Mr. Scott Tannas reports

WESTERN INVESTMENT COMPANY OF CANADA PROVIDES UPDATE ON THE FILING OF ITS 2022 ANNUAL FINANCIAL STATEMENTS

There will be a continued delay on the filing of The Western Investment Company of Canada Ltd.'s annual financial statements, accompanying management's discussion and analysis, and related chief executive officer and chief financial officer certifications for the financial year ended Dec. 31, 2022. This in an update to the news release released on April 28, 2023.

The delay at Western Investment is related to a concurrent delay in the reporting of year-end statements of Foothills Creamery Ltd., one of Western Investment's investee companies. Western Investment notes that Ernst & Young LLP is the auditor for both Western Investment and Foothills, and that 2022 is EY's first year on the file. It has determined a need for extra testing and analysis at Foothills.

Western Investment is working closely with its auditor, and its associate Foothills, and is making every effort to submit the annual filings in a timely fashion. Based on discussion with the auditor, Western Investment expects the audit work to be completed in the coming days. Should Western Investment not file within a week, Western Investment will provide another update to shareholders on May 23, 2023.

Western Investment chief executive officer Scott Tannas made the following statement, "We support Foothills management as they continue to work with the auditors to complete the 2022 audit and ensure that Foothills' financial statements are accurate in all respects."

The company is providing this default announcement in accordance with National Policy 12-203 (Management Cease Trade Orders). The company has obtained from the Alberta Securities Commission, as principal regulator of the company, a management cease trade order under NP 12-203 in respect of the default regarding the annual filings. The MCTO prohibits the chief executive officer and the chief financial officer from trading in securities of Western Investment for so long as the annual filings are not filed. The issuance of the MCTO does not affect the ability of persons other than the CEO and the CFO of the company to trade in the company's securities.

The company confirms that it intends to satisfy the provisions of the alternative information guidelines found at sections 9 and 10 of NP 12-203 respecting cease trade orders for continuous disclosure defaults for so long as it remains in default as a result of the late filing of the annual filings. During the period of default, the company will issue biweekly default status reports in the form of further news releases, which will also be filed on SEDAR. The company confirms that there are no insolvency proceedings against it as of the date of this news release. The company also confirms that there is no other material information concerning the affairs of the company that has not been generally disclosed as of the date of this news release.

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

We seek Safe Harbor.