CORRECTION FROM SOURCE: Clairvest Reports Fiscal 2009 Fourth Quarter and Year-End Results

During the fourth quarter of fiscal 2009, Clairvest funded an additional $0.8 million of its $8.0 million commitment to invest in Casino New Brunswick in the form of debentures, which are non-interest bearing until Casino New Brunswick opens and bear interest at a rate of 8% per annum thereafter. At March 31, 2009, the total amount funded was $2.3 million.

Gateway Casinos Inc.

During the fourth quarter of fiscal 2009, Clairvest received tax-free dividends from Gateway Casinos totaling $103.6 million and a return of capital of $1.3 million as part of the final distribution of assets out of Gateway Casinos. $101.7 million of the dividend proceeds were used to repay in full loans Clairvest had received from Gateway Casinos during fiscal 2009 and prior years.

As a result of Gateway Casinos distributing all of its assets to its shareholders, Clairvest recorded a realized loss on Gateway Casinos of $100.5 million for the quarter, $77.8 million of which pertains to the reversal of previously recognized unrealized gains in prior periods.

Shepell-fgi

During the first quarter of fiscal 2009, Shepell-fgi sold substantially all of its assets to an unrelated third party. Clairvest received cash proceeds of $26.1 million at closing, and non-interest bearing promissory notes secured by the acquirer for an additional $15.3 million, payable through to July 2010. $9.7 million of the promissory notes that were due June 2009 were repaid by the acquirer during the fourth quarter of fiscal 2009 at a slight discount. Further repayment of the remaining $5.6 million promissory notes is subject to satisfaction of certain items in the purchase documentation, and may be received in the form of the acquirer's equity at the option of the acquirer. The remaining promissory notes are carried at a fair value of $5.1 million, which was determined by discounting the face value of the promissory notes at 20% per annum from their maturity dates.

TRANSACTIONS WITH RELATED PARTIES

A wholly owned subsidiary of Clairvest ("GP I") has entered into a Management Agreement with the General Partner of CEP, appointing GP I as the Manager of CEP. The General Partner is another wholly owned subsidiary of Clairvest ("Subsidiary"). The Management Agreement provides that a management fee be paid to GP I as compensation for its services in the administration of the portfolio of CEP. The fee was calculated annually as 2% of committed capital until the fifth anniversary of the last closing of CEP (August 21, 2006), and thereafter at 2% of contributed capital less distributions on account of capital and any write-downs of capital invested. The management fee is reduced to the extent of 75% of fees earned by Clairvest or GP I from corporate investments of CEP. During the fourth quarter of fiscal 2009, GP I earned net management fees of $0.3 million as compensation for its services in the administration of the portfolio of CEP. As per the Management Agreement, fees of $0.1 million from corporate investments of CEP were netted against the management fees.