PWC Capital Inc. Announces Special Redemption of Class B Preferred Shares

Further to the news release of PWC Capital Inc. ("PWC") dated April 20, 2015, PWC announces that 1,021,259 Class B Preferred Shares (TSX:PWC.PR.B) (“Class B Shares”) have been surrendered for redemption.

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PWC will be redeeming 800,000 Class B Shares (the “Redeemed Shares”) for 3.425 common shares of Pacific & Western Bank of Canada (“PWB”) (TSX: PWB) held by PWC per Class B Share (the “Special Redemption Price”). PWC will pay the Special Redemption Price for each Redeemed Share as soon as practicable, and by no later than June 12, 2015. Payment of the Special Redemption Price will result in the transfer of an aggregate of 2,740,000 common shares of PWB held by PWC to holders of Class B Preferred Shares. Holders of Class B Shares that are redeemed will not receive any future dividends on such redeemed Class B Shares.

“We are pleased to announce that this special redemption of Class B Shares was over-subscribed”, said David Taylor, President & CEO of PWC. “800,000 Class B Shares were offered for redemption by PWC and 1.02 million Class B Shares were surrendered for redemption. As a result, those subscribing will receive 78% of the amount of shares they requested. We are delighted with the market’s display of confidence in the common shares of PWB.”

FORWARD-LOOKING STATEMENTS

This news release may contain forward-looking statements, specifically relating to the redemption of Class B Shares, that are based on current expectations and are subject to known and unknown uncertainties and risks, which could cause actual results to differ materially from those contemplated or implied by such forward-looking statements. Neither PWC nor PWB is under an obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or otherwise.

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