CWB Financial Group

Canadian Western Bank issues $150 million of Senior Deposit Notes

EDMONTON, November 4, 2011 – Canadian Western Bank (the “Bank”)(TSX: CWB) today
announced the completion of a $150 million issuance of Senior Deposit Notes (“the Notes”) in the debt
capital markets to a broad group of investors. Proceeds of the issue were added to the Bank's general
funds and will be utilized for general banking purposes.

The Notes bear interest on a fixed rate basis at 2.57%, paid semi-annually, representing a spread of
131.5 basis points above the benchmark Government of Canada instrument. The Notes will mature on
November 4, 2014 and will not be redeemable prior to the maturity date. The current rating assigned by
DBRS Limited on Canadian Western Bank’s deposits and senior debt is “A (low)” with a stable trend.
“We were very pleased with the success of this placement, which represented our second issuance of
senior debt this year,” said Tracey Ball, the Bank’s Executive Vice President and Chief Financial
Officer. “Selectively utilizing the debt capital markets is part of our strategy to further diversify the
Bank’s funding base over time. It was great to see the strong level of interest expressed by the group of
accredited investors who chose to participate in this offering.”

RBC Capital Markets and National Bank Financial acted as co-lead agents on the issue.