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CWB announces closing of preferred share offering

Not for distribution to U.S. news wire services or for dissemination in the United States.

EDMONTON, February 10, 2014 – Canadian Western Bank (TSX: CWB) today announced that it has closed its domestic public offering of Basel III-compliant non-cumulative 5-year rate reset First Preferred Shares Series 5 (the “Series 5 Preferred Shares”). CWB issued 5 million Series 5 Preferred Shares at a price of $25 per share to raise gross proceeds of $125 million. The offering was underwritten by a syndicate led by National Bank Financial Inc.

The Series 5 Preferred Shares will commence trading on the Toronto Stock Exchange today under the ticker symbol CWB.PR.B. The Series 5 Preferred Shares were issued under a prospectus supplement dated February 3, 2014 to CWB’s short form base shelf prospectus dated January 30, 2014.

In conjunction with the closing of this offering, CWB has confirmed regulatory approval to redeem the currently outstanding non-cumulative 5-year rate reset First Preferred Shares Series 3 (TSX: CWB.PR.A), and intends to proceed with the full redemption of these shares on April 30, 2014 in accordance with the terms of such shares.

The Series 5 Preferred Shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or under any state securities laws, and may not be offered, sold, directly or indirectly, or delivered within the United States of America and its territories and possessions or to, or for the account or benefit of, United States persons except in certain transactions exempt from the registration requirements of such Act and applicable state securities laws. This press release shall not constitute an offer to sell or a solicitation of an offer to buy securities in the United States.

For Further Information Contact:

Kirby Hill, CFA
Vice President, Strategy & Communications
Canadian Western Bank
Phone: (780) 441-3770
Email: [email protected]

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