Mr. Scott Tannas reports

THE WESTERN INVESTMENT COMPANY OF CANADA TO PROCEED WITH NORMAL COURSE ISSUER BID

The Western Investment Company of Canada Ltd. has obtained regulatory approval to proceed with a normal course issuer bid whereby Western Investment may purchase up to a total of 1.5 million common shares in the capital of the corporation, representing approximately 5.0 per cent of the common shares currently issued and outstanding (30,287,756 common shares were outstanding as of today's date).

It is expected that the bid will commence on Feb. 10, 2023, and terminate on Feb. 9, 2024. All acquisitions of common shares by the corporation pursuant to the bid will be made through the facilities of TSX Venture Exchange, as well as other recognized Canadian exchanges and alternative trading systems, at the market price of the common shares at the time of the acquisition. There are no persons acting jointly or in concert with the corporation in respect of the bid.

Western Investment believes that there is a potential that the market price may not reflect the underlying value of the corporation given the lack of liquidity in the common shares. The bid will allow the corporation to stabilize the trading price of the common shares and, at such times, represents an appropriate use of the corporation's financial resources and would be in the best interests of shareholders.

The corporation has appointed ATB Capital Markets Inc. to conduct the bid on its behalf.

About The Western Investment Company of Canada Ltd.

Western Investment 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 grow. Western Investment's shares are traded on the TSX Venture Exchange under the symbol WI.

We seek Safe Harbor.