BMO Financial Group Completes Acquisition of myCFO assets

TORONTO, November 1, 2002 - BMO Financial Group (TSX, NYSE: BMO) announced today that it has completed the acquisition of certain assets of California-based myCFO Inc., a provider of customized investment and wealth management services to high-net-worth individuals and families.

The acquisition, valued at approximately CDN $47 million, includes client relationships representing more than CDN $9 billion in assets under administration and provides BMO with entry into key markets in California, Colorado and Georgia, which will join existing private banking locations in Arizona, Florida, Illinois and Washington.

BMO Financial Group's wealth management businesses in Canada and the United States are part of the organization's Private Client Group. The Private Client Group provides integrated wealth management services and has total assets under management and administration and term investments of CDN $273 billion, excluding the assets of Morgan Stanley Individual Investor Group accounts, which will be reflected in the fourth quarter.

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Contacts:

Media Relations:
Ian Blair, Toronto, (416) 867-3996
Amy Yuhn, Chicago, (312) 461-2478

Investor Relations:
Lynn Inglis, Toronto, (416) 867-5452

www.bmo.com/investorrelations