each case, if any such day is not a Business Day, the next Business Day (each, a &ldquo;Dividend Payment
Date&rdquo;). Each dividend will be payable to holders of record as they appear on the stock books of the Company on the first day of the month in which the relevant Dividend Payment Date occurs or, if such date is not a Business Day, the first Business Day of such
month.&nbsp; Each period from and including a Dividend Payment Date (or the date of the issuance of the Series N Preferred Stock) to but excluding the following Dividend Payment Date (or the Redemption Date) is herein referred to as &ldquo;Dividend
Period&rdquo;<i>,</i> except that, if the Series N Preferred Stock is outstanding on December&nbsp;15, 2017, the Dividend Period ending in December 2017 shall be to but excluding December&nbsp;15, 2017 (whether or not a Business Day) and the Dividend Period ending in
March&nbsp;2018 shall commence on December&nbsp;15, 2017 (whether or not a Business Day).</font></p>

<p style='margin-left:0in'><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If the date of issuance of the Series N Preferred Stock is prior to the
day immediately preceding December&nbsp;15, 2017, or if December&nbsp;15, 2017 is not a Business Day, the first Business Day after December&nbsp;15, 2017, then from such date of issuance to but not including December&nbsp;15, 2017 (whether or not a Business Day),
dividends, if, when and as declared by the Board of Directors, will be, for each outstanding share of Series N Preferred Stock, at an annual rate of 9.75% on the per share liquidation preference of the Series N Preferred Stock.&nbsp; From the later of the (i)
December&nbsp;15, 2017 and (ii) the date of issuance of the Series N Preferred Stock, dividends, if, when and as declared by the Board of Directors, will be, for each outstanding share of Series N Preferred Stock, at an annual rate on the per share liquidation
preference of the Series N Preferred Stock equal to 3&#8209;Month USD LIBOR for the related Dividend Period plus 4.723%.&nbsp; Dividends payable for any Dividend Period greater or less than a full Dividend Period will be computed on the basis of twelve 30-day months,
a 360-day year, and the actual number of days elapsed in the period if such Dividend Period ends in or prior to December&nbsp;2017; thereafter dividends payable for any period greater or less than a full dividend period will be computed on the basis of the actual
number of days in the relevant period divided by 360.&nbsp; No interest will be paid on any dividend payment of the Series N Preferred Stock.</font></p>

<p style='margin-left:0in'><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends on the Series N Preferred Stock are non-cumulative.&nbsp; If
the Board of Directors does not declare a dividend on the Series N Preferred Stock or declares less than a full dividend in respect of any Dividend Period, the holders of the Series N Preferred Stock will have no right to receive any dividend or a full dividend, as
the case may be, for the Dividend Period, and the Company will have no obligation to pay a dividend or to pay full dividends for that Dividend Period, whether or not dividends are declared and paid for any future Dividend Period with respect to the Series N Preferred
Stock or the Common Stock or any other class or series of the Company&rsquo;s preferred stock.</font></p>

<p style='margin-left:0in'><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If full dividends on all outstanding shares of the Series N Preferred
Stock for any Dividend Period have not been declared and paid, the Company shall not declare or pay dividends with respect to, or redeem, purchase or acquire any of, its equity capital securities during the next succeeding Dividend Period, except dividends in
connection with the Series RP Preferred Stock or other shareholders&rsquo; rights plan, if any, or dividends in connection with benefit plans.</font></p>

<p style='margin-left:0in'><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font> <u>
<font size="2" face="Times New Roman">Liquidation</font></u><font
size="2" face="Times New Roman">.</font></p>

<p style='margin-left:0in'><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In the event the Company voluntarily or involuntarily liquidates,
dissolves or winds up, the holders of Series N Preferred Stock at the time outstanding shall be entitled to receive liquidating distributions in the amount of $1,000,000 per share of Series N Preferred Stock, plus an amount equal to any declared but unpaid dividends
thereon for the current Dividend Period to and including the date of such liquidation, out of assets legally available for distribution to its shareholders, before any distribution of assets is made to the holders of Common Stock or any securities ranking junior to
the Series N Preferred Stock. &nbsp;After payment of the full amount of such liquidating distributions, the holders of Series N Preferred Stock will not be entitled to any further participation in any distribution of assets by, and shall have no right or claim to any
remaining assets of, the Company.</font></p>

<p style='margin-left:0in'><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In the event the assets of the Company available for distribution to
shareholders upon any liquidation, dissolution or winding-up of the affairs of the Company, whether voluntary or involuntary, shall be insufficient to pay in full the amounts payable with respect to all outstanding shares of the Series N Preferred Stock and the
corresponding amounts payable on any other securities of equal ranking, the holders of Series N Preferred Stock and the holders of such other securities of equal ranking shall share ratably in any distribution of assets of the Company in proportion to the full
respective liquidating distributions to which they would otherwise be respectively entitled.</font></p>

<p style='margin-left:0in'><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font> <u>
<font size="2" face="Times New Roman">Maturity</font></u><font
size="2" face="Times New Roman">.&nbsp; The Series N Preferred Stock shall be perpetual unless redeemed by the Company in accordance with Section 7.&nbsp;</font></p>

<p style='margin-left:0in'><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font> <u>
<font size="2" face="Times New Roman">Redemptions</font></u><font
size="2" face="Times New Roman">.</font></p>

<p style='margin-left:0in'><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Series N Preferred Stock shall not be redeemable at the option of
the holders at any time.</font></p>

<p style='margin-left:0in'><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Series N Preferred Stock shall be redeemable at the option of the
Company in any of the following circumstances:</font></p>

<p style='margin-left:0in'><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; in whole but not in part, prior to the Dividend
Payment Date in December, 2017 upon the occurrence of a Regulatory Capital Event or a Rating Agency Event, at a cash redemption price equal to the sum of:</font></p>

<p style='margin-left:0in'><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the greater of:</font></p>

<p style='margin-left:0in'><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1,000,000 per share of Series N Preferred Stock and</font></p>

<p style='margin-left:0in'><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The sum of the present value of $1,000,000 per share of Series N
Preferred Stock, discounted from the Dividend Payment Date in December, 2017 to the Redemption Date, and the present values of all undeclared dividends for each Dividend Period from the Redemption Date to and including the Dividend Payment Date in December, 2017
discounted from their applicable Dividend Payment Dates to the Redemption Date, in each case on a quarterly basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate, as calculated by an Independent Investment Banker, <i>plus 1.00%</i>;
<i>plus</i></font></p>

<p style='margin-left:0in'><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; any declared but unpaid dividends to the Redemption Date;</font></p>

<p style='margin-left:0in'><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; in whole but not in part, on any Dividend Payment Date prior to
the Dividend Payment Date in December, 2017 for any reason other than the occurrence of a Rating Agency Event or a Regulatory Capital Event, at a cash redemption price equal to:</font></p>

<p style='margin-left:0in'><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the greater of:</font></p>

<p style='margin-left:0in'><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1,000,000 per share of Series N Preferred Stock, or</font></p>

<p style='margin-left:0in'><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the sum of the present value of $1,000,000 per share of Series N Preferred Stock
discounted from the Dividend Payment Date in December, 2017 to the Redemption Date, and the present values of all undeclared dividends for the Dividend Periods from the Redemption Date to and including the Dividend Payment Date in December, 2017, discounted from
their applicable Dividend Payment Dates to the Redemption Date, in each case on a quarterly basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate, as calculated by an Independent Investment Banker, <i>plus 0.75%</i>; <i>plus</i></font></p>

<p style='margin-left:0in'><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; any declared but unpaid dividends to the Redemption Date;</font></p>

<p style='margin-left:0in'><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; in whole but not in part, on any Dividend Payment Date after the
Dividend Payment Date in December, 2017 that is not a Ten-Year Date, upon the occurrence of a Regulatory Capital Event or a Rating Agency Event, at a cash redemption price equal to $1,000,000 per share of Series N Preferred Stock, <i>plus</i> any declared and unpaid
dividends to the Redemption Date;</font></p>

<p style='margin-left:0in'><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; in whole or in part, on each Dividend Payment Date that is a Ten-Year Date,
at a cash redemption price of $1,000,000 per share of Series N Preferred Stock, <i>plus</i> any declared and unpaid dividends to the Redemption Date; and</font></p>

<p style='margin-left:0in'><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; in whole but not in part, on any Dividend Payment Date after the
Dividend Payment Date in December, 2017 that is not a Ten-Year Date for any reason other than the occurrence of a Rating Agency Event or a Regulatory Capital Event, at a cash redemption price equal to:</font></p>

<p style='margin-left:0in'><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the greater of:</font></p>

<p style='margin-left:0in'><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1,000,000 per share of Series N Preferred Stock, or</font></p>

<p style='margin-left:0in'><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the sum of the present value of $1,000,000 per share of Series N Preferred Stock,
discounted from the next succeeding Ten-Year Date to the Redemption Date, and the present values of all undeclared dividends for the Dividend Periods from the Redemption Date to and including the next succeeding Ten-Year Date, discounted from their applicable
Dividend Payment Dates to the Redemption Date, in each case on a quarterly basis (assuming a 360-day year consisting of twelve 30-day months) at the 3-Month USD LIBOR Rate applicable to the Dividend Period immediately preceding such Redemption Date (which 3-Month USD
LIBOR Rate will also, for the purposes of calculating such redemption price, be the rate used in calculating the amount for each undeclared dividend), as calculated by an Independent Investment Banker; <i>plus</i></font></p>

<p style='margin-left:0in'><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; any declared but unpaid dividends to the Redemption Date;</font></p>

<p style='text-indent:0in'><font size="2" face="Times New Roman">in each case, without accumulation of any undeclared dividends with respect to Dividend Payment Dates prior to the Redemption Date.</font></p>

<p style='margin-left:0in'><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends will cease to accrue on the Series N Preferred Stock called
for redemption on and as of the date fixed for redemption and such Series N Preferred Stock will be deemed to cease to be outstanding, <i>provided</i> &nbsp;that the redemption price, including any authorized and declared but unpaid dividends for the current Dividend
Period, if any, to the Redemption Date, has been duly paid or provision has been made for such payment.</font></p>

<p style='margin-left:0in'><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In the case of any redemption under this Section 7, notice shall be
mailed to each holder of record of the Series N Preferred Stock, not less than 30 nor more than 60 days prior to the Redemption Date specified in such notice; provided, however, that a longer minimum notice may be agreed to by the Company, including in a deposit
agreement relating to depositary shares representing interests in the Series N Preferred Stock.&nbsp; The notice of redemption shall include a statement of (i) the Redemption Date, (ii) the redemption price, and (iii) the number of shares to be redeemed.</font></p>

<p style='margin-left:0in'><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any shares of Series N Preferred Stock redeemed pursuant to this
Section 7 or otherwise acquired by the Company in any manner whatsoever shall become authorized but unissued preferred shares of the Company but such preferred shares shall not under any circumstances be reissued as Series N Preferred Shares. The Company shall from
time-to-time take such appropriate action as may be necessary to reduce the authorized number of shares of Series N Preferred Stock accordingly.</font></p>

<p style='margin-left:0in;page-break-after:avoid'>
<font size="2" face="Times New Roman">Section 8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font> <u>
<font size="2" face=
"Times New Roman">Voting Rights</font></u><font size="2" face="Times New Roman">.&nbsp;</font></p>

<p style='margin-left:0in'><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Holders of the Series N Preferred Stock will not have any voting
rights, including the right to elect any directors, except (i) voting rights, if any, required by law, and (ii) voting rights, if any, described in this Section 8.</font></p>

<p style='margin-left:0in'><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Holders of the Series N Preferred Stock will in the circumstances to
the extent set forth in this Section 8(b), have the right to elect two directors.</font></p>

