Aventus Capital Inc. · TSXV:AVTS
Aventus Capital — The Westaim — Investor Day (June 2025)
72 slides from Aventus Capital's investor day presentation, Jun 12, 2025
Slide 1: 2025 Investor Day
2025 INVESTOR DAY June 12, 2025
Slide 2: Safe Harbour Statement
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: Safe Harbour Statement
Disclaimer Safe Harbour Statement Supplementary financial measures concerning the Arena FINCOs and Arena (the “Arena Supplementary Financial Measures”) contained in this presentation are unaudited and have been derived from the unaudited financial statements of Arena FINCOs and Arena for the quarter
Slide 4: Non-GAAP Measures
Important Disclosures Non-GAAP Measures Westaim Westaim reports its interim consolidated financial statements using Generally Accepted Accounting Principles (“GAAP”) and accounting policies consistent with IFRS. Westaim uses both IFRS and non-generally accepted accounting principles (“non-GAAP”) mea
Slide 5: Important Disclosures: Arena
Important Disclosures Arena With respect to the section on Arena the information therein is being provided solely in relation to the management company and the investment manager, including their funds, subsidiaries and affiliates. Returns shown are unaudited. Past performance is not indicative or a
Slide 6: Agenda
Agenda Introduction Ceres Life Arena CC Capital Conclusion Q&A 6
Slide 7: Westaim's Transformation
Westaim’s Transformation Since 2009 – 2012 2014 – 2024 April 2025 Insurance Investment Investment Company Focused on Integrated Insurance & Company Insurance & Asset Management Asset Management Company Note: Refer Appendix for JEVCO and Skyward Specialty case studies. 7
Slide 8: A Look Back
A LOOK BACK —-_,,
Slide 9: Westaim Strategy
Unlock Value Created for Shareholders Westaim Strategy May 2024 AGM Opportunistic Investing Partnership Approach Business Building Long-Term Horizon Asset Management Capital Allocation Insider Alignment Source / Build Special Dividends Opportunistic Share Buybacks Excellent Financial Services Busine
Slide 10: 2024 Report Card
2024 Report Card Target 2024-2025 Actions • Following Skyward Specialty’s successful IPO in 2023, Westaim completed tax-efficient monetization of its remaining interest with a final sale on September 10, 2024 Strategically Monetize Westaim’s interest in Skyward Specialty • After approximately 10 yea
Slide 11: 2024 Report Card
2024 Report Card Target 2024-2025 Actions • Arena Investors: Ongoing assets under management growth and additional Accelerate the growth and infrastructure development to focus and expand operating leverage development of Arena Investors Return capital to Shareholders • Since September 2021, acquire
Slide 12: 2024 Report Card
2024 Report Card Target 2024-2025 Actions Allocate capital in line with • CC Capital invested US$250 million in Westaim at C$28.50 per share, Westaim’s strategy of partnership- expanding total investable capital base to ~US$700 million driven investing, business building, and long-term asset managem
Slide 13: CC Capital and Westaim to Create Integrated Insurance and Asset Management Company
CC Capital and Westaim to Create Integrated Insurance and Asset Management Company
Slide 14: Integrated Insurance & Asset Management Company
Integrated Insurance & Asset Management Company • On October 9, 2024, Westaim announced a strategic partnership with CC Capital (the “Transaction”), including an investment of US$250 million in 1 exchange for common shares and warrants of Westaim, for an approximate 36% ownership interest (assuming
Slide 15: Integrated Insurance & Asset Management Company: Flywheel Engine
Integrated Insurance & Asset Management Company $250 million Primary Investment ~36% Ownership(1) 100% Equity Ownership Illustrative $6B Invested Assets Flywheel Engine Attractive ROE and Capital Compounding Note: Simplified Transaction Structure (1) Exact ownership stake dependent on warrants; appr
Slide 16: Integrated Insurance & Asset Management Company
Integrated Insurance & Asset Management Company Integrated Insurance & Alternative Asset Management Company • Legacy as a strong investor • Strong record of investing in • Enables Westaim shareholders to directly with differentiated expertise and partnering with financial participate in upside value
Slide 17: Strategic Partnership with Exceptional Leadership
