Clairvest Reports Fiscal 2016 Third Quarter Results - Seite 2

Also during the quarter, Clairvest invested $11.0 million to increase its profit participation interest in the Grey Eagle Casino by purchasing all of the outstanding units of Clairvest Equity Partners Limited Partnership ("CEP"). Prior to the purchase, CEP was a third party investment fund held by outside investors whose portfolio had been liquidated except for the profit participation interest in the Grey Eagle Casino. The purchase included 100% of the limited partnership units of CEP for $9.8 million and 50% of the carried interest payable by CEP which was not ultimately owned by Clairvest for $1.2 million. The purchase price was based on the September 30, 2015 valuation of CEP's remaining investment in Grey Eagle Casino. As a result of the purchase, Clairvest increased its profit distributions entitlement to between 11.25% to 38.25% of the earnings of Grey Eagle Casino until December 2022.

Subsequent to quarter end, Chilean Gaming Holdings increased its ownership in Casino Osorno and in Casino Sol Calama, both located in Chile, through a buyout of the operating partner by the entity which owns Casino Marina del Sol. Upon completion of this transaction, Chilean Gaming Holdings increased its ownership in each of Casino Osorno and Casino Sol Calama from 48.8% to 73.8%, and continues to hold a 50% ownership in Casino Marina del Sol. Clairvest, through an acquisition entity, owns a 36.8% equity interest in Chilean Gaming Holdings.

Subject to the approval of the Toronto Stock Exchange, Clairvest's Board of Directors has approved a new normal course issuer bid to purchase up to 760,705 common shares on the Toronto Stock Exchange during the 12-month period commencing March 7, 2016.

Summary of Financial Results - Unaudited

Financial Results (1)	Quarters ended December 31		Nine months ended December 31
	2015	2014	2015	2014
($000's, except per share amounts)	$	$	$	$
Net investment gains	7,289	1,510	24,598	34,837
Net carried interest income - realized and change in unrealized