GCG Guardian Capital Group Ltd

Guardian Capital Group Limited ("Guardian") (TSX: GCG)(TSX: GCG.A) announced today that it intends to purchase by means of a Normal Course Issuer Bid, during the period from November 14, 2008 to November 13, 2009, up to 111,900 or 2% of its Common Shares, entitled to one vote per share, and up to 1,314,385 or 4% of its non-voting Class A Shares. These shares will be purchased at market prices, on the Toronto Stock Exchange. There were 5,594,998 Common Shares and 32,859,626 Class A Shares outstanding at November 6, 2008. Guardian intends to purchase the shares for cancellation because it believes that they are good value to Guardian at recent and current prices.

In the last 12 months under its previous Normal Course Issuer Bid, in effect during the period from November 14, 2007 to November 13, 2008, Guardian purchased for cancellation no Common Shares and 1,015,300 Class A Shares, at an average price of $7.93 per Class A Share. All of these shares were purchased prior to November 1, 2008.

The average daily trading volume for Guardian's shares on the Toronto Stock Exchange during the period of May 1, 2008 to October 31, 2008, excluding purchases made by Guardian under its previous Normal Course Issuer Bid during the same period, was as follows: Common Shares - 693 shares; and Class A Shares - 40,421 shares. Except as otherwise permitted by the Toronto Stock Exchange, the maximum aggregate daily purchase under the bid will be 1,000 Common Shares and 10,105 Class A Shares.

Guardian has filed a Notice of Intention in this regard, with the Toronto Stock Exchange, which Notice has been accepted by the Exchange.

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