Slide 1: Q3 2025 Investor Presentation
Q3 2025 Investor Presentation • November 13, 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: Q3 2025 Highlights: The Journey Begins
Q3 2025 Highlights: The Journey Begins Asset Management Insurance Corporate and Other Investments Q3 2025 Adjusted EBITDA(1) for the Insurance Q3 2025 Adjusted EBITDA(1) for Corporate and Q3 2025 Adjusted EBITDA(1) for the Asset segment was net loss attributable to Other Investment activity was loss
Slide 5: Westaim Summary Q3 2025 Operating Results
Westaim Summary Q3 2025 Operating Results Three months ended Nine months ended September 30 September 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 Q3 2025 was $11.4 million ($0.35 diluted los
Slide 6: Westaim Summary Q3 2025 Operating Results By Segment
Westaim Summary Q3 2025 Operating Results By Segment(1) ASSET MANAGEMENT (Amounts in millions of US$ Asset ) Management Insurance Corporate Eliminations Consolidated • Asset Management had Adjusted EBITDA of ($2.3) million from the closing of the Strategic Transaction through September 30, 2025, exc
Slide 7: Westaim Q3 2025 Summary Statement of Financial Position
Westaim Q3 2025 Summary Statement of Financial Position September 30, As at December 31, 2024 2025 (Amounts in millions of US$ except per share data) • At September 30, 2025, the Company had $429.9 million of cash and Assets $262.5 million of investments on its balance sheet to support ongoing Cash
Slide 8: Westaim Diluted (Loss) Earnings per Share: Three months ended September 30, 2025
Westaim Diluted (Loss) Earnings per Share (US$): Three months ended September 30, 2025(1) (1) Adjusted for share consolidation. For further information, refer to Westaim’s Financial Statements for the three and nine months ended September 30 ,2025. 8
Slide 9: Westaim Book Value per Share: Three months ended September 30, 2025
Westaim Book Value per Share (US$): Three months ended September 30, 2025(1) (1) Adjusted for share consolidation. For further information, refer to Westaim’s Financial Statements for the three and nine months ended September 30 ,2025. 9
Slide 10: Westaim Diluted (Loss) Earnings per Share: Nine months ended September 30, 2025
Westaim Diluted (Loss) Earnings per Share (US$): Nine months ended September 30, 2025(1) (1) Adjusted for share consolidation. For further information, refer to Westaim’s Financial Statements for the three and nine months ended September 30 ,2025. 10
Slide 11: Westaim Book Value per Share: Nine months ended September 30, 2025
Westaim Book Value per Share (US$): Nine months ended September 30, 2025(1) (1) Adjusted for share consolidation. For further information, refer to Westaim’s Financial Statements for the three and nine months ended September 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 13 • 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. $4.5B • Br
Slide 17: Arena – Key Highlights
Arena – Key Highlights 14 • 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) 15 $ 4 . 5 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 16 • The following table presents the performance data for Arena’s active drawdown funds that are managed by Arena on a discretionary basis: As of September 30, 2025 Year of AUM and Original Capital Capital Invested Realized Unrealized Total Net Net Primar
Slide 20: Arena – Investing: Performance & Deployment
Arena – Investing: Performance & Deployment 17 • The following table presents the performance data for Arena’s active open-ended funds that are managed by Arena on a discretionary basis: As of September 30, 2025 Net Returns (%) AUM and Since Inception Quarter-to-date Year-to-date Primary Investment
Slide 21: Arena – AUM and Programmatic Capital Through September 30, 2025
Arena – AUM and Programmatic Capital Through September 30, 2025 18 • AIGH’s assets under management (including undrawn commitments) and Programmatic Capital were $4.5B1 at September 30, 2025. • From December 31, 2015, to September 30, 2025, AUM and Programmatic Capital has grown at a CAGR of ~37%. A