GCG Guardian Capital Group Ltd

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

For the period ended December 31            Three Months       Twelve Months
($ in thousands, except per share
 amounts)                                 2010      2009      2010      2009
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Revenues, net of commissions paid to
 advisors                             $ 19,322  $ 18,207  $ 68,458  $ 62,364
Net earnings                             5,513     6,934    15,075    14,274
Cash flow from operations, before
 change in non-cash working capital      4,707     5,362    16,463    14,778

Per Share

Basic net earnings                    $   0.17  $   0.20  $   0.46  $   0.41
Diluted net earnings                      0.16      0.20      0.45      0.41
Basic cash flow from operations,
 before change in non-cash working
 capital                                  0.14      0.16      0.50      0.42
Diluted cash flow from operations,
 before change in non-cash working
 capital                                  0.14      0.15      0.49      0.42

Assets under management were $16.3 billion as at December 31, 2010 compared to $14.0 billion as at December 31, 2009. Assets under administration (AUA) were $7.8 billion as at December 31, 2010, compared to $7.1 billion as at December 31, 2009.

Net earnings for the year 2010 were $15.1 million or $0.45 per share, diluted, compared to $14.3 million or $0.41 per share, diluted, for 2009. Net earnings for 2009 include a benefit of $2.0 million, or $0.06 per share, diluted, as a result of the decrease in future Ontario income taxes enacted during that year.

Cash flow from operations before change in non-cash working capital for the year was $16.5 million or $0.49 per share, diluted compared to $14.8 million or $0.42 per share, diluted for 2009.

The fair value of corporate holdings of securities as at December 31, 2010 was $379.4 million, or $11.39 per share, diluted, compared to $362.5 million, or $10.49 per share, diluted, as at December 31, 2009.

The Board of Directors has declared an "eligible" dividend of $0.16 per share, payable on March 18, 2011 to shareholders of record on March 11, 2011. This is an increase in the dividend from the $0.15 paid in 2010.

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 Senior Vice-President, Finance and Secretary (416) 947-4093 Guardian Capital Group Limited George Mavroudis President (416) 364-8341