Correcting and Replacing Previous Guardian Life Insurance Announcement.

NEW YORK--(BUSINESS WIRE)--July 1, 1998--The Guardian Life Insurance Company of America and its wholly owned subsidiary, The Guardian Insurance & Annuity Company, Inc., were officially named members of the Insurance Marketplace Standards Association (IMSA) today.

IMSA is an independent, voluntary membership organization established by the life insurance industry to help maintain high standards of ethical dealings with consumers. Specifically, it addresses advertising, sales and service for individually marketed life and annuity products. The Guardian became an IMSA member by adopting a set of principles and code of ethical market conduct. The company underwent both an extensive self-assessment and an independent assessment by an outside management consultant to certify its compliance with IMSA's Principles and Code.

To adhere to IMSA standards, The Guardian must, for example: -0-

     --Demonstrate a commitment to honesty, fairness and integrity to
       its consumers.
     --Provide competent and customer-focused sales and services.
     --Engage in fair competition.
     --Provide clear, honest advertising and sales materials.
     --Handle customer complaints and disputes quickly and fairly.
     --Maintain a supervision and review program to assure compliance
       with IMSA standards.

-0-

"For 138 years, The Guardian's culture has been based on an unwavering belief in integrity and fair dealings with our clients. Our membership in IMSA reaffirms our company's long-standing commitment to the highest level of ethical standards," said Joseph D. Sargent, CLU, Guardian's president and CEO.

The Guardian is a certified IMSA member for three years, after which it must repeat the self- and independent-assessment processes to retain its membership.

The Guardian Life Insurance Company of America (The Guardian) is a mutual company founded in 1860. The Guardian and its subsidiaries offer individual life and disability income insurance, group insurance and pensions, variable annuities, variable life insurance and mutual funds. As of March 31, 1998, The Guardian had consolidated assets of $24.1 billion.

The Guardian Insurance & Annuity Company, Inc. (GIAC), a Delaware corporation, is a wholly owned subsidiary of The Guardian and issues variable annuities and variable life insurance products. Variable annuities and variable life products, as well as Guardian-sponsored mutual funds, are offered by prospectus only from the distributor, Guardian Investor Services Corporation (GISC), an indirect wholly owned subsidiary of The Guardian. Prospectuses provide additional information including fees and expenses and are available at no cost by calling 1-800-221-3253. Read the prospectus carefully before investing or sending money. Both GIAC and GISC are located at 201 Park Avenue South, New York, NY 10003.

The Insurance Marketplace Standards Association (IMSA) is a Washington, D.C.-based voluntary organization that promotes a set of standards for ethical market conduct for individual life insurance and annuities.

    CONTACT: The Guardian
              Carol Cramer, 212-598-1390
               or
              Stimpson Communications
              Henry Stimpson, 781-431-7765