Mr. George Mavroudis reports

GUARDIAN CAPITAL GROUP LIMITED ACQUIRES MAJORITY INTEREST IN PRIVATE WEALTH MANAGER RAE & LIPSKIE INVESTMENT COUNSEL INC.

Guardian Capital Group Ltd. and Rae & Lipskie Investment Counsel Inc. (operating as The RaeLipskie Partnership) have reached an agreement under which Guardian Capital will acquire a majority interest in The RaeLipskie Partnership, a private wealth manager based in Waterloo, Ont.

Under the agreement, Guardian will acquire a 60-per-cent ownership interest in The RaeLipskie Partnership. The transaction is expected to close in third quarter 2022, subject to regulatory approvals and customary closing conditions. Current employees of The RaeLipskie Partnership will retain the remaining 40-per-cent ownership interest.

"We're delighted to partner with such a well-respected firm and management team as we continue to grow our presence in the private client wealth space," said George Mavroudis, Guardian Capital's president and chief executive officer. "This transaction will add over $1-billion in assets under management to our private wealth segment and further extend our regional coverage in key markets."

"We couldn't be more pleased to join the Guardian group of companies," said Brian Lipskie, president and chief operating officer, The RaeLipskie Partnership. "Like Guardian, we have always believed in serving our clients with a customer-first and community-based approach to everything we do. We look forward to continuing to do so, but with the added strength and stability that comes from partnering with Guardian."

About Guardian Capital Group Ltd.

Guardian Capital is a diversified, global financial service company operating in two main business segments: investment management and wealth management. As at March 31, 2022, Guardian Capital had $53.1-billion of assets under management and $30.5-billion of assets under administration while managing a proprietary investment portfolio with a fair market value of $741-million as at March 31, 2022. Guardian Capital provides extensive investment management solutions to institutional and private wealth clients through its subsidiaries while offering comprehensive wealth management services to financial advisers in its national mutual fund dealer, securities dealer and insurance distribution network. Founded in 1962, Guardian Capital has a reputation for steady growth, long-term relationships, and core values of trustworthiness, integrity and stability -- key to its success over six decades. Its common and Class A shares are listed on the Toronto Stock Exchange as GCG and GCG.A, respectively.

About Rae & Lipskie Investment Counsel Inc.

Rae & Lipskie is a private wealth management firm based in Waterloo, Ont., that has provided objective, professional investment management since 1989. With assets under management in excess of $1.1-billion, it prides itself in listening to the needs and goals of its clients and designing flexible, custom portfolios to suit each client's investment objectives. When you invest with The RaeLipskie Partnership, you are partnering with a diverse and dedicated portfolio management team that is committed to your success, with the skills and expertise to help you meet your investment objectives. Its team's mission has remained clear since inception -- protect, enhance and oversee its clients' capital.