FIRST MUTUAL BANCSHARES, INC. ELECTION AND TRANSMITTAL FORMWashington Federal Inc • August 31st, 2007 • Savings institution, federally chartered
Pursuant to the terms of the Agreement and Plan of Merger, dated July 2, 2007 and as amended on August 27, 2007 (“Merger Agreement”), between Washington Federal, Inc. (“Washington Federal”) and First Mutual Bancshares, Inc. (“First Mutual”), the undersigned shareholder(s) of First Mutual may elect to receive cash and/or shares of common stock of Washington Federal in exchange for his or her shares of First Mutual common stock upon consummation of the merger of First Mutual with and into Washington Federal. The election is subject to allocation procedures intended to ensure that 50% of the aggregate value of the merger consideration is paid in the form of shares of Washington Federal common stock, with the remaining 50% of the aggregate merger consideration to be paid in cash, as set forth in the Merger Agreement.
