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Canadian Farm Insurance Transaction Investor Presentation October 20, 2026
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The Western Investment Company of Canada Limited DISCLAIMER This presentation (the “Presentation”) contains a summary of general information about The Western Investment Company of Canada Limited’s (“Western”) activities as of the date of this Presentation, including the proposed acquisition by Western of Canadian Farm and Stockmens. You are advised to read this disclaimer carefully before reading or making any other use of this Presentation or any information contained in this Presentation. By attending an investor presentation or briefing, or accepting, accessing or reviewing this Presentation, you acknowledge and agree to the terms set out in this disclaimer. The information in this Presentation does not purport to be complete or contain all the information investors would require to evaluate their investment in Western. Western is not responsible for updating, nor does Western undertake to update, this Presentation. This Presentation has been prepared by management of Western to provide the recipient with information regarding Western and Insurance. This Presentation has been prepared with due care but no representation or warranty, express or implied, is provided by Western in relation to the currency, accuracy, reliability, fairness or completeness of the information, opinions or conclusions in this Presentation. This Presentation should be read in conjunction with the Western’s other continuous disclosure announcements and documents available at https://westerninvest.ca/. Forward-Looking Information This Presentation contains certain forward-looking statements or forward-looking information under applicable securities legislation. Such forward-looking statements or information are used in this Presentation for the purpose of providing information about management's current expectations and plans relating to the future development of Western's business. Readers are cautioned that reliance on such information may not be appropriate for other purposes, such as making investment decisions. Forward looking statements or information typically contain statements with words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "propose", "project", "should", "target", "will", "may", "potential" or similar words suggesting future outcomes or statements regarding an outlook. Forward looking statements or information in this Presentation include, but are not limited to, statements or information with respect to: the acquisition; the terms of the acquisition, including the anticipated purchase price; required regulatory approvals; the anticipated timing of the closing of the acquisition; the characteristics of Canadian Farm and Stockmens Insurance after the completion of the acquisition; certain strategic benefits and opportunities expected to result from the acquisition; and financial measures following the closing of the acquisition. 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. 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. Such risks and uncertainties include, without limitation: risks that the acquisition 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; Western’s ability to realize expected benefits of the acquisition; 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 relating to the concentration of Canadian Farm in the livestock sector; risks relating to demand for the products and services provided by Canadian Farm and Stockmens; risks relating to the continuation of Canadian Farm’s arrangement with the Vendor’s auction markets; 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. Readers are cautioned that the foregoing list of possible risks and uncertainties is not exhaustive. For a more detailed discussion of the risk factors affecting Western’s business, see Western’s Management’s Discussion & Analysis for the period ended June 30, 2026, and other reports that have been filed on SEDAR+ and are available under Western’s profile at www.sedarplus.ca. Investors are cautioned not to put undue reliance on forward-looking statements. Market and Industry Data This Presentation contains or references to information concerning Canadian Farm and Stockmens provided by the companies, or derived through their unaudited and statutory financial statements, as well as market data and industry forecasts obtained from industry publications, various publicly available sources and subscription- based reports as well as from management’s good faith estimates, which are derived from management’s knowledge of the industry and independent sources that management believes to be reliable. Industry publications, surveys and forecasts generally state that the information contained therein has been obtained from sources believed to be reliable. To the extent that this Presentation contains information from third-party sources, Western has not independently verified any such information nor has Western ascertained the validity or accuracy of the underlying economic assumptions relied upon therein. Western hereby