CWB Financial Group

CWB to issue subordinated debentures

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE U.S.

EDMONTON, December 11, 2012 – Canadian Western Bank (TSX: CWB) (“CWB” or the “Bank”) today
announced its intent to issue $250 million of subordinated debentures (the “Debentures”) via a private placement
to accredited investors. The issue was placed though a syndicate of dealers with RBC Capital Markets and BMO
Capital Markets acting as joint bookrunners.

The Debentures will bear interest at a fixed rate of 3.463% per annum, payable in equal semi-annual payments in
arrears on June 17 and December 17 of each year, commencing June 17, 2013 until December 17, 2019.
Thereafter, floating to maturity at 3-month CDOR plus 1.60%, payable quarterly.

The Debentures will be redeemable by the Bank at a redemption price equal to par, plus accrued and unpaid
interest, any time on or after December 17, 2019, with the prior written consent of the Superintendent of Financial
Institutions Canada, on not less than 30 nor more than 60 days prior notice.

The issue is scheduled to settle on December 17, 2012. The purpose of the issue is to support current and future
asset growth, and to capitalize on transition allowances permitted for Canadian banks under the Basel III capital
framework, effective January 1, 2013. Proceeds of the issue will be added to the Bank's general funds.
The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be
offered or sold in the United States absent registration or an applicable exemption from the registration
requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall
there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.