WASHINGTON MUTUAL DONATES $65,000 TO SUPPORT TEXAS PUBLIC EDUCATION REFORM FOUNDATION

DALLAS, Texas (Dec. 13, 2002) — The Texas Education Reform Foundation (TERF) today announced it has received a $65,000 donation from Washington Mutual to support ongoing education reform efforts. Formed in 2001, TERF is a non-profit organization formed to advance the cause of education reform in Texas through research and public education.

TERF will use the money to fund additional research, communication and events to educate Texans on the value of continued education reform in the public school system. Washington Mutual has contributed a total of $100,000 to TERF over the last year.

"By providing this grant, Washington Mutual is demonstrating its commitment to TERF and its support of public education in Texas," said Tracy Baskin, corporate giving manager for Washington Mutual. “TERF is filling an important role to ensure that Texas schools are held to the highest standards, preparing students to excel both in post-secondary education and in the workforce."

Philip J. Ritter, senior board member of TERF, said the money is instrumental in funding the communication and research efforts organized by TERF to continue to improve the public school system in Texas. TERF’s education reform agenda includes assessment, high standards, accountability, professional development for educators and student success.

“TERF is pleased to continue our relationship with Washington Mutual. With this generous gift, we will continue to push for the highest quality of education possible for children in Texas,” said Ritter.

About The Texas Public Education Reform Foundation
The Texas Public Education Reform Foundation (TERF) is a non-profit 501©3 corporation formed in 2001 to advance the cause of education reform in Texas. TERF is committed to meeting every Texas child’s need for the best and highest quality of education possible so that upon graduation, they will be prepared for higher education and productive citizenship. More information about TERF is located at www.TERF.org.

About Washington Mutual
With a history dating back to 1889, Washington Mutual is a national financial services company that provides a diversified line of products and services to consumers and small- to mid-sized businesses. At September 30, 2002, Washington Mutual and its subsidiaries had assets of $261.10 billion. Washington Mutual currently operates more than 2,500 consumer banking, mortgage lending, commercial banking, consumer finance and financial services offices throughout the nation. Washington Mutual's press releases are available at www.wamu.com.

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