Gluskin Sheff + Associates, Inc.

(TSX:GS)
Year Founded: 1984 Gluskin Sheff + Associates Inc. is a publicly owned investment manager. The firm also provides wealth management services. It provides its services to high net worth investors, including entrepreneurs, professionals, family trusts, private charitable foundations, pension and profit sharing plans, pooled investment vehicles, charitable organizations , corporations, institutions, and estates. The firm manages separate client focused equity, fixed income, and alternative investments portfolios. It also launches and manages equity and balanced mutual funds for its clients. The firm invests in the public equity, fixed income, and alternative investment markets across the globe. It invests in value, income, and growth stocks employing a fundamental... Bay Adelaide Centre 333 Bay Street Suite 5100 Toronto, Ontario M5H 2R2 Canada Phone: 416-681-6000 www.gluskinsheff.com

Key Statistics
12 Months Jun-30-2011A Total Revenue Growth Over Prior Year Gross Profit Margin % EBITDA Margin % EBIT Margin % Net Income Margin % Diluted EPS Excl. Extra Items Diluted EPS Excl. Extra Items... 129.89 5.4% 71.5% 55.9% 54.9% 38.4% 1.69 30.0% 12 Months Jun-30-2012A 81.30 (37.4%) 60.6% 35.6% 32.9% 21.5% 0.60 (64.5%) 12 Months Mar-31-2013A 114.98 5.6% 66.8% 53.0% 50.5% 34.6% 1.36 6.8% 12 Months Jun-30-2013E 123.14 51.0% 55.1% 53.6% 39.2% 1.68 117.8% 12 Months Jun-30-2014E 123.87 0.6% 53.5% 49.8% 35.6% 1.64 (2.2%)

Key Executives and Professionals

Sheff, Gerald Freedman, Jeremy Gluskin, Ira Morris, David Roy Ginsler, Brian Co-Founder and... Chief Executive... Co-Founder and Vice... Chief Financial Officer... Chief Operating Officer

Holdings by Industry

Top Holdings (CAD)

Company Name Apple Inc. Johnson & Johnson Vodafone Group Public... Berkshire Hathaway Inc. Wynn Resorts Ltd. Merck & Co. Inc. Kraft Foods Group, Inc. The ADT Corporation Industry Computer Hardware Pharmaceuticals Wireless... Property and Casualty... Casinos and Gaming Pharmaceuticals Packaged Foods and... Security and Alarm... Shares 135,558 593,499 1,611,620 428,630 338,130 1,030,559 717,312 870,755 % of CSO 0.014 0.021 0.038 0.335 0.034 0.121 0.398 Market Value % of (CAD in mm) Portfolio 60.3 53.7 50.1 49.8 49.0 48.7 41.4 38.7 4.15 3.69 3.44 3.42 3.36 3.35 2.84 2.66 % Change (Quarter) 0.62 (0.17) 0.10 0.52 3.62 (0.15) 1.58

Holdings by Geography

Revenue by Business Segments (CAD, mm)

Capitalization
Share Price as of May-17-2013
* Segments with negative values, such as corporate eliminations, are excluded from the total and percentage calculations and do not appear on the charts

18.75 29.07 545.14 67.73 477.41 78.64 78.64

Shares Out. Market Capitalization - Cash & Short Term Investments + Total Debt + Pref. Equity + Total Minority Interest = Total Enterprise Value (TEV) Book Value of Common Equity + Pref. Equity + Total Minority Interest + Total Debt = Total Capital

Market Data
Last (Delayed) Open Previous Close Change on Day Change % on Day Day High/Low 52 wk High/Low Volume (mm) Beta 5Y 18.75 Market Cap (mm) 18.35 Shares Out. (mm) 18.75 Float % 0.25 Shares Sold Short... 1.4% Dividend Yield % 18.9/18.3 Diluted EPS Excl.... 19.1/13.1 P/Diluted EPS Before... 0.76 Avg 3M Dly Vlm (mm) 1.49 545.1 29.1 58.1% 7.2% 1.36 13.80x 0.05

Share Price & Volume (CAD)

Latest Current and Pending Direct Investments

Announced Date Jun-07-2006 Company Name Transaction Type Size (CAD in Transaction Feature mm) 9.08 PIPE - - Status Current Investment Current Investment Current Investment Co-Investors C.A. Delaney Capital Management... -

Peace Arch Entertainment... Private Placement Hardwoods Distribution Inc. Swisher Hygiene Inc. -

Date Created: May-20-2013

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