disclaims any responsibility or liability whatsoever in respect of any third party sources of market and industry data or information. Future-Oriented Financial Information Certain information in this Presentation may constitute “future-oriented financial information” or “financial outlooks” within the meaning of applicable Canadian securities laws (“FOFI”). Any such information is being provided to demonstrate the anticipated outcome from our potential ownership of Canadian Farm and Stockmens and the reader is cautioned that this information may not be appropriate for any other purpose and the reader should not place undue reliance on such FOFI. FOFI, as with forward-looking statements generally, are, without limitation, based on the assumptions and subject to the risks discussed above. Western and its management believe that the prospective financial information contained in this Presentation has been prepared on a reasonable basis, reflecting management's best estimates and judgments. Nevertheless, Western’s actual financial position and results of operations may differ materially from management’s current expectations and such information should not be relied on as necessarily indicative of future results. Not an Offer This Presentation is for information purposes only and is not, and should not be considered as, an offer or solicitation or an invitation or recommendation to subscribe for, acquire or buy securities in Western or any other financial products. This Presentation is not a prospectus or other offering document under Canadian law or the law of any other jurisdiction. Not Investment or Financial Advice This Presentation, and the information in it, does not constitute financial product, legal, tax or investment advice and is not a recommendation to investors or potential investors in relation to holding, purchasing or selling Western’s securities. Western does not purport to give financial, legal, tax or investment advice. No account has been taken of the objectives, financial situation or needs of any recipient of this Presentation. Recipients of this Presentation should carefully consider whether the securities issued by Western are an appropriate investment for them in light of their personal circumstances, including their financial and taxation position. Before making an investment decision, you should seek independent professional advice that you deem necessary or appropriate before taking any action based on the information contained in this Presentation. Non-GAAP Measures The Presentation 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”). 2 Cautionary Statements IMPORTANT INFORMATION
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PHILOSOPHY The Western Way How we operate and the principles that guide every decision BUSINESS FUNDAMENTALS CORE VALUES 3 ■Decentralized operations at subsidiaries ■Centralized investment management, incentives & capital allocation ■Long-term focus ■Soundly financed ■Challenge the status quo ■Humble & respectful attitude ■Competitive, team-based approach ■Uncompromising loyalty, integrity & accountability
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The Western Investment Company of Canada Limited PROGRESS & PRIORITIES Western’s Transformation From a listed private equity vehicle to an insurance and investment holding company Re-capitalize & Re-imagine Recapitalized with +$35M at a discount to NAV and acquired 100% of Fortress; pivoted away from a public PE vehicle. Monetized legacy Divesting the legacy PE portfolio (~$17M book value). Exited GlassMasters for net proceeds of $24M, ~2.7x carrying value and ~2.3x estimated market value at the time of the re-cap. Build & Acquire Disciplined acquirer of insurance and reinsurance businesses, with a focus on growing float. Executing on a proprietary, bespoke deal pipeline. Invest the float Invest insurance float with a value-oriented, total-return focus to compound capital over the long term. Currently managing the Fortress investment portfolio. 4
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The Western Investment Company of Canada Limited 5 Transaction Summary TRANSACTION OVERVIEW Western has signed a definitive agreement to acquire Canadian Farm Insurance Corp., a specialty insurance company and two MGAs, from affiliates of Nilsson Brothers Inc. (“NBI” or the “Vendors”) INSURER Canadian Farm Purchase Price ~7x 2026E Adj. Profit Before Tax ~$42.3M MGAs Stockmens Purchase Price ~10x 2026E Profit Before Tax ~$10.2M + =Total Purchase Price $52.5M
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The Western Investment Company of Canada Limited Canadian Farm at a Glance COMPANY OVERVIEW 6 $29.8M Canadian Farm 2026E Gross Written Premium $6.2M Canadian Farm 2026E Adj. Profit Before Tax 39% Canadian Farm 2026E Net Loss Ratio 29% Canadian Farm 2026E Adjusted Expense Ratio PRODUCT LINES ▪Canadian Farm is a 100% Canadian-owned and operated specialty insurance company focused on livestock transit and agricultural animal insurance, with origins dating back to the 1920s in Manitoba ▪NBI, an integrated livestock and agricultural services group, acquired the Company in 1995 to support their livestock transit insurance requirements for their auction market operations ▪Canadian Farm later expanded into livestock mortality coverage and into fronting through an autoglass product ▪NBI also acquired the Stockmens MGAs with operations in Canada and the US STOCKMENS 2026E Profit Before Tax 68% Canadian Farm 2026E Adjusted Combined Ratio $1.0M TRANSIT INSURANCE LIVESTOCK MORTALITY SPECIALTY FRONTING
