News Releases

GGOF Appoints New Portfolio Adviser for GGOF American Growth Fund

Guardian Group of Funds Ltd. (GGOF) announced today that effective January 1, 2004, Montag & Caldwell, Inc. will manage GGOF American Growth Fund.

Montag & Caldwell is a large-cap growth style investor using a highly disciplined bottom-up investment process that combines growth and value. The firm was founded in 1945 and is a wholly-owned subsidiary of ABN AMRO Asset Management Holdings, Inc. As of September 30, 2003, Montag & Caldwell managed approximately US $28.2 billion in assets.

Montag & Caldwell replaces Harris Bretall Sullivan & Smith LLC, the Fund’s adviser at the time that GGOF assumed management of the Fund in June 2002.

GGOF provides investors with a full product line of 29 mutual funds, diversified by asset class, geographic region and investment style. GGOF, with Cdn $3.1 billion of mutual fund assets under management at September 30, 2003, 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 investment of Cdn $281 billion at July 31, 2003.

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