Mr. Paul Rivett reports

WESTERN ANNOUNCES SALE OF GLASSMASTERS INVESTMENT

The Western Investment Company of Canada Ltd. has sold its equity investment in GlassMasters ARG Autoglass Two Inc.

Western's proceeds from the transaction were approximately $23.2-million, subject to customary postclosing adjustments, including working capital true-ups and escrow arrangements. The transaction represents an approximately 2.3 times multiple of the carrying value of Western's investment in GlassMasters (Western carries its three private equity investments, including GlassMasters, with an aggregate book value of approximately $17.0-million).

Western initially invested in GlassMasters in 2016. Since that time, the business has achieved meaningful growth, expanding its footprint from seven to 19 operating locations while driving increased scale in its wholesale division. The transaction is aligned with Western's broader strategy as an insurance and investment holding company.

"This disposition is an important transactional step in our stated strategic transformation of Western," said Paul Rivett, chief executive officer of Western. "The successful sale of GlassMasters is a testament to the initial vision of our chair, Scott Tannas, and the strength of the entire business team, led by Roger Tulk and Jamie Goddard. We are pleased that Roger and Jamie will continue to lead GlassMasters alongside its new partners, and we are confident they are well positioned for continued growth."

Mr. Rivett added, "This transaction provides additional capital to deploy toward insurance investments and long-term value creation for our Western shareholders."

About The Western Investment Company of Canada Ltd.

Western is an insurance and investments 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.