Clairvest Reports Fiscal 2009 Fourth Quarter and Year-End Results

Market Wire, June, 2009

Clairvest has committed $25.0 million to Wellington Fund III, $12.5 million of which has been funded to March 31, 2009. During the quarter, 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.

As a result of the closing of Wellington Fund III, any unfunded capital commitments to Wellington Fund II were extinguished. At March 31, 2009, net funds invested in Wellington Fund II were $0.7 million.

At March 31, 2009, Clairvest has received profit distributions totaling $1.3 million through its ownership interest in the general partner of Wellington Fund II and $1.0 million through its ownership interest in the general partner of Wellington Fund III. Clairvest has guaranteed, up to the amounts received from the respective general partners, the clawback provisions entered into by the general partners in the event the limited partners of Wellington Fund II and Wellington Fund III do not meet their preferred rate of return as specified in the respective Limited Partnership Agreement.

Clairvest has guaranteed up to $3.0 million of CEP's obligations to a Schedule 1 Canadian chartered bank under CEP's foreign exchange forward contracts with the bank.

Clairvest and CEP III entered into a US$13.0 million credit facility agreement with a Schedule 1 Canadian chartered Bank to allow Clairvest and CEP III to enter into foreign exchange contracts. Clairvest and CEP III are jointly and severally liable on this credit facility.

Under Clairvest's Management Incentive Bonus Program (the "Program"), a bonus of 10% of after-tax cash income and realizations on certain Clairvest's corporate investments would be paid to management as a bonus annually as applicable. Amounts are accrued under this Program to the extent that the cash income and investment realizations have occurred and the bonus has become payable. At March 31, 2009, $2.8 million has been accrued under the Program. If Clairvest were to sell its corporate investments at their current fair values, an additional bonus of $0.6 million would be owing to management under this Program. As no such realizations have occurred and the terms of the bonus plan with respect to these corporate investments have not yet been fulfilled, the additional $0.6 million has not been accrued at March 31, 2009. The Program does not apply to the income generated from investments made by Clairvest through Clairvest LP.

Clairvest enters into foreign exchange forward contracts to manage the risks arising from fluctuations in exchange rates on its foreign denominated investments. At March 31, 2009, Clairvest had entered into forward contracts to sell US$36.1 million at rates of Canadian $0.9917 to $1.2555 per U.S. dollar through March 2010. The fair value of these US dollar contracts at March 31, 2009 is a loss of $3.2 million. These contracts have been recognized on the consolidated balance sheet as derivative instruments. US$7.1 million of these forward contracts are in anticipation of future growth in value of the Company's U.S. denominated investments. The fair value of these contracts at March 31, 2009 is a loss of $0.5 million.