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Export Subsidy Bill to Mean Job Creation, Tax Holiday says Harris Nesbitt’s Foreign Exchange Strategist

CHICAGO, June 29, 2004 –  The new export subsidy bill recently passed by the U.S. House of Representatives could have a major impact for domestic companies with offshore subsidiaries, says Andrew Busch, Global Foreign Exchange Strategist for Harris Nesbitt, a Chicago-based investment and corporate bank.

As a result, some U.S. exporters are proactively reviewing, planning and some already acting, in order to obtain the maximum benefit, added John McAuliffe, Manager of U.S. FX Option Sales, Harris Nesbitt. 

Mr. Busch and Mr. McAuliffe have prepared a summary that discusses the bill:

Among their observations include:

• They expect final legislation will be passed and signed by the President
• There is potential for a large amount of earnings to flow back from offshore into US dollars.
• The benefits of the tax holiday could see taxes on repatriation of profits cut to 5.25% from 35%

A full copy of their summary is available at: Commentary.pdf

About Harris Nesbitt

Harris Nesbitt is an investment and corporate bank offering clients access to a full range of products and services including investment and corporate banking, treasury services, market risk management, institutional investing and research. Headquartered in Chicago, Harris Nesbitt is part of Harris, an integrated financial service organization providing more than 1.5 million personal, business, corporate and institutional clients with banking, lending, investing and financial management solutions. Harris is a member of BMO Financial Group (NYSE, TSX: BMO). For more information, please visit www.theharris.com.

Disclosure Statement

Harris, Harris Private Bank and Harris Nesbitt are trade names used by various financial service providers in the BMO Financial Group, a marketing name used by Bank of Montreal. Banking products and services are provided by Harris Trust and Savings Bank and its bank affiliates. Members FDIC. Insurance and annuities are offered through Harris Bancorp Insurance Services, Inc (HBIS). Securities are provided by Harris Nesbitt Corp (HNC), a registered broker dealer, member NYSE, NASD and SIPC and Harrisdirect LLC (Hd), a registered broker dealer, member NASD and SIPC. HBIS, HNC and Hd are wholly owned subsidiaries of Harris Financial Corporation. Products offered by HBIS, HNC and Hd are Not Insured by the FDIC or any Federal Government Agency, Not a Deposit of or Guaranteed by Any Bank or Bank Affiliate, May Lose Value. The purchase of insurance or an annuity is not a condition on any bank loan or service. Financial planning and investment advisory services are provided by Sullivan, Bruyette, Speros & Blaney, Inc. , an SEC registered investment advisor. Family office services are provided by Harris myCFO, Inc. Investment advisory services are also offered by Harris myCFO Investment Advisory Services LLC, an SEC registered investment advisor and a wholly-owned subsidiary of Harris myCFO, Inc. Not all products and services are offered in every state and/or location.

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Media Contacts:

Maeve Kiley, Chicago, (312) 293-8905

Kim Hanson, Toronto, (416) 867-3996

Internet: www.harrisnesbitt.com