Guardian Capital Group Announces Passing of Chairman of the Board James W. McCutcheon

Guardian Capital Group Limited (Guardian) (TSX:GCG)(TSX:GCG.A) announces the sudden passing of its Chairman of the Board, James W. McCutcheon, on the morning of Monday, October 17th, 2011.

"During his fourteen years on the Guardian board of directors, Jim served with diligence and extraordinary competence", said Guardian President and Chief Executive Officer George Mavroudis, "first as a board member and committee member, and later as the company's Lead Director and ultimately its Chairman of the Board. Among his many other contributions, he was a valued contributor to the development and maturity of Guardian's corporate governance structure. His wise counsel, his persuasive intellect, and his remarkable sense of humour, will be sadly missed."

About Guardian Capital Group Limited

Guardian is a diversified financial services company founded in 1962. Guardian provides institutional and private wealth investment management services; 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 George Mavroudis [phone] Guardian Capital Group Limited Vern Christensen [phone]