Slide 1: Q2 2026 Investor Presentation
Q2 2026 Investor Presentation • August 13, 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: Q2 2026 Highlights
Q2 2026 Highlights Asset Management Insurance Corporate and Other Investments Q2 2026 Adjusted EBITDA(1) for the Asset Management Q2 2026 Adjusted EBITDA(1) for the Insurance segment Q2 2026 Adjusted EBITDA(1) for Corporate and Other business was a net loss of $8.0 million for Q2 2026 was a net loss
Slide 5: Westaim Summary Q2 2026 Operating Results
Westaim Summary Q2 2026 Operating Results Three months ended Six months ended June 30 June 30 (Amounts in millions of US$ except per share data) 2026 2025 2026 2025 Westaim’s loss and comprehensive loss attributable to controlling interests for Q2 2026 was $80.5 million ($2.45 million diluted loss p
Slide 6: Westaim Summary Q2 2026 Quarter to Date Operating Results By Segment
Westaim Summary Q2 2026 Quarter to Date Operating Results By Segment(1) ASSET MANAGEMENT (Amounts in millions of US$) Asset Management Insurance Corporate Eliminations Consolidated • Asset Management had an Adjusted EBITDA loss of $8.0 million in Q2 2026, exclusive of $1.0 million for severance expe
Slide 7: Westaim Q2 2026 Summary Statement of Financial Position
Westaim Q2 2026 Summary Statement of Financial Position As at June 30, 2026 December 31, 2025 (Amounts in millions of US$ except per share data) Assets Cash and cash equivalents $ 353.9 $ 283.1 • At June 30, 2026, the Company had $353.9 million of cash and cash equivalents on Restricted Cash 24.6 14
Slide 8: Westaim Diluted (Loss) Earnings per Share: Three months ended June 30, 2026
Westaim Diluted (Loss) Earnings per Share (US$): Three months ended June 30, 2026(1) (1) For further information, refer to Westaim's Financial Statements for the three months ended June 30, 2026. 8
Slide 9: Westaim Diluted (Loss) Earnings per Share: Six months ended June 30, 2026
Westaim Diluted (Loss) Earnings per Share (US$): Six months ended June 30, 2026(1) (1) For further information, refer to Westaim's Financial Statements for the six months ended June 30, 2026. 9
Slide 10: Westaim Book Value per Share: Three months ended June 30, 2026
Westaim Book Value per Share (US$): Three months ended June 30, 2026(1) (1) For further information, refer to Westaim's Financial Statements for the three months ended June 30, 2026. 10
Slide 11: Westaim Book Value per Share: Six months ended June 30, 2026
Westaim Book Value per Share (US$): Six months ended June 30, 2026(1) (1) For further information, refer to Westaim's Financial Statements for the six months ended June 30, 2026. 11
Slide 12: Insurance Segment Supplemental Materials
INSURANCE SEGMENT SUPPLEMENTAL MATERIALS
Slide 13: Ceres Life has delivered on key strategic milestones
Ceres Life has delivered on key strategic milestones Key milestones (non-exhaustive) Jun 2024: CC Capital Jan 2025: Feb 2025: Jun 2025: July 2026: Sep 2025: formed Salem Group Opened TDI MYGA AM Best IMO launch * Holdings (Now Ceres call center approved product affirms USA) to incubate Ceres MYGA la
Slide 14: Ceres Life Annuity Product Launches
Ceres Life Annuity Product Launches 2025 Product Launch: 2026 Product Launch: MYGA Ceres Life Graybar IncomePlus Fixed Indexed Annuity With a Guaranteed Lifetime Withdrawal Benefit (GLWB) Multi-Year Guaranteed Annuity Ceres Life Graybar Ascend A Fixed Deferred Annuity Fixed Indexed Annuity with Prem
Slide 15: Ceres Life State Approvals Map (As of June 30, 2026)
Ceres Life State Approvals Map (As of June 30, 2026) Ceres Life now has product regulatory approvals in 45 states plus the District of Columbia MI NC Ceres Life FIA & MYGA Available Ceres Life is not licensed in this state The Ceres Life MYGA and Graybar FIAs are issued by Ceres Life Insurance Compa
Slide 16: Asset Management Segment Supplemental Materials
ASSET MANAGEMENT SEGMENT SUPPLEMENTAL MATERIALS 16
Slide 17: About Arena
About Arena • Institutional investment manager focused on both public and private fixed income investments with over 180 people, inclusive of sourcing, underwriting, surveillance, workout, operational improvement Ab o ut Are na ( 1 ) and extensive financial / operational infrastructure. • Broad Plat
Slide 18: Arena – Key Highlights
Arena – Key Highlights • 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. • Intellectual property that can be leveraged for i
Slide 19: Arena – Investment vehicles
Arena – Investment vehicles (1) $ 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 • Arena Origination Company Open-ended Evergreen Funds New Zealand Real Estate Credit A R E N A F U L LY D I V E
Slide 20: Arena – Investing: Performance & Deployment
Arena – Investing: Performance & Deployment The following table presents the performance data for Arena’s active drawdown funds that 2 0 are managed by Arena on a discretionary basis: As of June 30, 2026 Year of AUM and Programmatic Original Capital Capital Invested Realized Unrealized Net Net Prima
Slide 21: Arena – Investing: Performance & Deployment
Arena – Investing: Performance & Deployment The following table presents the performance data for Arena’s active open-ended funds that are managed by Arena on a 2 discretionary basis: 1 As of June 30, 2026 Net Returns (%) AUM and Since Inception Quarter-to-date Year-to-date Primary Investment Strate
Slide 22: Arena – AUM and Programmatic Capital Through June 30, 2026
Arena – AUM and Programmatic Capital Through June 30, 2026 2 2 AIGH’s assets under management (including undrawn commitments) and Programmatic Capital were $4.5B1 at June 30, 2026. From December 31, 2015, to June 30, 2026, AUM and Programmatic Capital has grown at a CAGR of ~34%. Arena – AUM and Pro