Slide 1: Q4 2025 Investor Presentation
Q4 2025 Investor Presentation • March 26, 2026
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 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 calculated an
Slide 4: Q4 2025 Highlights
Q4 2025 Highlights Asset Management Insurance Corporate and Other Investments Q4 2025 Adjusted EBITDA(1) for the Insurance Q4 2025 Adjusted EBITDA(1) for the Asset segment was a net loss of $11.6 million for Q4 2025 Q4 2025 Adjusted EBITDA(1) for Corporate and Management business was a net profit of
Slide 5: Westaim Summary Q4 2025 and Full Year 2025 Operating Results
Westaim Summary Q4 2025 and Full Year 2025 Operating Results Three months ended Year ended December 31 December 31 (Amounts in millions of US$ except per share data) 2025 2024 2025 2024 Westaim’s loss and comprehensive loss attributable to Management fee revenue $ 5.3 $ - $ 16.6 $ - controlling inte
Slide 6: Westaim Summary Q4 2025 Operating Results By Segment
Westaim Summary Q4 2025 Operating Results By Segment(1) (Amounts in millions of US$) Asset ASSET MANAGEMENT ) Management Insurance Corporate Eliminations Consolidated • Asset Management had Adjusted EBITDA of $0.4 million in Q4 2025, exclusive of $0.3 Management fee revenue $ 6.2 $ - $ - $ (0.9) $ 5
Slide 7: Westaim Summary Statement of Financial Position at December 31, 2025
Westaim Summary Statement of Financial Position at December 31, 2025 December 31, December 31, As at 2025 2024 (Amounts in millions of US$ except per share data) • At December 31, 2025, the Company had $283.1 million of cash and Assets $385.5 million of investments on its balance sheet to support on
Slide 8: Westaim Diluted Loss Earnings per Share
Westaim Diluted (Loss) Earnings per Share (US$): Three months ended December 31, 2025(1) (1) Adjusted for share consolidation. For further information, refer to Westaim’s Financial Statements for the three and twelve months ended December 31, 2025. 8
Slide 9: Westaim Book Value per Share
Westaim Book Value per Share (US$): Three months ended December 31, 2025(1) (1) Adjusted for share consolidation. For further information, refer to Westaim’s Financial Statements for the three and twelve months ended December 31, 2025. 9
Slide 10: Westaim Diluted Loss Earnings per Share
Westaim Diluted (Loss) Earnings per Share (US$): Twelve months ended December 31, 2025(1) (1) Adjusted for share consolidation. For further information, refer to Westaim’s Financial Statements for the three and twelve months ended December 31, 2025. 10
Slide 11: Westaim Book Value per Share
Westaim Book Value per Share (US$): Twelve months ended December 31, 2025(1) (1) Adjusted for share consolidation. For further information, refer to Westaim’s Financial Statements for the three and twelve months ended December 31, 2025. 11
Slide 12: Insurance Segment Supplemental Materials
INSURANCE SEGMENT SUPPLEMENTAL MATERIALS 12
Slide 13: Ceres Life Continues to Deliver on Key Milestones
Ceres Life Continues to Deliver on Key Milestones Key milestones (non-exhaustive) Jun 2025: Sep 2025: Jun 2024: CC Capital Jan 2025: Feb 2025: IMO launch MYGA formed Salem Group Opened call TDI product Holdings (“SGH”) to center approved launch incubate Ceres Life MYGA product 2024 2025 2026 Feb 202
Slide 14: Ceres Life Annuity Product Launches
Ceres Life Annuity Product Launches 2025 Product Launch: 2026 Product Launch: $40 million of premium in 2025
Slide 15: Ceres Life State Approvals Map
Ceres Life State Approvals Map (As of March 2026) Ceres Life now has product regulatory approvals in 44 states plus the District of Columbia The Ceres Life MYGA and Graybar FIAs are issued by Ceres Life Insurance Company, home office Shelton, CT. They are single premium deferred annuities. Ceres Lif
Slide 16: Asset Management Segment Supplemental Materials
ASSET MANAGEMENT SEGMENT SUPPLEMENTAL MATERIALS 16
Slide 17: About Arena
About Arena 17 • 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 18: Arena – Key Highlights
Arena – Key Highlights 18 • Arena is a growing global financial institution • Mandate flexibility and diversification contribute to consistency across cycles. Differentiated Approach • Proprietary sourcing and global infrastructure. • Intellectual property that can be leveraged for investors as well
Slide 19: Arena – Investment vehicles
Arena – Investment vehicles (1) 19 $ 4 . 5 B A U M A N D P R O G R A M M AT I C C A P I T A L ( 2 ) Permanent Capital (Arena FINCOs) E X C E S S CAPAC I T Y OPP O R TU N I TIE S $0.9B • Arena Finance • Arena Origination Company A R E N A F U L LY D I V E R S I F I E D Open-ended Evergreen Funds New
Slide 20: Arena – Investing: Performance & Deployment
Arena – Investing: Performance & Deployment 20 • The following table presents the performance data for Arena’s active drawdown funds that are managed by Arena on a discretionary basis: As of December 31, 2025 Year of AUM and Original Capital Capital Invested Realized Unrealized Net Net Primary Inves
Slide 21: Arena – Investing: Performance & Deployment
Arena – Investing: Performance & Deployment 21 • 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 December 31, 2025 Net Returns (%) AUM and Since Inception Quarter-to-date Year-to-date Primary Investment S
Slide 22: Arena – AUM and Programmatic Capital Through December 31, 2025
Arena – AUM and Programmatic Capital Through December 31, 2025 22 • AIGH’s assets under management (including undrawn commitments) and Programmatic Capital were $4.5B1 at December 31, 2025. • From December 31, 2015, to December 31, 2025, AUM and Programmatic Capital has grown at a CAGR of ~35%. Aren