CALGARY, July 2, 2009 – Spurred on by 97 years as the official bank of the Calgary Stampede, BMO Financial Group upped the ante in 2009 to commit to the largest corporate sponsorship in Stampede history by acquiring the naming rights to the newly-expanded Roundup Centre in Stampede Park for the next ten years. Starting with this year’s Stampede, the 500,000-square-foot, year-round meeting and trade show facility will be known as BMO Centre.

While increasing its Stampede sponsorship to the highest level-Stampede Champion-BMO will continue its longstanding support for:

• BMO Farm Family Awards on Monday, July 6, honouring the contribution of the hard-working families in southern Alberta’s agriculture industry; and
• BMO Kids’ Day, which will welcome more than 20,000 people on Wednesday, July 8 for a free pancake breakfast and plenty of fun family entertainment in the Grandstand and around the Park.

New for 2009 is an increase to the bank’s presence during the Stampede with ‘The BMO Kids Zone,’ an interactive play area on Saddledome Lane which features ten full days of great family fun including:

• The kids’ pedal tractor pull for children aged four to 12,
• The kids’ team penning competition
• The BMO Kids Zone director’s cut, which will see families take home an individualized professional comic book page of them at the Calgary Stampede.

“Our employees in Alberta are very proud to have provided banking services to the Stampede since the first Stampede in 1912 and to have been a sponsor for three decades,” said Ted McCarron, Senior Vice President, Prairies Division, BMO Bank of Montreal.

“BMO is excited to see the first fruits of Stampede Park’s billion dollar development plans come to life. This enterprising and community-led group will continue to play a significant part in transforming Stampede Park into a multi-use community park where citizens can work and play and where visitors can be entertained year-round,” added McCarron.

BMO Financial Group also announced a new perks program for the Stampede that delivers unique and unexpected privileges to BMO customers who attend the festivities.

The Calgary Stampede BMO Power of Blue experience will include:

• Exclusive BMO customer north and south entrances for the Rodeo and the Chuckwagon races;
• Rodeo Show Your Card promotions whereby BMO customers are prompted to flash their BMO debit cards for a chance to win great prizes including privileged infield seating; and
• BMO Ambassadors at all three Stampede Entrances offering BMO Customers 15 percent discount cards to the Stampede Store.

“In looking at our sponsorships we wanted to stretch ourselves beyond brand awareness and find ways to engage our customers with real and meaningful benefits,” said Sandy Bourne, Vice President Advertising, Corporate Sponsorship & Events, BMO Financial Group. “The key is to make our customers feel special at BMO-sponsored events, such as the Calgary Stampede. We aim to deliver unexpected, perhaps once-in-a-lifetime, opportunities,” added Ms. Bourne.

BMO Mosaik MasterCard also incorporates the BMO Power of Blue activities into their marketing plans with three large midway locations showcasing the Stampede MasterCard and AIR MILES reward miles program information, and by rewarding existing customers with Stampede Store 15 percent discount coupons. An additional nine BMO Bank of Montreal ABMs brings the total to 25 in Stampede Park during the ten day “greatest outdoor show on earth.”

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Official Bank of Giddy Up since 1912.

About BMO Financial Group
Established in 1817 as Bank of Montreal, BMO Financial Group is a highly diversified North American financial services organization. With total assets of $432 billion as at April 30, 2009, and more than 37,000 employees, BMO provides a broad range of retail banking, wealth management and investment banking products and solutions. With over 2,700 employees and 91 BMO Bank of Montreal branches in Alberta, BMO provides financing to more than 27,000 small businesses. BMO annually demonstrates its commitment to be an active corporate citizen in the community through numerous donations, including major gifts to the University of Alberta, SAIT and the Alberta Children’s Hospital. BMO is the founding sponsor of the Spruce Meadows equestrian facility and annually sponsors the BMO Nations' Cup - the richest team show jumping event in the world. For more about BMO Financial Group, visit www.bmo.com.

About Calgary Stampede
The Calgary Stampede is a volunteer-supported, not-for-profit community organization that preserves and promotes western heritage and values. The Stampede contributes to the quality of life in Calgary and southern Alberta through its world-renowned 10-day Stampede, year-round facilities, western events and several youth and agriculture programs. All revenue is reinvested into Calgary Stampede programs and facilities. For more about the Stampede, visit www.calgarystampede.com.

TORONTO, June 30, 2009 – In the spirit of Canada Day, BMO Bank of Montreal invites New Canadians to share their ‘Journey to Canada’ stories of achievements and newfound opportunities.

“As Canada’s first bank, BMO has a long and proud history of serving the financial needs of multicultural communities,” said Heather Grand, Vice President, GTA Division, Multicultural Markets, BMO Bank of Montreal. “We understand that moving to a new country takes courage and the journey along the way can be marked with many ups and downs. We’re asking customers to share their experiences and celebrate what it means to be Canadian.”

