GCG Guardian Capital Group Ltd

Guardian Capital Group Limited (TSX: GCG)(TSX: GCG.A) and Guardian Capital Tactical Yield Fund -

Guardian Capital Management LP ("Guardian Capital"), the manager of Guardian Capital Tactical Yield Fund (the "Fund"), announced today that the Exchange Option for the purchase of units of the Fund under the preliminary prospectus dated September 30, 2009 has been extended to November 18, 2009.

A prospective purchaser electing to use the Exchange Option has until 5:00 p.m. (Toronto time) on November 18, 2009 to ensure that the Exchange Option Election is received by Computershare Investor Services Inc., as the Fund's exchange agent, through CDS. The pricing period for the Exchange Option has also been extended and will be the five consecutive trading days ending on November 18, 2009. Each prospective purchaser who authorizes the deposit of Exchange Eligible Securities, as listed in the preliminary prospectus, through CDS by 5:00 p.m. (Toronto time) on November 18, 2009 will be furnished with a copy of the final prospectus relating to the offering of units of the Fund, which will include the volume weighted average trading price and the exchange ratio for each Exchange Eligible Security.

The Fund's investment objectives are:

1.  to maximize risk-adjusted total returns for investors, consisting of
    both cash distributions and capital appreciation; and

2.  to provide investors with monthly cash distributions, initially targeted
    to be 5.5% per annum on the original offering price of $10.00 per unit.

The Fund will seek to achieve its investment objectives by investing in an actively managed, diversified portfolio comprised primarily of Canadian and global dividend-paying growth equities that provide a stream of current income and which Guardian Capital LP believes have the potential for earnings and dividend growth and for capital gains, income-oriented equities, including preferred shares and REITs, and fixed-income securities, including high yield debt and investment grade debt.

The syndicate of agents is co-led by CIBC World Markets Inc. and RBC Capital Markets, and includes BMO Capital Markets, Scotia Capital Inc., National Bank Financial Inc., Canaccord Capital Corporation, Dundee Securities Corporation, HSBC Securities (Canada) Inc., Raymond James Ltd., Blackmont Capital Inc., GMP Securities L.P., Manulife Securities Incorporated, Wellington West Capital Markets Inc., MGI Securities Inc. and Worldsource Securities Inc.

Guardian Capital LP

Guardian and its predecessors have been operating in the investment management business since 1962. As at June 30, 2009, it managed $12.3 billion in assets for a variety of institutional clients, including pension funds, endowments, closed-end funds, third-party mutual funds, pooled funds and wrap programs.

A preliminary prospectus dated September 30, 2009 containing important information relating to the units has been filed with securities commissions or similar authorities in all of the provinces and territories of Canada. The preliminary prospectus is still subject to completion or amendment. Copies of the preliminary prospectus may be obtained from any of the agents. There will not be any sale or any acceptance of an offer to buy the units until a receipt for the final prospectus has been issued.

Certain statements included in this news release constitute forward-looking statements, including, but not limited to, those identified by the expressions "expect", "intend", "will" and similar expressions to the extent they relate to the Fund. The forward-looking statements are not historical facts but reflect Guardian Capital's current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Although Guardian Capital believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. Guardian Capital undertakes no obligation to update publicly or otherwise revise any forward-looking statement or information whether as a result of new information, future events or other such factors which affect this information, except as required by law. All capital terms noted herein but not defined are as per the preliminary prospectus dated September 30, 2009.

For media inquires or additional information: please contact Michael Christodoulou at (416) 350-3121 or your financial advisor.

Contacts: Guardian Capital Management LP Michael Christodoulou (416) 350-3121