Strategic Partnership with Exceptional Leadership Expected uplift in intrinsic value, long-term upside potential, and attractive equity compounding
Slide 18: Our Experienced Management Team has a Strong Track Record
Our Experienced Management Team has a Strong Track Record Westaim • President and CEO of Westaim since April 2009, leading successful • Assumed role as CFO and Chief Risk Officer (“CRO”) at transaction close, investments and realization in JEVCO Insurance Company, Skyward responsible for leading all
Slide 19: 2025 Westaim Annual General Meeting
2025 Westaim Annual General Meeting June 12, 2025
Slide 20: Agenda
AGENDA 01 Strategy and Team 02 Market Opportunity 03 Operations and Technology 04 Outlook
Slide 21: Ceres Life Strategy
Ceres Life Strategy • We are building a life insurance company focused on annuity products that have significant market tailwinds due to the growing demand for retirement solutions. Market volatility tends to increase demand for guaranteed income. • Our business is underpinned by a highly scalable,
Slide 22: Our business strategy is grounded in our 5-part value proposition
Our business strategy is grounded in our 5-part value proposition Attractive $15T 1 Leading distribution Technology as a Deep investment Strong balance sheet market and business partnerships differentiator capabilities and risk culture opportunity Demand for annuities, Distribution partnerships Fast
Slide 23: Our experienced management team has a strong track record
Our experienced management team has a strong track record Ceres Life leadership team CC Capital and Westaim leaders Carrie Marlatt Chinh Chu Deanna Mulligan Chief Executive Officer Chief Financial Officer and Interim • Founder and Senior Managing Director, CC Capital Former CEO (2011-2020) and Chair
Slide 24: Ceres has an attractive market and business opportunity
Ceres has an attractive market and business opportunity. There is continued demand for MYGA and FIA products commensurate with growth in the retired population. Individual annuity sales by product vs. age 65+ population growth Significant correlation 2014-2024, $B and M between population of individ
Slide 25: We have partnered with two of the fastest growing distribution partners
We have partnered with two of the fastest growing distribution partners in the country, who, together, form the largest seller of annuities in their channel 1 Mutual investment of resources by Ceres Life and IMOs ADVISORS Products attuned to agent and customer preferences Co-developed product with I
Slide 26: We plan to expand our distribution network to other IMO and non-IMO partners
We plan to expand our distribution network to other IMO and non-IMO partners Significant opportunity for growth beyond in IMO Channel MYGA and FIA sales across IMO and non-IMO channels 1 We are in discussions to expand and diversify 2024, $B and % our distribution Other 2 Direct Response 9% 3% Caree
Slide 27: Our technology is designed to provide a differentiated value proposition
Our technology is designed to provide a differentiated value proposition Unconstrained modern technology Unlocking the power Harnessing AI for a differentiated Protecting Ceres Life and infrastructure of data customer experience our customers No legacy Scalable and Single source of Real-time data AI
Slide 28: Ceres Life
- = a _¥cereslife
Slide 29: Ceres Life Sees Significant Potential For Scaling its Annuities Book
Ceres Life Sees Significant Potential For Scaling its Annuities Book Illustrative Scale Opportunity 50000 $50B+ Legacy carriers achieve 160 limited operating cost $300 – 500MM 45000 leverage operating expense at legacy carriers140 1 40000 120 35000 30000 100 US Dollars 25000 80 20000 Ceres Life expe
Slide 30: We have delivered against key operational milestones
We have delivered against key operational milestones, and our operations are in place and ready for “go-live” Key milestones (non-exhaustive) Jun 2024: CC Capital Jan 2025: Feb 2025: June 2025: formed Salem Group Opened call TDI MYGA product Holdings (“SGH”) to center approved launch incubate Ceres
Slide 31: Ceres Life
ycereslife
Slide 32: AIGH is a global financial institution with over 180 people in 8 global offices
AIGH is a global financial institution with over 180 people in 8 global offices including its affiliates, complemented by an extensive network of joint venture partners, operating in over 20 countries.
