2009 MD&A

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

BUSINESS OF WESTERN FINANCIAL GROUP

We are a leader in providing insurance, financial services and banking services to more than 500,000 individuals and businesses in Western Canada through the Network, affiliated insurance brokers, Western Life, Bank West and SecuriCan.

We are one of only a few Canadian organizations operating in the banking, life and property and casualty insurance sectors. In addition we own and operate the largest insurance network of brokerages in Western Canada.

These combined operations provide our Company with a unique and powerful platform on which to expand sales to new customers in the West and develop sales momentum on cross sales to existing customers.