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Western Financial Group Announces Common Share Offering

Western Financial Group Inc. (TSX: WES) is pleased to announce that it has entered into an agreement with a syndicate of underwriters co-led by Desjardins Securities Inc. and Jennings Capital Inc., and including CIBC World Markets Inc., TD Securities Inc. and Acumen Capital Finance Partners Limited. to sell 4,575,000 common shares at a price of $3.50 per common share, to raise gross proceeds of $16,012,500. The underwriters have also been granted an underwriters’ option to purchase additional common shares, at the issue price and on the same terms and conditions, exercisable at any time prior to 3 p.m. Calgary time on November 13, 2006. In addition, Western Financial has granted to the underwriters an over-allotment option, exercisable at any time until 30 days following the closing of the offering, to purchase an additional 15% of the common shares at the issue price to cover over-allotments, if any.

Closing of the offering is anticipated to occur on or about November 28, 2006, and is subject to certain conditions including, but not limited to, receipt of all necessary approvals including approval of the Toronto Stock Exchange, and Canadian securities regulatory authorities.

Net proceeds from the proposed offering will be used to fund future acquisitions, and for general corporate purposes.

About Western Financial Group
Western Financial Group is one of the leading western-based financial service companies in Western Canada. With offices in towns and small cities across the West, the Company provides more than 250,000 customers with insurance, investment and banking products through WFG
Agency Network, Western Life and Bank West.

For more information on Western Financial Group, please contact:
Jodi Greig, Corporate Communications Manager,
Western Financial Group,
(403) 652-2663