Mr. Matt Evans reports

CWB ANNOUNCES CLOSING OF PREFERRED SHARE OFFERING

Canadian Western Bank has closed its domestic public offering of non-cumulative five-year rate reset first preferred shares Series 9 (non-viability contingent capital (NVCC)). The bank issued five million Series 9 preferred shares at a price of $25 per share to raise gross proceeds of $125-million. The offering was underwritten on a bought deal basis by a syndicate led by National Bank Financial Inc. and BMO Capital Markets. Net proceeds from the offering will be added to the bank's general funds and utilized for general banking purposes.

The Series 9 preferred shares will commence trading on the Toronto Stock Exchange today under the ticker symbol CWB.PR.D. The Series 9 preferred shares were issued under a prospectus supplement dated Jan. 22, 2019, to the bank's short form base shelf prospectus dated Jan. 4, 2019.

About Canadian Western Bank

The bank is a diversified financial services organization serving businesses and individuals across Canada.