Ms. Stephanie Lo reports

CLAIRVEST PROVIDES UPDATE ON HEAD DIGITAL WORKS INVESTMENT

Clairvest Group Inc. has seen a material adverse regulatory development with respect to Head Digital Works, a leading on-line skill-based gaming platform in India. Clairvest Group and Clairvest Equity Partners V invested in the company in 2017.

On Aug. 21, 2025, the parliament of India passed new on-line gaming legislation which bans real money gaming and associated facilitation of same. The legislation requires a signature by the President of India before it comes into effect. Assuming this occurs, it would make it illegal for the company to conduct its business (all of which is in India). The company intends to pursue all of its legal rights to challenge the validity of the legislation, including seeking injunctive relief while court challenges are in process.

Clairvest Group's investment in Head Digital Works represents 9.6 per cent of its book value on a pretax, precarry basis as at June 30, 2025.

About Clairvest Group Inc.

Clairvest's mission is to partner with entrepreneurs to help them build strategically significant businesses. Founded in 1987 by a group of successful Canadian entrepreneurs, Clairvest is a top-performing private equity management firm with $4.6-billion of capital under management. Clairvest invests its own capital and that of third parties through the Clairvest Equity Partners limited partnerships in owner-led businesses. Under the current management team, Clairvest has initiated investments in 69 different platform companies and generated top-quartile performance over an extended period.

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