To help encourage customers to share their ‘Journey to Canada’ stories, BMO is offering a chance to win one of three $1,000 cash prizes.

“Listening to Newcomers share their stories reminds us of how privileged we are to call Canada home,” added Grand. These are moving stories of perseverance -- of having a dream and making it come true”.

BMO customer Kim Zhang of Toronto wrote…

I had left behind all my family –my wife, young child and parents –to come to Canada as an exchange student. I lived in a basement room in downtown Toronto. I didn’t know a soul and I was terribly lonely. By the early 1990’s my wife and son were by my side and I founded a travel agency that specializes in helping North American investors explore the Chinese market. Today I oversee an enterprise that operates 11 offices across North America and China.

About the ‘Journey to Canada’ promotion:

The Journey to Canada promotion runs until August 31, 2009. Contestants submit their stories to www.bmo.com/mycanadastory. In 250 words or less, stories can be guided by the following sample questions:

• What made you decide to come to Canada and how is your new life unfolding?
• What do you love about Canada and what are your dreams for the future?

• To support New Canadian customers, BMO recently introduced a Welcome to Canada Banking Package that provides a wide range of financial products and services to meet the unique needs of customers new to Canada.
• BMO regularly supports multicultural community events including its recent sponsorship of the Mandarin Profile Entrepreneur Award Presentation.
• BMO’s workforce mirrors the diversity of the Canadian mosaic and wherever possible we try to provide services in the language of our customers’ choice. For example our staff at our main branch in Toronto speaks over 16 different languages. We have Chinese, Korean and Punjab glossaries and tools on our website and our customer communication material is available in multiple languages.
• BMO is the only Canadian bank with branches in Beijing, Shanghai, Guangzhou and Hong Kong and has spent more than 20 years assisting customers with advisory services and immigration banking services.

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TORONTO, June 25, 2009 – The Honourable Jim Flaherty, Minister of Finance, today announced the establishment of Canada’s Task Force on Financial Literacy to help create a cohesive national strategy to support initiatives across Canada aimed at improving financial education.

“Our economy is built on millions of everyday financial decisions by Canadians,” said Minister Flaherty. “Recent events have shown us that there are major risks and that financial literacy is an important life skill. Whether it is a question of saving for retirement, financing a new home or balancing the family chequebook, improving the financial literacy of Canadians will add to the stability of our financial system and make our economy stronger.”

The task force fulfills a commitment made in Canada’s Economic Action Plan to outline objectives, including a concrete plan of action and a framework for collaboration among stakeholders, for moving forward and measuring progress on financial literacy in Canada. Members of the task force are drawn from the business and education sectors, community organizations and academia. The task force will be chaired by Donald A. Stewart, Chief Executive Officer of Sun Life Financial Inc. L. Jacques Ménard, Chairman of BMO Nesbitt Burns, will be the Vice-Chair.

“I am honoured to undertake this role and I look forward to working with such a strong and diverse task force to carry out our ambitious mandate,” said Mr. Stewart. “Valuable insights can be found internationally and I hope to bring that perspective forward to help Canadians make informed decisions to improve their lives.”

“A great deal of fine work is going on across Canada on financial literacy, be it in schools, in volunteer groups, through provincial programs or through the federal Financial Consumer Agency of Canada,” said Minister Flaherty. “This task force will develop a strategic plan to build on this collective effort to help make all Canadians more knowledgeable consumers, investors and savers.”

Minister Flaherty said the task force complements other elements in Canada’s Economic Action Plan to strengthen consumer protection, such as the recently announced improvements to credit card regulations, which included improved disclosure of interest rate changes.

For more information on Canada’s Economic Action Plan, visit www.actionplan.gc.ca.

For further information, media may contact:

Chisholm Pothier
Press Secretary
Office of the Minister of Finance
613-996-7861

Jack Aubry
Media Relations
Department of Finance
613-996-8080

Biographical Information

Chair: Donald A. Stewart

Donald A. Stewart is Chief Executive Officer of Sun Life Financial Inc.

A native of Scotland, Mr. Stewart joined the Sun Life Assurance Company of Canada in London, England in 1969. He emigrated to Montréal in 1972.

In 1974, Mr. Stewart left the Company to pursue a career in benefits consulting in Toronto. He returned in 1980 to lead the Canadian Group Retirement Services Division. From 1987 to 1992, he held overall responsibility for Information Technology. He was appointed head of Sun Life Trust Company in September 1992. In 1996 he was appointed President & Chief Operating Officer, and in 1998 Chief Executive Officer.
Mr. Stewart is a director of the American Council of Life Insurers, the Canadian Life and Health Insurance Association and international aluminium products company Novelis Inc. He is a member of the Board for The Geneva Association, an international insurance think tank and research institution.

Born in 1946, Mr. Stewart holds a degree in Natural Philosophy from the University of Glasgow, graduating in 1968 with first class honours.

