Mr. Pablo Dancuart reports

WESTERN ANNOUNCES OPTION GRANT TO INCREASE PREVIOUSLY ANNOUNCED $50 MILLION PRIVATE PLACEMENT TO UP TO $57.5 MILLION

In connection with a previously announced brokered private placement of common shares at a price of $1 per common share for gross proceeds of $50-million, The Western Investment Company of Canada Ltd. has granted Desjardins Capital Markets and TD Securities Inc., joint lead agents and joint bookrunners on behalf of a syndicate of agents appointed in connection with the offering, an option to arrange for the purchase of up to an additional 7.5 million common shares, representing 15 per cent of the common shares offered under the base offering. The agent's option will be exercisable at any point up until 48 hours prior to the closing date of the offering.

If exercised in full, the agent's option will result in the issuance of an additional 7.5 million common shares at a price of $1 per common share for additional gross proceeds of $7.5-million and aggregate gross proceeds of the offering up to $57.5-million before deducting the agents' commissions and other expenses of the offering.

The company further announces that it no longer intends to rely on the part and parcel exception set out in Section 1.7 of Policy 4.1 of the TSX Venture Exchange in connection with the offering, as previously disclosed in the company's news release dated Oct. 19, 2026. The offering will instead proceed as a standard private placement under the policies of the TSX-V, at an offering price of $1 per common share, which is above the minimum discounted market price (as defined in the policies of the TSX-V) of the common shares following the announcement of the acquisition of Canadian Farm and Stockmens.

For clarity, closing of the offering will not be conditional on completion of the acquisition of Canadian Farm and Stockmens announced on Oct. 19, 2026. The company continues to intend to use the net proceeds from the offering to finance the acquisition, with any excess proceeds to be used for general working capital purposes; however, in the event the acquisition does not close, the additional excess proceeds will be allocated to a reserve fund for future acquisitions and investments.

Except as disclosed in this news release, all other material terms of the offering (including the fees payable to the agents in connection with the offering) remain the same.

The offering, including any issuance pursuant to the agent's option, remains subject to the approval of the TSX Venture Exchange and other customary closing conditions.

About The 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. Western's shares are traded on the TSX Venture Exchange under the symbol WI.

We seek Safe Harbor.