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May 19, 2009

May 19, 2009. Western Financial Group Q1 2009 Financial Results Conference Call. Forward-Looking Statements.

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May 19, 2009

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  1. May 19, 2009 Western Financial GroupQ1 2009 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 Q1 • Strategic Events in Q1 • Financial Update • Priorities for Q2

  4. Operational Progressin Q1 2009

  5. WFG Agency Network • Same store customer count 1.2% YTDA • Same store sales 5.2% • Customer inertia continued from Q4 2008 • March and April show more normal patterns and stronger customer count growth • Acquisition of Bakes Jarvie, Nanaimo, BC

  6. Western Life Assurance • Creditor Life still growing • Employee benefits growth of $500,000 per month from HED • Reduced exposure to equities through sales • Bolt-on product for network is at 6,500+ policies. Target of 7,500 by Y/E 2009

  7. Bank West • Negative portfolio growth in Q1. Summer funding season for RVs surprisingly strong • Agrifinancial adds additional seasonality to Bank’s business • 10 bps specific provisions in Q1. Credit quality solid – NPLs at 1.01% • Commercial / farm / consumer pipeline growing

  8. Strategic Events in Q1

  9. Q1 Strategic Events • Agency acquisition not likely until 2010 • Soft market in commercial P & C persists • Loan portfolio acquisition opportunities abound. We are staying focused on our existing business • Operations focus in 2009

  10. Financial Update

  11. Total Revenue

  12. Earnings Per Share

  13. Overall

  14. The Network

  15. Bank West

  16. Western Life Assurance

  17. Corporate & All Other

  18. Western Financial GroupHistorical Consolidated ROE

  19. Western Financial GroupDebt to Equity Ratio

  20. Priorities for Q2

  21. Q2 Priorities • Manage NPLs at Bank West • Agrifinancial integration

  22. Questions

  23. …because we live here.

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