<p style='margin-left:0in'><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If after the issuance of the Series N Preferred Stock
the Company fails to pay, or declare and set aside for payment, full dividends on the Series N Preferred Stock or any other class or series of Parity Securities having similar voting rights (&ldquo;Voting Parity Securities&rdquo;) for six Dividend Periods or their
equivalent, the authorized number of the Company&rsquo;s directors will be increased by two.&nbsp; Subject to compliance with any requirement for regulatory approval of, or non-objection to, persons serving as directors, the holders of Series N Preferred Stock,
voting together as a single and separate class with the holders of any outstanding Voting Parity Securities, will have the right to elect two directors in addition to the directors then in office at the Company&rsquo;s next annual meeting of shareholders.&nbsp; This
right will continue at each subsequent annual meeting until the Company pays dividends in full on the Series N Preferred Stock and any Voting Parity Securities for three consecutive Dividend Periods or their equivalent and pays or declares and sets aside for payment
dividends in full for the fourth consecutive Dividend Period or its equivalent or, if earlier, upon the redemption of all Series N Preferred Stock.</font></p>

<p style='margin-left:0in'><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The term of such additional directors will terminate, and the
total number of directors will be decreased by two, at such time as the Company pays dividends in full on the Series N Preferred Stock and any Voting Parity Securities for three consecutive Dividend Periods or their equivalent and declares and pays or sets aside for
payment dividends in full for the fourth consecutive Dividend Period or its equivalent or, if earlier, upon the redemption of all Series N Preferred Stock.&nbsp; After the term of such additional directors terminates, the holders of the Series N Preferred Stock will
not be entitled to elect additional directors unless full dividends on the Series N Preferred Stock have again not been paid or declared and set aside for payment for six future Dividend Periods.</font></p>

<p style='margin-left:0in'><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any additional director elected by the holders of the Series N
Preferred Stock and the Voting Parity Securities may only be removed by the vote of the holders of record of the outstanding Series N Preferred Stock and Voting Parity Securities, voting together as a single and separate class, at a meeting of the Company
shareholders called for that purpose.&nbsp; Any vacancy created by the removal of any such director may be filled only by the vote of the holders of the outstanding Series N Preferred Stock and Voting Parity Securities, voting together as a single and separate
class.</font></p>

<p style='margin-left:0in'><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; So long as any shares of Series N Preferred Stock are outstanding, the
vote or consent of the holders of at least 66 2/3% of the shares of Series N Preferred Stock at the time outstanding, voting as a class with all other classes and series of Parity Securities upon which like voting rights have been conferred and are exercisable, given
in person or by proxy, either in writing without a meeting or by vote at any meeting called for the purpose, will be necessary for effecting or validating any of the following actions, whether or not such approval is required by Washington law:</font></p>

<p style='margin-left:0in'><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; any amendment, alteration or repeal of any provision
of the Company&rsquo;s Amended and Restated Articles of Incorporation (including the Articles of Amendment creating the Series N Preferred Stock) or the Company&rsquo;s bylaws that would alter or change the voting powers, preferences or special rights of the Series N
Preferred Stock so as to affect them adversely;</font></p>

<p style='margin-left:0in'><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; any amendment or alteration of the Company&rsquo;s Amended and
Restated Articles of Incorporation to authorize or create, or increase the authorized amount of, any shares of, or any securities convertible into shares of, any class or series of the Company&rsquo;s capital stock ranking prior to the Series N Preferred Stock in the
payment of dividends or in the distribution of assets on any liquidation, dissolution or winding up of the Company; or</font></p>

<p style='margin-left:0in'><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the consummation of a binding share exchange or reclassification
involving the Series N Preferred Stock or a merger or consolidation of the Company with another entity, except that holders of Series N Preferred Stock will have no right to vote under this provision or under &sect;23B.11.035 of the Revised Code of Washington or
otherwise under Washington law if in each case (x) the Series N Preferred Stock remains outstanding or, in the case of any such merger or consolidation with respect to which the Company is not the surviving or resulting entity, is converted into or exchanged for
preference securities of the surviving or resulting entity or its ultimate parent, and (y) such Series N Preferred Stock remaining outstanding or such preference securities, as the case may be, have such rights, preferences, privileges and voting powers, taken as a
whole, as are not materially less favorable to the holders thereof than the rights, preferences, privileges and voting powers of the Series N Preferred Stock, taken as a whole;</font></p>

<p><i><font size="2" face="Times New Roman">provided, however</font></i><font size="2" face="Times New Roman">, that any increase in the amount of the authorized or issued Series N Preferred&nbsp; Stock or authorized preferred stock or the creation and issuance, or an
increase in the authorized or issued amount, of other series of preferred stock ranking equally with and/or junior to the Series N Preferred Stock with respect to the payment of dividends (whether such dividends are cumulative or non-cumulative) and/or the
distribution of assets upon the Company&rsquo;s liquidation, dissolution or winding up will not be deemed to adversely affect the voting powers, preferences or special rights of the Series N Preferred stock and, notwithstanding &sect;23B.10.040(1)(a), (e) or (f) of
the Revised Code of Washington or any other provision of Washington law, holders of Series N Preferred Stock will have no right to vote on such an increase, creation or issuance.</font></p>

<p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>

<p style='margin-left:0in'><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If an amendment, alteration, repeal, share exchange, reclassification,
merger or consolidation described above would adversely affect one or more but not all series of preferred stock with like voting rights (including the Series N Preferred Stock for this purpose), then only the series affected and entitled to vote shall vote as a
class in lieu of all such series of preferred stock.</font></p>

<p style='margin-left:0in'><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font> <u>
<font size="2" face=
"Times New Roman">Certificates</font></u><font size="2" face="Times New Roman">.&nbsp; The Company may at its option issue the Series N Preferred Stock without certificates.</font></p>

<p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="2" color="black" face="Times New Roman">THIRD:&nbsp;&nbsp;This amendment does not provide for an exchange, reclassification or cancellation of any issued shares.</font></p>

<p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="2" color="black" face="Times New Roman">FOURTH:&nbsp;&nbsp;The date of this amendment's adoption is October&nbsp;24, 2007.</font></p>

<p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="2" color="black" face="Times New Roman">FIFTH:&nbsp;&nbsp;This amendment to the Amended and Restated Articles of Incorporation was duly adopted by the Board of Directors of the Company.</font></p>

<p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="2" color="black" face="Times New Roman">SIXTH:</font><b><font size="2" color="black" face="Times New Roman">&nbsp;&nbsp;</font></b><font face="Times New Roman" size="2">
</font> <font size="2" color="black" face="Times New Roman">No shareholder action was required.</font></p>

<font size="2" color="black" face="Times New Roman"><br clear="all" style='page-break-before:always'>
</font>

<hr>

<p><font size="2" color="black" face="Times New Roman">EXECUTED this 24<sup>th</sup> day of October, 2007.</font></p>

<p style='margin-left:225.0pt;text-indent:0in'>
<font size="2" face="Times New Roman">WASHINGTON MUTUAL, INC.</font></p>

<p style='margin-left:225.0pt;text-indent:0in'>
<font size="2" face="Times New Roman">&nbsp;</font></p>

<p style='margin-top:0in;margin-right:0in;margin-bottom:0in; margin-left:225.0pt;margin-bottom:.0001pt;text-indent:0in'>
<font size="2" face="Times New Roman">By: <u>&nbsp;&nbsp;&nbsp;/s/ Peter
Freilinger&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></p>

<p style='margin-top:0in;margin-right:0in;margin-bottom:0in; margin-left:225.0pt;margin-bottom:.0001pt;text-indent:0in'>
<font size="2" face="Times New Roman">Name: Peter Freilinger<br>
Title: Senior Vice President</font></p>
</div>

<font size="2" face="Times New Roman"><br clear="all" style='page-break-before:always'>
</font>

</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>exh991to8koct242007.htm
<TEXT>
<html>

<head>
<title>Exhibit 99</title>
</head>

<body>

&nbsp;<div class="Section3">
<p align="right" style='text-align:right'><b><font face="Times New Roman">Exhibit 99.1</font></b></p>

<hr>

<p>&nbsp;</p>
<p style='margin-left:.5in;text-indent:.5in'><font size="2" face="Times New Roman">REPLACEMENT CAPITAL COVENANT, dated as of October 25, 2007 (this &ldquo;<i>Replacement Capital Covenant</i>&rdquo;), by Washington Mutual, Inc., a Washington corporation (together with its successors and
assigns, the &ldquo;<i>Corporation</i>&rdquo;), in favor of and for the benefit of each Covered Debtholder (as defined below).</font></p>

<p align="center"><b><font size="2" face="Times New Roman">Recitals</font></b></p>

<p style='margin-left:.5in;text-indent:.5in'><i><font size="2" face="Times New Roman">A</font></i><font size="2" face="Times New Roman">.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On the date hereof:</font></p>

<p style='margin-left:.5in;text-indent:.5in'><font size="2" face="Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington Mutual Preferred Funding LLC, a Delaware limited liability company and an indirect subsidiary of the Corporation (the
&ldquo;<i>Company</i>&rdquo;), is issuing 1,000,000 of its Fixed-to-Floating Rate Perpetual Non-cumulative Preferred Securities, Series&nbsp;2007&#8209;B, liquidation preference $1,000 per security and $1,000,000,000 in the aggregate (the &ldquo;<i>Series
2007&#8209;B Company Preferred Securities</i>&rdquo;), to Washington Mutual Preferred Funding Trust IV, a Delaware statutory trust established by the Company as grantor (the &ldquo;<i>Trust</i>&rdquo;); and</font></p>

<p style='margin-left:.5in;text-indent:.5in'><font size="2" face="Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Trust is issuing to investors 10,000 of its Fixed-to-Floating Rate Perpetual Non-cumulative Trust Securities, liquidation preference $100,000 per
security and $1,000,000,000 in the aggregate (the &ldquo;<i>Trust Securities</i>&rdquo;), pursuant to an Offering Circular, dated October 25, 2007 (the &ldquo;<i>Offering Circular</i>&rdquo;).</font></p>

<p style='margin-left:.5in;text-indent:.5in'><i><font size="2" face="Times New Roman">B</font></i><font size="2" face="Times New Roman">.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If an &ldquo;<i>Exchange Event</i>&rdquo; as defined and described in the Offering Circular occurs, and the Office of Thrift
Supervision so directs, then the Trust Securities will automatically be exchanged for depositary shares (the &ldquo;<i>Depositary Shares</i>&rdquo;) representing a like amount of Series N Perpetual Non-cumulative Fixed-to-Floating Rate Preferred Stock of the
Corporation (the &ldquo;<i>WMI Preferred Stock</i>&rdquo;; the Series 2007&#8209;B Company Preferred Securities, the Trust Securities, the Depositary Shares and the WMI Preferred Stock, together, the &ldquo;<i>Securities</i>&rdquo;);</font></p>

<p style='margin-left:.5in;text-indent:.5in'><i><font size="2" face="Times New Roman">C</font></i><font size="2" face="Times New Roman">.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Replacement Capital Covenant is the &ldquo;<i>Replacement Capital Covenant</i>&rdquo; referred to in the Offering
Circular.</font></p>

<p style='margin-left:.5in;text-indent:.5in'><i><font size="2" face="Times New Roman">D</font></i><font size="2" face="Times New Roman">.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Corporation is entering into and disclosing the content of this Replacement Capital Covenant in the manner provided below with
the intent that the covenants provided for in this Replacement Capital Covenant be enforceable by each Covered Debtholder and that the Corporation be estopped from disregarding the covenants in this Replacement Capital Covenant, in each case to the fullest extent
permitted by applicable law.</font></p>

<p style='margin-left:.5in;text-indent:.5in'><i><font size="2" face="Times New Roman">E.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></i><font size="2" face="Times New Roman"> The Corporation acknowledges that reliance by each Covered Debtholder upon the covenants in this Replacement Capital Covenant
is reasonable and foreseeable by the Corporation and that, were the Corporation to disregard its covenants in this Replacement Capital Covenant, each Covered Debtholder would have sustained an injury as a result of its reliance on such covenants.</font></p>

