Western Financial Group Q1 2009 Financial Results Conference Call May 19, 2009

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.

Today’s Remarks Operational Progress in Q1 Strategic Events in Q1 Financial Update Priorities for Q2

Operational Progress in Q1 2009

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

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

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

Strategic Events in Q1

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 Flat pricing environ at Network – causing heavier priority on growth through acquisition. It’s a good time b/c targets will also be experiencing flat growth. Increased focus on sales to current customers. Moving the PPCA number. Always a priority. Incr the # of products exposed to customers in back half of the year. Early call of conv deb. Puts strength in balance sheet. Low level on company well below peer group. Additional incentive to get out and make acquisitions. CFGs – learned re-affirmed openness to cross-selling. Challenged us to bring more value added products. Bring something new and different. Similar to what we are current launching with WFG Owners Endors. Critical illness. Not something competition is offering. CFGs showed this is exactly what customer wants from us. Don’t want blanket offerings. Want something specific that is of value to them. These priorities will continue our focus to stay on plan.

Financial Update

Total Revenue

Earnings Per Share

Overall 2009 2008 Revenue ($) 31,381 30,102 Income from Equity Investments ($) (253) 613 Net Income ($) 914 2,386 Earnings per share ($) Basic Diluted 0.00 0. 05 0. 04

The Network 2009 2008 Commission & other customer revenue ($) 17,522 16,489 Operating expenses ($) 13,932 12,639 Operating income ($) 3,590 3,850

Bank West 2009 2008 Interest & investment income ($) 5,537 4,942 Net interest & investment income ($) 1,883 1,546 Operating & provision expenses ($) 2,385 849 Operating income ($) (502) 697

Western Life Assurance 2009 2008 Premium income ($) 8,469 7,172 Investment income ($) (519) 832 Policyholder benefits ($) 3,633 3,705 Operating expenses ($) 3,377 3,123 Operating income ($) 940 1,176

Corporate & All Other 2009 2008 372 667 2,154 2,397 (1,782) (1,730) Other revenues ($) 372 667 Operating expenses ($) 2,154 2,397 Operating loss ($) (1,782) (1,730)

Western Financial Group Historical Consolidated ROE

Western Financial Group Debt to Equity Ratio

Priorities for Q2

Q2 Priorities Manage NPLs at Bank West Agrifinancial integration

Questions

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