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November 16, 2009

November 16, 2009. Western Financial Group Q3 2009 Financial Results Conference Call. Forward-Looking Statements.

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November 16, 2009

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  1. November 16, 2009 Western Financial GroupQ3 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 Q3 • Strategic Events in Q3 • Financial Update • Priorities for Q3

  4. Operational Progressin Q3 2009

  5. The Network • Same store customer count 2.0% YTDA • Same store sales 4.2% • Margins in target range • Regions at different stages of economic recovery • Watching Accounts Receivable closely

  6. Western Life Assurance • Creditor Life slowing • Employee benefits growth of $500,000 per month from HED continues • Bolt-on product for network still at 6,900+ policies. Target of 7,500 by Y/E 2009 • $100,000 special term life product launched September 21 – 500+ policies sold so far

  7. Bank West • Slight portfolio growth in Q3. Fall funding season for AgriCard tempered by payouts in mortgages. • Agrifinancial spring funding slow start. Did not meet growth targets – same levels as 2008. • 21 bps specific provisions in Q3. Credit quality improving – NPLs at 1.1%.

  8. Strategic Events in Q3

  9. Q3 Strategic Events • Agency acquisition not likely until mid 2010. • Operations focus in 2009. • Soft market in commercial P & C showing signs of turning. Expect a final “premium grab” before firming in 2010. • Accelerated acquisition to 100% of HED.

  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 GroupHistorical Consolidated ROE (excluding Bank West)

  20. Western Financial GroupDebt to Equity Ratio

  21. Priorities for Q4

  22. Q4 Priorities • Manage NPLs at Bank West (Winnipeg Office transition complete) • Winnipeg “Teamworks” HED/SecuriCan brings Winnipeg employee compliment - 300+ • 2010 budget and plan – next step in profitability

  23. Questions

  24. …because we live here.

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