Clairvest Group Inc. Acquires Shares of Discovery Air Inc.

TORONTO, ON--(Marketwired - December 22, 2016) - Clairvest Group Inc. (TSX: CVG) ("Clairvest") announced today that it, together with private equity funds it manages, acquired 4,179,122 common shares ("Common Shares") of Discovery Air Inc. (TSX: DA.A) ("Discovery"), representing approximately 5.1% of Discovery's current issued and outstanding Common Shares, at a price of $0.20 per share.

Clairvest together with persons acting jointly with Clairvest currently own, or exercise control over, 66,422,606 Common Shares representing approximately 81% of Discovery's current issued and outstanding Common Shares. Clairvest together with persons acting jointly with Clairvest currently own, or exercise control over, $101,647,738 principal amount of convertible debentures of Discovery (the "Debentures") that are convertible, in certain circumstances, into 8,814,148 Common Shares at a current effective conversion price of $11.53 per Common Share. The 66,422,606 Common Shares that Clairvest and persons acting jointly with Clairvest currently own, or exercise control or direction over, together with the 8,814,148 Common Shares issuable upon conversion of the Debentures (which Common Shares have not been issued) would, if the Debentures were converted, represent approximately 82.8% of Discovery's current issued and outstanding shares on an "as converted" basis (but not given effect to the conversion of the other convertible securities issued by Discovery).

Following the completion of the acquisition, Clairvest together with persons acting jointly with Clairvest owns or exercises control over 70,601,728 Common Shares and, together with the 8,814,148 Common Shares issuable upon conversion of the Debentures would, if the Debentures were converted, represent approximately 87.5% of Discovery's current issued and outstanding shares on an "as converted" basis.

Clairvest acquired the Common Shares by way of a private agreement. The acquisition of Common Shares was made for investment purposes. Clairvest may, subject to market conditions and in accordance with applicable securities laws, make additional investments in or dispositions of securities of Discovery, including additional sales or purchases of Common Shares.

An early warning report respecting this purchase will be filed on SEDAR at www.sedar.com and may be obtained by contacting Maria Klyuev, 22 St. Clair Avenue East, Suite 1700, Toronto, Ontario, M4T 2S3, Telephone: (416) 925-9270.

About Clairvest

Clairvest Group Inc. is a private equity investor which invests its own capital, and that of third parties through the Clairvest Equity Partners limited partnerships, in businesses that have the potential to generate superior returns. In addition to providing financing, Clairvest contributes strategic expertise and execution ability to support the growth and development of its investee partners. Clairvest realizes value through investment returns and the eventual disposition of its investments.