Mr. Chris Williams reports

CWB ANNOUNCES NVCC SUBORDINATED DEBENTURE OFFERING

Canadian Western Bank intends to issue $250-million aggregate principal amount of 5.949 per cent Series I subordinated debentures due Jan. 29, 2034 (non-viability contingent capital (NVCC)). The debentures are to be sold through a syndicate of agents led by RBC Capital Markets, Scotiabank and TD Securities. The expected closing date is on or about Jan. 29, 2024.

Interest on the debentures will be payable semi-annually from the date of issue until Jan. 29, 2029, at 5.949 per cent per annum. From Jan. 29, 2029, until maturity on Jan. 29, 2034, the debentures will pay a quarterly coupon at a rate equal to daily compounded CORRA (Canadian overnight repo rate average) plus 2.73 per cent, beginning on April 29, 2029.

On or after Jan. 29, 2029, Canadian Western may, at its option, with the prior approval of the Superintendent of Financial Institutions Canada, on giving not more than 60 nor less than 30 days notice to the registered holders of the debentures, redeem the debentures, in whole or in part, on any date at a redemption price equal to the outstanding principal amount plus accrued and unpaid interest to, but excluding, the date fixed for redemption.

Net proceeds from the offering will be added to Canadian Western's general funds and utilized for general corporate purposes. Canadian Western intends to file a prospectus supplement to its June 1, 2022, base shelf prospectus in all provinces and territories of Canada in respect of this issue.

About Canadian Western Bank

Canadian Western is the only full-service bank in Canada with a strategic focus to meet the unique financial needs of businesses and their owners. Canadian Western provides its nationwide clients with full-service business and personal banking, specialized financing, comprehensive wealth management offerings, and trust services. Clients choose Canadian Western for a differentiated level of service through specialized expertise, customized solutions and faster response times relative to the competition. Canadian Western's people take the time to understand clients and their business, and work as a united team to provide holistic solutions and advice. As a public company on the Toronto Stock Exchange (TSX), Canadian Western trades under the symbols CWB (common shares), CWB.PR.B (Series 5 preferred shares) and CWB.PR.D (Series 9 preferred shares). Canadian Western is firmly committed to the responsible creation of value for all its stakeholders, and its approach to sustainability will support its continued success.

We seek Safe Harbor.