Washington Mutual Announces Final Results of Tender Offer for 2-3/4% Convertible Cash to Accreting Senior Notes due 2016

New American Capital, Inc. (the "Company"), a whollyowned subsidiary of Washington Mutual, Inc. (NYSE:WM), announcedtoday the final results of its previously announced cash tender offerfor any and all of its outstanding 2-3/4% Convertible Cash toAccreting Senior Notes due 2016 (the "Notes"). The Notes wereoriginally issued by Providian Financial Corporation ("ProvidianFinancial") in March 2004 and were assumed by the Company inconnection with its merger with Providian Financial on October 1,2005. The indenture governing the Notes required the Company to makethe offer as a result of the fundamental change of Providian Financialthat resulted from the merger.

The offer for the Notes expired at 12:00 midnight, Eastern time,on Wednesday, November 2, 2005. The Company has been advised by J.P.Morgan Trust Company, National Association, which acted as depositaryand paying agent for the offer, that $28,952,000 in aggregate originalprincipal amount of the Notes were validly tendered pursuant to theterms of the offer prior to its expiration.

As previously announced, the Company will pay a make whole premiumwith a value of approximately $212.0580 for each $1,000 originalprincipal amount of Notes tendered for repurchase or converted inconnection with the fundamental change resulting from the merger. Themake whole premium will be paid by delivery of 5.0169 shares ofWashington Mutual common stock and $23.3264 in cash for each such$1,000 original principal amount of Notes. Cash will be paid in lieuof any fractional shares at a value of $38.3870 per share.

About Washington Mutual

With a history dating back to 1889, Washington Mutual is aretailer of financial services that provides a diversified line ofproducts and services to consumers and commercial clients. AtSeptember 30, 2005, Washington Mutual and its subsidiaries had assetsof $333.62 billion. Washington Mutual currently operates more than2,500 retail banking, mortgage lending, commercial banking andfinancial services offices throughout the nation. Washington Mutual'spress releases are available at www.wamunewsroom.com.