News Releases

TORONTO, June 30, 2008 – Guardian Group of Funds Ltd. (GGOF) today announced that it will reopen its popular GGOF Monthly Dividend Fund Ltd. to new investors after the close of business on July 4, 2008. GGOF is also changing the distribution frequency of GGOF Dividend Growth Fund from quarterly to annually.

GGOF Monthly Dividend Fund Ltd.'s goals are to provide tax advantaged monthly income and preserve capital. The Fund has been carefully structured to achieve these goals by investing at least 50 per cent of its assets in high quality exchangeable/retractable fixed and floating rate preferred shares. In addition, the portfolio adviser will be permitted to invest up to 10 per cent of the Fund's assets in high quality perpetual preferred shares.

GGOF is also changing the distribution frequency for GGOF Dividend Growth Fund. The Fund has historically distributed modest income on a quarterly basis, which is administratively costly, but will now distribute both income and capital gains on an annual basis. Changing to an annual distribution frequency allows GGOF to better manage cash flows within the Fund, which is ultimately in the best interests of unitholders.

About GGOF
GGOF provides investors with a full product line of 35 mutual funds, diversified by asset class, geographic region and capitalization. GGOF, with $5.7 billion of mutual fund assets under management at May 31, 2008, 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 had total assets under management and administration and term investments of $286 billion as at April 30, 2008.

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