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CONTACT INFORMATION – The Western Investment Company of Canada Limited

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The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements. This news release will not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

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Non-GAAP Measures

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This press release includes certain performance measures (“non-GAAP measures”) which are not specified, defined, or determined under generally accepted accounting principles (in the Company’s case, International Financial Reporting Standards, or “IFRS”).

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Forward-looking Disclaimer

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This news release may contain certain forward-looking information and statements, including without limitation, statements pertaining to future results and plans for Western and its associated companies, acquisitions, financings and returns. Statements containing the words: ‘believes’, ‘intends’, ‘expects’, ‘plans’, ‘seeks’ and ‘anticipates’ and any other words of similar meaning are forward-looking. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Specifically, forward-looking information in this news release includes, among other things, statements in respect of: the Transaction; the terms of the Transaction, including the anticipated purchase price; required regulatory approvals; the anticipated timing of Closing; the characteristics of the acquired businesses after the completion of the Transaction; certain strategic benefits and opportunities expected to result from the Transaction; financial measures following the closing of the transaction; and expectations regarding the Private Placement, including the expected use of proceeds. All statements included herein involve various risks and uncertainties because they relate to future events and circumstances beyond Western’s control.

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The forward-looking statements are based on certain key expectations and assumptions made by Western, including expectations and assumptions concerning the ability of Western to successfully implement its strategic plans and initiatives and general market and economic conditions.

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Although Western believes that the expectations and assumptions on which the forward-looking statements made by Western are based are reasonable, undue reliance should not be placed on the forward-looking statements because no assurance can be provided that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks that the transaction may not be effected as currently proposed; risks that requisite approvals may not be obtained in a timely manner in form and substance acceptable to Western; risks relating to the availability of financing for the Transaction, including the expanded debt facility; risks relating to the Vendors’ ability to satisfy their obligations under the earnings guarantee; Western’s ability to realize expected benefits of the Transaction; risks relating to the applicable economic and political environments and current industry conditions; risks relating to regulatory compliance and changes in insurance laws, regulations, capital requirements and market conduct requirements in Canada and the United States; risks inherent in the insurance business, including underwriting and claims risk, the adequacy of claims reserves, and the availability and cost of reinsurance; risks relating to the concentration of Canadian Farm in the livestock sector; risks relating to the continuation of Canadian Farm’s arrangement with NBI’s auction markets; risks relating to demand for the products and services provided by Canadian Farm and Stockmens; risks relating to future growth prospects and business opportunities; and risks that management is not able to execute its business strategy, and the impact of general economic conditions in Canada and the United States. A description of additional assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in Western’s disclosure documents on the SEDAR+ website at www.sedarplus.ca.

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The forward-looking statements contained in this news release are made as of the date hereof and Western undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

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This news release also contains financial outlook information (“FOFI“) about prospective results of operations and book value, which are subject to the same assumptions, risk factors, limitations, and qualifications as set forth in the above paragraphs. FOFI contained in this news release was made as of the date of this news release to provide information about management’s current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for any other purpose. Western disclaims any intention or obligation to update or revise any FOFI contained in this news release, whether as a result of new information, future events or otherwise, except as required by applicable law.

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Financial and other information concerning Canadian Farm and Stockmens contained in this news release has been provided by NBI or derived from the unaudited internal and statutory financial information of Canadian Farm and Stockmens. Western has not independently verified such information, and such information may differ from results that would be reported under Western’s accounting policies following closing.​

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“Neither the TSX Venture Exchange nor its Regulatory Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.“

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