ARISTAR

                           A WASHINGTON MUTUAL COMPANY

                              AFSA Finance Industry

                              Investors Conference


                                                          May 3-5, 1999


<PAGE>



Company Profile
        Headquartered in Tampa, Florida
        Founded in 1927
        Portfolio Lender - no securitization
        $2.8 Billion in Assets
        498 offices in 24 States
        2,600 Employees


<PAGE>



Product Profile and Mix
        Personal Unsecured (45%)
        Average Balance of $2,078
        Real Estate (45%)
        60% First's and 40% Second's
        Average Loan-to-value approximately 70%
        Average Balance of $26,648
        Sales Finance (10%)
        8,767 Dealerships in 25 States
        Average Balance of $797


<PAGE>



                                     ARISTAR

                             [MAP OF UNITED STATES]

----------------------- -----------------
      Receivables --    12/31/99
Texas                      13.4%
Tennessee                  10.6
Colorado                    9.2
North Carolina              9.0
California                  6.0
South Carolina              5.7
Virginia                    5.1
Louisiana                   4.9
Mississippi                 4.3
Florida                     4.2
Other                      27.6
----------------------- -----------------



<PAGE>



ARISTAR
Customer (Demographic profile)
        Forty-four year old blue collar or lower-white collar worker
        Individual incomes of $30,000 and family incomes of $70,000
        Over 65% home owners
        Low net worth

Customer (Psycho-graphic)
        Cash flow borrowers
        Intimidated by doing business with a bank
        Payment borrower
        Want to be treated with dignity and respect



<PAGE>



ARISTAR
Mission
To become a premier  financial  services company that provides a superior return
to its shareholder by:

        Focusing on our high margin core products
        Become the low cost producer
        Superior execution


<PAGE>



ARISTAR
Financial Targets
        ROA                               3.0%
        ROE                greater than  18.0%
        EPS Growth                       15.0%
        Efficiency Ratio      less than  40.0%
        Net Charge-Off                    2.8%



<PAGE>



ARISTAR
Aristar is a Strong Strategic Fit with Washington Mutual's Growth Strategy

     Both company's focus is on high-service consumer lending

     WM has  traditionally  been an "A" lender but is now  generating  potential
sub-prime customers through its "free checking" marketing programs

     WM has excess capital it would like to deploy in its core  businesses  like
consumer lending - recently announced a share repurchase program

     WM has historically been an acquirer and consolidator of financial services
companies and that continues to be part of its strategic focus




<PAGE>



ARISTAR
Competitive Advantages
       "The Franchise" - Customer Relationship
       Number one position in small to mid-size markets
       Speed of service
       Flexibility of packaging


<PAGE>



ARISTAR
Strategy - Nurture the Franchise

     Leverage existing customer base by

     focusing on core products

     up-selling and cross-selling

     Promote a sales culture to improve the historically slow receivables growth
     rate

     Eliminate unprofitable ancillary products

     Enhance credit risk capabilities

     Become the low-cost producer

     Manage business mix

     Develop segmentation and target marketing capabilities



<PAGE>



ARISTAR
Strategy - Expand the Franchise
        Expand national "Franchise"
        Reinforce our dominant position in small to mid-size markets
        Rationalize and expand branch network to new markets
        Diversify distribution beyond retail branch network
        Pursue  acquisitions



<PAGE>



ARISTAR
Aristar is Improving  Credit  Quality While  Achieving  Strong Loan Growth

     Aristar has achieved record level organic growth over the past 10 months

     Credit quality has not been sacrificed o Delinquency  percentage at a three
year low

     Credit standards have been tightened for newly originated business

     There are strong improvements in underlying credit quality trends

     The at risk portfolio continues to be managed aggressively

     Aristar  continues  to be  the  only  major  consumer  finance  company  to
exclusively use contractual terms as a measure for delinquencies and charge offs


