Gluskin Sheff + Associates : Announces March 31, 2016, Assets Under Management

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Gluskin Sheff + Associates Inc. Announces March 31, 2016 Assets Under Management

April 15, 2016

TORONTO, ONTARIO

Gluskin Sheff + Associates Inc. (the "Company") announced today its estimated Assets Under Management ("AUM") as at March 31, 2016, and the components of the change in AUM.

Estimated Assets Under Management as at March 31, 2016, were $8.2 billion. AUM decreased by $108 million or 1.3% from December 31, 2015. This decrease in AUM is attributable to negative net investment performance of $158 million, partially offset by net additions of $50 million. $58 million in net additions from high net worth clients were partially offset by $8 million in net withdrawals from institutional clients.

Assets Under Management include assets with December 31 and June 30 performance year-ends, and non-performance fee assets.

Gluskin Sheff + Associates Inc. is one of Canada's pre-eminent wealth management firms, serving high net worth private clients, estates, trusts and institutional investors. Founded in 1984, the Firm is dedicated to providing clients with strong risk-adjusted returns together with the highest level of personalized client service. The Company's Common 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.

For more information, please contact: David Morris

Chief Financial Officer (416) 681-6036

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, except as required by applicable law.

Non-IFRS 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 International Financial Reporting Standards (IFRS). These non-IFRS measures do not have any standardized meanings prescribed by IFRS and should not be considered alternatives to net income or any other measure of performance determined in accordance with IFRS. Therefore, these non-IFRS measures are unlikely to be comparable to similar measures presented by other issuers. For additional information regarding the Company's use of non-IFRS measures, including the calculation of these measures, please refer to the "Non-IFRS 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.