Guardian Capital Group Limited Announces Third Quarter 2008 Operating Results

Guardian Capital Group Limited (TSX: GCG)(TSX: GCG.A) -


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For the periods ended September 30            Three Months       Nine Months
($ in thousands, except per share amounts)   2008     2007     2008     2007
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Gross revenues, net of commission paid
 to advisors                             $ 16,578 $ 17,499 $ 51,935 $ 54,451

Net earnings                                2,048    4,397    8,712   14,968

Cash flow from operations before change
 in non-cash working capital                3,492    4,216   10,278   13,506

Per Share
Basic net earnings                       $   0.05 $   0.11 $   0.22 $   0.38
Diluted net earnings                         0.05     0.11     0.22     0.38

Basic cash flow from operations before
 change in non cash working capital      $   0.09 $   0.11 $   0.26 $   0.34
Diluted cash flow from operations before
 change in non-cash working capital          0.09     0.11     0.26     0.34

- Net earnings for the quarter were $2.0 million compared to $4.4 million for the third quarter of 2007.

- Assets under management were $14.7 billion as at September 30, 2008, compared to $17.4 billion as at September 30, 2007.

- Assets under administration were $6.6 billion as at September 30, 2008, compared to $6.0 billion as at September 30, 2007.

- Income from securities, net, in the third quarter of 2008 amounted to $3.1 million, compared to $4.2 million for the third quarter of 2007.

- Cash flow from operations for the quarter was $3.5 million, compared to $4.2 million in 2007.

The fair value of the Company's holdings of securities as at September 30, 2008 was $315.9 million or $8.18 per share, diluted.

Guardian Capital Group Limited is a diversified financial services company founded in 1962. Guardian provides institutional and high net worth investment management services to clients; provides financial services to international investors; and provides services to financial advisors in its national mutual fund dealer, securities dealer, and insurance distribution network. Its Common and Class A shares are listed on The Toronto Stock Exchange.

Contacts: Guardian Capital Group Limited Vern Christensen (416) 947-4093 Guardian Capital Group Limited Sam K. Greiss (416) 947-3743

Guardian Capital (TSX:GCG)
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