Providian Financial Shareholders Approve Merger with Washington Mutual

Business Wire, August 31, 2005

SAN FRANCISCO -- Providian Financial Corporation (NYSE:PVN) today announced that shareholders have approved the Company's merger with Washington Mutual. 83% of the 237,791,081 shares voted were in favor of the merger (67% of the total outstanding shares). A majority of the total outstanding shares were needed for approval. The results were announced at a special meeting of Providian shareholders held today in San Francisco.

"We're gratified that Providian shareholders recognized the value and logic of the merger with Washington Mutual and voted to support the transaction. Together, Providian and Washington Mutual will make a formidable competitor in the financial services marketplace," said Providian Chairman and Chief Executive Officer Joseph Saunders. The Company expects the transaction to close on October 1, 2005.

About Providian

San Francisco-based Providian Financial Corporation (www.providian.com) is a leading provider of credit cards to mainstream American consumers throughout the United States. By combining experience, analysis and technology, Providian seeks to build long-lasting relationships with its customers by providing products and services that meet their evolving financial needs.

Voting Summary

Total shares voted: 237,791,081

Total outstanding Providian shares: 294,798,091

Percentage of total shares voted approving the merger: 83%

Percentage of total outstanding shares approving the merger: 67%

Percentage of total outstanding shares voting against the merger: 13%

Forward-Looking Statement

Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the "safe harbor" created by those sections. Forward-looking statements include, without limitation: expressions of the "belief," "anticipation," or "expectations" of management; statements as to industry trends or future results of operations of the Company and its subsidiaries; and other statements that are not historical fact. Forward-looking statements are based on certain assumptions by management and are subject to risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These risks and uncertainties include, but are not limited to, competitive pressures; factors that affect liquidity, delinquency rates, credit loss rates, and charge-off rates; general economic conditions; consumer loan portfolio growth; changes in the cost and/or availability of funding due to changes in the deposit, credit, or securitization markets; changes in the way the Company is perceived in such markets and/or conditions relating to existing or future financing commitments; the effect of government policy and regulation, whether of general applicability or specific to the Company, including restrictions and/or limitations relating to the Company's minimum capital requirements, deposit-taking abilities, reserving methodologies, dividend policies and payments, growth, and/or underwriting criteria; year-end adjustments; changes in accounting rules, policies, or assumptions or in the interpretation or application of such rules, policies, or assumptions; changes to or the restatement of prior period financial statements or results as the result of accounting errors or other circumstances; the success of product development efforts; legal and regulatory proceedings, including the impact of ongoing litigation; interest rates; one-time charges; extraordinary items; the ability to recruit or replace key personnel; and the impact of existing, modified, or new strategic initiatives. These and other risks and uncertainties are described in detail in the Company's Annual Report on Form 10-K and Annual Report to Stockholders for the fiscal year ended December 31, 2004 under the headings "Cautionary Statement Regarding Forward-Looking Information" and "Risk Factors." Other risks and uncertainties include matters related to the proposed merger with Washington Mutual, Inc. (including, among others, risks related to integration issues, and the realization of expected growth opportunities and cost savings from the merger). Readers are cautioned not to place undue reliance on any forward-looking statement, which speaks only as of the date thereof. The Company undertakes no obligation to update any forward-looking statements.