Mr. George Mavroudis reports

GUARDIAN CAPITAL GROUP LIMITED (TSX:GCG)(TSX:GCG.A) ANNOUNCES 2012 FIRST QUARTER OPERATING RESULTS

Guardian Capital Group Ltd. has provided its financial results for the first quarter ended March 31, 2012.

           For the three months ended March 31                         
         (in thousands, except per share amounts)                                  
                                                            2012        2011

Net revenue                                              $20,168     $17,623
Operating earnings                                         4,840       4,149
Net (losses) gain on securities                              (16)        784
Net earnings available to shareholders                     4,418       4,598
Adjusted cash flow from operations                         5,484       4,624
Per share                                                                   
Net earnings, basic                                        $0.14       $0.14
Net earnings, diluted                                       0.14        0.14
Adjusted cash flow from operations, basic                  $0.17       $0.14
Adjusted cash flow from operations, diluted                 0.17        0.14

Assets under management were $16.9-billion as at March 31, 2012, compared with $15.9-billion as at Dec. 31, 2011, and $16.4-billion as at March 31, 2011. Assets under administration were $9.1-billion as at March 31, 2012, compared with $8.7-billion as at Dec. 31, 2011, and $8.1-billion as at March 31, 2011.

Net earnings available to shareholders for the quarter were $4.4-million or 14 cents per share, diluted, compared with $4.6-million or 14 cents per share, diluted, in the first quarter of 2011. This reduction in earnings resulted from the recording of net losses from securities in the current quarter, compared with $800,000 of gains recorded in the first quarter of 2011.

Adjusted cash flow from operations for the quarter was $5.5-million or 17 cents per share, diluted, compared with $4.6-million or 14 cents per share, diluted, in the first quarter of 2011.

The fair value of the company's holdings of securities as at March 31, 2012, was $386.8-million, or $11.92 per share, diluted, compared with $364.2-million, or $11.17 per share, diluted, at Dec. 31, 2011, and $411.1-million, or $12.42 per share, diluted, at March 31, 2011.