Mr. J. Cameron MacDonald reports

WESTAIM ANNOUNCES US$350 MILLION CAPITAL CONTRIBUTION

The Westaim Corp. has made a capital contribution in the amount of $350-million (U.S.) to Salem Group Partners, LP following receipt by the company of a draw-down notice for such amount pursuant to the terms of the limited partnership agreement of the partnership. The proceeds from the capital contribution are intended to finance the operations of Ceres Life Insurance Company, an advantaged, cloud-native and scalable annuity platform.

"This capital contribution to the insurance platform of our integrated business is a critical step in our preparation to launch Ceres Life insurance operations," said Cameron MacDonald, president and chief executive officer of Westaim. "We look forward to our continued support of Ceres as they prepare to launch operations and begin servicing the needs of their annuity policyholders."

About Westaim Corp.

Westaim is an integrated insurance and alternative asset management company with two primary operating businesses: Ceres Life and Arena.

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