Slide 33: Contents
Contents 33 1 ABOUT ARENA INVESTORS GROUP HOLDINGS 2 ENVIRONMENT 3 ARENA INVESTORS 4 AUM GROWTH
Slide 34: About Arena Investors Group Holdings
34 ABOUT ARENA INVESTORS GROUP HOLDINGS
Slide 35: About Arena Investors Group Holdings
About Arena Investors Group Holdings (“AIGH”) 35 AIGH is a global alternative investment firm managing assets on behalf of institutional and private investors through two core business units: Arena Investors ("AI"), a multi-strategy credit investment platform focused on diversified alpha-creating st
Slide 36: About Arena Investors
About Arena Investors 36 Arena Investors, a multi-asset manager with significant experience in insurance asset management, enables access to attractive risk-adjusted returns Team Embedded Investment Philosophy • Highly capable senior leadership team with • Opportunistic approach targets investments
Slide 37: The Opportunity Ahead for Arena
The Opportunity Ahead for Arena 37 Strong capabilities position Arena to capture transformation opportunity Arena operates at institutional quality and scale, which is expected to allow Ceres Life to leverage the capabilities of a multi- strategy manager that would likely be difficult for a similarl
Slide 38: Environment
7 N ENVIRONMENT Vv
Slide 39: Arena Investors – Environment / Outlook
Arena Investors – Environment / Outlook 39 New news is affirmation of irresponsible fiscal policy with and without tariffs Federal Funds Rate Fed Balance Sheet Money Supply Millions of dollars Billions of dollars 8% 10,000,000 25,000 8,000,000 20,000 6% 6,000,000 15,000 4% 4,000,000 10,000 2% 2,000,
Slide 40: Arena Investors – Environment / Outlook
Arena Investors – Environment / Outlook 40 What this last year brought: Implications: • Inflationary tariffs • Affirmation of continued fiscal indiscipline • “Big beautiful” spending • Greater concern with the USD as reserve currency • DOGE effect is minimal • Ratings agency downgrade for US Governm
Slide 41: Arena Investors – Environment / Outlook
Arena Investors – Environment / Outlook 41 The most unprecedented creation of assets in history… …with the yield of everything in reference to zero… …mixed with lots of even more hysteria (e.g., crypto, NFTs, r/WallStreetBets)… …leading to the largest asset bubble in history + inflation… … which is
Slide 42: Arena Investors – Environment / Outlook: Where we are today
Arena Investors – Environment / Outlook 42 Where we are today Structured now Leveraged starting with The GP/LP lending started in Commercial real increased universe in 2022 late 2023 and Growth and estate in early delinquencies in US and Europe Not yet in Asia- and now accelerating with venture in 2
Slide 43: Illustration of barbell opportunity
Arena Investors – Environment / Outlook 43 Illustration of barbell opportunity Scalable, homogenous Special situations / opportunities Distress Examples Examples Lower Middle Market Corporate Cash Flow Growth Credit -- -- CRE Lending European Distressed -- Real Estate Asset-Based Finance (“ABF”) --
Slide 44: Arena Investors
7 N ARENA INVESTORS Vv
Slide 45: Arena's Business Platforms
Arena Investors – Platform leveragability 45 Arena’s proprietary sourcing infrastructure, across all corporate, real estate, and structured finance investments areas, at all levels of the capital structure and liquidity, and in all developed markets, allows the firm to review a large number of oppor
Slide 46: Arena can add value across a broad range of investments
Breadth of Capabilities 46 Arena can add value across a broad range of investments, with full balance sheet origination capabilities. SECURITIES STRUCTURED ASSETS Origination capabilities across PRODUCTS / Broad capabilities in private corporate securities, currently SECURITIZATIONS investments, wit
Slide 47: Arena has the ability to leverage its business units across insurance
Arena Investors – Platform leveragability 47 Arena has the ability to leverage its business units across insurance CORPORATE SECURITIES CORPORATE PRIVATE NATURAL RESOURCES REAL ESTATE PRIVATE INVESTMENTS INVESTMENTS • IG securities team led by • IG corporate private • IG private placements in • Tran
Slide 48: Arena Investors Capabilities – The Full Spectrum of Assets
Arena Investors Capabilities – The Full Spectrum of Assets 48 We have capabilities in all of the assets below and each can be a part of an insurer’s portfolio either through rated loan structures, private ABS, and/or valuable residuals with asymmetric return/risk. Corporate Real Estate Structured St
Slide 49: Deep team and platform expertise
Arena Investors – Platform leveragability 49 Deep team and platform expertise. 280+ Years of experience across Front 500+ Originated private transactions Office Managing Directors(1) since inception(2). Equal to one every calendar week. 150+ 50+ 20+ all-time JVs and… current JV partnerships directly
Slide 50: Sample of Arena Investors' Global Joint Venture Partnerships
Sample of Arena Investors' Global Joint Venture Partnerships 50
Slide 51: Arena's proprietary sourcing infrastructure
Arena Investors – Proprietary Sourcing for Alternatives 51 Arena’s proprietary sourcing infrastructure, which includes its joint venture partners, allows the firm to review a large number of opportunities and allocate resources to investments that are the most compelling on a risk-adjusted basis. .