<p style='margin-left:.5in;text-indent:.5in'><font size="2" face="Times New Roman">Now, Therefore</font><font face="Times New Roman"><b><font size="2">,</font></b><font size="2"> the Corporation hereby covenants and agrees as follows in favor of and for the benefit of each Covered Debtholder.</font></font></p>

<p style='margin-left:.5in;text-indent:.5in'>
<font size="2" face="Times New Roman">Section 10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Times New Roman"><font size="2">
</font> <i><font size="2">Definitions</font></i><font size="2">. Capitalized terms used in this Replacement Capital Covenant (including the Recitals) have the meanings set
forth in Schedule I hereto.</font></font></p>

<p style='margin-left:.5in;text-indent:.5in'>
<font size="2" face="Times New Roman">Section 11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Times New Roman"><font size="2">
</font> <i><font size="2">Limitations on Redemption and Purchase of Securities</font></i><font size="2">. The Corporation hereby promises and covenants to and for the benefit
of each Covered Debtholder that neither the Corporation nor any Subsidiary of the Corporation (including the Company) shall redeem or purchase all or any part of the Securities except to the extent that the applicable redemption or purchase price does not exceed the
sum of the following amounts:</font></font></p>

<p style='margin-left:.5in;text-indent:.5in'>
<font size="2" face="Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 133.33% of the aggregate amount of net cash proceeds received by the Corporation and its Subsidiaries since the most recent Measurement Date from the sale of Common Stock and rights to acquire Common Stock to Persons other than the Corporation and
its Subsidiaries; <i>plus</i></font></p>

<p style='margin-left:.5in;text-indent:.5in'>
<font size="2" face="Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100% of the aggregate amount of net cash proceeds received by the Corporation and its Subsidiaries since the most recent Measurement Date from the sale of Mandatorily Convertible Preferred Stock, Debt Exchangeable for Common Equity, Debt Exchangeable for
Preferred Equity and Qualifying Non-Cumulative Perpetual Preferred Stock to Persons other than the Corporation and its Subsidiaries; <i>plus</i></font></p>

<p style='margin-left:.5in;text-indent:.5in'>
<font size="2" face="Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100% of the aggregate amount of net cash proceeds received by Subsidiaries of the Corporation since the most recent Measurement Date from the sale of REIT Preferred Securities to Persons other than the Corporation and its Subsidiaries; <i>plus</i></font></p>

<p style='margin-left:.5in;text-indent:.5in'>
<font size="2" face="Times New Roman">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100% of
the aggregate amount of net cash proceeds received by the Corporation and its Subsidiaries since the most recent Measurement Date from the sale of Qualifying Capital Securities to Persons other than the Corporation and its Subsidiaries.</font></p>

<p style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left: 0in;text-indent:1.0in'>
<font size="2" face="Times New Roman">Section 12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Times New Roman"><font size="2">
</font> <i><font size="2">Covered Debt</font></i><font size="2">.</font></font></p>

<p style='margin-left:.5in;text-indent:.5in'><font size="2" face="Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Corporation
represents and warrants that the Initial Covered Debt is Eligible Debt.</font></p>

<p style='margin-left:.5in;text-indent:.5in'><font size="2" face="Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On or during the 30-day
period immediately preceding any Redesignation Date with respect to the Covered Debt then in effect, the Corporation shall identify the series of Eligible Debt that will become the Covered Debt on and after such Redesignation Date in accordance with the following
procedures:</font></p>

<p style='margin-left:.5in;text-indent:.5in'>
<font size="2" face="Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Corporation shall identify each series of its and Washington Mutual Bank&rsquo;s then outstanding long-term indebtedness for money borrowed that is Eligible Debt;</font></p>

<p style='margin-left:.5in;text-indent:.5in'>
<font size="2" face="Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; if only one series of the Corporation&rsquo;s then outstanding long-term indebtedness for money borrowed is Eligible Debt, such series shall become the Covered Debt commencing on the related Redesignation Date;</font></p>

<p style='margin-left:.5in;text-indent:.5in'>
<font size="2" face="Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; if
the Corporation has more than one outstanding series of long-term indebtedness for money borrowed that is Eligible Debt, then the Corporation shall identify the series that has the latest occurring final maturity date as of the date the Corporation is applying the
procedures in this Section 3(b) and such series shall become the Covered Debt on the related Redesignation Date;</font></p>

<p style='margin-left:.5in;text-indent:.5in'>
<font size="2" face="Times New Roman">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; if the
Corporation has no outstanding series of long-term indebtedness for money borrowed that is Eligible Debt, and Washington Mutual Bank has only one outstanding series of long-term indebtedness for money borrowed that is Eligible Debt, such series shall become the
Covered Debt commencing on the related Redesignation Date;</font></p>

<p style='margin-left:.5in;text-indent:.5in'>
<font size="2" face="Times New Roman">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; if the Corporation has no outstanding series of long-term indebtedness for money borrowed that is Eligible Debt, but Washington Mutual Bank has more than one outstanding series of long-term indebtedness for money borrowed that is Eligible Debt, then the
Corporation shall identify the series that has the latest occurring final maturity date as of the date the Corporation is applying the procedures in this Section 3(b) and such series shall become the Covered Debt on the related Redesignation Date;</font></p>

<p style='margin-left:.5in;text-indent:.5in'>
<font size="2" face="Times New Roman">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the series
of outstanding long-term indebtedness for money borrowed that is determined to be Covered Debt pursuant to clause (ii), (iii), (iv) or (v) above shall be the Covered Debt for purposes of this Replacement Capital Covenant for the period commencing on the related
Redesignation Date and continuing to but not including the Redesignation Date as of which a new series of outstanding long-term indebtedness is next determined to be the Covered Debt pursuant to the procedures set forth in this Section 3(b); and</font></p>

<p style='margin-left:.5in;text-indent:.5in'>
<font size="2" face="Times New Roman">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; in connection
with such identification of a new series of Covered Debt, the Corporation shall, as provided for in Section 4, give a notice and file with the Commission a current report on Form 8-K including or incorporating by reference this Replacement Capital Covenant as an
exhibit within the time frame provided for in such section.</font></p>
<p style='margin-left:.5in;text-indent:.5in'><font size="2" face="Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notwithstanding
any other provisions of this Replacement Capital Covenant, if on any Redesignation Date the Corporation has then outstanding one or more series of Eligible Subordinated Debt, a series of Eligible Subordinated Debt shall be identified as Covered Debt in accordance
with Section 3(b) and no Eligible Senior Debt shall then be Covered Debt.</font></p>

<p style='margin-left:.5in;text-indent:.5in'>
<font size="2" face="Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Corporation agrees
that, if at any time the Covered Debt is held by a trust (for example, where the Covered Debt is part of an issuance of trust preferred securities), a holder of the securities issued by such trust may enforce (including by instituting legal proceedings) this
Replacement Capital Covenant directly against the Corporation as though such holder owned Covered Debt directly, and such trust securities shall be deemed to be &ldquo;<i>Covered Debt</i>&rdquo; for purposes of this Replacement Capital Covenant for so long as the
indebtedness held by such trust remains Covered Debt hereunder.</font></p>

<p style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left: 0in;text-indent:1.0in'>
<font size="2" face="Times New Roman">Section 13.&nbsp;&nbsp;&nbsp;<b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b></font><font face="Times New Roman"><font size="2">
</font> <i><font size="2">Notice</font></i><font size="2">. In order to give effect to the intent of the Corporation described in Recital D, the Corporation covenants
that:</font></font></p>

<p style='margin-left:.5in;text-indent:.5in'>
<font size="2" face="Times New Roman">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; simultaneously with the execution of this Replacement Capital Covenant or as soon as practicable after the date hereof, the Corporation shall (x)&nbsp;give notice to the Holders of the Initial Covered Debt, in the manner provided in the indenture relating to
the Initial Covered Debt, of this Replacement Capital Covenant and the rights granted to such Holders hereunder and (y)&nbsp;file a copy of this Replacement Capital Covenant with the Commission as an Exhibit to a Form&nbsp;8-K (or any successor form) under the
Securities Exchange Act;</font></p>

<p style='margin-left:.5in;text-indent:.5in'>
<font size="2" face="Times New Roman">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; so
long as the Corporation is a reporting company under the Securities Exchange Act, the Corporation shall include in each annual report filed with the Commission on Form 10-K (or any successor form) under the Securities Exchange Act a description of the covenant set
forth in Section 2 and identify the series of long-term indebtedness for borrowed money that is Covered Debt as of the date such Form 10-K (or any successor form) is filed with the Commission;</font></p>

<p style='margin-left:.5in;text-indent:.5in'>
<font size="2" face="Times New Roman">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; if a
series of the Corporation&rsquo;s or Washington Mutual Bank&rsquo;s long-term indebtedness for money borrowed (i)&nbsp;becomes Covered Debt or (ii)&nbsp;ceases to be Covered Debt, the Corporation shall give notice of such occurrence within 30 days to the holders of
such long-term indebtedness for money borrowed in the manner provided for in the indenture, fiscal agency agreement or other instrument under which such long-term indebtedness for money borrowed was issued and report such change in a Form 8-K (or any successor form)
under the Securities Exchange Act, which must include or incorporate by reference this Replacement Capital Covenant and in the Corporation&rsquo;s next quarterly report on Form 10-Q (or any successor form) or annual report on Form 10-K (or any successor form), as
applicable;</font></p>

<p style='margin-left:.5in;text-indent:.5in'>
<font size="2" face="Times New Roman">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; if,
and only if, the Corporation ceases to be a reporting company under the Securities Exchange Act, the Corporation shall (i) post on its website (or other similar electronic platform generally available to the public) the information otherwise required to be included
in Securities Exchange Act filings pursuant to clauses (b) and (c) above and (ii) to the extent permitted by Bloomberg L.P. and any other similar third-party vendor that makes available to the marketplace information with respect to securities that are Covered Debt
by posting such information on an electronically accessible screen (each an &ldquo;<i>Investor Screen</i>&rdquo;), cause a notation to be included on each such Investor Screen identifying the relevant series of indebtedness of the Corporation or a Subsidiary that is
Covered Debt from time to time as Covered Debt for purposes of this Replacement Capital Covenant and cause a hyperlink to a definitive copy of this Replacement Capital Covenant to be included on each such Investor Screen for each series of Covered Debt (but, in each
case, only so long as such series is Covered Debt); and</font></p>

<p style='margin-left:.5in;text-indent:.5in'>
<font size="2" face="Times New Roman">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; promptly upon request by any Holder of Covered Debt, the Corporation shall provide such Holder with a copy of this Replacement Capital Covenant.</font></p>

<p style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left: 0in;text-indent:1.0in'>
<font size="2" face="Times New Roman">Section 14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Times New Roman"><font size="2">
</font> <i><font size="2">Termination, Amendment and Waiver</font></i><font size="2">.</font></font></p>

<p style='margin-left:.5in;text-indent:.5in'>
<font size="2" face="Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The obligations
of the Corporation pursuant to this Replacement Capital Covenant shall remain in full force and effect until the earliest date (the &ldquo;<i>Termination Date</i>&rdquo;) to occur of (i)&nbsp;the date, if any, on which the Holders of a majority by principal amount of
the then-effective series of Covered Debt consent or agree in writing to the termination of this Replacement Capital Covenant and the obligations of the Corporation hereunder, (ii)&nbsp;the date on which neither the Corporation nor Washington Mutual Bank has any
series of outstanding Eligible Senior Debt or Eligible Subordinated Debt (in each case without giving effect to the rating requirement in clause (b) of the definition of each such term), and (iii)&nbsp;the tenth anniversary of the date hereof. From and after the
Termination Date, the obligations of the Corporation pursuant to this Replacement Capital Covenant shall be of no further force and effect.</font></p>

