GGOF Launches New Series of Principal Protected Deposit Notes Based on GGOF Dividend Growth Fund

    New series well suited for investors seeking long-term capital growth
    or monthly income

    TORONTO, Nov. 22 /CNW/ - Guardian Group of Funds Ltd. (GGOF) today
announced the launch of Bank of Montreal GGOF C.O.R.E. Protected Deposit
Notes, Series 5, 6, and 7. The Deposit Notes are based on the performance of
GGOF Dividend Growth Fund, which is managed by Michael Stanley of Jones Heward
Investment Counsel Inc.
    The Deposit Notes feature a dynamic asset allocation strategy that
provides up to 200 per cent exposure to a portfolio of dividend-paying stocks
in order to enhance returns. The Deposit Notes also provide investors with 100
per cent principal protection if held to maturity by Bank of Montreal as
issuer. With a maximum annual fee of 2.60 per cent, the Deposit Notes are
competitively priced and are available in three classes for greater choice in
meeting individual investor needs:

    Total Return Class is suited for investors seeking long-term capital
growth. All the Fund Portfolio distributions will be notionally reinvested.

    Yield Class is ideal for investors seeking regular monthly income.
Distributions will be 100 per cent of the Distribution Rate of the Fund and
will be treated as interest income for income tax purposes.

    R.O.C. Class is suitable for investors seeking regular monthly
distributions and tax deferral. Distributions will be 100 per cent of the
Distribution Rate of the Fund and will be R.O.C. (Return of Capital), which is
tax deferred until maturity or when the Deposit Note is sold.

    Each series has a 6-year term.

    "GGOF Dividend Growth Fund is an excellent core holding for investors
seeking long-term capital growth. Michael Stanley of Jones Heward manages the
Fund, which has a strong long-term track record investing in a portfolio of
dividend-paying stocks," said Gavin Graham, GGOF's Chief Investment Officer.
"The addition of a dynamic asset allocation strategy and the availability of
principal protection at maturity make it that much more appealing. With their
very competitive pricing and availability in three different classes, the
Deposit Notes have been structured to be of interest to as wide an investor
audience as possible."

    GGOF Dividend Growth Fund

    GGOF Dividend Growth Fund provides investors with the opportunity to
benefit from dividend-paying stocks that have historically outperformed
non-dividend-paying stocks over the long term. Dividend-paying stocks 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
rate of 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 October 31, 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 billion as at July 31, 2007.
    The above is for information purposes only and is not, and under no
circumstances shall be construed as, an offering of the Deposit Notes or as
investment advice. The information contained herein is intended to be read in
conjunction with the related Information Statement and is qualified in its
entirety by reference to the applicable Information Statement.
    The fluctuations in the value of, and the return on, the Fund Portfolio
will directly impact the distributions and return, if any, on the Deposit
Notes. And in the case of R.O.C. class and Yield Class, the Distribution on
the Fund Portfolios will impact the distribution of the Deposit Notes. It is
possible that no return will be paid on the Deposit Notes. The return, if any,
on the Deposit Notes will be reduced by applicable fees and sales prior to
maturity may be subject to an early trading charge as set out in the
applicable Information Statement. Investors should read the Information
Statement carefully before investing and discuss the suitability of the
Deposit Notes with an Investment Advisor before making any investment

    Bank of Montreal makes no assurances, representations or warranties with
respect to the accuracy, reliability or completeness of information contained
herein. Bank of Montreal makes no recommendations concerning the GGOF Dividend
Growth Fund, mutual funds or the suitability of investing in securities
generally or Deposit Notes in particular. In connection with the issue and
sale of Deposit Notes by Bank of Montreal, no person has been authorized to
give any information or to make any representation not contained in the
Information Statements relating to the Deposit Notes and Bank of Montreal do
not accept any responsibility for any information not contained in the
Information Statements.

For further information:

For further information: Gavin Graham, GGOF, (416) 350-3151; JoAnne
Hayes, BMO Financial Group, (416) 867-3996, Internet:

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