<PAGE>



ARISTAR
                        Total Receivables Growth Rate ($)
                                  [Line Graph]
                          (using May as an Index Month)

                                 97/98             98/99
-------------------------------- ----------------- ----------------
May                              0.00%              0.00%
-------------------------------- ----------------- ----------------
Jun                              0.46%              0.55%
-------------------------------- ----------------- ----------------
Jul                              0.82%              2.27%
-------------------------------- ----------------- ----------------
Aug                              1.04%              4.35%
-------------------------------- ----------------- ----------------
Sep                              0.93%              5.51%
-------------------------------- ----------------- ----------------
Nov                              4.53%              8.83%
-------------------------------- ----------------- ----------------
Dec                              6.68%             11.58
-------------------------------- ----------------- ----------------
Jan                              6.49%             12.73
-------------------------------- ----------------- ----------------
Feb                              5.50%             12.73
-------------------------------- ----------------- ----------------
Mar                              4.62%             13.85
-------------------------------- ----------------- ----------------



<PAGE>



ARISTAR
                  Receivables Growth Rate Comparison by Product
                                   [Bar Graph]


                     May 97 - Mar 98                 May 98 - Mar 99
-------------------- ------------------------------- ----------------------
Total Portfolio               5.56%                          13.87%
-------------------- ------------------------------- ----------------------
Personal Loans               10.34%                          16.72%
-------------------- ------------------------------- ----------------------
Real Estate                   8.16%                          15.37%
-------------------- ------------------------------- ----------------------
Sales Finance               -14.37%                          -1.89%
-------------------- ------------------------------- ----------------------



<PAGE>



ARISTAR
                  60+ days Delinquencies as a % of Receivables
                                  [Line Graph]


Dec 97                    2.73%
------------------------- -----------------------
Jan 98                    2.76%
------------------------- -----------------------
Feb 98                    2.74%
------------------------- -----------------------
Mar 98                    2.63%
------------------------- -----------------------
Apr 98                    2.64%
------------------------- -----------------------
May 98                    2.66%
------------------------- -----------------------
Jun 98                    2.68%
------------------------- -----------------------
Jul 98                    2.71%
------------------------- -----------------------
Sep 98                    2.72%
------------------------- -----------------------
Oct 98                    2.67%
------------------------- -----------------------
Nov 98                    2.62%
------------------------- -----------------------
Dec 98                    2.53%
------------------------- -----------------------
Jan 99                    2.59%
------------------------- -----------------------
Feb 99                    2.49%
------------------------- -----------------------
Mar 99                    2.36%
------------------------- -----------------------



<PAGE>



ARISTAR
                      Delinquencies $Growth Rate Comparison
                                   [Bar Graph]


                                        P30 & C30            C60 to C150
---------------------------------- --------------------- ---------------------
May 97 - Mar 98                          3.38%                 6.78%
---------------------------------- --------------------- ---------------------
May 98 - May 99                         -6.22%                 4.04%
---------------------------------- --------------------- ---------------------
                                       $25.5 Million        $1.5 Million
                                        Improvement          Improvement


<PAGE>



ARISTAR
               Bankrupt Account Growth Rate - Total Portfolio ($)
                                  [Line Graph]
                          (using May as an Index Month)


                    97/98             98/99
------------------- ----------------- ----------------
May                  0.00%             0.00%
------------------- ----------------- ----------------
Jun                  1.10%             0.93%
------------------- ----------------- ----------------
Jul                  2.08%             1.47%
------------------- ----------------- ----------------
Aug                  1.96%             2.52%
------------------- ----------------- ----------------
Sep                  4.52%             4.69%
------------------- ----------------- ----------------
Oct                  8.29%             5.54%
------------------- ----------------- ----------------
Nov                  8.98%             5.35%
------------------- ----------------- ----------------
Dec                  8.90%             2.14%
------------------- ----------------- ----------------
Jan                 11.03%             1.14%
------------------- ----------------- ----------------
Feb                 12.43%             1.70%
------------------- ----------------- ----------------
Mar                 14.56%             1.16%
------------------- ----------------- ----------------



