GCG Guardian Capital Group Ltd

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

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For the period ended December 31
($ in thousands, except per               Three Months       Twelve Months
 share amounts)                          2008      2007      2008      2007
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Net earnings (loss)                   $  (771) $ 12,058  $  7,941  $ 27,026

Cash flow from operations, before
 change in non-cash working capital     3,555     4,314    13,833    17,820

Per Share
Basic net earnings (loss)             $ (0.02) $   0.30  $   0.20  $   0.68
Diluted net earnings (loss)             (0.02)     0.30      0.20      0.68

Basic cash flow from operations,
 before change in non-cash working
 capital                                 0.06      0.11      0.35      0.45
Diluted cash flow from operations,
 before change in non-cash working
 capital                                 0.06      0.11      0.35      0.45

Assets under management were $11.8 billion as at December 31, 2008 compared to $16.9 billion as at December 31, 2007. Assets under administration were $5.7 billion as at December 31, 2008, compared to $5.9 billion as at December 31, 2007.

Net earnings for the year 2008 were $7.9 million or $0.20 per share, diluted, compared to $27.0 million or $0.68 per share, diluted, for 2007. In the Fourth Quarter, we recorded a loss of $0.8 million, or $0.02 per share, diluted, in part as a result of restructuring costs and writedowns of securities, totalling $3.8 million. Net earnings for 2007 include a benefit of $6.6 million, or $0.16 per share, diluted, as a result of the decrease in future Federal income taxes enacted during that year.

Earnings before interest, income tax, amortization and restructuring costs for the year 2008 were $11.7 million, or $0.30 per share, diluted. Cash flow from operations before change in non-cash working capital for the year was $13.8 million or $0.35 per share, diluted compared to $17.8 million or $0.45 per share, diluted for 2007.

The fair value of corporate holdings of securities as at December 31, 2008 was $241.6 million, or $6.46 per share, diluted.

The Board of Directors has declared an "Eligible" dividend of $0.15 per share, payable on March 17, 2009 to shareholders of record on March 11, 2009.

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