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The Western Investment Company of Canada Limited INVESTMENT HIGHLIGHTS Specialized Insurance Platform with a Niche Offering 7 CANADIAN FARM | STOCKMENS Niche embedded product with moat One of only a few insurers with a dedicated transit insurance business providing coverage at auction markets Short-tail, cash-generative book Claims reported and settled quickly, supporting predictable results and strong cash generation Anchored by a leading auction network NBI auction markets handle ~30% of Western Canada’s auction volumes Recurring fee-based revenue Stockmens adds recurring commission revenue from an established agent and broker network in Canada and the U.S. Growth opportunities Under Western’s ownership, Canadian Farm is well positioned to expand to auction markets across Canada Long-term alignment with NBI Perpetual agreement with all current and future NBI markets Proven underwriting profitability Strong track record of underwriting results with 41% ten-year average net loss ratio Differentiated cover & US foothold Broad-form livestock mortality cover with breeding extension; licensed US MGA with strong presence across northern beef states Built-in downside protection $7.0M Vendor guarantee of pre-tax earnings in each of the first two years
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The Western Investment Company of Canada Limited BUSINESS OVERVIEW How Transit Insurance Works LOAD Loading at the farm Cover attaches when cattle are loaded at the producer's farm HAUL Haul to market Covers any loss that occurs while the animal is transported to the auction market YARD Sorting & holding Covers any loss that occurs while animal is in the auction market yard SALE Sold in the ring Cover ends at the fall of the hammer. 8 COVERAGE PERIOD 24 to 48 HOUR PERIOD Additional coverage available to the buyer for post-sale transit Transit Insurance is a short tail product with claims developing and settling within weeks
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The Western Investment Company of Canada Limited 9 Transit Insurance BUSINESS OVERVIEW Canadian Farm offers a niche, embedded product through a unique distribution channel 2021 2022 2023 2024 2025 GWP Net Loss Ra-o 37 % 35 % 38 % 44 % 36 % 11,664 9,772 8,891 6,45 5,814 37 % 35 % 38 % 44 % 36 % HISTORICAL GROSS WRITTEN PREMIUM & NET LOSS RATIO 38% Avg Loss Ratio ($ millions) COVERAGE Cattle that die or get injured during the process of transporting and selling them at an auction market DISTRIBUTION Product is embedded for cattle producers selling through a Canadian Farm insured auction market PREMIUM Calculated as a % of animal value and included as a deduction on the producer’s sale cheque CLAIMS Short turnaround with claims filed within 10 days of occurrence and settled shortly after, with virtually no claims development RISK RETENTION Profitable business 100% retained by Canadian Farm
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The Western Investment Company of Canada Limited 10 Livestock Mortality BUSINESS OVERVIEW Complementary line of business, with a proven track record of underwriting profitability 2021 2022 2023 2024 2025 GWP Net Loss Ra-o 43 % 47 % 44 % 43 % 41 % 6,155 4,74 4,153 3,813 3,743 43 % 47 % 44 % 43 % 41 % 44% Avg Loss Ratio COVERAGE Policies are in effect for 12-months covering high-value animals (primarily purebred bulls, breeding cows, show cattle and equine). Includes extensions for breeding related risks, which is unique to Canadian Farm DISTRIBUTION Often sold at fall of the hammer auctions, bound by licensed agents PREMIUM Calculated on a percentage of an agreed upon value for the animal CLAIMS Adjusted in-house, with veterinary support if required, and paid within days, so producers can replace animals RISK RETENTION Canadian Farm cedes the majority of this product to a Lloyd’s syndicate HISTORICAL GROSS WRITTEN PREMIUM & NET LOSS RATIO ($ millions)
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The Western Investment Company of Canada Limited 11 A Decade of Disciplined Underwriting FINANCIAL PERFORMANCE Stable loss ratios and consistent operational expense management drive profitable business Source: Audited financial statements, regulatory filings and company information 2025 GWP BY PROVINCE 0,0116 0,0668 0,2485 0,6732 Alberta Saskatchewan Manitoba Other 2025 GWP BY LINE OF BUSINESS 0,2295 0,3405 0,43 Transit Specialty Fronting Livestock Mortality 2016201720182019202020212022202320242025 GROSS WRITTEN PREMIUMS 13.714.714.814.814.215.816.720.422.927.1 Canadian Farm Adjusted Profit before tax 1 2.4 3.0 2.7 2.5 2.2 3.4 3.1 5.1 5.7 5.5 Net Loss Ratio 48%43%44%45%44%36%42%33%36%38% Expense Ratio 1 15%15%16%22%22%19%21%19%22%28% Net Combined Ratio 1 63%58%60%67%66%55%63%52%58%66% Note: 1. Adjusted profit before tax, Expense ratio and Net Combined ratio reflect the impact of the premium refund agreement applied historically ($ millions, unless otherwise stated)