<p style='margin-left:.5in;text-indent:.5in'>
<font size="2" face="Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Replacement
Capital Covenant may be amended or supplemented from time to time by a written instrument signed by the Corporation with the consent of the Holders of a majority by principal amount of the then-effective series of Covered Debt, <i>provided</i> that this Replacement
Capital Covenant may be amended or supplemented from time to time by a written instrument signed only by the Corporation (and without the consent of the Holders of the then-effective series of Covered Debt) if (i)&nbsp;such amendment eliminates Common Stock, rights
to acquire Common Stock, Mandatorily Convertible Preferred Stock or Debt Exchangeable for Common Equity as a security or securities covered by clause (i) or clause (ii) of Section 2 and the Corporation has been advised in writing by a nationally recognized
independent accounting firm that there is more than an insubstantial risk that the failure to do so would result in a reduction in the Corporation&rsquo;s earnings per share as calculated for financial reporting purposes or (ii)&nbsp;such amendment or supplement is
not adverse to the Holders of the then effective series of Covered Debt and an officer of the Corporation has delivered to the Holders of the then effective series of Covered Debt in the manner provided for in the indenture, fiscal agency agreement or other
instrument with respect to such Covered Debt a written certificate stating that, in his or her determination, such amendment or supplement is not adverse to the Holders of the then-effective series of Covered Debt.</font></p>

<p style='margin-left:.5in;text-indent:.5in'>
<font size="2" face="Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For purposes of
Sections 5(a) and 5(b), the Holders whose consent or agreement is required to terminate, amend or supplement the obligations of the Corporation under this Replacement Capital Covenant shall be the Holders of the then-effective Covered Debt as of a record date
established by the Corporation that is not more than 30 days prior to the date on which the Corporation proposes that such termination, amendment or supplement becomes effective.</font></p>

<p style='margin-left:.5in;text-indent:.5in'>
<font size="2" face="Times New Roman">Section 15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Times New Roman"><font size="2">
</font> <i><font size="2">Miscellaneous</font></i><font size="2">.</font></font></p>

<p style='margin-left:.5in;text-indent:.5in'>
<font size="2" face="Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Replacement
Capital Covenant shall be governed by and construed in accordance with the laws of the State of New York.</font></p>

<p style='margin-left:.5in;text-indent:.5in'>
<font size="2" face="Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Replacement
Capital Covenant shall be binding upon the Corporation and its successors and assigns and shall inure to the benefit of the Covered Debtholders as they exist from time to time (it being understood and agreed by the Corporation that any Person who is a Covered
Debtholder at the time such Person initiates a claim or proceeding to enforce its rights under this Replacement Capital Covenant after the Corporation has violated its covenants in Section 2 and before the series of long-term indebtedness for money borrowed held by
such Person is no longer Covered Debt, such Person&rsquo;s rights under this Replacement Capital Covenant shall not terminate by reason of such series of long-term indebtedness for money borrowed no longer being Covered Debt). Except as specifically provided herein,
this Replacement Capital Covenant shall have no other beneficiaries and no other Persons are entitled to rely on this Replacement Capital Covenant.</font></p>

<p style='margin-left:.5in;text-indent:.5in'>
<font size="2" face="Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All demands,
notices, requests and other communications to the Corporation under this Replacement Capital Covenant shall be deemed to have been duly given and made if in writing and (i)&nbsp;if served by personal delivery upon the Corporation, on the day so delivered (or, if such
day is not a Business Day, the next succeeding Business Day), (ii)&nbsp;if delivered by registered post or certified mail, return receipt requested, or sent to the Corporation by a national or international courier service, on the date of receipt by the Corporation
(or, if such date of receipt is not a Business Day, the next succeeding Business Day), or (iii)&nbsp;if sent by telecopier, on the day telecopied, or if not a Business Day, the next succeeding Business Day, <i>provided</i> that the telecopy is promptly confirmed by
telephone confirmation thereof, and in each case to the Corporation at the address set forth below, or at such other address as the Corporation may thereafter notify to Covered Debtholders or post on its website as the address for notices under this Replacement
Capital Covenant:</font></p>

<p style='margin-left:.5in;text-indent:.5in'>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington Mutual, Inc.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1301 Second Avenue<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seattle, Washington 98101<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Attention:&nbsp; Corporate Secretary of Washington Mutual, Inc.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Facsimile No:&nbsp; 206-377-2840</font></p>
</div>

<hr>

<b><font size="2" face="Times New Roman"><br clear="all" style='page-break-before:always'>
</font></b>

<div class="Section4">
<font size="2" face="Times New Roman">IN WITNESS WHEREOF, the Corporation has caused this Replacement Capital Covenant to be executed by its duly authorized officer, as of the day and year first above written.</font><p>&nbsp;</p>
<p style='margin-top:0in;margin-right:0in;margin-bottom: 24.0pt;margin-left:3.25in;text-indent:-.25in'>
<font size="2" face="Times New Roman">WASHINGTON MUTUAL, INC.</font></p>

<p style='margin-top:0in;margin-right:-9.0pt;margin-bottom: 24.0pt;margin-left:3.25in;text-indent:-.25in'>
<font size="2" face="Times New Roman">By: <u>&nbsp;&nbsp;&nbsp;&nbsp;/s/ Peter Freilinger</u>___________<br>
Name:&nbsp; Peter Freilinger<br>
Title:&nbsp; Senior Vice President</font></p>

<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</div>

<hr>

<font size="2" face="Times New Roman"><br clear="all" style='page-break-before:always'>
</font>

<div class="Section5">
<p align="center">
<b><i><font size="2" face="Times New Roman">Definitions</font></i></b></p>
<p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<i>Alternative Payment Mechanism</i>&rdquo; means, with respect to any securities or combination of securities (together in this definition, &ldquo;<i>such securities</i>&rdquo;), provisions in the
terms thereof or of the related transaction documents:</font></p>

<p style='margin-left:.5in'><font size="2" face="Times New Roman">(I)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; permitting the issuer of such securities, in its sole discretion, or in response to a directive or order from the Primary Federal Bank
Regulatory Agency, to defer or skip in whole or in part payment of Distributions on such securities for one or more consecutive Distribution Periods of up to ten years without any remedy other than Permitted Remedies and obligations (and limitations on obligations)
set forth in this definition applying as a result of such deferral or skipping of Distributions; and</font></p>

<p style='margin-left:.5in'><font size="2" face="Times New Roman">(II)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; requiring the issuer of such securities to issue (or use Commercially Reasonable Efforts to issue) one or more types of APM Qualifying
Securities raising eligible proceeds at least equal to the deferred Distributions on such securities and apply the proceeds to pay unpaid Distributions on such securities, commencing on the earlier of (x)&nbsp;the first Distribution Date after commencement of a
deferral period on which the issuer pays current Distributions on such securities and (y)&nbsp;the fifth anniversary of the commencement of such deferral period;</font></p>

<p style='text-indent:0in'><font size="2" face="Times New Roman">and that</font></p>

<p style='margin-left:.5in;text-indent:.5in'>
<font size="2" face="Times New Roman">define &ldquo;eligible proceeds&rdquo; to mean, for purposes of such Alternative Payment Mechanism, the net proceeds (after underwriters&rsquo; or placement agents&rsquo; fees,
commissions or discounts and other expenses relating to the issuance or sale of the relevant securities, where applicable, and including the fair market value of property received by the issuer or any of its Subsidiaries as consideration for such APM Qualifying
Securities) that the issuer has received during the 180 days prior to the related Distribution Date from the issuance of APM Qualifying Securities, up to the Preferred Cap in the case of APM Qualifying Securities that are Qualifying Non-Cumulative Perpetual Preferred
Stock or Mandatorily Convertible Preferred Stock;</font></p>

<p style='margin-left:.5in;text-indent:.5in'>
<font size="2" face="Times New Roman">permit the issuer to pay current Distributions on any Distribution Date out of any source of funds but (x)&nbsp;require the issuer to pay deferred Distributions only out of eligible
proceeds and (y)&nbsp;prohibit the issuer from paying deferred Distributions out of any source of funds other than eligible proceeds, in each case unless (if the issuer elects to so provide in the terms of such securities) the Primary Federal Bank Regulatory Agency
directs otherwise;</font></p>

<p style='margin-left:.5in;text-indent:.5in'>
<font size="2" face="Times New Roman">if deferral of Distributions continues for more than one year, require the issuer and its Subsidiaries not to redeem, repay, defease or purchase any of its securities ranking junior
to or <i>pari passu</i> with any APM Qualifying Securities the proceeds of which were used to settle deferred interest during the relevant deferral period until at least one year after all deferred Distributions have been paid (a <i>&ldquo;Repurchase
Restriction&rdquo;</i>), other than the following (none of which shall be restricted or prohibited by a Repurchase Restriction):</font></p>

<p style='margin-left:1.0in;text-indent:.5in'>
<font size="2" face="Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; purchases, redemptions or other acquisitions of shares of Common Stock in connection with any employment contract, benefit plan or
other similar arrangement with or for the benefit of employees, officers, directors or consultants; or</font></p>

<p style='margin-left:1.0in;text-indent:.5in'>
<font size="2" face="Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; purchases of shares of Common Stock pursuant to a contractually binding requirement to buy Common Stock entered into prior to the
beginning of the related deferral period, including under a contractually binding stock repurchase plan;</font></p>

<p style='margin-left:.5in;text-indent:.5in'>
<font size="2" face="Times New Roman">notwithstanding the foregoing provisions, if the Primary Federal Bank Regulatory Agency disapproves the issuer&rsquo;s sale of APM Qualifying Securities, may (if the issuer elects to
so provide in the term of such securities) permit the issuer to pay deferred Distributions from any source without a breach of its obligations under the transaction documents;</font></p>

<p style='margin-left:.5in;text-indent:.5in'>
<font size="2" face="Times New Roman">notwithstanding the foregoing provisions, if the Primary Federal Bank Regulatory Agency does not disapprove the issuer&rsquo;s issuance and sale of APM Qualifying Securities but
disapproves the use of the proceeds thereof to pay deferred Distributions, may (if the issuer elects to so provide in the terms of such securities) permit the issuer to use such proceeds for other purposes and to continue to defer Distributions without a breach of
its obligations under the transaction documents; and</font></p>

<p style='margin-left:.5in;text-indent:.5in'>
<font size="2" face="Times New Roman">limit the obligation or right of the issuer to issue (or use Commercially Reasonable Efforts to issue) APM Qualifying Securities pursuant to the Alternative Payment Mechanism
to:</font></p>

<blockquote>
	<p style='margin-left:.5in;text-indent:.5in'>
	<font size="2" face="Times New Roman">in the case of APM Qualifying Securities that are Common Stock or rights to purchase Common Stock, and with respect to Distributions attributable to the first five years of
the relevant deferral period, an aggregate amount of such securities, the net proceeds from the issuance of which (including at any point in time from all issuances at such time and prior thereto pursuant to the Alternative Payment Mechanism) is equal to 2% of the
product of the average of the Market Value of the Common Stock on the ten consecutive trading days ending on the fourth trading day immediately preceding the date of issuance multiplied by the total number of issued and outstanding shares of Common Stock as of the
date of the issuer&rsquo;s most recent publicly available consolidated financial statements (the
	<i>&ldquo;Common Cap&rdquo;</i>), <i>provided</i> (and it being understood) that (x)&nbsp;once the issuer reaches the Common Cap, until the Common Cap ceases to apply the
issuer will not be required to issue more Common Stock or rights to purchase Common Stock under the Alternative Payment Mechanism with respect to deferred Distributions attributable to the first five years of a deferral period even if the amount referred to in this
subclause&nbsp;(i) subsequently increases because of a subsequent increase in the current market price of Common Stock or the number of outstanding shares of Common Stock, and (y)&nbsp;the Common Cap shall cease to apply to such deferral period by a date (as
specified in the related transaction documents) which shall be not later than the ninth anniversary of the commencement of such deferral period; and</font></p>
	<p style='margin-left:.5in;text-indent:.5in'>
	<font size="2" face="Times New Roman">in the case of APM Qualifying Securities that are Qualifying Non-Cumulative Perpetual Preferred Stock or Mandatorily Convertible Preferred Stock, to an aggregate amount of
such securities, the net proceeds from the issuance of which (including at any point in time from all issuances at such time and prior thereto pursuant to the Alternative Payment Mechanism) is equal to 25% of the initial principal or stated amount of the securities
that are the subject of the related Alternative Payment Mechanism (the <i>&ldquo;Preferred Cap&rdquo;</i>);</font></p>
</blockquote>

