Portfolio Investments

Houston International Insurance Group, Ltd.

Houston International Insurance Group, Ltd. is a U.S. based diversified specialty insurance provider and managing general insurance agent covering risks across the United States and certain niche global markets. HIIG’s business includes Mining; Onshore Oil & Gas; Cranes, Rigging and Heavy Transport; Professional Lines including Miscellaneous E&O, Lawyers and Community Banks; Hospitality; Specialty lines through several MGU Partners; and large transactional property accounts worldwide.

In 2014, the Company established Westaim HIIG Limited Partnership, (the Partnership). The Partnership was funded by the Company along with third party investors, including affiliates of Everest Re Group, Ltd. and Catlin Group Limited. With the funding, in July 2014, the Partnership completed the acquisition of the majority interest in Houston International Insurance Group, Ltd. (HIIG).

At September 30, 2015, the Partnership owned 75.4% of the HIIG shares and the Company owned 58.5% of the Partnership, representing an approximate 44.1% indirect ownership interest in HIIG.

For further information, please refer to the March 2014 Houston International Insurance Group, Ltd. – Investor Presentation

Arena Group

On August 31, 2015, Westaim established and capitalized the operations of Arena Investors, LP (“Arena Investors”), which will operate as a U.S.-based investment manager; established and capitalized Arena Finance Company Inc. (“AFC”) in the amount of approximately US$146 million to facilitate the acquisition, holding and possible future sale by AFC, through Arena Finance Holdings Co., LLC, of fundamentals-based, asset-oriented credit investments; and established and capitalized Arena Origination Co., LLC (“AOC”) in the amount of approximately US$34 million to facilitate the origination of fundamentals-based, asset-oriented credit investments for its own account and/or for possible future sale to AFC, clients of Arena Investors and/or other third parties.

Fundamentals-based, asset-oriented credit investments refer to loans or credit arrangements which are generally secured by assets. These assets could include hard assets such as real estate, inventory, vehicles, aircraft, watercraft, oil and gas reserves, or a borrower’s plant and equipment and other hard assets, or soft assets such as securities, receivables, contractual income streams, and certain intellectual property types. Fundamentals-based, asset-oriented lenders manage their risk and exposure by carefully assessing the value of the assets securing the loan, receiving periodic and frequent reports on collateral value and the status of those assets, and tracking the financial performance of borrowers.

For further information, please refer to the November 2015 Corporate Update and the Final Short Form Prospectus.