1
EXHIBIT 22
[Newspaper Advertisement]
GRAPH TITLE: Total Return to Stockholders(1)
From: 12/29/89 to 4/30/97
[Graph appears here with two lines, one for Washington Mutual and the second
for Ahmanson]
[Horizontal line: dates (12/29/89 - 4/30/97); Vertical line: percentage (-100%
through 700%)]
Date Washington Mutual Ahmanson
- ---- ----------------- --------
12/29/89 0.00% 0.00%
3/30/90 -12.24% -6.83%
6/29/90 - 6.91% 10.28%
9/28/90 41.82% 27.12%
12/31/90 -32.93% -25.18%
3/29/91 11.51% 3.19%
6/28/91 40.92% 2.92%
9/30/91 101.57% 5.58%
12/31/91 91.26% 1.41%
3/31/92 85.90% -8.42%
6/30/92 124.59% 21.00%
9/30/92 124.60% 15.05%
12/31/92 191.77% 18.31%
3/31/93 177.89% 17.23%
6/30/93 201.33% 9.22%
9/30/93 258.55% 26.31%
12/31/93 220.82% 26.18%
3/31/94 157.66% 9.85%
6/30/94 178.44% 24.31%
9/30/94 177.52% 38.86%
12/30/94 132.29% 8.68%
3/31/95 179.15% 22.77%
6/30/95 230.01% 51.51%
9/29/95 275.10% 76.37%
12/29/95 311.89% 85.70%
3/29/96 327.32% 71.58%
6/28/96 332.52% 92.67%
2
9/30/96 492.70% 101.54%
12/31/96 534.61% 135.49%
3/31/97 611.13% 164.98%
4/30/97 630.59% 177.73%
[End of Graph]
WHY WASHINGTON MUTUAL?
BOY, THAT'S A HEAD-SCRATCHER.
Just look at the figures.
Since 1990, Washington Mutual has delivered to its stockholders a total
return greater than 600%. That's right, more than 600%.
Take this history of superior long-term performance and combine it with
the fact that Washington Mutual was rated the number one most admired savings
institution in the country by its peers in Fortune(2) magazine, and you get what
you call a "no brainer."
These could be a few of the reasons why Great Western's Board of
Directors chose Washington Mutual to be their merger partner.
[Washington Mutual Logo]
The friend of the family [TM]
FDIC Insured
(1) Source: Bloomberg Financial Markets. Return includes reinvestment
of dividends.
(2) From an article titled "America's Most Admired Companies," Fortune
magazine March 3, 1997. America's Most Admired Companies and Fortune
magazine are trademarks belonging to Time, Inc.