<p style='margin-left:.5in;text-indent:.5in'>
<font size="2" face="Times New Roman">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; in
the case of Qualifying Capital Securities other than non-cumulative perpetual preferred stock, include a Bankruptcy Claim Limitation Provision; and</font></p>

<p style='margin-left:.5in;text-indent:.5in'>
<font size="2" face="Times New Roman">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; permit the Corporation, at its option, to provide that if it is involved in a merger, consolidation, amalgamation, binding share exchange or conveyance, transfer or lease of assets substantially as an entirety to any other person or a similar transaction (a
&ldquo;<i>Business Combination</i>&rdquo;) where immediately after the consummation of the Business Combination more than 50% of the surviving or resulting entity&rsquo;s voting stock is owned by the shareholders of the other party to the Business Combination, then
clauses (a) through (c) of this definition will not apply to any deferral period that is terminated on the next Distribution Date following the date of consummation of the Business Combination (or if later, at any time within 90 days following the date of
consummation of the Business Combination);</font></p>

<p><i><font size="2" face="Times New Roman">provided</font></i><font face="Times New Roman" size="2"> (and it being understood) that:</font></p>

<p style='margin-left:.5in;text-indent:.5in'>
<font size="2" face="Times New Roman">the issuer shall not be obligated to issue (or use Commercially Reasonable Efforts to issue) APM Qualifying Securities for so long as a Market Disruption Event has occurred and is
continuing;</font></p>

<p style='margin-left:.5in;text-indent:.5in'>
<font size="2" face="Times New Roman">if, due to a Market Disruption Event or otherwise, the issuer is able to raise and apply some, but not all, of the eligible proceeds necessary to pay all deferred Distributions on any
Distribution Date, the issuer will apply any available eligible proceeds to pay accrued and unpaid Distributions on the applicable Distribution Date in chronological order subject to the Common Cap and Preferred Cap, as applicable; and</font></p>

<p style='margin-left:.5in;text-indent:.5in'>
<font size="2" face="Times New Roman">if the issuer has outstanding more than one class or series of securities under which it is obligated to sell a type of APM Qualifying Securities and apply some part of the proceeds
to the payment of deferred Distributions, then on any date and for any period the amount of net proceeds received by the issuer from those sales and available for payment of deferred Distributions on such securities shall be applied to such securities on a <i>pro
rata</i> basis up to the Common Cap and the Preferred Cap, as applicable, in proportion to the total amounts that are due on such securities, or on such other basis as the Primary Federal Bank Regulatory Agency may approve.</font></p>

<p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<i>APM Qualifying Securities</i>&rdquo; means, with respect to an Alternative Payment Mechanism or any Mandatory Trigger Provision, one or more of the following (as designated in the transaction
documents for any Qualifying Capital Securities that include an Alternative Payment Mechanism or a Mandatory Trigger Provision):</font></p>

<p style='margin-left:.5in;text-indent:.5in'>
<font size="2" face="Times New Roman">Common Stock;</font></p>

<p style='margin-left:.5in;text-indent:.5in'>
<font size="2" face="Times New Roman">Qualifying Warrants;</font></p>

<p style='margin-left:.5in;text-indent:.5in'>
<font size="2" face="Times New Roman">Qualifying Non-Cumulative Perpetual Preferred Stock; or</font></p>

<p style='margin-left:.5in;text-indent:.5in'>
<font size="2" face="Times New Roman">Mandatorily Convertible Preferred Stock;</font></p>

<p><i><font size="2" face="Times New Roman">provided</font></i><font face="Times New Roman" size="2"> (and it being understood) that if (i) the APM Qualifying Securities for any Alternative Payment Mechanism or Mandatory Trigger Provision include both Common Stock and Qualifying
Warrants, such Alternative Payment Mechanism or Mandatory Trigger Provision may permit, but need not require, the Corporation to issue Qualifying Warrants and (ii) such Alternative Payment Mechanism or Mandatory Trigger Provision may permit, but need not require, the
Corporation to issue Mandatorily Convertible Preferred Stock.</font></p>

<p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>
<i><font size="2" face="Times New Roman">&ldquo;Appropriate Federal Banking Agency&rdquo;</font></i><font size="2" face="Times New Roman"> means, as to a Depository Institution Subsidiary at any time, the Federal bank regulatory agency that has primary regulatory
authority with respect to the Depository Institution Subsidiary (currently the Office of Thrift Supervision).</font></p>

<p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>
<i><font size="2" face="Times New Roman">&ldquo;Bankruptcy Claim Limitation Provision&rdquo;</font></i><font size="2" face="Times New Roman"> means, with respect to any Qualifying Capital Securities that have an Alternative Payment Mechanism or a Mandatory Trigger
Provision, provisions in the terms thereof or of the related transaction documents that, upon any liquidation, dissolution, winding up or reorganization or in connection with any insolvency, receivership or proceeding under any bankruptcy law with respect to the
issuer, limit the claim of the holders of such securities to Distributions that accumulate during (A)&nbsp;any deferral period, in the case of securities that have an Alternative Payment Mechanism or (B)&nbsp;any period in which the issuer fails to satisfy one or
more financial tests set forth in the terms of such securities or related transaction agreements, in the case of securities that have a Mandatory Trigger Provision, to:</font></p>

<p style='margin-left:.5in'><font size="2" face="Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; in the case of Qualifying Capital Securities that have an Alternative Payment Mechanism or Mandatory Trigger Provision with
respect to which the APM Qualifying Securities do not include Qualifying Non-Cumulative Perpetual Preferred Stock or Mandatorily Convertible Preferred Stock, 25% of the stated or principal amount of such Qualifying Capital Securities then outstanding; and</font></p>

<p style='margin-left:.5in'><font size="2" face="Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; in the case of any other Qualifying Capital Securities, an amount not in excess of the sum of (x)&nbsp;the first two years of
accumulated and unpaid Distributions (including compounded amounts thereon) and (y)&nbsp;an amount equal to the excess, if any, of the Preferred Cap over the aggregate amount of net proceeds from the sale of Qualifying Non-Cumulative Perpetual Preferred Stock and
Mandatorily Convertible Preferred Stock that is still outstanding that the issuer has applied to pay such Distributions pursuant to the Alternative Payment Mechanism or the Mandatory Trigger Provision; <i>provided</i> that the holders of such Qualifying Capital
Securities are deemed to agree that, to the extent the claim for deferred interest exceeds the amount set forth in clause (x), the amount they receive in respect of such excess shall not exceed the amount they would have received had the claim for such excess ranked
pari passu with the interests of the holders, if any, of Qualifying Non-Cumulative Perpetual Preferred Stock.</font></p>

<p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<i>Business Day</i>&rdquo; means each day other than (a)&nbsp;a Saturday or Sunday or (b)&nbsp;a day on which banking institutions in The City of New York or in Seattle, Washington are authorized or
required by law or executive order to remain closed.</font></p>

<p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>
<i><font size="2" face="Times New Roman">&ldquo;Commercially Reasonable Efforts&rdquo;</font></i><font size="2" face="Times New Roman"> means, for purposes of selling APM Qualifying Securities, commercially reasonable efforts to complete the offer and sale of APM
Qualifying Securities to third parties that are not Subsidiaries in public offerings or private placements. The Corporation shall not be considered to have made Commercially Reasonable Efforts to effect a sale of APM Qualifying Securities if it determines not to
pursue or complete such sale due to pricing, coupon, dividend rate or dilution considerations.</font></p>

<p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<i>Commission</i>&rdquo; means the United States Securities and Exchange Commission.</font></p>

<p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<i>Common Cap</i>&rdquo; has the meaning assigned to it in the definition of <i>&ldquo;Alternative Payment Mechanism&rdquo;</i>.</font></p>

<p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<i>Common Stock</i>&rdquo; means common stock of the Corporation (including treasury stock and common stock issued pursuant to the Corporation&rsquo;s dividend reinvestment plan and employee benefit
plans).</font></p>

<p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<i>Company</i>&rdquo; has the meaning specified in Recital A.</font></p>

<p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<i>Corporation</i>&rdquo; has the meaning specified in the introduction to this instrument.</font></p>

<p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<i>Covered Debt</i>&rdquo; means (a)&nbsp;at the date of this Replacement Capital Covenant and continuing to but not including the first Redesignation Date, the Initial Covered Debt and
(b)&nbsp;thereafter, commencing with each Redesignation Date and continuing to but not including the next succeeding Redesignation Date, the Eligible Debt identified pursuant to Section 3(b) as the Covered Debt for such period.</font></p>

<p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<i>Covered Debtholder</i>&rdquo; means each Person (whether a Holder or a beneficial owner holding through a participant in a clearing agency) that buys, holds or sells long-term indebtedness for
money borrowed of the Corporation or its Depository Institution Subsidiary during the period that such long-term indebtedness for money borrowed is Covered Debt; <i>provided</i> that a Person who has sold or disposed of all its right, title and interest in Covered
Debt shall cease to be a Covered Debtholder at the time of such sale or disposition if, while such Person was an owner of Covered Debt, the Corporation has not breached or repudiated, or threatened to breach or repudiate, its obligations hereunder; and <i>provided
further</i> that if the Corporation has breached or repudiated, or threatened to breach or repudiate, its obligation hereunder while such Person was an owner of Covered Debt, such Person shall continue to be a Covered Debtholder until the later of (i)&nbsp;one year
after any such sale or other disposition or (ii)&nbsp;the termination of any legal proceeding brought by such Person before the date in clause (i) to enforce the obligations of the Corporation hereunder.</font></p>

<p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<i>Debt Exchangeable for Common Equity</i>&rdquo; means a security or combination of securities (together in this definition, &ldquo;<i>such securities</i>&rdquo;) that:</font></p>

<p style='margin-left:.5in;text-indent:.5in'>
<font size="2" face="Times New Roman">(i) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; gives the holder a beneficial interest in (x) a fractional interest in a share purchase contract for a share of Common Stock that will
be settled in three years or less, with the number of shares of Common Stock purchasable pursuant to such share purchase contract to be within a range established at the time of issuance of subordinated debt securities referred to below, subject to customary
anti-dilution adjustments and (y) subordinated debt securities of the Corporation or any of its Subsidiaries that are non-callable prior to the settlement date of the share purchase contracts;</font></p>

<p style='margin-left:.5in;text-indent:.5in'>
<font size="2" face="Times New Roman">(ii) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; provides that the holders directly or indirectly grant the Corporation a security interest in such subordinated debt securities and their
proceeds (including any substitute collateral permitted under the transaction documents) to secure the holders&rsquo; direct or indirect obligation to purchase shares of Common Stock pursuant to such share purchase contracts;</font></p>

<p style='margin-left:.5in;text-indent:.5in'>
<font size="2" face="Times New Roman">(iii) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; includes a remarketing feature pursuant to which the subordinated debt securities are remarketed to new investors commencing not later than the
last Distribution Date that is at least one month prior to the settlement date of the share purchase contract; and</font></p>

<p style='margin-left:.5in;text-indent:.5in'>
<font size="2" face="Times New Roman">(iv) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; provides for the proceeds raised in the remarketing to be used to purchase shares of Common Stock under the share purchase contracts and, if there
has not been a successful remarketing by the settlement date of the share purchase contract, provides that the share purchase contracts will be settled by the Corporation exercising its remedies as a secured party with respect to the subordinated debt securities or
other collateral directly or indirectly pledged by holders in the Debt Exchangeable for Common Equity.</font></p>

<p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<i>Debt Exchangeable for Preferred Equity</i>&rdquo; means a security or combination of securities (together in this definition, &ldquo;<i>such securities</i>&rdquo;) that:</font></p>

