CWB Financial Group

Canadian Western Bank approved for normal course issuer bid

EDMONTON, October 31, 2011 – Canadian Western Bank (the “Bank”) today announced the Toronto Stock
Exchange (TSX) and the Office of the Superintendent of Financial Institutions Canada (OSFI) have approved the
Bank’s normal course issuer bid (NCIB) to purchase, for cancelation, up to 2,261,434 common shares (TSX:
CWB). The number of common shares to be purchased under the NCIB represents approximately 3% of the
75,457,413 common shares issued and outstanding as at October 27, 2011.

Purchases under the NCIB may begin on November 2, 2011 and will end no later than November 1, 2012. The
Bank will determine the number of common shares that may be purchased and the timing of such purchases
pursuant to rules of the TSX and any applicable regulatory requirements. The price paid for any common shares
purchased will be the market price of such shares on the TSX at the time of acquisition. Purchases will be effected
through the facilities of the TSX and all common shares purchased pursuant to the NCIB will be canceled. Apart
from block purchase exceptions, the maximum number of common shares that may purchased per trading day is
51,575, an amount equal to 25% of the average daily trading volume of the common shares on the TSX for the six
month period ended September 30, 2011.

Management believes the purchase of common shares under the NCIB represents an appropriate use of available
funds and is also consistent with strategies to enhance shareholder value while ensuring the Bank maintains its
strong regulatory capital position.