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The Western Investment Company of Canada Limited 12 Stockmens: Livestock Mortality BUSINESS OVERVIEW Canadian & US capital-light MGAs primarily writing breeding-bull mortality insurance on third-party paper STOCKMENS USA STOCKMENS CANADA ▪Delaware LLC with licenses in 18 states. Business is concentrated in ND, SD, MT, and NE ▪Primarily distributed via independent broker networks ▪Policies written for an admitted insurer in the US ▪100% written for a Lloyd’s syndicate with Stockmens earning a commission ▪Primarily distributed through in-house agents
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The Western Investment Company of Canada Limited Entrenched at Western Canada's Auction Markets with Significant Upside GROWTH STRATEGY 13 NBI-owned (10) 3rd Party, CFIC insured (4) Target (37) ~30% of Western Canada auction volume sold through NBI markets according to the Company ~21 independent markets identified in Ontario Source: Company estimates and Western analysis BC AB SK MB Ontario Expansion ON Target (21) CURRENT WESTERN CANADIAN FOOTPRINT ADDITIONAL WESTERN CANADIAN OPPORTUNITY ONTARIO OPPORTUNITY ~70% of Western Canadian auction volume ~37 Western Canadian independent markets
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The Western Investment Company of Canada Limited GROWTH STRATEGY Multiple Levers to Grow Under Western Ownership ■Target up to 70% of auction volumes by pursuing 37 identified Western Canadian markets ■Expand into 21 Ontario auction markets and digital auctions ■Compete on coverage, pricing and service fees 14 Win New Transit Markets ■Target higher-value livestock and equine ■Expand into Ontario ■Develop digital distribution ■Explore increased retention ■Develop new, complementary products, including farm property & commercial auto ■Expand into farm vehicle warranty and ancillary products ■Adopt AI to enhance operations ■Access new distribution channels Expand Mortality Line Launch New Lines & Operational Advancements
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The Western Investment Company of Canada Limited Scott Tannas returning to an operating role SCOTT TANNAS CHAIR, WESTERN 30+ years in insurance. Senator, Senate of Canada since 2013. 1993 Buys Hi-Alta Insurance Brokers in Alberta for $800K 1996 Lists publicly as Hi- Alta Capital at $0.40/ share 1998 Renamed Western Financial Group 2001 Largest broker in Western Canada through acquisition 2003 Starts Bank West 2005 Acquires Federated Life 2011 Sells Western Financial to Desjardins for $440M 2017 Western Financial sold to Wawanesa for $775M LEADERSHIP At closing Scott will step down as Western Chair, but remain on the board, and become CEO of Canadian Farm 15
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TRANSACTION OVERVIEW Key Terms Maintain premium refund agreement Refund to NBI’s auction markets based on the loss experience of their transit business 16 1 2 4 6 3 5 Purchase price and consideration $52.5M payable on closing; Vendors may elect to receive up to 20% ($10.5M) in Western shares, with balance in cash Perpetual transit insurance agreement Canadian Farm continues as transit insurer to all current and future NBI auction markets Financing Private placement of ~$50M and existing cash reserves Regulatory approvals Alberta Minister of Finance approval under the Insurance Act (Alberta) and TSXV acceptance Expected closing: Q1 2027 Subject to receipt of regulatory approvals and other customary closing conditions
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The Western Investment Company of Canada Limited PROGRESS & PRIORITIES Western’s Transformation From a listed private equity vehicle to an insurance and investment holding company Re-capitalize & Re-imagine Recapitalized with +$35M at a discount to NAV and acquired 100% of Fortress; pivoted away from a public PE vehicle. Monetized legacy Divesting the legacy PE portfolio (~$17M book value). Exited GlassMasters for net proceeds of $24M, ~2.7x carrying value and ~2.3x estimated market value at the time of the re-cap. Build & Acquire Disciplined acquirer of insurance and reinsurance businesses, with a focus on growing float. Executing on a proprietary, bespoke deal pipeline. Invest the float Invest insurance float with a value-oriented, total-return focus to compound capital over the long term. Currently managing the Fortress investment portfolio. 17
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PHILOSOPHY The Western Way How we operate and the principles that guide every decision BUSINESS FUNDAMENTALS CORE VALUES 18 ■Decentralized operations at subsidiaries ■Centralized investment management, incentives & capital allocation ■Long-term focus ■Soundly financed ■Challenge the status quo ■Humble & respectful attitude ■Competitive, team-based approach ■Uncompromising loyalty, integrity & accountability
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QUESTIONS