CWB Financial Group

CWB to redeem all of its outstanding warrants (TSX: CWB.WT)

EDMONTON, August 19, 2011 – Canadian Western Bank (TSX: CWB) (“CWB” or the “Bank”) today
announced that the holders of its common share purchase warrants (TSX: CWB.WT) (the “Warrants”) have
approved the previously announced extraordinary resolution to amend the terms of the warrant indenture. The
approval by approximately 99% of all votes cast at today’s meeting of warrantholders allows the Bank to proceed
with the redemption of all, but not less than all, of its outstanding Warrants.

Following the meeting, the Bank and Valiant Trust Company, acting as warrant agent, entered into a supplemental
warrant indenture giving effect to the extraordinary resolution. Immediately thereafter, the Bank provided notice
to the warrant agent that the Bank intends to redeem all outstanding Warrants on August 31, 2011. In accordance
with the extraordinary resolution and supplemental warrant indenture, warrantholders will receive $17.21 in cash
for each Warrant redeemed. Warrantholders who do not wish to participate in the redemption have until the close
of business on August 30, 2011 to exercise their warrants.

As of today, the Bank does not expect to issue any common shares pursuant to its conditional subscription
agreement with Flatiron Capital Management Partners dated July 18, 2011. Assuming no additional common
shares are issued and that CWB redeems all of the 4,241,745 Warrants outstanding at the end of business on
August 18, 2011, the redemption is expected to be accretive to diluted earnings per common share and will reduce
the Bank’s regulatory capital by approximately $73 million.

“We are pleased with the outcome of this morning’s meeting, as we believe this redemption benefits both
warrantholders and CWB shareholders,” said Larry Pollock, President and CEO of CWB. “Warrantholders are
expected to receive a meaningful price premium over the current intrinsic value of the warrants. CWB
shareholders will benefit from the elimination of the dilution that would have occurred with the issuance of
additional common shares upon the exercise of the warrants. The redemption will also increase certainty with
respect to managing the Bank’s strong regulatory capital position.”

Information about the extraordinary resolution is included in the Management Information Circular (dated July
18, 2011) mailed to all Warrantholders and is available under the Bank’s profile at www.sedar.com and on the
Bank’s website at www.cwbankgroup.com. A copy of the supplemental indenture, the notice of redemption
provided to the warrant agent and the detailed voting results of the meeting will be available shortly under the
Bank’s profile at www.sedar.com.