Clairvest Provides Update on Head Digital Works Investment

Toronto, Ontario (August 21, 2025) – Clairvest Group Inc. (TSX: CVG) (“CVG”) announced a material adverse regulatory development with respect to Head Digital Works (the “Company”), a leading online skill based gaming platform in India. CVG and Clairvest Equity Partners V invested in the Company in 2017.

On August 21, 2025, the Parliament of India passed new online gaming legislation which bans real money gaming and associated facilitation of same. The legislation requires 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.

CVG’s investment in Head Digital Works represents 9.6% of its book value on a pre-tax, pre-carry basis as at June 30, 2025.