News Releases

Guardian Group of Funds Ltd. (GGOF) announced today that it will terminate its three clone funds - GGOF RSP American Value Fund, GGOF RSP Global Growth Fund and GGOF RSP Global Technology Fund – as a result of Royal Assent being given to legislation eliminating foreign property rules.

GGOF will not include the three funds in its imminent prospectus renewal and will not accept purchases for any of the Funds after July 7, 2005. GGOF has set August 12, 2005 as the termination date for the three funds and will wind the funds up at that point. GGOF has already initiated steps to terminate the forward contracts used to ensure RSP eligibility. Once the contracts are terminated, the clone funds will hold only units of the underlying funds, thereby eliminating the layer of additional costs.

GGOF provides investors with a full product line of 32 mutual funds, diversified by asset class, geographic region and investment style. GGOF, with $5.1 billion of mutual fund assets under management at June 30, 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 $290 billion at April 30, 2005.

- 30 -

Sales commissions, service fees, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.