Mr. George Mavroudis reports

GUARDIAN CAPITAL GROUP LIMITED COMPLETES MAJORITY ACQUISITION OF RAE & LIPSKIE INVESTMENT COUNSEL INC.

Guardian Capital Group Ltd. has completed its acquisition of a 60-per-cent majority interest in Rae & Lipskie Investment Counsel Inc. (operating as the RaeLipskie Partnership), a private wealth manager based in Waterloo, Ont.

Guardian completed the transaction on the terms announced June 27, 2022. The addition of the RaeLipskie Partnership increases Guardian's assets under management in its private wealth segment by approximately $1-billion and further extends its regional coverage in key markets.

"We're thrilled to officially welcome the RaeLipskie team to Guardian," said George Mavroudis, Guardian's president and chief executive officer. "Their dedication to putting their clients first and making a real difference within their community make them a seamless fit with our company and our culture."

"We're so excited to officially partner with Guardian," said Brian Lipskie, president and chief operating officer, the RaeLipskie Partnership. "We plan to utilize their strength, stability and 60-year reputation to the benefit of both our clients and our community."

Details of the acquisition formed part of a June, 2022, press release.

About Guardian Capital Group Ltd.

Guardian Capital Group is a diversified, global financial services company operating in two main business segments: investment management and wealth management. As at June 30, 2022, Guardian had $46.9-billion of assets under management and $27.6-billion of assets under administration, while managing a proprietary investment portfolio with a fair market value of $651-million. Through its subsidiaries, Guardian provides extensive investment management solutions to institutional and private wealth clients, 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's reputation for steady growth, long-term relationships and its core values of trustworthiness, integrity and stability have been key to its success over six decades.

About Rae & Lipskie Investment Counsel

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.