Discovery Air Inc. Announces Securities Conversion

TORONTO, ONTARIO--(Marketwired - Dec. 14, 2017) - Discovery Air Inc. ("Discovery Air") (TSX:DA.DB.A) and Clairvest Group Inc. ("Clairvest") (TSX:CVG) announced today that affiliates of Clairvest have exercised (i) the pre-existing optional conversion feature pursuant to the terms of outstanding credit facilities between, among others, affiliates of Clairvest, Discovery Air and Discovery Air Defence Services Inc. ("DA Defence") to convert amounts outstanding under such credit facilities to common shares of DA Defence and (ii) the swap option pursuant to a letter agreement between Discovery Air, DA Defence and affiliates of Clairvest, to exchange senior secured convertible debentures of Discovery Air for common shares of DA Defence (collectively, the "Conversion Transaction").

Following the completion of the Conversion Transaction, Discovery Air will have approximately $60 million less of secured debt and will continue to own 26% of DA Defence. The future capital required to finance the upgrade of DA Defence's aircraft pursuant to its obligations on the recently awarded contract with the Canadian government will be raised at the DA Defence level and will not increase debt levels at Discovery Air.

For more information regarding the Conversion Transaction, please refer to previous disclosures from Discovery Air, all of which can be found on SEDAR at www.sedar.com.

About Discovery Air

Discovery Air is a global leader in specialty aviation services including medevac equipped aircraft services, air charter services, helicopter operations, and transport and logistics support to ensure operational readiness, health, safety and vital lifelines for our clients and the communities we serve. Discovery Air's unsecured convertible debentures trade on the Toronto Stock Exchange (symbol DA.DB.A).

For further information, please contact Investor Relations at 866-903-3247.

About Discovery Air Defence Services Inc.

DA Defence and its U.S. subsidiary, Top Aces Corp., have the world's largest privately-held operating fleet of fighter aircraft. The training provided supports the operational readiness of both current and future generation fighter aircraft. Discover more on how DA Defence is changing the face of air combat training at experiencematters.ca.

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.