Slide 52: AUM Growth
7 N AUM GROWTH Vv
Slide 53: Arena Investors – Four Forms of Balance Sheet
Arena Investors – Four Forms of Balance Sheet 53 Multi-strategy: Business units and JV network allow for a tremendous amount of flow, with Arena only spending time on a fraction, which further go through a rigorous and systematic memo-based underwriting process Excess Capacity Opportunities where th
Slide 54: Recent Fundraising
Recent Fundraising 54 Recent fundraising success across third Flagship Special Opportunities Fund as well as Excess Capacity vehicles FT Bloomberg Law Alternative Credit Investor Alternatives Watch Sources: FT, Bloomberg Law, Alternatives Watch, Alternative Credit Investor
Slide 55: Arena Investors – Growth potential with insurance
Arena Investors – Growth potential with insurance 55 12 $10B+ • Arena is focusing the investment strategy as Multi-strategy the broader model shifts to homogeneous, 10 scalable insurance assets. • We are adding insurance capital that is 8 deployed using existing infrastructure and Excess Capacity Op
Slide 56: CC Capital
(CC CAPITAL
Slide 57: CC Capital + Westaim
CC Capital + Westaim CC Capital is a private investment firm focused on partnering with high-quality businesses that have compelling customer value propositions and sustainable competitive advantages, which drive long-term performance. CC Capital partners with accomplished leaders and management tea
Slide 58: Westaim is an Extension of CC Capital
Westaim is an Extension of CC Capital CC Capital is and will be actively engaged in stewarding Westaim and plans to grow Ceres and Arena into world class businesses, matching the scales of their leading peers. CC will continue to dedicate its significant resources to this effort CC Capital and Ceres
Slide 59: The Westaim Corporation
THE WESTAIM CORPORATION
Slide 60: A synergistic flywheel engine that reinvests earnings into the ecosystem
Highly Differentiated Operating Company with a Flywheel Engine A synergistic flywheel engine that reinvests earnings into the ecosystem Ceres Life provides compelling annuity Arena can deliver attractive investment products and a differentiated, cloud-native returns to Ceres Life, driving ROE and te
Slide 61: Solid Share Price Performance
Solid Share Price Performance(1)(2) CAGR (January 2, 2009 to May 30, 2025) Westaim 16.3% S&P Total Return Index 14.1% TSX Total Return Index 9.8% (1) Source: Capital IQ (2) Assumes the reinvestment of the cash distribution of C$37.50 per common share paid by Westaim on September 28, 2012 and 6:1 rev
Slide 62: Westaim Summary Q1 2025 Statement of Financial Position
Westaim Summary Q1 2025 Statement of Financial Position As at March 31, 2025 December 31, 2024 (Amounts in millions of US$ except per share data) Assets Cash $240.8 $301.9 Loan receivable (Arena FINCOs) 13.0 13.0 Other assets 4.4 2.5 Investment in Skyward Specialty - - Investment in Arena 40.5 22.7
Slide 63: Westaim Transformed
WESTAIM TRANSFORMED
Slide 64: CC Capital: A Transformational Partner
CC Capital A Transformational Partner Deep Expertise In-House Capabilities Global Relationships Proven Experience 1
Slide 65: Ceres Life Insurance Company: A Strategic Acquisition
Ceres Life Insurance Company A Strategic Acquisition Cloud-Native Tech Differentiated Operational & Open Experienced Platform Distribution Partnership for Business Management Team 2
Slide 66: Arena Investors: A Strong Investment Partner
Arena Investors A Strong Investment Partner Well-Positioned for Accelerated Global Manager with Significant AUM Continues to Grow Value Creation Insurance Experience 3
Slide 67: The New Westaim
The New Westaim A long-term value creator in the life and annuity insurance and asset management sectors. Rebrand and new corporate name coming later this year. 4
Slide 68: Q & A
Q & A
Slide 69: Appendix
AWESTAIM APPENDIX
Slide 70: Source, Build, Unlock: JEVCO
Source, Build, Unlock: JEVCO Background Key Metrics • In 2010, an opportunistic purchase of a 100% interest in Jevco for ~C$260 million • Initial Investment: C$261.4 million • In the fall of 2012, after two and a half years of ownership, Westaim responded to an • Proceeds of Sale: C$530.0 million un
Slide 71: Source, Build, Unlock: Skyward Specialty
Source, Build, Unlock: Skyward Specialty Background Key Metrics • In 2014, Westaim acquired an interest in Houston International Insurance Group, Ltd • Initial Investment $ 75.7 million Realized and Unrealized Gain (US$)(2) 166.7% (“HIIG”) (rebranded to Skyward Specialty Insurance Group, Inc. (“Skyw
Slide 72: CC Capital Case Study: Fidelity & Guaranty Life
CC Capital Case Study: Fidelity & Guaranty Life Investment Overview ▪ F&G is a leading provider of FIA, MYGA, and indexed universal life products with 700,000 customers and a network of 37,000 licensed independent agents ▪ CF Corp (a $1.2bn SPAC raised by CC Capital and Bill Foley) acquired F&G at a