Cara Holdings Limited Disposes of 3,000,000 Subordinate Voting Shares of Cara Operations Limited

TORONTO, ONTARIO--(Marketwired - Dec. 2, 2015) - Cara Holdings Limited ("CHL") announces that it has sold 3,000,000 subordinate voting shares (the "Subordinate Voting Shares") of Cara Operations Limited ("Cara") pursuant to an underwriting agreement entered into on November 25, 2015 between CHL, Cara and a syndicate of underwriters led by Scotia Capital Inc. that included BMO Nesbitt Burns Inc., RBC Dominion Securities Inc., CIBC World Markets Inc., National Bank Financial Inc., TD Securities Inc., Canaccord Genuity Corp., Laurentian Bank Securities Inc. and Raymond James Ltd. Immediately prior to the closing of the offering, CHL converted 3,000,000 multiple voting shares of Cara ("Multiple Voting Shares") into the Subordinate Voting Shares. The Subordinate Voting Shares were sold at a price of CDN$34.75 per share for aggregate gross proceeds of $104,250,000. After completion of the disposition of the Subordinate Voting Shares, CHL owns 14,492,906 Multiple Voting Shares, representing approximately 42.1% of the total issued and outstanding Multiple Voting Shares of Cara.

CHL is a holding company that owns the Phelan family's interest in Cara. CHL sold the Subordinate Voting Shares to diversify the family's investments and to facilitate financial planning amongst the family group. CHL continually reviews its investment alternatives and may purchase or sell securities of Cara from time to time in accordance with applicable laws.