1. Western Financial Group 2008 Year End Financial Results Conference Call March 20, 2009

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. TSX: WES 3 Today’s Remarks Operational progress in 2008 Top achievements and disappointments in 2008 2008 financial review Priorities for 2009

4. Operational Progress in 2008

5. TSX: WES 5 WFG Agency Network Same store customer count +3.5% Same store sales +8.9% Soft pricing market continued - bottomed out in Q4 Deteriorating loss ratios at insurance companies in 2 nd half cause adjustment of $1.0 million to 2008 profit share commission estimates

6. TSX: WES 6 WFG Agency Network Acquisitions: Southern Simpson Woodland Dunn Vet’s Boyd Bakes-Jarvie (Jan 1/09)

7. TSX: WES 7 Western Life Assurance Sales and production increases – all lines Certificate count growth 11.5% in 2008 Bolt-on product for network is at 6,400+ policies. Target was 20,000 by Q2/08, extended through 2008 Y/E - has flattened. Target of 7,500 for Y/E 2009 Western & Affiliates account for $3.2 million of 2008 net premium revenue Smooth CEO transition

8. TSX: WES 8 Bank West Loan book stable at $273.4 MM – capacity held for AgriFinancial AgriFinancial will add $80 MM in 2009 Non-performing loans – 1.2% at year end Specific provisions at 37 bps Overspent on new banking platform Bruce Ratzlaff takes helm in November

9. Top 2 Achievements in 2008

10. TSX: WES 10 Top 2 Achievements in 2008 Strong market share gains at Network Cross sales between WFG/Western Life

11. Top 4 Disappointments in 2008

12. TSX: WES 12 Top 4 Disappointments in 2008 “Lost Year” at Bank West – delay in AgriFinancial approvals Equity portfolio write-downs – liberalization of policies aggravated the loss Execution delays on acquisitions Collapse of share price

13. 2008 Financial Review

14. TSX: WES 14 Total Revenue CAGR 25.7%

15. TSX: WES 15 Overall 20082007 Revenue ($) Income from Equity Investments ($) Net Income ($) Earnings per share ($)– Basic – Diluted 124,855 2,172 6,548 0.05 114,126 2,172 12,213 0.24 0.22

16. TSX: WES 16 The Network 20082007 Commission & other customer revenue ($) 75,42466,408 Operating expenses ($)54,71046,613 Operating income ($)20,71419,795

17. TSX: WES 17 Bank West 20082007 Interest & investment income ($) 18,59613,805 Net interest & investment income ($) 6,0414,596 Operating & provision expenses ($) 4,8043,506 Operating income/loss ($) 1,2371,090

18. TSX: WES 18 Non Performing Loans Personal$604,009 Commercial$10,992 Mortgages$1,303,180 Leases$940,185 TOTAL$2,858,366

19. TSX: WES 19 Western Life Assurance 20082007 Premium income ($) 31,30927,348 Investment income ($) 1,6142,748 Policyholder benefits ($) 14,78913,934 Operating expenses ($) 13,90712,102 Operating income ($) 4,2274,060 Impairment on AFS Investments (2,505)-

20. TSX: WES 20 Corporate & All Other 20082007 Other revenues ($) 1,9593,817 Operating expenses ($) 9,2239,130 Operating loss ($) (7,264)(5,313) Impairment on AFS Investments (1,542)-

21. TSX: WES 21 Western Financial Group Historical Consolidated ROE

22. TSX: WES 22 Earnings Per Share

23. TSX: WES 23 What Could Have Been… 2008 Net income before the following:$15,122 Short fall in contingent(1,000) Reduction in equity investment income(1,500) Reduction in dividends(1,700) Impairment on equity investments(2,053) Impairment of AFS preferred shares(1,325) Impairment of AFS equities(2,505) Change in tax expense1,509 Net income for the year6,548

24. Priorities for 2009

25. TSX: WES 25 2009 Priorities Manage NPLs at Bank West Internal growth focus – same store sales, cross sales, PPCA Increasing ownership in partner company – HED Managing costs Re-establishing profitability Enhancing brand and reputation

26. Questions

27. …because we live here.