Investor Presentaiton

▲WESTAIM Westaim Q4 2021 Quarterly Operating Highlights Skyward Specialty Insurance Group Arena Investors Arena FINCOS Westaim • • • • . • • • • Westaim reports strong quarterly earnings driven by favourable results from all businesses Skyward Specialty's Q4 2021 Net Income was $1.3 million (Net Income excluding unusual items of $13.2 million) compared to Q4 2020 Net Loss of $32.9 million (Net Income excluding unusual items of $12.6 million); FY 2021 Net Income was $38.3 million (Net Income excluding unusual items of $49.5 million) compared to FY 2020 Net Loss of $74.6 million (Net Income excluding unusual items of $16.8 million) The FY combined ratio of 94.6% outperformed the prior year of 96.8%; Q4 2021 combined ratio was 94.7% compared to 96.3% in Q4 2020 Underwriting result improvements, primarily from strategic actions taken over the past year to refocus the portfolio towards the most profitable underwriting divisions and rate actions, are reflected in the combined ratio excluding catastrophes of 92.8% in Q4 2021 compared to 95.6% in Q4 2020; FY 2021 combined ratio excluding catastrophes was 92.2% compared to 95.8% in FY 2020 Total investment income for Q4 2021 was solid at $11.1 million composed of $4.0 million of net investment income and realized and unrealized net gain of $7.1 million, primarily on the equity portfolio, compared to the total investment income of $13.2 million in Q4 2020; FY 2021 investment income was $41.7 million compared to $14.4 million in FY 2020 Adjusted stockholders' equity at December 31, 2021 increased to $435.2 million from $404.3 million at December 31, 2020 Arena Investors' Q4 2021 Net Income was $11.3 million compared to Q4 2020 Net Income of $2.8 million; FY 2021 Net Income was $19.6 million compared to FY 2020 Net Loss of $0.2 million Committed AUM at December 31, 2021 was $2.8 billion, an increase from $2.0 billion at December 31, 2020 Fee-Paying AUM at December 31, 2021 was $2.4 billion, an increase from $1.3 billion at December 31, 2020 Revenue was $24.9 million in Q4 2021 vs. $10.2 million in Q4 2020; FY 2021 revenue was $65.8 million vs. $28.8 million in FY 2020 Arena Investors' AUM pipeline remains strong with several product offerings marketing to a well diversified base of sophisticated investors (insurance companies, pension funds, endowment funds, foundations and other investors) which, combined with strong investment performance, is key for Arena Investors to achieve operating leverage as the business grows Arena FINCOS' Q4 2021 Net Income was $0.5 million (+0.3% net investment return) compared to Q4 2020 Net Income of $1.5 million (+0.9% net investment return); FY 2021 Net Income was $9.8 million (+6.1% net investment return) compared to FY 2020 Net Loss of $0.1 million (0.0% net investment return) At December 31, 2021, the fair value of Arena FINCOS was $172.8 million compared to $163.0 million at December 31, 2020 Westaim's Q4 2021 Net Profit was $6.7 million compared to Q4 2020 Net Loss of $14.5 million; FY 2021 Net Profit of $28.3 million; FY 2020 Net Loss of $34.5 million Westaim's Adjusted Net Profit excluding unusual items was $11.9 million in Q4 2021 compared to $4.9 million in Q4 2020; and FY 2021 Adjusted Net Profit of $34.2 million compared to $5.0 million FY 2020 GAAP earnings per share in Q4 2021 of $0.04 compared to Q4 2020 loss per share of $0.10; GAAP earnings per share in FY 2021 of $0.19 compared to FY 2020 loss per share of $0.24 At December 31, 2021, Westaim's book value was $347.7 million or $2.43 (C$3.07) per share compared to December 31, 2020 book value of $320.5 million or $2.24 (C$2.85) per share 6

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