Western Investment Company Secures 59% of Fortress Insurance Shares to Satisfy Key Condition of Proposed Transaction - Seite 2

About the Transaction
The Transaction, previously announced on March 22, 2024, proposes an investment of at least $20 million from companies affiliated with Paul Rivett to transform Western into an insurance and investment holding company. The concurrent rights offering is expected to raise up to an additional $30 million. Upon the successful closing of the Transaction, Paul Rivett is to be appointed to President and Chief Executive Officer of Western with the following initial priorities:

• Grow the Fortress platform to $100 million per annum in written premiums by 2028 through a combination of prudent organic growth and accretive acquisitions; and
• Continue managing Western’s non-insurance holdings as long-term investments.

You can watch a recording of the webcast that took place on March 27, 2024 here.

Completion of the Transaction (including any rights offering) is subject to a number of conditions including, but not limited to, acceptance of the TSX Venture Exchange (the "Exchange" or "TSXV"), shareholder approval, and various other conditions. The Transaction as contemplated constitutes a Change of Business under the policies of the TSXV. There is a risk that the Transaction will not be accepted or that the terms of the Transaction may change substantially prior to acceptance.

About The Western Investment Company of Canada Limited
Western is a unique publicly traded, private equity company founded by a group of successful Western Canadian businesspeople, and dedicated to building and maintaining ownership in successful Western Canadian companies, and helping them to grow. Western's shares are traded on the Exchange under the symbol WI.

For more information on Western, please visit its website at www.winv.ca.

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CONTACT INFORMATION - The Western Investment Company of Canada Limited

Scott Tannas President and Chief Executive Officer [phone] [e-mail]

Advisories
Completion of the Transaction and the Share Purchases are subject to a number of conditions, including but not limited to, TSXV acceptance and if applicable, disinterested shareholder approval. Where applicable, the Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the Transaction will be completed as proposed or at all.