Slide 1: Q2 2025 Investor Presentation
Q2 2025 Investor Presentation August 21, 2025
Slide 2: Disclaimer
Disclaimer Safe Harbour Statement This document and its contents are proprietary information and may not be reproduced or otherwise disseminated in whole or in part either directly or indirectly without the prior written consent of each of The Westaim Corporation (“Westaim” or the “Corporation” or t
Slide 3: Important Disclosures
Important Disclosures Non-IFRS Measures Westaim Westaim reports its interim consolidated financial statements using Generally Accepted Accounting Principles (“GAAP”) and accounting policies consistent with IFRS. The Company discloses a number of financial measures in this presentation that are calcu
Slide 4: Q2 2025 Highlights: The Journey Begins
Q2 2025 Highlights: The Journey Begins Asset Management Insurance Corporate and Other Investments Q2 2025 Adjusted EBITDA(1) for Corporate and Q2 2025 Adjusted EBITDA(1) for the Asset Q2 2025 Adjusted EBITDA(1) for the Insurance Other Investment activity was gain attributable to Management business
Slide 5: Westaim Summary Q2 2025 Operating Results
Westaim Summary Q2 2025 Operating Results Three months ended Six months ended June 30 June 30 Westaim’s loss and comprehensive loss attributable to (Amounts in millions of US$ except per share data) 2025 2024 2025 2024 controlling interests for Q2 2025 was $0.2 million ($0.01 diluted loss per share)
Slide 6: Westaim Summary Q2 2025 Operating Results By Segment
Westaim Summary Q2 2025 Operating Results By Segment(1) ASSET MANAGEMENT • Asset Management had Adjusted EBITDA of ($6.3) million from the closing of the Strategic (Amounts in millions of US$ Asset Transaction through June 30, 2025, inclusive of the $2.4 million reversal of incentive fees ) Manageme
Slide 7: Westaim Summary Q2 2025 Statement of Financial Position
Westaim Q2 2025 Summary Statement of Financial Position As at June 30, 2025 December 31, 2024 (Amounts in millions of US$ except per share data) • At June 30, 2025, the Company had $516.9 million of cash and $209.9 Assets Cash $ 516.9 $ 301.9 million of investments on its balance sheet to support on
Slide 8: Westaim Diluted (Loss) Earnings per Share
Westaim Diluted (Loss) Earnings per Share (US$): Three months ended June 30, 2025(1) (1) Adjusted for share consolidation. For further information, refer to Westaim’s Financial Statements for the three and six months ended June 30 ,2025. 8
Slide 9: Westaim Book Value per Share
Westaim Book Value per Share (US$): Three months ended June 30, 2025(1) (1) Adjusted for share consolidation. For further information, refer to Westaim’s Financial Statements for the three and six months ended June 30 ,2025. 9
Slide 10: Westaim Diluted (Loss) Earnings per Share
Westaim Diluted (Loss) Earnings per Share (US$): Six months ended June 30, 2025(1) (1) Adjusted for share consolidation. For further information, refer to Westaim’s Financial Statements for the three and six months ended June 30 ,2025. 10
Slide 11: Westaim Book Value per Share
Westaim Book Value per Share (US$): Six months ended June 30, 2025(1) (1) Adjusted for share consolidation. For further information, refer to Westaim’s Financial Statements for the three and six months ended June 30 ,2025. 11
Slide 12: Insurance Segment Supplemental Materials
INSURANCE SEGMENT SUPPLEMENTAL MATERIALS 12
Slide 13: Ceres Life Focused on Upcoming Milestones
Ceres Life Focused on Upcoming Milestones Key milestones (non-exhaustive) Jun 2025: Sep 2025: Jun 2024: CC Capital Jan 2025: Feb 2025: MYGA IMO launch formed Salem Group Opened call TDI product Holdings (“SGH”) to center approved launch incubate Ceres Life MYGA product 2024 2025 2026 FIA product Jul
Slide 14: Ceres Life State Approvals Map
Ceres Life State Approvals Map Ceres Life now has product regulatory approvals in 43 states plus the District of Columbia The Ceres Life MYGA is issued by Ceres Life Insurance Company, home office Shelton, CT. It is a single premium deferred annuity. The Ceres Life MYGA is not available in all state
Slide 15: Asset Management Segment Supplemental Materials
ASSET MANAGEMENT SEGMENT SUPPLEMENTAL MATERIALS 15
Slide 16: About Arena
About Arena 16 • Institutional investment manager focused on both public and private fixed income investments with over 180 people, inclusive of sourcing, underwriting, surveillance, workout, operational ABOU T AREN A ( 1 ) improvement and extensive financial / operational infrastructure. $4.6B • Br
Slide 17: Arena – Key Highlights
Arena – Key Highlights 17 • Arena is a growing global financial institution • Mandate flexibility and diversification contribute to consistency across cycles. • Proprietary sourcing and global infrastructure with a focus on smaller-sized transactions. Differentiated Approach • Servicing and systems
Slide 18: Arena – Investment vehicles
Arena – Investment vehicles (1) 18 $ 4 . 6 B A U M A N D P R O G R A M M AT I C C A P I TA L ( 2 ) Permanent Capital (Arena FINCOs) EXCESS CA PACI T Y OPP ORTUNI TI ES $0.9B • Arena Finance A R E N A F U L LY D I V E R S I F I E D • Arena Origination Company New Zealand Real Estate Credit Open-ended
Slide 19: Arena – Investing: Performance & Deployment
Arena – Investing: Performance & Deployment 19 • The following table presents the performance data for Arena’s drawdown funds and accounts: As of June 30, 2025 Year of AUM and Original Capital Capital Invested Realized Unrealized Total Net Net Primary Investment ($ in millions) inception Programmati
Slide 20: Arena – Investing: Performance & Deployment
Arena – Investing: Performance & Deployment 20 • The following table presents the performance data for Arena’s significant open-ended funds and Stable Income strategies: As of June 30, 2025 Net Returns (%) AUM and Since Inception Quarter-to-date Year-to-date Primary Investment Strategy Year of incep
Slide 21: Arena – Investing: Performance & Deployment
Arena – Investing: Performance & Deployment 21 • The following table presents the performance data for the significant Stable Income funds in Harvest: As of June 30, 2025 Year of AUM and Original Capital Capital Invested Realized Unrealized Total Net Net Primary Investment ($ in millions) inception
Slide 22: Arena – AUM and Programmatic Capital Through June 30, 2025
Arena – AUM and Programmatic Capital Through June 30, 2025 22 • AIGH’s assets under management (including undrawn commitments) and Programmatic Capital were $4.6B1 at June 30, 2025. • From December 31, 2015, to June 30, 2025, AUM and Programmatic Capital has grown at a CAGR of ~38%. Arena – AUM and