Mr. Chris Williams reports

CWB ANNOUNCES RESULTS OF CONVERSION PRIVILEGE OF FIRST PREFERRED SHARES SERIES 5 AND SERIES 9

After having taken into account all election notices received by the April 15, 2024, deadline for conversion of Canadian Western Bank's currently outstanding five million non-cumulative five-year rate reset first preferred shares Series 5 into non-cumulative floating rate first preferred shares Series 6 of Canadian Western, no Series 5 preferred shares will be converted into Series 6 preferred shares. There were 74,617 Series 5 preferred shares elected for conversion, which is less than the minimum 500,000 shares required to give effect to conversion into Series 6 preferred shares.

As announced by Canadian Western on April 1, 2024, after April 30, 2024, holders of Series 5 preferred shares 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. The quarterly cash dividend was previously 26.88125 cents per Series 5 preferred share up to and including the dividend to be paid on April 30, 2024, to shareholders of record on April 23, 2024.

Subject to certain conditions described in the prospectus supplement dated Feb. 3, 2014, relating to the issuance of the Series 5 preferred shares, Canadian Western may redeem the Series 5 preferred shares, in whole or in part, on April 30, 2029, and on April 30 every five years thereafter.

Canadian Western today also announced that after having taken into account all election notices received by the April 15, 2024, deadline for conversion of its currently outstanding five million non-cumulative five-year rate reset first preferred shares Series 9 (non-viability contingent capital (NVCC)) into non-cumulative floating rate first preferred shares Series 10 (non-viability contingent capital (NVCC)) of Canadian Western, no Series 9 preferred shares will be converted into Series 10 preferred shares. There were 24,200 Series 9 preferred shares elected for conversion, which is less than the minimum 500,000 shares required to give effect to conversion into Series 10 preferred shares.

As announced by Canadian Western on April 1, 2024, after April 30, 2024, holders of Series 9 preferred shares 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. The quarterly cash dividend was previously 37.5 cents per Series 9 preferred share up to and including the dividend to be paid on April 30, 2024, to shareholders of record on April 23, 2024.

Subject to certain conditions described in the prospectus supplement dated Jan. 22, 2019, relating to the issuance of the Series 9 preferred shares, Canadian Western may redeem the Series 9 preferred shares, in whole or in part, on April 30, 2029, and on April 30 every five years thereafter.

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.