Western Financial GroupQ3 2008 Financial Results

Conference Call

November 17, 2008

Forward-Looking StatementsThis 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 MeasuresThroughout 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.

TSX: WES3

Today’s Remarks

• Operational Progress in Q3

• Strategic Events in Q3

• Financial Update

• Priorities for Q4

Operational Progressin Q3 2008

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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).

TSX: WES6

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.

TSX: WES7

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.

TSX: WES8

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.

Strategic Events in Q3

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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.

Financial Update

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Total Revenue

130114

20

64

3342

2822

83

020406080

100120140

2000

2001

2002

2003

2004

2005

2006

2007

Q3

2008

LTM

($ M

illi

on

s)

CAGR 27.0%

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Earnings Per Share

0.00

0.05

0.10

0.15

0.20

0.25

0.30

Basic 0.03 0.09 0.08 0.11 0.18 0.17 0.22 0.24 0.22

Diluted 0.03 0.07 0.08 0.10 0.16 0.15 0.20 0.22 0.22

2000 2001 2002 2003 2004 2005 2006 2007Q3

2008 LTM

CAGR 32%CAGR 31%

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Overall

2008 2007

Revenue ($000) 96,485 80,758

Income from Equity Investments ($000) 1,525 1,850

Net Income ($000) 10,325 8,979

Earnings per share ($)

Basic

Diluted

0. 17

0. 17

0.19

0.17

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The Network

2008 2007

Commission & other customer revenue ($000) 58,186 49,290

Operating expenses ($000) 40,810 33,210

Operating income ($000) 17,376 16,080

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Bank West

2008 2007

Interest & investment income ($000) 14,228 8,632

Net interest & investment income ($000) 4,544 2,953

Operating & provision expenses ($000) 3,444 2,704

Operating income ($000) 1,100 249

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Western Life Assurance

2008 2007

Premium income ($000) 23,055 20,044

Investment income ($000) (471) 396

Policyholder benefits ($000) 9,037 9,168

Operating expenses ($000) 10,025 8,758

Operating income ($000) 3,522 2,514

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Corporate & All Other

2008 2007

Other revenues ($000) 1,487 2,396

Operating expenses ($000) 6,895 6,828

Operating loss ($000) (5,408) (4,432)

TSX: WES19

Western Financial GroupHistorical Consolidated ROE

1.9

8.59.4

5.6

7.2

8.37.5 8.18.4

0123456789

10

2000

2001

2002

2003

2004

2005

2006

2007

Q3

LTM

Per

cen

t

CAGR 24.1%

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Western Financial GroupDebt to Equity Ratio

1717

131

19

115

173

81

59

020406080

100120140160180200

2001

2002

2003

2004

2005

2006

2007

Q3

2008

Per

cen

t

Priorities for Q4

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Q4 Priorities

• Budget and capital planning.

• Network/Life WFGO.

• AgriFinancial approvals.

• Bank West CEO search.

Questions

…because we live here.