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Business Description
Golden West Financial Corporation (Golden West) is a savings and loan holding company, the principal business of which is the operation of a savings bank business through its wholly owned savings bank subsidiary, World Savings Bank, FSB (WSB). Golden West also has two other operating subsidiaries, Atlas Advisers, Inc. and Atlas Securities, Inc. These two companies were formed to provide services to Atlas Assets, Inc., a registered open-end management investment company sponsored by the Company. Atlas Advisers is a registered investment adviser and the investment manager of Atlas Assets' 14 portfolios (the Atlas Funds). Atlas Securities is a registered broker-dealer and the sole distributor of Atlas Fund shares. The principal business of the Company, through WSB, is attracting funds from the investing public and the capital markets and investing those funds principally in loans secured by deeds of trust or mortgages on residential real estate, and mortgage-backed securities.

Financial Information
GDW is a savings and loan holding company for the World Savings and Loan Association, and the World Savings Banks. For the six months ended 6/30/02, total interest income fell 23% to $1.72 billion. Net interest income after LLP rose 21% to $918.2 million. Net income before acct. change rose 21% to $464.4 million. Net interest income reflects a decrease in interest-earning assets, offset by lower deposits. Earnings reflect an increase in prepayment fees.