CWB Financial Group

CWB to hold special meetings of common and preferred shareholders

EDMONTON, November 15, 2013 – Canadian Western Bank (TSX: CWB) today put forth a special resolution to
be voted upon at special meetings of common and preferred shareholders. The special resolution will amend
CWB’s By-law Three to permit an unlimited number of First Preferred shares to be issued, up to an aggregate
consideration of $1.0 billion for all First Preferred shares outstanding at any time. CWB has reached the
maximum number of authorized preferred shares under the existing By-law Three and is currently unable to issue
additional preferred shares.

Banks are required by federal law to maintain minimum regulatory capital ratios. CWB’s currently outstanding
preferred shares constitute part of this capital. On April 30, 2014, the dividend yield on these shares will reset to a
rate of 500 basis points over the yield on the applicable Government of Canada benchmark security unless the
shares are redeemed. In consideration of the current capital market environment and the investment grade credit
rating on CWB’s outstanding preferred shares, management and the Board of Directors believe it is in the best
interest of CWB to redeem these shares, subject to approval of the Office of the Superintendent of Financial
Institutions (OSFI). In order to maintain its regulatory capital ratios, CWB will be required to issue replacement
capital prior to the redemption of the outstanding preferred shares. Without an amendment to By-law Three, CWB
only has the ability to issue common shares as replacement capital.

The special meetings are scheduled to be held concurrently on December 12, 2013 at 11:00 a.m. (Mountain
Standard Time) in the Western Room of Canadian Western Bank Place, located at 10303 Jasper Avenue in
Edmonton, Alberta. The results of the voting on the special resolutions will be posted following the meetings on
CWB’s website at cwb.com and under CWB’s profile on SEDAR at sedar.com.

For Further Information Contact:

Kirby Hill, CFA
Vice President, Strategy & Communications
Canadian Western Bank
Phone: (780) 441-3770
Email: kirby.hill@cwbank.com 

Tracey Ball, FCA
Executive Vice President & CFO
Canadian Western Bank
Phone: (780) 423-8865