Mr. Chris Williams reports

CWB ANNOUNCES DIVIDEND RATES ON FIRST PREFERRED SHARES SERIES 5, SERIES 6, SERIES 9 AND SERIES 10

Canadian Western Bank has set the applicable dividend rates for its non-cumulative five-year rate reset first preferred shares, Series 5, non-cumulative floating-rate first preferred shares, Series 6, non-cumulative five-year rate reset first preferred shares, Series 9 (non-viability contingent capital), and non-cumulative floating-rate first preferred shares, Series 10 (non-viability contingent capital).

Series 5 preferred shares

With respect to any Series 5 preferred shares that remain outstanding after April 30, 2024, commencing as of such date, holders thereof will be entitled to receive fixed-rate non-cumulative preferential cash dividends on a quarterly basis, as and when declared by the board of directors of Canadian Western and subject to the provisions of the Bank Act (Canada). The dividend rate for the five-year period commencing on May 1, 2024, and ending on April 30, 2029, will be 6.371 per cent per annum or 39.81875 cents per share per quarter, being equal to the sum of the five-year government of Canada bond yield as at April 1, 2024, plus 2.76 per cent, as determined in accordance with the terms of the Series 5 preferred shares.

With respect to any Series 6 preferred shares that may be issued on May 1, 2024, in connection with the conversion of the Series 5 preferred shares into the Series 6 preferred shares, holders thereof will be entitled to receive floating-rate non-cumulative preferential cash dividends on a quarterly basis, calculated on the basis of actual number of days elapsed in each quarterly floating-rate period divided by 365, as and when declared by the board of directors of Canadian Western and subject to the provisions of the Bank Act (Canada). The dividend rate for the three-month period commencing on May 1, 2024, and ending on July 31, 2024, will be 1.940 per cent (7.759 per cent on an annualized basis) or 48.49375 cents per share, being equal to the sum of the three-month government of Canada treasury bill yield as at April 1, 2024, plus 2.76 per cent, as determined in accordance with the terms of the Series 6 preferred shares.

Beneficial owners of Series 5 preferred shares who wish to retain their Series 5 preferred shares do not need to take any further action. Beneficial owners of Series 5 preferred shares who wish to exercise their right of conversion should instruct their broker or other nominee to exercise such right before 5 p.m. EDT on April 15, 2024. The news release announcing such conversion right was issued on March 21, 2024, and can be viewed on SEDAR+ or Canadian Western's website. Conversion inquiries should be directed to Canadian Western's registrar and transfer agent, Computershare Trust Company of Canada, at 1-800-564-6253.

Series 9 preferred shares

With respect to any Series 9 preferred shares that remain outstanding after April 30, 2024, commencing as of such date, holders thereof will be entitled to receive fixed-rate non-cumulative preferential cash dividends on a quarterly basis, as and when declared by the board of directors of Canadian Western and subject to the provisions of the Bank Act (Canada). The dividend rate for the five-year period commencing on May 1, 2024, and ending on April 30, 2029, will be 7.651 per cent per annum or 47.81875 cents per share per quarter, being equal to the sum of the five-year government of Canada bond yield as at April 1, 2024, plus 4.04 per cent, as determined in accordance with the terms of the Series 9 preferred shares.

With respect to any Series 10 preferred shares that may be issued on May 1, 2024, in connection with the conversion of the Series 9 preferred shares into the Series 10 preferred shares, holders thereof will be entitled to receive floating-rate non-cumulative preferential cash dividends on a quarterly basis, calculated on the basis of actual number of days elapsed in each quarterly floating-rate period divided by 365, as and when declared by the board of directors of Canadian Western and subject to the provisions of the Bank Act (Canada). The dividend rate for the three-month period commencing on May 1, 2024, and ending on July 31, 2024, will be 2.260 per cent (9.039 per cent on an annualized basis) or 56.49375 cents per share, being equal to the sum of the three-month government of Canada treasury bill yield as at April 1, 2024, plus 4.04 per cent, as determined in accordance with the terms of the Series 10 preferred shares.

Beneficial owners of Series 9 preferred shares who wish to retain their Series 9 preferred shares do not need to take any further action. Beneficial owners of Series 9 preferred shares who wish to exercise their right of conversion should instruct their broker or other nominee to exercise such right before 5 p.m. EDT on April 15, 2024. The news release announcing such conversion right was issued on March 21, 2024, and can be viewed on SEDAR+ or Canadian Western's website. Conversion inquiries should be directed to Canadian Western's registrar and transfer agent, Computershare Trust Company of Canada, at 1-800-564-6253.

Toronto Stock Exchange listing

The TSX has conditionally approved the listing of the Series 6 preferred shares and the Series 10 preferred shares, effective upon conversion. Listing of the Series 6 preferred shares is subject to Canadian Western fulfilling all the listing requirements of the TSX, and, upon approval, the Series 6 preferred shares will be listed on the TSX under the trading symbol CWB.PR.E. Listing of the Series 10 preferred shares is subject to Canadian Western fulfilling all the listing requirements of the TSX, and, upon approval, the Series 10 preferred shares will be listed on the TSX under the trading symbol CWB.PR.F.

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.

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