Mr. Laurent Ferreira of National Bank reports

NATIONAL BANK RECEIVES FINAL APPROVAL TO PROCEED WITH THE ACQUISITION OF CANADIAN WESTERN BANK

National Bank of Canada has welcomed the decision by the federal Minister of Finance to approve the previously announced acquisition of Canadian Western Bank.

"We are pleased that the transaction has received final approval from the Minister of Finance. This is great news for Canadians and will allow our two complementary banks to unite and enhance services for our clients. This approval marks the conclusion of a thorough regulatory process, having already received clearance from the Office of the Superintendent of Financial Institutions (OSFI) and the Competition Bureau. I want to thank those involved for their diligent review of this important transaction. A new and exciting chapter is beginning for National Bank and CWB as we come together. We are strengthening National Bank's position across the country and allowing for more growth in Western Canada, building on the excellent reputation and solid foundation set by CWB," said Laurent Ferreira, president and chief executive officer of National Bank.

"This is a fantastic outcome for our clients, our teams and the communities in which we operate. We're excited to join forces with National Bank to offer our clients access to a more comprehensive product and service platform on a national scale. We look forward to continuing to support our clients with the same highly personalized service and regional expertise we've always been known for," said Chris Fowler, president and chief executive officer of Canadian Western Bank.

Following this last remaining approval, National Bank and Canadian Western Bank will work together to ensure a smooth transition to National Bank for Canadian Western Bank clients and employees, who will receive additional information shortly, as both banks work toward completing the transaction.

National Bank intends to provide relevant financial information related to the transaction upon the release of its first quarter results, scheduled for Feb. 26, 2025. As National Bank expects this transaction to be completed on Feb. 3, 2025, National Bank will include Canadian Western Bank in its consolidated financial results starting in the second quarter of 2025.

About National Bank of Canada

With $462-billion in assets as at Oct. 31, 2024, National Bank is one of Canada's six systemically important banks. The bank has approximately 30,000 employees in knowledge-intensive positions and operates through three business segments in Canada: personal and commercial banking, wealth management, and financial markets. A fourth segment, U.S. specialty finance and international, complements the growth of its domestic operations. Its securities are listed on the Toronto Stock Exchange.

About Canadian Western Bank

Canadian Western Bank is the only full-service bank in Canada with a strategic focus to meet the unique financial needs of businesses and their owners. Canadian Western Bank provides its nationwide clients with full-service business and personal banking, specialized financing, comprehensive wealth management offerings, and trust services. Clients choose Canadian Western Bank for a differentiated level of service through specialized expertise, customized solutions and faster response times relative to the competition. Canadian Western Bank people take the time to understand the bank's clients and their business and work as a united team to provide holistic solutions and advice.

As a public company on the TSX, Canadian Western Bank trades under the symbols CWB (common shares), CWB.PR.B (Series 5 preferred shares) and CWB.PR.D (Series 9 preferred shares). Canadian Western Bank is firmly committed to the responsible creation of value for all its stakeholders and its approach to sustainability will support its continued success.

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