Mr. Jeremy Freedman reports

GLUSKIN SHEFF + ASSOCIATES INC. COMPLETES ACQUISITION OF BLAIR FRANKLIN ASSET MANAGEMENT

Gluskin Sheff + Associates Inc. has closed the previously announced acquisition of all of the outstanding shares of Blair Franklin Asset Management Holdings Inc., the parent company of Blair Franklin Asset Management Inc. Founded in 2003, Blair Franklin is one of Canada's leading boutique asset management firms specializing in fixed income, with approximately $635-million in assets under management. The Blair Franklin team has a long history of delivering positive absolute returns to its clients through its two funds, the Blair Franklin Global Credit Fund and the Blair Franklin Global Rates Fund. Blair Franklin's team of investment professionals has over 150 years of combined experience and has specialized knowledge and risk management capabilities in both Canadian and global fixed-income markets.

The transaction is expected to be accretive to the company's earnings per share in the first year, excluding amortization and any non-recurring items arising from the transaction.

Peter Zaltz, Blair Franklin's managing director and chief investment officer, will take on the role of executive vice-president and head of fixed income and will be appointed to Gluskin Sheff's management committee, and Thomas MacMillan, chair of Blair Franklin, will be appointed to the company's board of directors.

"We are delighted to welcome the Blair Franklin team into the Gluskin Sheff family," commented Jeremy Freedman, president and chief executive officer of Gluskin Sheff. "Blair Franklin has a remarkable track record, and we are confident that combining their unique talents, experience and processes in fixed-income investing with our own will be of great benefit to the clients of both firms."

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