<p style='margin-left:.5in;text-indent:.5in'>
<font size="2" face="Times New Roman">(i) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; gives the holder a beneficial interest in (a) subordinated debt securities of the Corporation that include a provision permitting the
Corporation to defer Distributions in whole or in part on such securities for one or more Distribution Periods of up to at least seven years without any remedies other than Permitted Remedies and that are the most junior subordinated debt of the Corporation (or rank
<i>pari passu</i> with the most junior subordinated debt of the Corporation) and (b)&nbsp;an interest in a share purchase contract that obligates the holder to acquire a beneficial interest in Qualifying Non-Cumulative Perpetual Preferred Stock;</font></p>

<p style='margin-left:.5in;text-indent:.5in'>
<font size="2" face="Times New Roman">(ii) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; provides that the holders directly or indirectly grant to the Corporation a security interest in such subordinated debt securities and their
proceeds (including any substitute collateral permitted under the transaction documents) to secure the investors&rsquo; direct or indirect obligation to purchase Qualifying Non-Cumulative Perpetual Preferred Stock pursuant to such share purchase
contracts;</font></p>

<p style='margin-left:.5in;text-indent:.5in'>
<font size="2" face="Times New Roman">(iii) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; includes a remarketing feature pursuant to which the subordinated debt of the Corporation is remarketed to new investors commencing not later than
the first Distribution Date that is at least five years after the date of issuance of such securities or earlier in the event of an early settlement event based on (a)&nbsp;the capital ratios of the Corporation, (b)&nbsp;the anticipated capital ratios of the
Corporation, as anticipated by the Primary Federal Bank Regulatory Agency, or (c)&nbsp;the dissolution of the Corporation;</font></p>

<p style='margin-left:.5in;text-indent:.5in'>
<font size="2" face="Times New Roman">(iv) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; provides for the proceeds raised in the remarketing to be used to purchase Qualifying Non-Cumulative Perpetual Preferred Stock under the share
purchase contracts and, if there has not been a successful remarketing by the first Distribution Date that is six years after the date of issuance of such securities, provides that the share purchase contracts will be settled by the Corporation exercising its rights
as a secured creditor with respect to the subordinated debt securities or other collateral directly or indirectly pledged by investors in the Debt Exchangeable for Preferred Equity;</font></p>

<p style='margin-left:.5in;text-indent:.5in'>
<font size="2" face="Times New Roman">(v) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; includes an Other Qualifying Replacement Capital Covenant that will apply to such securities and to any Qualifying Non-Cumulative Perpetual
Preferred Stock issued pursuant to the share purchase contracts; <i>provided</i> that such Other Qualifying Replacement Capital Covenant may not include Debt Exchangeable for Common Equity or Debt Exchangeable for Preferred Equity as replacement capital securities
for purposes of such covenant; and</font></p>

<p style='margin-left:.5in;text-indent:.5in'>
<font size="2" face="Times New Roman">(vi) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; after the issuance of such Qualifying Non-Cumulative Perpetual Preferred Stock, provides the holder with a beneficial interest in such Qualifying
Non-Cumulative Perpetual Preferred Stock.</font></p>

<p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&ldquo;<i>Depository Institution Subsidiary</i>&rdquo; means any Subsidiary of the Corporation that is a depository institution within the meaning of 12 C.F.R. &sect;&nbsp;204.2(m) and includes
Washington Mutual Bank.</font></p>

<p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<i>Depositary Shares</i>&rdquo; has the meaning specified in Recital B.</font></p>

<p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<i>Distribution Date</i>&rdquo; means, as to any securities or combination of securities, the dates on which Distributions on such securities are scheduled to be made.</font></p>

<p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<i>Distribution Period</i>&rdquo; means, as to any securities or combination of securities, each period from and including a Distribution Date for such securities to but not including the next
succeeding Distribution Date for such securities.</font></p>

<p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<i>Distributions</i>&rdquo; means, as to a security or combination of securities, dividends, interest or other income distributions to the holders thereof that are not Subsidiaries of the
Corporation. For the avoidance of doubt, if the terms of any securities or combination of securities provide for the accrual of declared but unpaid, or deferred, Distributions, such accrued amounts will be considered to be included within the term
&ldquo;<i>Distributions</i>&rdquo;.</font></p>

<p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<i>Eligible Debt</i>&rdquo; means, at any time, Eligible Subordinated Debt or, if no Eligible Subordinated Debt is then outstanding, Eligible Senior Debt.</font></p>

<p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<i>Eligible Senior Debt</i>&rdquo; means, at any time in respect of any issuer, each series of outstanding long-term unsecured indebtedness for money borrowed of such issuer that (a)&nbsp;upon a
bankruptcy, liquidation, dissolution or winding up of the issuer, ranks most senior among the issuer&rsquo;s then outstanding classes of unsecured indebtedness for money borrowed, (b)&nbsp;is then assigned a rating by at least one NRSRO (<i>provided</i> that this
clause (b) shall apply on a Redesignation Date only if on such date the issuer has outstanding senior long-term indebtedness for money borrowed that satisfies the requirements in clauses (a), (c) and (d) that is then assigned a rating by at least one NRSRO),
(c)&nbsp;has an outstanding aggregate principal amount of not less than $100,000,000, (d)&nbsp;was issued through or with the assistance of a commercial or investment banking firm or firms acting as underwriters, initial purchasers or placement or distribution agents
and (e)&nbsp;if issued by Washington Mutual Bank, is fully and unconditionally guaranteed by the Corporation on (I)&nbsp;a subordinated basis or (II)&nbsp;if on the relevant Redesignation Date there is no outstanding debt of Washington Mutual Bank meeting the other
requirements set forth above and guaranteed by the Corporation on a subordinated basis but there is outstanding debt of Washington Mutual Bank meeting such requirements and guaranteed on a senior basis, a senior basis. For purposes of this definition as applied to
securities with a CUSIP number, each issuance of long-term indebtedness for money borrowed that has (or, if such indebtedness is held by a trust or other intermediate entity established directly or indirectly by the issuer, the securities of such intermediate entity
that have) a separate CUSIP number shall be deemed to be a series of the issuer&rsquo;s long-term indebtedness for money borrowed that is separate from each other series of such indebtedness.</font></p>

<p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<i>Eligible Subordinated Debt</i>&rdquo; means, at any time in respect of any issuer, each series of the issuer&rsquo;s then-outstanding long-term unsecured indebtedness for money borrowed that
(a)&nbsp;upon a bankruptcy, liquidation, dissolution or winding up of the issuer, ranks subordinate to the issuer&rsquo;s then outstanding series of unsecured indebtedness for money borrowed that ranks most senior, and senior to the WMI Preferred Stock (b)&nbsp;is
then assigned a rating by at least one NRSRO (<i>provided</i> that this clause (b) shall apply on a Redesignation Date only if on such date the issuer has outstanding subordinated long-term indebtedness for money borrowed that satisfies the requirements in clauses
(a), (c) and (d) that is then assigned a rating by at least one NRSRO), (c)&nbsp;has an outstanding aggregate principal amount of not less than $100,000,000, (d)&nbsp;was issued through or with the assistance of a commercial or investment banking firm or firms acting
as underwriters, initial purchasers or placement or distribution agents and (e)&nbsp;if issued by Washington Mutual Bank, is fully and unconditionally guaranteed by the Corporation on (I)&nbsp;a subordinated basis or (II)&nbsp;if on the relevant Redesignation Date
there is no outstanding debt of Washington Mutual Bank meeting the other requirements set forth above and guaranteed by the Corporation on a subordinated basis but there is outstanding debt of Washington Mutual Bank meeting such requirements and guaranteed on a
senior basis, a senior basis. For purposes of this definition as applied to securities with a CUSIP number, each issuance of long-term indebtedness for money borrowed that has (or, if such indebtedness is held by a trust or other intermediate entity established
directly or indirectly by the issuer, the securities of such intermediate entity that have) a separate CUSIP number shall be deemed to be a series of the issuer&rsquo;s long-term indebtedness for money borrowed that is separate from each other series of such
indebtedness.</font></p>

<p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<i>Exchange Event</i>&rdquo; has the meaning specified in Recital B.</font></p>

<p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<i>Existing Junior Subordinated Debentures</i>&rdquo; means the Corporation&rsquo;s 4.625% Subordinated Notes due 2014, CUSIP No. 939322AN3.</font></p>

<p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<i>Holder</i>&rdquo; means, as to the Covered Debt then in effect, each holder of such Covered Debt as reflected on the securities register maintained by or on behalf of the Corporation with respect
to such Covered Debt.</font></p>

<p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<i>Initial Covered Debt</i>&rdquo; means the Existing Junior Subordinated Debentures.</font></p>

<p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;</font><font face="Times New Roman"><i><font size="2">Intent-BasedReplacement Disclosure</font></i></font><font face="Times New Roman" size="2">&rdquo; means, as to any securities or combination of
securities, that the Corporation has publicly stated its intention, either in the prospectus or other offering document under which such securities were initially offered for sale or in filings with the Commission made by the Corporation under the Securities Exchange
Act prior to or contemporaneously with the issuance of such securities, that the Corporation will redeem, repurchase or defease, or any Subsidiary of the Corporation will purchase, such securities only with the proceeds of replacement capital securities that have
terms and provisions at the time of redemption, repurchase, defeasance or purchase, as applicable, that are as or more equity-like than the securities then being redeemed, repurchased, defeased or purchased , as applicable, raised within 180 days prior to the
applicable redemption, repurchase, defeasance or purchase date, as applicable. Notwithstanding the use of the term <i>&ldquo;Intent-Based Replacement Disclosure&rdquo;</i> in the definitions of <i>&ldquo;Qualifying Capital Securities&rdquo;</i> and
<i>&ldquo;Qualifying Non-Cumulative Perpetual Preferred Stock&rdquo;</i>, the requirement in each such definition that a particular security or the related transaction documents include Intent-Based Replacement Disclosure shall be disregarded and given no force or
effect if and for so long as the Corporation is a bank holding company within the meaning of the Bank Holding Company Act of 1956, as amended.</font></p>

<p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>
<i><font size="2" face="Times New Roman">&ldquo;Investor Screen</font></i><font size="2" face="Times New Roman">&rdquo; has the meaning specified in Section 4(d).</font></p>

<p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<i>Mandatorily Convertible Preferred Stock</i>&rdquo; means cumulative or non-cumulative preferred stock, the terms of which include (a)&nbsp;no prepayment obligation on the part of the issuer
thereof, whether at the election of the holders or otherwise, and (b)&nbsp;a requirement that the preferred stock convert into Common Stock of the Corporation within three years from the date of its issuance at a conversion ratio within a range established at the
time of issuance of the preferred stock, subject to customary anti-dilution adjustments.</font></p>

<p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<i>Mandatory Trigger Provision</i>&rdquo; means, as to any Qualifying Capital Securities, provisions in the terms thereof or of the related transaction documents that:</font></p>

<p style='margin-left:.5in;text-indent:.5in'>
<font size="2" face="Times New Roman">require the issuer of such securities to make payment of Distributions on such securities within two years of a failure of the issuer to satisfy one or more financial tests set forth
in the terms of such securities or related transaction agreements, only pursuant to the issue and sale of APM Qualifying Securities in amounts such that the net proceeds of such sale are at least equal to the amount of unpaid Distributions on such securities
(including all deferred and accumulated amounts) and in either case require the application of the net proceeds of such sale to pay such unpaid Distributions, <i>provided</i> that (i)&nbsp;if the Mandatory Trigger Provision does not require the issuance and sale
within one year of such failure, the amount of Common Stock and/or Qualifying Warrants the net proceeds of which the issuer must apply to pay such Distributions pursuant to such provision may not exceed the Common Cap and (ii)&nbsp;the amount of Qualifying
Non-Cumulative Perpetual Preferred Stock and still-outstanding Mandatorily Convertible Preferred Stock the net proceeds of which the issuer may apply to pay such Distributions pursuant to such provision may not exceed the Preferred Cap;</font></p>

