News Releases

Guardian Group of Funds Ltd. (GGOF) announced today that the mergers of the following funds occurred on June 13, 2003, after obtaining the necessary unitholder and regulatory approvals:

• GGOF Canadian Growth Balanced Fund merged into GGOF Canadian Value Balanced Fund, which was subsequently renamed GGOF Canadian Balanced Fund;

• GGOF Canadian Equity Fund and GGOF Canadian Value Fund merged into GGOF Canadian Large Cap Fund, which was subsequently renamed GGOF Canadian Large Cap Value Fund;

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

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

GGOF provides investors with a full product line of 27 mutual funds, diversified by asset class, geographic region and investment style.  GGOF, with $2.8 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 $269 billion at April 30, 2003.

-30-