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Investor Presentaiton

Westaim Summary Quarterly Operating Results Operating result Three months ended December 31 Year ended December 31 (Amounts in millions of US$ except per share data) 2021 2020 2021 2020 Income from investment in Arena FINCOS and ASOF $0.6 $1.6 $10.1 $0.1 Income from investment in Skyward Specialty excluding unusual items* 5.0 5.9 17.2 11.3 Income (loss) from investment in Arena Investors 5.8 1.4 10.0 (0.1) Income from investments excluding unusual items* $11.4 $8.9 $37.3 $11.3 Holding company operating expenses (1.8) (1.7) (6.8) (5.9) Preferred securities interest expense (0.5) (0.5) (2.0) (1.9) Interest and fee income 0.6 0.6 2.4 2.2 Net holding company operating and interest expenses ($1.7) ($1.6) ($6.4) ($5.6) Share-based compensation recovery (expense) 0.5 (0.7) (0.5) (0.3) Foreign exchange loss (0.9) (0.9) (0.4) Site restoration recovery (expense) 1.5 (0.6) 4.1 (0.7) Derivative warrants - change in fair value gain (loss) 0.4 (0.2) 0.8 0.8 Total net holding company recovery (expenses) $0.7 ($4.0) ($2.9) ($6.2) Income tax expense (0.2) (0.2) (0.1) Adjusted profit and comprehensive income excluding unusual items* $11.9 $4.9 $34.2 $5.0 Westaim's share of unusual items* (5.2) (19.4) (5.9) GAAP profit (loss) and comprehensive income (loss) $6.7 ($14.5) $28.3 (39.5) ($34.5) GAAP earnings (loss) per share-diluted $0.04 ($0.10) $0.19 ($0.24) Adjusted earnings per share-diluted excluding unusual items* $0.08 $0.03 $0.23 $0.03 Refer to Westaim's MD&A section 3 Investments at December 31, 2021 and December 31, 2020 for details of Skyward Specialty unusual items. WESTAIM • GAAP profit and comprehensive income in Q4 2021 was $6.7 million ($0.04 earnings per share) compared to a GAAP profit and comprehensive loss of $14.5 million ($0.10 GAAP loss per share) in Q4 2020 GAAP profit and comprehensive income in FY 2021 was $28.3 million ($0.19 earnings per share) compared to a GAAP profit and comprehensive loss of $34.5 million ($0.24 GAAP loss per share) in FY 2020 Skyward Specialty reported higher underwriting income in Q4 2021 of $7.1 million vs. $4.3 million in Q4 2020 despite elevated catastrophes Skyward Specialty recorded $11.1 million of investment income in Q4 2021 vs. $13.2 million in Q4 2020 Arena FINCOs' and ASOF's diversified and uncorrelated portfolios increased Westaim's income by $0.6 million in the quarter with an approximate +0.3% net investment return vs. +0.9% in Q4 2020 Arena Investors increased fee-paying AUM to $2.4 billion at December 31, 2021 vs. $1.3 billion at December 31, 2020 resulting in higher management and service fee revenue Arena Investors also produced solid investment returns in Q4 2021, which combined with invested AUM resulted in a significant increase in incentive fee income in Q4 2021 and FY 2021 7
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