Mr. J. Cameron MacDonald reports

THE WESTAIM CORPORATION ANNOUNCES ANDREW RABINOWITZ HAS JOINED ARENA INVESTORS GROUP HOLDINGS AS PRESIDENT AND GENERAL COUNSEL

The Westaim Corp. has appointed Andrew Rabinowitz as president and general counsel of Arena Investors Group Holdings (AIGH). The appointment follows Westaim's strategic transaction earlier this year with CC Capital Partners, a private investment firm focused on investing in and operating high-quality businesses for the long term, integrating Arena Investors LP, a growing and diversified global institutional asset manager, and Ceres Life Insurance Company, a cloud-native and scalable annuity platform led by industry veteran Deanna Mulligan, into an integrated insurance and asset management platform.

In this newly created role, Mr. Rabinowitz will work closely with Daniel Zwirn, founder, chief executive officer and chief information officer of Arena, and the leadership team at CC Capital to expand and manage AIGH's commercial operations. He will focus on the growth of AIGH's multistrategy alternative asset management business and its insurance platform, Arena Life & Annuities Solutions (ALAS). ALAS leverages the firm's best-in-class fixed income investment capabilities to pursue superior results for annuitants and policyholders.

Mr. Rabinowitz brings over 30 years of success in the asset management industry. He joins AIGH from alternative asset manager 26North, where he served as a senior partner and general counsel, overseeing the firm's enterprise solutions team, and serving on the firm's management committee and as a board member of its insurance affiliates, among other responsibilities. Prior to that, Mr. Rabinowitz served as co-CEO at K2 Integrity, a global risk and consulting advisory firm. Earlier in his career, Mr. Rabinowitz spent nearly 20 years in leadership roles at Marathon Asset Management, including president and general counsel, where he helped grow the firm's assets under management from approximately $250-million to more than $24-billion. Mr. Rabinowitz is also the co-founder and co-president of R Baby Foundation, which he started with his wife over 17 years ago, and which now works with over 1,200 hospitals around the world to improve medical care for over 13 million babies and children.

"Andrew's proven leadership and business acumen in building world-class asset management organizations and working with LPs and regulators will immediately add value to the Arena business and further strengthen operations," said Cameron MacDonald, president and CEO of Westaim. "Westaim, Arena and Ceres Life have taken significant steps in our plans to unlock the benefits of our unique, integrated insurance and asset management platform with CC Capital, and I'm excited to work closely with Andrew and the rest of the team as we seek to achieve the full potential of this platform."

"We are pleased to welcome Andrew to AIGH at this important time in the business's evolution," shared Mr. Zwirn. "Andrew brings significant experience in building, growing and managing leading asset management platforms, and serving the sophisticated requirements of insurance companies and their policyholders. We're confident that he will have a meaningful impact on this next phase of growth at AIGH."

"I'm excited to join the platform during an inflection point in its growth, having had the benefit of knowing this leadership team for many years," added Mr. Rabinowitz. "AIGH and its affiliates are well positioned to grow quickly through their ability to source high-quality, long-duration assets that meet the bespoke requirements of alternative credit investors and insurers, and I am eager to leverage my years of legal experience to ensure we maintain a leading legal, compliance and regulatory framework as we continue to support our clients and partners. I look forward to working with Westaim, Ceres Life and CC Capital as we seek to capitalize on this significant market opportunity."

"Andrew is a world-class executive, and his appointment represents an important milestone for Westaim and Arena," said Chinh Chu, founder and senior managing director of CC Capital, and executive chair of the Westaim board of directors. "We are very excited and look forward to working with Andrew to accelerate growth."

About The Westaim Corp.

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

Ceres Life is a cloud-native, highly scalable, de novo annuity insurance company. Inspired by the belief that technology can reinvent the way insurance providers meet the needs of investors, Ceres Life is building a nimble, highly efficient and risk-conscious insurance company that provides simple-to-understand and easily accessible annuity products to create better outcomes for policyholders. Ceres Life is led by Ms. Mulligan, former CEO and chair of Guardian Life Insurance.

Founded in 2015, Arena is a global institutional asset manager with deep expertise in credit and asset-oriented investments, including the full spectrum of corporate, real estate and structured finance opportunities. With a team of over 180 employees in offices around the world, Arena provides creative solutions for those seeking competitive capital and flexibility to engage in custom transactions.

Westaim's common shares are listed on the TSX Venture Exchange under the trading symbol WED.

About Arena Investors LP

Arena Investors is a global institutional asset manager founded in 2015 by Mr. Zwirn, a veteran investor with over two decades of experience building alternative asset platforms.

Arena is a global multistrategy investment firm with approximately $4.5-billion of assets under management and programmatic capital as of Sept. 30, 2025. The firm is a subsidiary of AIGH.

About CC Capital Partners

CC Capital is a private investment firm based in New York, N.Y., that was founded in late 2015 by Mr. Chu, with a focus on investing in and operating high-quality businesses for the long term. The firm evaluates investments anticipating a hold period well beyond that of a typical private equity firm and finances its investments through a variety of permanent capital sources. CC Capital frequently partners with highly seasoned executives, managers and owners seeking to create significant value postacquisition.

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