<p style='margin-left:.5in;text-indent:.5in'>
<font size="2" face="Times New Roman">if the provisions described in clause (a) do not require such issuance and sale within one year of the failure to satisfy such tests, include a Repurchase Restriction;</font></p>

<p style='margin-left:.5in;text-indent:.5in'>
<font size="2" face="Times New Roman">prohibit the issuer of such securities from redeeming or purchasing any of its securities ranking upon the liquidation, dissolution or winding up of the Corporation junior to or
<i>pari passu</i> with any APM Qualifying Securities the proceeds of which were used to settle deferred interest during the relevant deferral period prior to the date six months after the issuer applies the net proceeds of the sales described in clause (a) above to
pay such deferred Distributions in full; and</font></p>

<p style='margin-left:.5in;text-indent:.5in'>
<font size="2" face="Times New Roman">include a Bankruptcy Claim Limitation Provision;</font></p>

<p><i><font size="2" face="Times New Roman">provided</font></i><font face="Times New Roman" size="2"> (and it being understood) that:</font></p>

<p style='margin-left:.5in;text-indent:.5in'>
<font size="2" face="Times New Roman">the issuer will not be obligated to issue (or use Commercially Reasonable Efforts to issue) APM Qualifying Securities for so long as a Market Disruption Event has occurred and is
continuing;</font></p>

<p style='margin-left:.5in;text-indent:.5in'>
<font size="2" face="Times New Roman">if, due to a Market Disruption Event or otherwise, the issuer is able to raise and apply some, but not all, of the eligible proceeds necessary to pay all deferred Distributions on any
Distribution Date, the issuer will apply any available eligible proceeds to pay accrued and unpaid Distributions on the applicable Distribution Date in chronological order subject to the Common Cap and Preferred Cap, as applicable; and</font></p>

<p style='margin-left:.5in;text-indent:.5in'>
<font size="2" face="Times New Roman">if the issuer has outstanding more than one class or series of securities under which it is obligated to sell a type of APM Qualifying Securities and applies some part of the proceeds
to the payment of deferred Distributions, then on any date and for any period the amount of net proceeds received by the issuer from those sales and available for payment of deferred Distributions on such securities shall be applied to such securities on a <i>pro
rata</i> basis up to the Common Cap and the Preferred Cap, as applicable, in proportion to the total amounts that are due on such securities or on such other basis as the Primary Federal Bank Regulatory may approve.</font></p>

<p><font size="2" face="Times New Roman">No remedy other than Permitted Remedies will arise by the terms of such securities or related transaction agreements in favor of the holders of such Qualifying Capital Securities as a result of the
issuer&rsquo;s failure to pay Distributions because of the Mandatory Trigger Provision until Distributions have been deferred for one or more Distribution Periods that total together at least ten years.</font></p>

<p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<i>Market Disruption Event</i>&rdquo; means the occurrence or existence of any of the following events or sets of circumstances:</font></p>

<p style='margin-left:.5in;text-indent:.5in'>
<font size="2" face="Times New Roman">the Corporation would be required to obtain the consent or approval of its shareholders or a regulatory body (including any securities exchange) or governmental authority to issue or
sell APM Qualifying Securities and such consent or approval has not yet been obtained notwithstanding the Corporation&rsquo;s Commercially Reasonable Efforts to obtain such consent or approval or the Primary Federal Bank Regulatory Authority instructs the Corporation
not to sell or offer for sale APM Qualifying Securities at such time;</font></p>

<p style='margin-left:.5in;text-indent:.5in'>
<font size="2" face="Times New Roman">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; trading in securities generally on the New York Stock Exchange or any other national securities exchange or over-the-counter market on which the Common Stock and/or any series of the Corporation&rsquo;s preferred stock is then listed or traded shall have been
suspended or the settlement of such trading generally shall have been materially disrupted or minimum prices shall have been established on any such exchange or market by the Commission, by the relevant exchange or by any other regulatory body or governmental body
having jurisdiction, and the establishment of such minimum prices materially disrupts or otherwise has a material adverse on trading in, or the issuance and sale of, Common Stock and/or the Corporation&rsquo;s preferred stock;</font></p>

<p style='margin-left:.5in;text-indent:.5in'>
<font size="2" face="Times New Roman">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a
banking moratorium shall have been declared by the federal or state authorities of the United States such that market trading in the Common Stock and/or any series of the Corporation&rsquo;s preferred stock has been materially disrupted;</font></p>

<p style='margin-left:.5in;text-indent:.5in'>
<font size="2" face="Times New Roman">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a
material disruption shall have occurred in commercial banking or securities settlement or clearance services in the United States such that market trading in the Common Stock and/or any series of the Corporation&rsquo;s preferred stock has been materially
disrupted;</font></p>

<p style='margin-left:.5in;text-indent:.5in'>
<font size="2" face="Times New Roman">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the
United States shall have become engaged in hostilities, there shall have been an escalation in hostilities involving the United States, there shall have been a declaration of a national emergency or war by the United States or there shall have occurred any other
national or international calamity or crisis such that market trading in the Common Stock and/or any series of the Corporation&rsquo;s preferred stock has been materially disrupted;</font></p>

<p style='margin-left:.5in;text-indent:.5in'>
<font size="2" face="Times New Roman">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; there
shall have occurred such a material adverse change in general domestic or international economic, political or financial conditions, including as a result of terrorist activities, or the effect of international conditions on the financial markets in the United
States, shall be such that market trading in the Common Stock and/or any series of the Corporation&rsquo;s preferred stock has been materially disrupted;</font></p>

<p style='margin-left:.5in;text-indent:.5in'>
<font size="2" face="Times New Roman">(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; an
event occurs and is continuing as a result of which the offering document for such offer and sale of APM Qualifying Securities would, in the reasonable judgment of the Corporation, contain an untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary to make the statements therein not misleading and either (i)&nbsp;the disclosure of that event at such time, in the reasonable judgment of the Corporation, is not otherwise required by law and would have a material adverse
effect on the business of the Corporation or (ii)&nbsp;the disclosure relates to a previously undisclosed proposed or pending material business transaction, the disclosure of which would impede the ability of the Corporation to consummate such transaction,
<i>provided</i> that no single suspension period contemplated by this paragraph&nbsp;(g) shall exceed 90 consecutive days and multiple suspension periods contemplated by this paragraph&nbsp;(g) shall not exceed an aggregate of 180 days in any 360-day period;
or</font></p>

<p style='margin-left:.5in;text-indent:.5in'>
<font size="2" face="Times New Roman">(9)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the
Corporation reasonably believes, for reasons other than those referred to in paragraph (g) above, that the offering document for such offer and sale of APM Qualifying Securities would not be in compliance with a rule or regulation of the Commission and the
Corporation is unable to comply with such rule or regulation or such compliance is unduly burdensome, <i>provided</i> that no single suspension period contemplated by this paragraph (h) shall exceed 90 consecutive days and multiple suspension periods contemplated by
this paragraph (h) shall not exceed an aggregate of 180 days in any 360-day period.</font></p>

<p><font size="2" face="Times New Roman">The definition of &ldquo;<i>Market Disruption Event</i>&rdquo; as used in any securities or combination of securities that constitute Qualifying Capital Securities may include less than all of the
paragraphs outlined above, as determined by the Corporation at the time of issuance of such securities, and in the case of clauses (a), (b), (c) and (d), as applicable to a circumstance where the Corporation would otherwise endeavor to issue preferred stock, shall be
limited to circumstances affecting markets where any series of the Corporation&rsquo;s preferred stock trades or where a listing for its trading is being sought.</font></p>

<p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<i>Market Value</i>&rdquo; means, on any date, the closing sale price per share of Common Stock (or, if no closing sale price is reported, the average of the bid and ask prices or, if more than one
in either case, the average of the average bid and the average ask prices) on that date as reported in composite transactions by the New York Stock Exchange or, if the Common Stock is not then listed on the New York Stock Exchange, as reported by the principal U.S.
securities exchange on which the Common Stock is traded or quoted; if the Common Stock is not either listed or quoted on any U.S. securities exchange on the relevant date, the market price will be the average of the mid-point of the bid and ask prices for the Common
Stock on the relevant date submitted by at least three nationally recognized independent investment banking firms selected for this purpose by the Board of Directors of the Corporation or a committee thereof.</font></p>

<p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<i>Measurement Date</i>&rdquo; means, with respect to any redemption, repurchase or purchase of Securities, the date that is 180 days prior to the delivery of notice of such redemption or the date of
such repurchase or purchase.</font></p>

<p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<i>Non-Cumulative</i>&rdquo; means, with respect to any securities, that the issuer thereof may elect not to make any number of periodic Distributions without any remedy arising under the
terms of the securities or related agreements in favor of the holders, other than one or more Permitted Remedies.</font></p>

<p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<i>NRSRO</i>&rdquo; means a nationally recognized statistical rating organization within the meaning of Rule 15c3-1(c)(2)(vi)(F) under the Securities Exchange Act.</font></p>

<p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<i>Offering Circular</i>&rdquo; has the meaning specified in Recital A.</font></p>

<p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<i>Optional Deferral Provision</i>&rdquo; means, as to any securities or combination of securities (together in this definition, &ldquo;<i>securities</i>&rdquo;), a provision in the terms thereof or
of the related transaction agreements to the effect that:</font></p>

<p style='margin-left:.5in'><font size="2" face="Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i)&nbsp;the issuer of such securities may in its sole discretion, or shall in response to a directive or order from the Primary
Federal Bank Regulatory Agency, defer or skip in whole or in part payment of Distributions on such securities for one or more consecutive Distribution Periods of up to five years or, if a Market Disruption Event is continuing, ten years, without any remedy other than
Permitted Remedies, and (ii)&nbsp;such securities are subject to an Alternative Payment Mechanism (<i>provided</i> that such Alternative Payment Mechanism need not apply during the first five years of any deferral period and need not include a Common Cap, Preferred
Cap, Bankruptcy Claims Limitation Provision or Repurchase Provision); or</font></p>

<p style='margin-left:.5in'><font size="2" face="Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the issuer of such securities may, in its sole discretion, or shall in response to a directive or order from the Primary Federal Bank
Regulatory Agency, defer or skip in whole or in part payment of Distributions on such securities for one or more consecutive Distribution Periods of up to at least ten years without any remedy other than Permitted Remedies.</font></p>

<p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<i>Other Qualifying Replacement Capital Covenant</i>&rdquo; means a replacement capital covenant, as identified by the Corporation&rsquo;s Board of Directors acting in good faith and in its
reasonable discretion, (i)&nbsp;entered into by a company that at the time it enters into such replacement capital covenant is a reporting company under the Securities Exchange Act and (ii)&nbsp;that restricts the related issuer from redeeming, repaying,
repurchasing, or defeasing, or such related issuer&rsquo;s Subsidiaries from purchasing, identified securities that at the time of initial issuance were rated by at least two NRSROs except to the extent of proceeds of specified replacement capital securities that
have terms and provisions at the time of redemption, repayment, purchase, repurchase or defeasance, as applicable, that are as or more equity-like at the time than the securities then being redeemed, repaid, purchased, repurchased or defeased, as applicable, raised
within 180 days prior to the applicable redemption, repayment, purchase, repurchase or defeasance date.</font></p>

<p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<i>Permitted Remedies</i>&rdquo; means, with respect to any securities, one or more of the following remedies:</font></p>

<p style='margin-left:.5in;text-indent:.5in'>
<font size="2" face="Times New Roman">rights in favor of the holders of such securities permitting such holders to elect one or more directors of the issuer (including any such rights required by the listing requirements
of any stock or securities exchange on which such securities may be listed or traded); and</font></p>

<p style='margin-left:.5in;text-indent:.5in'>
<font size="2" face="Times New Roman">complete or partial prohibitions on the issuer paying Distributions on or repurchasing or redeeming common stock or other securities that rank <i>pari passu</i> with or junior as to
Distributions to such securities for so long as Distributions on such securities, including unpaid Distributions, remain unpaid.</font></p>

