Mr. Chris Williams reports

CWB DECLARES DIVIDENDS IN MAY 2023

Canadian Western Bank's board of directors has declared a quarterly cash dividend of 33 cents per common share, payable on June 22, 2023, to shareholders of record on June 8, 2023. This quarterly dividend is up one cent, or 3 per cent, from the prior quarter and two cents, or 6 per cent, from the dividend declared one year ago. The board of directors also declared quarterly cash dividends for preferred shares of 26.88125 cents per Series 5 and 37.5 cents per Series 9, payable on July 31, 2023, to shareholders of record on July 24, 2023.

In lieu of receiving their dividends in cash, holders of Canadian Western's common and preferred shares may choose to have their dividends reinvested in additional common shares of Canadian Western in accordance with the dividend reinvestment plan. Under the plan, Canadian Western has the discretion to either purchase the additional common shares in the open market or issue them from treasury. For the dividends declared in May, 2023, Canadian Western has elected to issue common shares for the plan from treasury at the average market price (as defined in the plan).

Any registered holder of record wishing to join the plan can obtain an enrolment form from Computershare (1-800-564-6253) or in the investor relations section on Canadian Western's website. Beneficial or non-registered holders of Canadian Western's common shares must contact their financial institution or broker to participate.

Canadian Western, for the purposes of the Income Tax Act (Canada) and any similar provincial legislation, advises that its dividends declared in May, 2023, will be eligible dividends, unless otherwise indicated.

About Canadian Western Bank

Canadian Western is the only full-service financial institution in Canada with a strategic focus to meet the unique financial needs of businesses and their owners. It provides nationwide full-service business and personal banking, specialized financing, comprehensive wealth management offerings, and trust services. Its teams deliver a uniquely pro-active and differentiated level of service to clients in targeted industries where it has deep expertise. Clients choose Canadian Western for its highly personalized service, specialized expertise, customized solutions and faster response times.