BMO Financial Group Completes Acquisition of Gerard Klauer Mattison, Continues Strategic U.S. Expansion
BMO's wholesale business in the United States to operate under Harris Nesbitt name

TORONTO and NEW YORK, July 7, 2003 - BMO Financial Group (NYSE, TSX: BMO) announced today that it has completed the acquisition of New York-based investment banking firm Gerard Klauer Mattison.

Gerard Klauer Mattison will be known as Harris Nesbitt Gerard and will continue to offer U.S. equity research, sales and trading as well as a broad range of investment banking services. The completion of the acquisition also marks the beginning of a new unified branding program across the United States.

As of today, BMO's wholesale business in the United States, which includes more than six lines of business, will operate under the Harris Nesbitt name. Harris Nesbitt is already being used to identify the firm's well-established mid-market investment and corporate banking operation in Chicago and will extend to other wholesale lines of business in the U.S.

"Harris Nesbitt Gerard offers a recognized U.S. equity research, sales and trading platform in New York, Boston, Chicago and San Francisco. Combined with a seasoned investment banking practice, the firm has an established track record in the Consumer, Healthcare and Technology industries and will further accelerate our growth in key markets across the U.S.," said William Downe, Deputy Chairman, BMO Financial Group and Chief Executive Officer, BMO Nesbitt Burns and Harris Nesbitt.

"We are equally pleased to be rolling out the Harris Nesbitt name across all wholesale lines of business in the United States - testament to our commitment to providing a superior and seamless client experience," said Downe.

The acquisition of GKM strengthens BMO's Canadian franchise by providing significantly expanded research on U.S. companies to Canadian institutional clients. Harris Nesbitt Gerard is highly complementary to other Harris Nesbitt lines of business in the U.S., which include Mid-Market Investment & Corporate Banking, Merchant Banking, Media & Communications, Securitization and Energy based in Chicago, New York and Houston.

About BMO Financial Group
BMO Financial Group (NYSE, TSX: BMO) is one of the largest financial services providers in North America, offering a broad range of retail banking, wealth management and investment banking products and solutions. BMO serves clients across Canada and in the United States through its Canadian retail arm BMO Bank of Montreal, Chicago-based Harris Bank, a major U.S. mid-west financial services organization, The Harris wealth management group, BMO Nesbitt Burns, one of Canada's leading full-service investment firms and Harris Nesbitt, which provides investment banking services across the U.S.

About Harris Nesbitt
Harris Nesbitt, a part of BMO Financial Group (NYSE, TSX: BMO), is a leading U.S.-based financial services provider offering clients access to a broad range of financial products and services, including equity and debt underwriting, corporate lending and project financing, merger and acquisition advisory services, merchant banking, cash management services, research, sales and trading.

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Contacts:
Media Relations
Kim Hanson, Toronto, (416) 867-3996
Maeve Kiley, Chicago, (312) 293-8905
Kevin Windorf, New York, (212) 885-4111

Investor Relations
Lynn Inglis, Toronto (416) 867-5452
Amanda Mason, Toronto, (416) 867-3562

www.bmo.com
www.harrisnesbitt.com