Gluskin Sheff + Associates Inc. announces December 31, 2009 Assets Under
Management and Performance Fees January 19, 2010

TORONTO, Jan. 19 /CNW/ - Gluskin Sheff + Associates Inc. (the "Company") announced today its preliminary estimate of Assets Under Management as at December 31, 2009 and its preliminary unaudited estimate of Performance Fees for the quarter ending December 31, 2009.

The Company estimates that Performance Fees (net of those due to sub-advisors) earned for the quarter ended December 31, 2009 were approximately $40 million.

Assets Under Management as at December 31, 2009 (net of Performance Fees) were approximately $5.3 billion.

Founded in 1984, Gluskin Sheff + Associates Inc. is one of Canada's pre-eminent wealth management firms serving high net worth private clients and institutional investors. Gluskin Sheff offers equity and fixed income investment portfolios in addition to being one of the largest managers of alternative investments in Canada. The Company's Subordinate Voting Shares are listed on the Toronto Stock Exchange under the symbol "GS". For more information about the Company, please visit our website at www.gluskinsheff.com.

This press release may contain forward-looking statements relating to Gluskin Sheff + Associates Inc.'s business and the environment in which it operates. These statements are based on the Company's expectations, estimates, forecasts and projections. They are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. These risks and uncertainties are discussed in the Company's regulatory filings available on the Company's website at www.gluskinsheff.com or at www.sedar.com. Actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, a forward-looking statement speaks only as of the date on which such statement is made. The Company undertakes no obligation to publicly update any such statement or to reflect new information or the occurrence of future events or circumstances.

Non-GAAP Measures

Included in this press release are certain financial terms (including Base EBITDA and AUM) that the Company utilizes to assess the financial performance of its business that are not measures recognized under Canadian generally accepted accounting principles (GAAP). These non-GAAP measures do not have any standardized meanings prescribed by GAAP and should not be considered alternatives to net income or any other measure of performance determined in accordance with GAAP. Therefore, these non-GAAP measures are unlikely to be comparable to similar measures presented by other issuers. For additional information regarding the Company's use of non-GAAP measures, including the calculation of these measures, please refer to the "Non-GAAP financial measures" section of the Company's Management's Discussion and Analysis and its financial statements available on the Company's website and on the SEDAR website located at www.sedar.com

SOURCE Gluskin Sheff + Associates Inc.

For further information: For further information: Valerie Barker, Chief Financial Officer and Secretary, (416) 681-6002


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