Westcorp, IRVINE

Nature of Business: Holding company for Western Financial Savings Bank.

Total Employees: 930

In Orange County: 430

Stock Listing in The Times: On AMEX as “Wcrp”

Ticker Symbol: “WES”

Friday’s Close: $13.50

One-Week Change: Up $0.63

Analyst Review: “We’ve been recommending Westcorp stock aggressively. They have a strong earnings growth outlook and they’re selling at a cheap valuation in the marketplace relative to that growth. It is a fairly unknown company by Wall Street standards. They have a very low credit risk. Credit risk doesn’t rear its ugly head until the economy is falling apart. Westcorp’s non-performing assets are less than 1%--that’s the lowest of any major California bank or thrift. In 1990, Institutional Investor asked the person voted the best stock-picker in their industry to choose the stock they thought would go up the most over the next 10 years; I was chosen for the thrift industry, and I picked Westcorp as the stock of the decade. I think they have the ability to compound earnings growth over a long period of time. They were $5.50 in early 1990; now they’re trading around $13. Their earnings were up 80% last year and we think they’ll be up 30% in fiscal 1992. If they can put together 15% to 20% earnings growth through the year 2000, this stock will probably selling for $70 to $80 per share by then. And I’ll win the contest.”

--Joseph A. Jolson, managing director, Montgomery Securities, San Francisco

SALES VS. PROFITS

Fiscal year ending Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec. 31 1987 1988 1989 1990 1991 Net Revenue (billions) $1,781 $2,470 $2,890 $2,969 $2,689 Net Profit (Loss) $9.7 $13.6 $9.3 $11.7 $21.1

Corporate Outlook: “The way we view our position in the banking industry is that we are a niche player. I like to sum it up by saying ‘The more things change, the more we stay the same.’ We believe the keys to success are maintaning focus and dicsipline on the market picture. Our key to success is the quality of people providing quality service--that’s our credo.”

--Stephen W. Prough, president/COO

5-YEAR SUMMARY

Fiscal year ending Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec. 31 1987 1988 1989 1990 1991 52-Week High $11.08 $7.14 $10.59 $8.22 $13.58 52-Week Low $4.05 $4.64 $5.83 $5.00 $5.23 Book Value Per Share $6.71 $7.53 $7.99 $8.53 $9.20 Price Per Share $5.23 $6.19 $8.09 $5.47 $13.50 Net Earnings Per Share $0.59 $0.83 $0.56 $0.67 $1.20 Price-to-Earnings Ratio 9:1 7:1 14:1 8:1 11:1 Avg. Return to Investor 9% 11% 7% 8% 13%

Source: Westcorp Inc.

For more information call or write, Westcorp Inc.: 23 Pasteur Road, Irvine, Calif., 92718. (714) 727-1000