<PAGE>



ARISTAR
                      Net Charge-offs as a % of Receivables
                                  [Line Graph]


Dec 97                    3.31%
------------------------- -----------------------
Jan 98                    3.10%
------------------------- -----------------------
Feb 98                    3.12%
------------------------- -----------------------
Mar 98                    3.15%
------------------------- -----------------------
Apr 98                    3.26%
------------------------- -----------------------
May 98                    3.00%
------------------------- -----------------------
Jun 98                    3.00%
------------------------- -----------------------
Jul 98                    2.92%
------------------------- -----------------------
Sep 98                    3.01%
------------------------- -----------------------
Oct 98                    3.07%
------------------------- -----------------------
Nov 98                    3.40%
------------------------- -----------------------
Dec 98                    3.50%
------------------------- -----------------------
Jan 99                    3.22%
------------------------- -----------------------
Feb 99                    2.96%
------------------------- -----------------------
Mar 99                    2.87%
------------------------- -----------------------

     Note:  May  '98  excludes  $617,000  recovery  from  sale  of  charged  off
receivables



<PAGE>



ARISTAR
Loan Receivables at year-end (dollars in millions)

<TABLE>
<CAPTION>
                                                                                       Annual Change
                                             12/31/98          13/31/97              $                    %
                                          ---------------- ----------------- ---------------- -----------------
<S>                                          <C>                <C>                  <C>
Real Estate                                       $1,123           $978                145         14.8%
Personal Loans                                     1,160          1,026                134         12.9
Sales Finance                                        291            325                (34)       (10.4)
                                          ---------------- ----------------- ---------------- -----------------
Total Loans                                        2,574          2,329                245         10.5
Reserve for loan losses                              (80)           (74)                (6)         8.1
                                          ================ ================= ================ =================
Total Loans net of Reserves                       $2,494         $2,255               $239         10.6%
                                          ================ ================= ================ =================
</TABLE>


<PAGE>



ARISTAR
Income Statement (dollars in millions)

<TABLE>
<CAPTION>
                                                                                         Change
                                               1998              1997                $                    %
                                          ---------------- ----------------- ---------------- -----------------
<S>                                            <C>              <C>                  <C>           <C>
Net Interest Income                            $283.2           $247.2               $36.0         14.6%
Other Income                                     27.1             26.5                 0.6          2.3
                                          ---------------- ----------------- ---------------- -----------------
   Net Margin                                   310.3            273.7                36.6         13.3
Provision for loan losses                        79.8             66.6                13.2         19.8
G&A Expense                                     143.0            131.1                11.9          9.1
                                          ---------------- ----------------- ---------------- -----------------
Net Income before taxes                          87.6             76.0                11.6         15.3
Provision for income taxes                       34.7             29.7                 5.0         16.8
                                          ================ ================= ================ =================
   Net Income                                   $52.9            $46.3                $6.6         14.3%
                                          ================ ================= ================ =================
</TABLE>



<PAGE>



ARISTAR
Overview of 1999 Business Plan

     Net Income projected to increase faster than asset growth

     Net Interest Income increase driven by sustained strong organic loan growth
(15% over past 12 months) and stable loan yields

     Margin will  decline  slightly due to change in mix toward more real estate
loans

     Moderate  Insurance  and Other  Income  increase  due to more  conservative
accounting


<PAGE>



ARISTAR
Overview of 1999 Business Plan

Increase in Loan Loss  Provision to support loan  portfolio  growth

Operating Expenses should increase more slowly than asset growth:

     Profit  based  incentive  compensation  and  marketing  increased  to drive
     business volume

     Facilities upgrade for 30% of branch network

     New market expansion planned for 1999


<PAGE>



ARISTAR
Overview of 1999 Business Plan

     New Infrastructure  added during 1998 & 1999 to maintain credit quality and
improve operating efficiency:

        Credit Risk Department
        Data Warehouse
        Sales Finance Department
        Centralization of the Back Office
        Alternative Lending Dept
        Lending Compliance Dept.
        Training Dept.


