Mr. Chris Williams reports

CWB DECLARES DIVIDENDS IN DECEMBER 2023

Canadian Western Bank's (CWB) board of directors has declared a quarterly cash dividend of 34 cents per common share, payable on Jan. 4, 2024, to shareholders of record on Dec. 21, 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 per Series 5 share and 37.5 cents per Series 9 share, payable on Jan. 31, 2024, to shareholders of record on Jan. 24, 2024.

In lieu of receiving their dividends in cash, holders of CWB's common and preferred shares may choose to have their dividends reinvested in additional common shares of CWB in accordance with the dividend reinvestment plan. Under the plan, CWB has the discretion to either purchase the additional common shares in the open market or issue them from treasury. For the dividends declared in December, 2023, CWB 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 CWB's website. Beneficial or non-registered holders of CWB's common shares must contact their financial institution or broker to participate.

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

About Canadian Western Bank

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

As a public company on the Toronto Stock Exchange, CWB trades under the symbols CWB (common shares), CWB.PR.B (Series 5 preferred shares) and CWB.PR.D (Series 9 preferred shares). CWB is firmly committed to the responsible creation of value for all its stakeholders and its approach to sustainability will support the bank's continued success.