News Releases

Guardian Group of Funds Ltd. (GGOF) announced today that it will significantly reduce the foreign content holdings in two GGOF Funds. Effective February 18, 2005, RCM Capital Management LLC (RCM), the portfolio adviser for the foreign securities section of GGOF Enterprise Fund and Vontobel Asset Management Inc. (Vontobel), the portfolio adviser for the foreign securities section of GGOF Canadian Growth Fund Ltd., will cease managing the foreign securities sections for these funds, respectively.

While both funds are eligible to hold foreign securities in their portfolios up to the maximum allowed under RRSP rules, the investment decisions for any foreign securities in these portfolios will become the responsibility of their existing portfolio advisers - Mawer Investment Management Ltd. for GGOF Enterprise Fund, and Jones Heward Investment Counsel Inc. for GGOF Canadian Growth Fund Ltd.

"Historically, both funds have had a low percentage exposure to foreign securities. We believe our investors' interests are better served at this time by having the funds invest mainly in Canada," said Harold Hillier, President and CEO of GGOF. "GGOF has an excellent relationship with both Vontobel and RCM. Each firm has three other mandates with GGOF and will continue to work with us."

GGOF provides investors with a full product line of 31 mutual funds, diversified by asset class, geographic region and investment style. GGOF, with $4.7 billion of mutual fund assets under management at January 31, 2005, 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 $271 billion at October 31, 2004.

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