Clairvest Reports Fiscal 2009 Fourth Quarter and Year-End Results

Market Wire, June, 2009

Clairvest Group Inc. (TSX: CVG) today reported results for the quarter and year ended March 31, 2009. (All figures are in Canadian dollars unless otherwise stated).

Clairvest's book value increased during the year to $285.4 million from $270.8 million at March 31, 2008, after the payment of dividends totaling $11.6 million during fiscal 2009. Book value per share increased to $17.89 per share, compared with $16.98 per share at March 31 2008, after the payment of dividends totaling $0.73 per share during fiscal 2009. Net income for the quarter was $3.8 million or $0.24 per share and net income for the year was $26.1 million or $1.64 per share.

As previously announced, as a result of Gateway Casinos Inc. ("Gateway Casinos") distributing all of its assets to its shareholders, Clairvest recorded a $100.5 million realized loss on Gateway Casinos during the quarter, $77.8 million of which pertains to the reversal of previously recognized unrealized gains in prior periods. The distribution of assets resulted in Clairvest receiving tax-free dividends totaling $103.6 million from Gateway Casinos and a return of capital of $1.3 million. Clairvest also repaid in full loans outstanding from Gateway Casinos totaling $101.7 million. The net impact of these transactions increased Clairvest's book value by $0.20 per share.

As previously announced, during the fourth quarter of fiscal 2009, Clairvest received, at a slight discount, an early repayment of $9.7 million of a promissory note which Clairvest had received from the acquirer of Shepell-fgi. The remaining $4.4 million of the promissory note is due June 30, 2009, and Clairvest continues to hold another promissory note for $1.1 million due July 2010.

Also during the quarter, Wellington Financial Fund III ("Wellington Fund III") increased its fund size from $125.9 million to $150.0 million as a result of the entry of new limited partners. Clairvest's interest in Wellington Fund III decreased from 19.9% to 16.7% and Clairvest received a return of capital totaling $5.5 million as a result of the fund size increase. This capital may be recalled by Wellington Fund III in the future.

"Clairvest is well positioned to support the growth of its investee companies as appropriate and to take advantage of the current economic environment," said Jeff Parr, Co-Chief Executive Officer. "Even in this difficult market, we remain sharply focused on our market niche and will continue our active pursuit of new investment opportunities to enhance shareholder value in fiscal 2010."

Clairvest filed a new normal course issuer bid enabling it to make market purchases of up to 797,678 of its common shares in the 12-month period commencing March 6, 2009. As at June 23, 2009, Clairvest had repurchased a total of 5,709,578 common and non-voting shares over the last six years.

Subsequent to year end, Clairvest declared an annual dividend of $0.10 per share, which will be payable July 10, 2009 to common shareholders of record as of July 27, 2009. This is an eligible dividend for Canadian income tax purposes.

About Clairvest

Clairvest Group Inc. is a Canadian merchant bank that invests its own capital, and that of third parties through Clairvest Equity Partners Limited Partnership and Clairvest Equity Partners III Limited Partnership, in businesses that have the potential to generate superior returns. In addition to providing financing, Clairvest contributes strategic expertise and execution ability to support the growth and development of its investee partners. Clairvest realizes value through investment returns and the eventual disposition of its investments.

Forward-looking Statements

This news release contains forward-looking statements with respect to Clairvest Group Inc., its subsidiaries and their investments. These statements are based on current expectations and are subject to known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Clairvest, its subsidiaries and their investments to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general and economic business conditions, and regulatory risks. Clairvest is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or otherwise.

CLAIRVEST GROUP INC.

MANAGEMENT'S DISCUSSION AND ANALYSIS

FOR THE QUARTER ENDED MARCH 31, 2009

The Management's Discussion and Analysis ("MD&A") analyzes significant changes in the unaudited consolidated financial statements of Clairvest Group Inc. ("Clairvest"). It should be read in conjunction with the accompanying unaudited consolidated financial statements and notes of Clairvest for the quarter ended March 31, 2009 and the attached news release.

All amounts are in Canadian dollars unless otherwise indicated.

CRITICAL ACCOUNTING ESTIMATES

Clairvest prepares its financial statements in accordance with Canadian generally accepted accounting principles ("GAAP"). In accordance with Accounting Guideline 18, "Investment Companies" ("AcG-18"), the Company designates its temporary investments and corporate investments as held-for-trading and carries them at fair value. Clairvest has also designated its receivables and payables as held-for-trading in accordance with Canadian Institute of Chartered Accountants Handbook ("CICA Handbook") Section 3855. Accordingly, each of Clairvest's financial assets and liabilities is fair valued on each consolidated balance sheet date.