Mr. Paul Rivett reports

The Western Investment Company of Canada Ltd. has appointed Pablo Dancuart as chief financial officer effective Aug. 7, 2025.

Mr. Dancuart brings over 15 years of experience in the property and casualty insurance sector and a strong record of leading finance organizations through transformative changes, including the full implementation of IFRS 17 (international financial reporting standards). Prior to joining Western, Mr. Dancuart served as vice-president of finance and procurement at Gore Mutual Insurance Company, where he was part of the team responsible for a successful transformation of this highly respected insurer, with contributions spanning all major areas of change including the implementation of modern technology platforms, reinvention of outdated operating models, the enhancement of people strategies and the execution of high-growth, value-added initiatives.

"We are very excited to have Pablo join our team with his expertise implementing significant transformational change, including with respect to IFRS 17," said Paul Rivett, Western's chief executive officer. "We believe Pablo will be a dedicated team member and culture builder as we start Western's new chapter as an insurance and investment holding company. We would like to thank our current chief financial officer, Stacey Cross, for her dedication to Western over the years and for working tirelessly to get us through our recapitalization last year. Ms. Cross will support Mr. Dancuart through this transition," said Mr. Rivett.

As part of Mr. Dancuart's compensation, Western has agreed to grant 1,666,666 restricted share units (RSUs) priced at 60 cent per share. Fifty per cent of these RSUs will cliff-vest after five years, with the balance cliff-vesting after 10 years. The grant of these RSUs is subject to approval by the TSX Venture Exchange. It is Western's expectation that the shares necessary to support these RSUs will be purchased in the open market and will not be issued from treasury.

About Western Investment Company of Canada Ltd.

Western is an insurance and investment holding company focused on decentralized ownership of insurance businesses and centralized investment management.

We seek Safe Harbor.