Arena Investors Wins Alt Credit “Direct Lending Fund” Award

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The Westaim Corporation (Westaim or the “Company) (TSXV: WED) is pleased to announce that Arena Investors, LP (Arena Investors) was recognized as the winner in the Direct Lending Fund category at the 2019 Alt Credit US Performance Awards (the Awards) held in New York, USA on February 12, 2019. The Awards recognized and rewarded hedge funds, funds of hedge funds and alternative credit firms that have outperformed their peers over the past 12 months, and the judging panel was comprised of representatives from top investors and investment consultants.

Westaim would like to congratulate Arena on receiving this prestigious award, in recognition of the excellent work of the team. The wealth of expertise and experience on the panel demonstrates that this award represents real industry support for Arenas diversified strategy said J. Cameron MacDonald, President and Chief Executive Officer of Westaim.

About Westaim

Westaim is a Canadian investment company specializing in providing long-term capital to businesses operating primarily within the global financial services industry. The Company invests, directly and indirectly, through acquisitions, joint ventures and other arrangements, with the objective of providing its shareholders with capital appreciation and real wealth preservation. Westaims strategy is to pursue investment opportunities with a focus towards the financial services industry and grow shareholder value over the long term. Westaims investments include significant interests in HIIG and the Arena Group. HIIG, the HIIG Partnership, the Arena Group, Arena Finance, Arena Origination and Arena Investors are defined in the notes to Westaims unaudited consolidated financial statements for the three and nine months ended September 30, 2018 and 2017 and/or the MD&A. Westaim’s common shares are listed on the TSX Venture Exchange under the trading symbol WED.

For more information, contact: J. Cameron MacDonald, President and Chief Executive Officer or Robert T. Kittel, Chief Operating Officer The Westaim Corporation [email protected] (416)969-3333

Except for statements of historical fact contained herein, information in this press release may constitute forward-looking information within the meaning of Canadian securities laws. Other than statements of historical fact, all statements that involve various known and unknown risks, uncertainties and other factors are forward-looking statements. There can be no assurance that such statements will prove accurate. Results and future events could differ materially from those anticipated in such statements. Readers of this press release are cautioned not to place undue reliance on these forward-looking statements. Except as otherwise required by applicable law, Westaim expressly disclaims any intention or obligation to update publicly any forward-looking information, whether as a result of new information, future events or otherwise.

Past performance is not indicative of future results, which may vary. The information provided herein does not constitute an offer or solicitation regarding any investment products or services offered by Arena Group. Additionally, any designation or distinction by an industry group may not be deemed an endorsement of any Arena Group product or service and may only be considered within the context of the methodologies utilized by the relevant group.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

The Westaim Corporation
[email protected]