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November 17, 2008

November 17, 2008. Western Financial Group Q3 2008 Financial Results Conference Call. Forward-Looking Statements.

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November 17, 2008

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  1. November 17, 2008 Western Financial GroupQ3 2008 Financial Results Conference Call

  2. Forward-Looking Statements This presentation contains certain forward-looking statements. Forward-looking statements include, without limitation, statements regarding the future financial position, business strategy, budgets, litigation, projected costs, capital expenditures, financial results, taxes and plans and objectives of or involving Western Financial Group Inc. (the “Company”) or its subsidiaries. Many of these statements can be identified by looking for words such as ‘‘believe’’, ‘‘expects’’, ‘‘expected’’, ‘‘will’’, ‘‘intends’’, ‘‘projects’’, ‘‘anticipates’’, ‘‘estimates’’, ‘‘continues’’ or similar words. The Company believes the expectations reflected in such forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. Forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties only some of which are described herein. Many factors could cause the Company’s actual results, performance or achievements to, or future events or developments to, differ materially from those expressed or implied by the forward-looking statements, including, without limitation, the risk factors, which are discussed in greater detail in the ‘‘Risk Factors’’ section of the prospectus. Any forward-looking statements are made as of the date hereof and the Company does not assume any obligation to publicly update or revise such statements to reflect new information, subsequent events or otherwise. Non-GAAP Measures Throughout this presentation, the Company may use the term ‘‘operating income’’ to refer to earnings, including investment income, before interest expense, taxes, depreciation and amortization of intangible and capital assets, excluding gain (loss) from the sale of assets and income (loss) from equity investments. The Company uses ‘‘operating income’’ to assist it in measuring corporate performance before the costs of capital and amortization of capital and intangible assets. Operating income is not a measure recognized by GAAP and does not have a standardized meaning prescribed by GAAP. Therefore, this measure may not be comparable to similar measures presented by other issuers and investors are cautioned that it should not be used as an alternative to ‘‘net income’’ or other measures of financial performance calculated in accordance with GAAP.

  3. Today’s Remarks • Operational Progress in Q3 • Strategic Events in Q3 • Financial Update • Priorities for Q4

  4. Operational Progressin Q3 2008

  5. WFG Agency Network • Same store customer count 4.3% YTDA. • Same store sales 9.7% - Market share gains. • Soft market “at bottom” – AB Auto increase approved; anecdotal increases in personal and small commercial. • Acquisition of Vets (Crowsnest Pass, AB), Dunn (Wolseley, SK) and Boyd (Prince Albert, SK).

  6. Western Life Assurance • Creditor Life still strong. • Certificate count and growth 9.6% over Q3/07. • Bolt-on product for network is at 6,159 policies. Target of 20,000 by Q2/09. • TotalGuard employee benefits program transfer underway at HED. $5 million + synergy in 2009.

  7. Bank West • Negative portfolio growth YTD 2008. Summer funding season slower than 2007. • Portfolio target for 2008 - $360 million. • Very low specific provisions in H1, “lumpy” in Q3. • Credit quality solid - > 30 day delinquency improved slightly in Q3.

  8. AgriFinancial Canada(Proposed acquisition, subject to OSFI approval) • Farm credit card – 25,000 farmers. • Equipment loans and leases. • $90 million loan book. • Profitable operation – bolt-on to Bank West. • Geographic and customer synergy.

  9. Strategic Events in Q3

  10. Q3 Strategic Events • Agency acquisition pipeline active – price/value expectations are still high. • Loan portfolio acquisition opportunities = AgriFinancial. • Business development discussions with Partners - TotalGuard transfer. • Significant advertising increase in advance of 2009 local name “Sunset” plan.

  11. Financial Update

  12. Total Revenue CAGR 27.0%

  13. Earnings Per Share CAGR 32% CAGR 31%

  14. Overall

  15. The Network

  16. Bank West

  17. Western Life Assurance

  18. Corporate & All Other

  19. Western Financial GroupHistorical Consolidated ROE CAGR 24.1%

  20. Western Financial GroupDebt to Equity Ratio

  21. Priorities for Q4

  22. Q4 Priorities • Budget and capital planning. • Network/Life WFGO. • AgriFinancial approvals. • Bank West CEO search.

  23. Questions

  24. …because we live here.

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