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Washington Mutual Extends Services Contract with IBM


SOMERS, NY - 15 Mar 1999: -- IBM today announced the extension of its technology services agreement with Seattle-based Washington Mutual Inc. (NYSE: WM), the nation's eighth-largest banking company.

The new 10-year agreement with IBM Global Services, designed to provide the technological framework for Washington Mutual's continued growth, extends a contract originally signed in 1996. Under terms of the extended contract, IBM Global Services will manage distributed client/server systems and desktop computing services for 36,000 workstations located throughout Washington Mutual's growing network of offices.

"The extension of this partnership is a testament to the value of IBM Global Services in our business strategy," said Liane Wilson, Washington Mutual executive vice president of corporate operations. "With IBM's continued help, we anticipate strengthening our banking network and providing enhanced service for our customers."

Since the original contract was signed three years ago, Washington Mutual has grown
through acquisition from a banking company with assets exceeding $20 billion to one with assets of more than $165 billion.

The latest acquisition of H.F. Ahmanson & Co. and its Home Savings of America
subsidiary will add approximately 13,000 additional workstations to the Washington Mutual network. IBM Global Services will work with Washington Mutual to ensure that the deployment occurs quickly and smoothly.

"Our relationship with Washington Mutual has been a true partnership since day one, allowing IBM Global Services to play a significant role in the bank's growth plan," said Walt McCarthy, vice president and project executive, IBM Global Services. "This is a great example of how outsourcing can be used as a strategic business tool by companies."

With a history dating back to 1889, Washington Mutual is a financial services company that provides a diversified line of products and services to consumers and small- to-mid-sized businesses. Washington Mutual operates more than 2,000 offices throughout the nation with major bank networks in Washington, Oregon, California, Texas and Florida.

IBM Global Services is the world's largest information technology services provider, with 1998 revenues of approximately $29 billion. Services is the fastest growing part of IBM, with more than 126,000 professionals operating in 160 countries. IBM Global Services integrates all of IBM's capabilities -- services, hardware, software and research -- to help companies of all sizes realize the full value of information technology. For more information visit http://www.ibm.com/services.

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Contact(s) information

David Caplan, IBM Global Services
IBM
914-766-4529
caplan@us.ibm.com

Libby Hutchinson, Washington Mutual
IBM
206-461-2484

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