<p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<i>Person</i>&rdquo; means any individual, corporation, partnership, joint venture, trust, limited liability company or corporation, unincorporated organization or government or any agency or
political subdivision thereof.</font></p>

<p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<i>Preferred Cap</i>&rdquo; has the meaning assigned to it in the definition of <i>&ldquo;Alternative Payment Mechanism&rdquo;</i>.</font></p>

<p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<i>Primary Federal Bank Regulatory Agency</i>&rdquo; means, as to the Corporation at any time, the Federal bank regulatory agency that has primary regulatory authority with respect to the Corporation
(currently the Office of Thrift Supervision).</font></p>

<p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<i>Qualifying Capital Securities</i>&rdquo; means securities (other than Common Stock, rights to acquire Common Stock and securities convertible into Common Stock, Mandatorily Convertible Preferred
Stock and Debt Exchangeable for Equity) that, in the determination of the Corporation&rsquo;s Board of Directors reasonably construing the definitions and other terms of this Replacement Capital Covenant, meet one of the following criteria:</font></p>

<p style='margin-left:.5in;text-indent:.5in'>
<font size="2" face="Times New Roman">securities issued by the Corporation or any of its Subsidiaries that (1)&nbsp;rank <i>pari passu</i> with or junior upon the liquidation, dissolution or winding up of the Corporation
to all debt of the Corporation for borrowed money, other than trade payables and any debt that is expressly made <i>pari passu</i> with such securities in the instrument creating the same, (2)&nbsp;have no maturity or a legal final maturity of at least 60 years and
(3)&nbsp;either:</font></p>

<p style='margin-left:1.0in;text-indent:.5in'>
<font size="2" face="Times New Roman">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (x)(I)&nbsp;have an Alternative Payment Mechanism or are Non-Cumulative and (II)&nbsp;are subject to a replacement capital covenant
substantially similar to this Replacement Capital Covenant or an Other Qualifying Replacement Capital Covenant, or</font></p>

<p style='margin-left:1.0in;text-indent:.5in'>
<font size="2" face="Times New Roman">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (y)&nbsp;have an Optional Deferral Provision and a Mandatory Trigger Provision and are subject to Intent-Based Replacement
Disclosure;</font></p>

<p style='margin-left:.5in;text-indent:.5in'>
<font size="2" face="Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; securities issued by the Corporation or any of its Subsidiaries that (1)&nbsp;rank <i>pari passu</i> with or junior upon the liquidation, dissolution or winding up of the issuer to all debt of the Corporation for borrowed money, other than trade payables and
any debt that is expressly made <i>pari passu</i> with such securities in the instrument creating the same, (2)&nbsp;have no maturity or a legal final maturity of at least 40 years, (3)&nbsp;are subject to a replacement capital covenant substantially similar to this
Replacement Capital Covenant or an Other Qualifying Replacement Capital Covenant, (4)&nbsp;have an Optional Deferral Provision and (5)&nbsp;have a Mandatory Trigger Provision; or</font></p>

<p style='margin-left:.5in;text-indent:.5in'>
<font size="2" face="Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; preferred stock of the Corporation or any of its Subsidiaries that (1)&nbsp;has no maturity or a maturity of at least 60 years, (2)&nbsp;either (x)&nbsp;is subject to a replacement capital covenant substantially similar to this Replacement Capital Covenant or
an Other Qualifying Replacement Capital Covenant or (y)&nbsp;is subject to Intent-Based Replacement Disclosure and has a provision that prohibits the issuer from paying any dividends thereon upon its failure to satisfy one or more financial tests set forth therein,
and (3)&nbsp;as to which the transaction documents provide for no remedies as a consequence of non-payment of dividends other than Permitted Remedies; or</font></p>

<p><font size="2" face="Times New Roman">Additionally, and notwithstanding the foregoing, any securities or combinations of securities if issued to any Subsidiary of the Corporation, without the contemporaneous issuance of any security by such
Subsidiary to a Person other than the Corporation or a Subsidiary of the Corporation, shall not qualify as Qualifying Capital Securities (it being understood and agreed for the avoidance of doubt that person&rsquo;s covered by the Corporation&rsquo;s dividend
reinvestment plan and employee benefit plans shall not be deemed to be affiliates of the Corporation for this purpose).</font></p>

<p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<i>Qualifying Non-Cumulative Perpetual Preferred Stock</i>&rdquo; means non-cumulative preferred stock of the Corporation that ranks <i>pari passu</i> with or junior to all other outstanding
preferred stock of the Corporation, is perpetual and is subject to either a replacement capital covenant substantially similar to this Replacement Capital Covenant or an Other Qualifying Replacement Capital Covenant or provides for mandatory deferral tied to the
breach of financial triggers specified in the terms thereof and is subject to Intent-Based Replacement Disclosure, and in each case as to which the transaction documents provide for no remedies as a consequence of non-payment of Distributions other than Permitted
Remedies.</font></p>

<p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<i>Qualifying Warrants</i>&rdquo; means net share settled warrants to purchase Common Stock that (1) have an exercise price greater than the current stock market price (as defined below) of the
Common Stock as of the date the Corporation agrees to issue the warrants, and (2) the Corporation is not entitled to redeem for cash and the holders of which are not entitled to require it to repurchase for cash in any circumstances.&nbsp; The Corporation intends
that any Qualifying Warrants issued in accordance with an Alternative Payment Mechanism will have exercise prices at least 10% above the current stock market price of its Common Stock on the date of issuance.&nbsp; The &ldquo;<i>current stock market price</i>&rdquo;
of the Common Stock on any date shall be the closing sale price per share (or if no closing sale price is reported, the average of the bid and ask prices or, if more than one in either case, the average of the average bid and the average ask prices) on that date as
reported in composite transactions by the New York Stock Exchange or, if the Common Stock is not then listed on the New York Stock Exchange, as reported by the principal U.S. securities exchange on which the Common Stock is traded.&nbsp; If the Common Stock is not
listed on any U.S. securities exchange on the relevant date, the &ldquo;<i>current stock market price</i>&rdquo; shall be the last quoted bid price for the Common Stock in the over-the-counter market on the relevant date as reported by the National Quotation Bureau
or similar organization.&nbsp; If the Common Stock is not so quoted, the &ldquo;<i>current stock market price</i>&rdquo; shall be the average of the mid-point of the last bid and ask prices for the Common Stock on the relevant date from each of at least three
nationally recognized independent investment banking firms selected by the Corporation for this purpose.</font></p>

<p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<i>Redesignation Date</i>&rdquo; means, as to the Covered Debt in effect at any time, the earliest of (a)&nbsp;the date that is two years prior to the final maturity date of such Covered Debt,
(b)&nbsp;if the Corporation elects to redeem, or the Corporation or a Subsidiary of the Corporation elects to repurchase, defease or purchase such Covered Debt either in whole or in part with the consequence that after giving effect to such redemption, repurchase,
defeasance or purchase the outstanding principal amount of such Covered Debt is less than $100,000,000, the applicable redemption, repurchase, defeasance or purchase date and (c)&nbsp;if such Covered Debt is not Eligible Subordinated Debt of the Corporation, the date
on which the Corporation issues long-term indebtedness for money borrowed that is Eligible Subordinated Debt.</font></p>

<p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<i>REIT Preferred Securities</i>&rdquo; means Non-Cumulative perpetual preferred stock of a Subsidiary of a Depository Institution Subsidiary, which may or may not be a &ldquo;real estate investment
trust&rdquo; (&ldquo;<i>REIT</i>&rdquo;) within the meaning of Section 856 of the Internal Revenue Code of 1986, as amended, that is exchangeable for Non-Cumulative perpetual preferred stock of the Corporation in at least the circumstances described below and
satisfies the following requirements:</font></p>

<p style='margin-left:.5in;text-indent:.5in'>
<font size="2" face="Times New Roman">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; such
Non-Cumulative perpetual preferred stock of a Subsidiary of the Depository Institution Subsidiary and the related Non-Cumulative perpetual preferred stock of the Corporation for which it may be exchanged qualifies as Tier&nbsp;1 or core capital of the Depository
Institution Subsidiary under the risk-based capital guidelines of the Appropriate Federal Banking Agency and related interpretive guidance of such Agency (for example, in the case of the Office of the Comptroller of the Currency, Corporate Decision&nbsp;97&#8209;109)
(disregarding any quantitative limits);</font></p>

<p style='margin-left:.5in;text-indent:.5in'>
<font size="2" face="Times New Roman">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; such
Non-Cumulative perpetual preferred stock of a Subsidiary of the Depository Institution Subsidiary must be exchangeable automatically into the Non-Cumulative perpetual preferred stock of the Corporation in the event that the Appropriate Federal Banking Agency directs
such Depository Institution Subsidiary in writing to make a conversion because such Depository Institution Subsidiary is (i)&nbsp;undercapitalized under the applicable prompt corrective action regulations (which, for example, in the case of the Office of the
Comptroller of the Currency and applicable to national banks, are at 12 C.F.R. &sect;&nbsp;6.4(b)), (ii)&nbsp;placed into conservatorship or receivership, or (iii)&nbsp;expected to become undercapitalized in the near term;</font></p>

<p style='margin-left:.5in;text-indent:.5in'>
<font size="2" face="Times New Roman">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; if
such Subsidiary of the Depositary Institution Subsidiary is a REIT, the transaction documents include provisions that would enable the Subsidiary to stop paying Distributions on its Non-Cumulative perpetual preferred stock without causing the Subsidiary to fail to
comply with the income distribution and other requirements of the Internal Revenue Code of 1986, as amended, applicable to REITs;</font></p>

<p style='margin-left:.5in;text-indent:.5in'>
<font size="2" face="Times New Roman">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; such
Non-Cumulative perpetual preferred stock of the Corporation issued upon exchange for the non-cumulative perpetual preferred stock of a Subsidiary of the Depository Institution Subsidiary issued as part of such transaction ranks <i>pari</i> <i>passu</i> with or junior
to other preferred stock of the Corporation, as applicable; and</font></p>

<p style='margin-left:.5in;text-indent:.5in'>
<font size="2" face="Times New Roman">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; such
REIT Preferred Securities and the Non-Cumulative perpetual preferred stock of the Corporation or Depository Institution Subsidiary for which it may be exchanged are subject to a replacement capital covenant substantially similar to this Replacement Capital Covenant
or an Other Qualifying Replacement Capital Covenant.</font></p>

<p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<i>Replacement Capital Covenant</i>&rdquo; has the meaning specified in the introduction to this instrument.</font></p>

<p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>
<i><font size="2" face="Times New Roman">&ldquo;Repurchase Restriction&rdquo;</font></i><font size="2" face="Times New Roman"> has the meaning specified in clause (c) of the definition of <i>&ldquo;Alternative Payment Mechanism&rdquo;</i>.</font></p>

<p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<i>Securities</i>&rdquo; has the meaning specified in Recital B.</font></p>

<p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<i>Series 2007&#8209;B Company Preferred Securities</i>&rdquo; has the meaning specified in Recital A.</font></p>

<p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<i>Securities Exchange Act</i>&rdquo; means the Securities Exchange Act of 1934, as amended.</font></p>

<p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<i>Subsidiary</i>&rdquo; means, at any time, any Person the shares of stock or other ownership interests of which having ordinary voting power to elect a majority of the board of directors or other
managers of such Person are at the time owned, or the management or policies of which are otherwise at the time controlled, directly or indirectly through one or more intermediaries (including other Subsidiaries) or both, by another Person.</font></p>

<p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<i>Termination Date</i>&rdquo; has the meaning specified in Section 5(a).</font></p>

<p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<i>Trust</i>&rdquo; has the meaning specified in Recital A.</font></p>

<p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<i>Trust Securities</i>&rdquo; has the meaning specified in Recital A.</font></p>

<p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<i>Washington Mutual Bank</i>&rdquo; means Washington Mutual Bank, a federal Savings Bank.</font></p>

<p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<i>WMI Preferred Stock</i>&rdquo; has the meaning specified in Recital B.</font></p>

<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</div>

</body>

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