News Releases

Bank of Montreal and GGOF Launch Principal-at-risk Notes Offering Leveraged Exposure to GGOF Dividend Growth Fund

Guardian Group of Funds Ltd. (GGOF) today announced the launch of Bank of Montreal PARtNrs (Principal At Risk Notes)^TM GGOF Dividend Growth Fund Total Return Class, Series 1. The Notes are based on the performance of GGOF Dividend Growth Fund, managed by Michael Stanley of Jones Heward Investment Counsel Inc.

The Notes will maintain 150 per cent leveraged exposure to the total return of the GGOF Dividend Growth Fund. The structure of the Notes provides leverage at a significantly lower rate than a typical margin account. As such, this new series gives investors the potential for enhanced returns from a Fund focused on stable, long-term growth. The principal amount is not protected under these Notes.

“GGOF Dividend Growth Fund is an excellent core holding for investors seeking long-term capital growth. Michael Stanley has a strong track record investing in a portfolio of dividend-paying stocks,” said Gavin Graham, Chief Investment Officer, GGOF. “The addition of a cost-efficient way to achieve greater exposure to the Fund makes it even more appealing for investors looking for a stable, long-term growth investment.”

In addition, under the total return strategy of the Notes, any notional
distributions made on the Fund will be reinvested back into the note structure providing tax-deferred growth for investors. The Notes have a 10-year term with a competitive management fee of 2.0 per cent per annum.

Bank of Montreal PARTNRS (Principal At Risk Notes)™ GGOF Dividend Growth Fund Total Return Class, Series 1, are available for sale until December 14, 2007 through registered dealer representatives, and are eligible for registered plans. The minimum purchase is $2,000. Detailed information regarding the Notes is contained in a base shelf prospectus dated April 13, 2007 and a related pricing supplement dated October 12, 2007 and filed on www.sedar.com. They may also be obtained through registered dealer representatives authorized to distribute these securities. Investors should consult their financial advisors before making any investment decisions.

GGOF Dividend Growth Fund
GGOF Dividend Growth Fund provides investors with the opportunity to benefit from dividend-paying stocks that have historically provided the growth needed to generate long-term returns that outpace inflation and taxes. The Fund's goal is to generate a relatively high return which includes dividend income and some capital gains from the increase in the value of securities held in the Fund's portfolio.

Guardian Group of Funds
GGOF provides investors with a full product line of 35 mutual funds, diversified by asset class, geographic region and capitalization. GGOF, with $6.1 billion of mutual fund assets under management at September 30, 2007, offers its funds exclusively through financial intermediaries.

GGOF is a member of the 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 had total assets under management and administration and term investments of $277.19 billion as at July 31, 2007.

This news release is intended to be read in conjunction with the prospectus relating to the Notes and will be qualified in its entirety by reference to such prospectus. The information contained herein is for information purposes only and does not constitute an offer to sell or solicitation to buy the Notes referred to herein or investment advice.

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