Mr. George Mavroudis reports

GUARDIAN CAPITAL GROUP LIMITED ANNOUNCES COMPLETION OF TAKE-PRIVATE TRANSACTION BY DESJARDINS

Guardian Capital Group Ltd. has completed the previously announced acquisition of Guardian by Desjardins Global Asset Management Inc., an affiliate of Desjardins Group. The $1.67-billion transaction marks a significant milestone for Guardian and DGAM, providing the combined business with the opportunity to significantly scale its operations and further execute on its strategy of building a best-in-class asset manager.

The transaction was completed by way of a statutory plan of arrangement under the Business Corporations Act (Ontario). Pursuant to the arrangement, DGAM acquired all of the issued and outstanding common shares and Class A shares of Guardian for cash consideration equal to $68 per Guardian share, other than the rollover shares (as defined below), valuing Guardian's equity at approximately $1.67-billion.

With the closing, Guardian, through its subsidiaries, and DGAM now oversee approximately $280-billion in combined assets under management and advisement. The transaction significantly expands the scope of the investment solutions that Guardian and DGAM can provide to clients, partners and members, which will have more choice when it comes to investment products and access to the diversified investment capabilities of both businesses.

A shared vision for sustainable, long-term growth

Desjardins and Guardian share a long-term vision to build a competitively scaled asset management firm rooted in complementary expertise, strong governance and a high-quality client-first approach. The combined business will benefit from broader global market reach, diversified investment capabilities and a strong platform to help them deliver sustainable growth.

"Today marks a major milestone for Desjardins. Closing this transaction allows us to scale faster, reach further and enhance the investment solutions we can offer our members, clients and investors. It positions us for sustainable, long-term growth while bringing in a team that fits our culture and ambition," said Denis Dubois, president and chief executive officer of Desjardins Group.

Effective on closing, George Mavroudis, president and chief executive officer of Guardian, was appointed as president and chief executive officer of DGAM. "This moment marks the beginning of an exciting new chapter. Joining forces with Desjardins gives us the scale, resources and shared strategic alignment to accelerate our growth ambitions and continue serving clients with excellence as their needs evolve," added Mr. Mavroudis, president and chief executive officer of Guardian, and now president and CEO of DGAM. "By combining our businesses, we are better positioned than ever to build a global asset management platform that stands out for its vision, innovation and client-centric approach."

Reminder to Guardian shareholders

Registered shareholders of Guardian are reminded to submit a duly completed letter of transmittal and, as applicable, the certificate(s) representing their Guardian shares to Computershare Investor Services Inc. Registered shareholders who have questions or require assistance can contact Computershare toll-free at 1-800-564-6253 in North America or at 1-514-982-7555 outside of North America or by e-mail at corporateactions@computershare.com.

With the arrangement complete, the Guardian shares are expected to be delisted from the Toronto Stock Exchange shortly after the date hereof, and Guardian has applied to cease to be a reporting issuer under the securities legislation of each province of Canada where it is currently a reporting issuer.

For additional details regarding the arrangement, see Guardian's management information circular dated Sept. 19, 2025, a copy of which can be found under Guardian's issuer profile on SEDAR+.

Board of directors

In connection with the completion of the arrangement, James Anas, Petros Christodoulou, Marilyn De Mara, Harold W. Hillier, Mr. Mavroudis, Edward T. McDermott and Barry J. Myers have resigned as directors of Guardian. A. Michael Christodoulou remains as a director of Guardian. The size of Guardian's board of directors has been reduced to four directors, and the following individuals have joined the board: Marie-Andree Alain, Alexandre Guertin and Sebastien Vallee.

Early warning disclosure

Further to the requirements of National Instrument 62-104 (Take-Over Bids and Issuer Bids) and National Instrument 62-103 (the Early Warning System and Related Take-Over Bid and Insider Reporting Issues), DGAM and Minic Investments Ltd. will each file an early warning report in accordance with applicable securities laws. A copy of each of the early warning reports will be made available under Guardian's profile on SEDAR+.

Pursuant to the arrangement, DGAM acquired all of the Guardian shares (other than the Guardian shares held by specified shareholders, including Minic, who entered into equity rollover agreements) for a price of $68 per Guardian share. As part of the arrangement, Minic and other rollover shareholders sold their rollover shares to DGAM in exchange for cash and shares in the capital of DGAM at an implied value of $68 per rollover share in accordance with the terms of the arrangement and the applicable equity rollover agreement entered into with each rollover shareholder in connection with the arrangement. The rollover shareholders collectively hold less than 10 per cent of the shares of DGAM.

Immediately prior to closing of the arrangement, Minic beneficially owned and controlled 1,360,330 common shares of Guardian and 4,747,450 Class A shares of Guardian, together representing 24.86 per cent of the outstanding Guardian shares. In connection with the arrangement, Minic sold all of its Guardian shares directly to DGAM at an implied value of $68 per Guardian share for aggregate cash proceeds of $353,329,020 and shares of DGAM at an aggregate implied value of $62,000,020. Following completion of the arrangement, Minic became a shareholder of DGAM and no longer beneficially owns or controls any Guardian shares. Further information and a copy of the early earning reports of Minic and DGAM may be obtained by contacting the following.

For Minic: A. Michael Christodoulou at 647-808-1917. Minic's office address is 50 Charles St. East, PO box 396, Station F, Toronto, Ont., M4Y 2L8.

For DGAM: Veronique Breton at 819-609-7408 or media@desjardins.com. DGAM's office address is 1, Complexe Desjardins, Suite 20, South Tower, Montreal, Que., H5B 1B2.

About Guardian Capital Group Ltd.

Guardian is a global investment management company servicing institutional, retail and private clients through its subsidiaries. Founded in 1962, Guardian's reputation for steady growth, long-term relationships, and its core values of authenticity, integrity, stability and trustworthiness have been key to its success over six decades.

About Desjardins Global Asset Management Inc.

Founded in 1998, Desjardins (DGAM) is one of Canada's leading asset managers, with in-house expertise in equity, fixed income, private equity and real assets (including infrastructure and real estate) across a variety of investment vehicles. DGAM manages more than $124-billion in institutional assets (as of Dec. 31, 2025) on behalf of insurance companies, pension funds, endowment funds, non-profit organizations and corporations across Canada. With offices in Montreal, Quebec City and Toronto, its team of over 100 investment professionals uses a collaborative approach and combines innovation, accessibility and discipline to design solutions tailored to clients' unique needs. DGAM integrates Desjardins's co-operative values into its investment process to ensure it supports the sustainable and responsible growth of its partners' and clients' assets.

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