<PAGE>



ARISTAR
First Quarter 1999 Results

Net Income up 17% from 1998 and on target with Plan

Loan portfolio up $51 million during the first quarter - this was the first
time in the company's history it has experienced first quarter loan growth

     Credit Quality improved and reserves strengthened:

     Net Loan  Charge-offs  of $19.7  million  declined 6% from $20.9 million in
     Q4/98 and were below plan by Approximately $2 million

     Reserve  coverage  to  charge-offs   strengthened   during  the  quarter -
     consistent with plan

Operating expense up slightly (1.8%) from same quarter in 1998


<PAGE>



ARISTAR
Loan Receivables at quarter-end (dollars in millions)

<TABLE>
<CAPTION>
                                                                                       Annual Change
                                              3/31/99          3/31/98               $                    %
                                          ---------------- ----------------- ---------------- -----------------
<S>                                          <C>                <C>                   <C>          <C>
Real Estate                                       $1,185         $1,002                183         18.3%
Personal Loans                                     1,167            999                168         16.8
Sales Finance                                        274            289                (15)        (5.1)
                                          ---------------- ----------------- ---------------- -----------------
Total Loans                                        2,625          2,290                335         14.6
Reserve for loan losses                              (86)           (75)               (11)       (14.6)
                                          ================ ================= ================ =================
Total Loans net of Reserves                       $2,539         $2,215               $324         14.6%
                                          ================ ================= ================ =================

</TABLE>

<PAGE>



ARISTAR
Income Statement (dollars in millions)

<TABLE>
<CAPTION>
                                                                                          Change
                                               Q1/99            Q1/98                $              %
                                          ---------------- ----------------- ---------------- -----------------
<S>                                            <C>              <C>                 <C>            <C>
Net Interest Income                             $78.4            $66.9               $11.5         17.2%
Other Income                                      6.6              6.5                 0.1          1.5
                                          ---------------- ----------------- ---------------- -----------------
   Net Margin                                    85.0             73.4                11.6         15.8
Provision for loan losses                        25.6             18.0                 7.6         42.2
G&A Expense                                      34.6             34.0                 0.6          1.8
                                          ---------------- ----------------- ---------------- -----------------
Net Income before taxes                          24.8             21.4                 3.4         15.9
Provision for income taxes                        9.7              8.5                 1.2         14.1
                                          ================ ================= ================ =================
   Net Income                                   $15.1            $12.9                $2.2         17.1%
                                          ================ ================= ================ =================
</TABLE>



<PAGE>



ARISTAR
                           Operating Efficiency Ratio
                                   [Bar Graph]


                          Op. Eff
------------------------- -----------------------
Q1/96                        48.48%
------------------------- -----------------------
Q2/96                        46.10
------------------------- -----------------------
Q3/96                        48.01
------------------------- -----------------------
Q4/96                        46.15
------------------------- -----------------------
Q1/97                        47.47
------------------------- -----------------------
Q2/97                        43.04
------------------------- -----------------------
Q3/97                        46.19
------------------------- -----------------------
Q4/97                        44.70
------------------------- -----------------------
Q1/98                        44.88
------------------------- -----------------------
Q2/98                        43.43
------------------------- -----------------------
Q3/98                        40.76
------------------------- -----------------------
Q4/98*                       50.20
------------------------- -----------------------
Q1/99                        40.97
------------------------- -----------------------

*Note:    Q4/98 includes $4.5 million legal settlement and $2.2 million one-time
          accounting  adjustments  excluding  those items the  efficiency  ratio
          would have been 42.18%.