CWB establishes new at-the-market equity program

/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./

EDMONTON, AB, June 1, 2022 /CNW/ - Canadian Western Bank ("CWB") (TSX: CWB) today announced that it has established a new at-the-market equity program (the "ATM Program") that allows CWB to issue up to $150 million worth of common shares from treasury ("Common Shares") to the public from time to time at the prevailing market price through the Toronto Stock Exchange or any other marketplace on which the Common Shares are listed, quoted or otherwise traded. The ATM Program was re-established following the termination of the previous at-the-market equity program as a result of CWB having sold most of the Common Shares that were permitted to be sold under the previous program. The volume and timing of distributions under the ATM Program, if any, will be determined at CWB's sole discretion.

The ATM Program will be effective until July 1, 2024, unless terminated prior to such date in accordance with its terms. The net proceeds to CWB from the ATM Program, if any, will qualify as Common Equity Tier 1 capital for CWB. Sales of Common Shares through the ATM Program will be made pursuant to the terms of an equity distribution agreement dated June 1, 2022 with National Bank Financial Inc. and BMO Nesbitt Burns Inc., as agents.

CWB has filed a prospectus supplement dated June 1, 2022, to CWB's base shelf prospectus dated June 1, 2022, with the securities regulatory authorities in each of the provinces and territories of Canada for the ATM Program. You may get these documents and the equity distribution agreement for free by visiting SEDAR at www.sedar.com. Alternatively, any agent participating in the ATM Program will arrange to send you the prospectus supplement, the base shelf prospectus and the equity distribution agreement if you request it by contacting, (i) National Bank Financial Inc., attn: Gavin Brancato, by email at [email protected] or by phone at [phone] or BMO Nesbitt Burns Inc., attn: James Ehrensperger, by email at [email protected] or by phone at [phone].

The Common Shares have not been, and will not be, registered in the United States under the United States Securities Act of 1933, as amended (the "Securities Act"), or the securities laws of any state of the United States and may not be offered, sold or delivered, directly or indirectly in the United States (as defined in Regulation S under the Securities Act) absent registration under the Securities Act or an applicable exemption from such registration requirements. This press release does not constitute an offer to sell or a solicitation to buy securities in the United States or in any other jurisdiction where such offer or solicitation would be unlawful.

About CWB Financial Group

CWB is the only full-service financial institution in Canada with a strategic focus to meet the unique financial needs of businesses and their owners. We provide nation-wide full-service business and personal banking, specialized financing, comprehensive wealth management offerings, and trust services. Our teams deliver a uniquely proactive and differentiated level of service to clients in targeted industries where we have deep expertise. Clients choose CWB for our highly personalized service, specialized expertise, customized solutions and faster response times.

As a public company on the Toronto Stock Exchange (TSX), CWB trades under the symbols "CWB" (common shares), "CWB.PR.B" (Series 5 preferred shares) and "CWB.PR.D" (Series 9 preferred shares). We are firmly committed to the responsible creation of value for all our stakeholders and our approach to sustainability will support our continued success. Learn more at www.cwb.com.

SOURCE CWB Financial Group

Chris Williams, AVP, Investor Relations, CWB Financial Group, Phone: [phone], Email: [email protected]