Clairvest Reports Fiscal 2009 Fourth Quarter and Year-End Results

Market Wire, June, 2009

GP II is also entitled to a carried interest in respect of CEP III Co-Investment Limited Partnership ("Clairvest LP") of 10% to June 23, 2008 and 8.25% thereafter. Clairvest LP was established in 2006 as the investment vehicle through which Clairvest would co-invest alongside CEP III. Distributions received by GP II from Clairvest LP will be allocated 100% to the Participation III Partnership.

At March 31, 2009 Clairvest had loans receivable from certain officers of Clairvest and GP I (the "Officers") totaling $0.7 million. The loans are interest bearing, have full recourse to the individual and are collateralized by the common shares of Clairvest purchased by the Officers with a market value of $0.5 million. At March 31, 2009, Clairvest also had loans receivable from certain officers of a company affiliated with Clairvest totaling $0.6 million. The loans are interest bearing and have full recourse to the individual.

Included in accounts receivable and other assets are receivables of $2.2 million from Clairvest's corporate investments, $1.8 million from CEP and $1.2 million from CEP III. Included in accounts payable and accrued liabilities is $0.5 million owing to corporate investments.

Loans totaling $8.3 million, bearing interest at the prime rate, were made by the Company to CEP III during the fourth quarter of fiscal 2009, and $4.4 million of loans were repaid by CEP III during the quarter. The total amount of loans outstanding to CEP III at March 31, 2009 was $8.5 million. An additional $4.2 million was repaid subsequent to year end. Interest of $11,000 was earned from loans to CEP III during the fourth quarter of fiscal 2009

Loans totaling $0.3 million, bearing interest at the prime rate made by the Company to the General Partner of Wellington Financial Fund III ("GP Wellington Fund III") were repaid in full during the quarter. Interest of $1,000 was earned from loans to GP Wellington Fund III during the fourth quarter of fiscal 2009.

During the fourth quarter of fiscal 2009, Clairvest earned $1.2 million in distributions and interest income, $103.6 million in dividends and $0.2 million in fee income from its corporate investments.

OFF-BALANCE SHEET ARRANGEMENTS

Clairvest has committed to co-invest alongside CEP in all investments undertaken by CEP. Clairvest's total co-investment commitment is $54.7 million, $4.0 million of which remains unfunded at March 31, 2009. Clairvest may only sell all or a portion of a corporate investment that is a joint investment with CEP if the manager of CEP, a wholly owned subsidiary of Clairvest, concurrently sells a proportionate number of securities of that corporate investment held by CEP.

Clairvest has also committed to co-invest alongside CEP III in all investments undertaken by CEP III. Clairvest's total co-investment commitment is $75.0 million, $39.8 million of which remains unfunded at March 31, 2009. Clairvest may only sell all or a portion of a corporate investment that is a joint investment with CEP III if the manager of CEP III, a wholly owned subsidiary of Clairvest, concurrently sells a proportionate number of securities of that corporate investment held by CEP III. Included in the commitment to co-invest with CEP III is an $8.0 million commitment to Casino New Brunswick, $2.3 million of which has been funded at March 31, 2009.