News Releases

Guardian Group of Funds Ltd. (GGOF) announced today that, effective September 30, 2004, Mawer Investment Management Ltd. of Calgary, Alberta will become the portfolio adviser for GGOF Enterprise Fund, GGOF's Canadian small cap fund.

Mawer creates broadly diversified portfolios of wealth-creating companies bought at discounts to their intrinsic values in a range of asset classes, including Canadian small cap companies. The firm was founded in 1974, making it one of Canada's oldest investment counselling firms. The firm is owned solely by professionals within the firm and, at June 30, 2004, Mawer managed approximately $1.9 billion in assets. Mawer replaces Guardian Capital LP.

"We are extremely pleased to establish this portfolio advisory relationship with Mawer," said Gavin Graham, Director of Investments at GGOF. "While the managers are excellent performers in all major asset classes, we're particularly impressed with their outstanding track record as a Canadian small cap manager. Their conservative bias, reflected not only in their investment approach, but also in the way they run their business, makes Mawer an excellent fit for GGOF."

GGOF provides investors with a full product line of 30 mutual funds, diversified by asset class, geographic region and investment style. GGOF, with $3.8 billion of mutual fund assets under management at June 30, 2004, 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 $285 billion at April 30, 2004.

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