News Releases

Guardian Group of Funds Ltd. (GGOF) today announced the following proposed mutual fund mergers, to be effective on or about June 13, 2003:

• GGOF Canadian Equity Fund and GGOF Canadian Value Fund to be merged into GGOF Canadian Large Cap Fund.  The continuing fund will be renamed GGOF Canadian Large Cap Value Fund;

• GGOF Global Equity Fund and GGOF International Equity Fund to be merged into GGOF Global Value Fund;

• GGOF Canadian Growth Balanced Fund to be merged into GGOF Canadian Value Balanced Fund.  The continuing fund will be renamed GGOF Canadian Balanced Fund; and

• GGOF RSP American Growth Fund to be merged into GGOF RSP American Value Fund.

It is expected that each of the above mergers will be structured on a taxable basis and subject to unitholder and regulatory approval, where applicable.  Meetings of unitholders for the relevant funds will be held on or about May 30, 2003.

The portfolio advisers will not change except for GGOF Canadian Balanced Fund where Jones Heward Investment Counsel Inc. will be added to the existing four portfolio managers: GGOF Investment Management, Guardian Capital Inc., Value Investments Inc. and Lazard Asset Management.

GGOF also announced today that it is proposing that GGOF Global Biotechnology Fund amend its investment objective by expanding its universe of eligible securities holdings to include pharmaceutical and health care companies.  As a result of this expanded investment objective, GGOF Global Biotechnology Fund will be re-named GGOF Global Health Sciences Fund.  This proposed change is also subject to approval by unitholders at a special meeting to be held on or about May 30, 2003.

GGOF provides investors with a full product line of 33 mutual funds, diversified by asset class, geographic region and investment style.  GGOF, with $2.5 billion of mutual fund assets under management, offers its funds exclusively through financial intermediaries.

GGOF is a member of BMO Financial Group and part of the organization's Private Client Group. The Private Client Group provides integrated wealth management services in Canada and the United States and has total assets under management and administration and term investments of $279 billion at January 31, 2003, excluding the acquisition of Sullivan, Bruyette, Speros & Blayney Inc.

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