Vice-Chair: L. Jacques Ménard, O.C.

L. Jacques Ménard is Chairman of BMO Nesbitt Burns, one of the country’s leading investment firms. He is also President of BMO Financial Group, Quebec. As such, he oversees the activities of BMO Bank of Montreal and its subsidiaries, and its more than 170 branches and 5,000 employees in Quebec.

Mr. Ménard is currently a director at the Montreal Heart Institute, the Montreal Symphony Orchestra, the Montreal Alouettes, and Claridge Inc. He is also a member of the Advisory Board of the Institute of Corporate Directors (Quebec chapter) and a Board Associate of Canadian Policy Research Networks Inc., and sits on the International Advisory Board of HEC Montréal, the Advisory Board of Glendon College at York University and the Board of Directors of the Macdonald Stewart Foundation.

Mr. Ménard chaired the Task Force on the Sustainability of the Québec Health Care and Social Services System, established by the Quebec Government in December 2004 to identify the funding needs for health and social services in Quebec in the coming years and decades and to propose appropriate measures.

He published a first book in 2008, Si on s’y mettait…, which outlines a series of proposals to ensure Quebec’s future growth. In the wake of this book, he established the Groupe d’action sur la persévérance et la réussite scolaires, comprised of 28 representatives from various fields, all of whom are mobilized by the pressing need for action on the issue of student retention in Quebec. The Groupe’s action plan was released in March 2009.

Mr. Ménard is one of the four recipients of the annual Public Policy Forum Testimonial Awards in 2009.

Mr. Ménard is a graduate of the University of Western Ontario (M.B.A. 1970), Loyola College of Montréal (B. Comm. Hon. Econ. 1967) and Collège Sainte-Marie (B.A. 1966).

He is an Officer of the Order of Canada.

Laurie Campbell

Laurie Campbell is the Executive Director of Credit Canada/the Credit Counselling Service of Toronto.

Since joining Credit Canada in 1990, Ms. Campbell has assumed progressively more important roles within the organization, becoming part of its senior leadership team as Program Manager in 1993. Her responsibilities have notably included management in the agency's education department, which presents seminars on money management and credit-related issues to over 10,000 people annually.

Ms. Campbell is President of the Credit Association of Greater Toronto, is recognized as a primary source of accurate information on credit counselling for the media, and is widely recognized as an expert in her field responding daily to media requests. She has been interviewed for several prominent books on finance and has reviewed financial literature for organizations such as MasterCard Canada, Visa Canada, the Investment Funds Institute and the Investor Education Fund, and was on the Advisory Committee for the television show Maxed Out. Ms. Campbell was instrumental in spearheading Credit Education Week Canada, which now in its third year promotes financial literacy through a variety of mediums throughout Canada.

Ms. Campbell served on the Board of the Ontario Association of Credit Counselling Services and the Canadian Association of Credit Counselling Services, a not-for-profit charitable community service that helps consumers by providing credit education, counselling on budgeting, and planned debt liquidation programs. Ms. Campbell sits on various committees including the Financial Literacy Committee of the United Way, Habitat for Humanity Selection Committee and the Council for Investor Education.

Ms. Campbell is a graduate of the University of Ottawa.

Marcel Côté

Marcel Côté is a founding partner of SECOR Consulting. Over his 30-year career as a consultant, he has specialized in strategy consulting for senior management both in Canada and in France.

Mr. Côté holds an MSc in Economics from Carnegie Mellon University (Pittsburgh, PA) and is a Fellow of the Center for International Affairs, Harvard University. He taught at the Université de Sherbrooke and the Université du Québec à Montréal, before co-founding SECOR in 1975. Today Mr. Côté advises top-management teams of large corporations on strategic issues both in Canada and in Europe.

Mr. Côté is also known as an expert on economic-growth policies, a subject on which he has written several books. Finally, over the course of his career Mr. Côté has advised both the federal and provincial levels of government: from 1986 to 1988, he was economic advisor to the Premier of Quebec; and in 1989 and 1990, he was Director of Strategic Planning and Communications in the Prime Minister’s Office in Ottawa.

He sits on the Board of Directors of Intact Insurance and Empire Ltd., and is also very active in Montreal community organizations, particularly in the Foundation of Greater Montreal and the Compagnie de danse Marie Chouinard, where he chairs the Boards of Directors, as well as the YMCA and the Montreal Symphony Orchestra.

Patrick C. Foran

Patrick C. Foran is an award-winning journalist and author who has been a reporter with CTV News for the past 23 years. He hosts “Consumer Alert,” a popular nightly consumer advocacy segment on CTV News in Toronto, and is also the consumer reporter for CTV’s national morning show, Canada AM.

As a result of his investigative and educational efforts, Mr. Foran has helped consumers recover hundreds of thousands of dollars, exposed scams, warned about unsafe products and passed on countless money-saving tips to the public. The thousands of phone calls, e mails and letters that he has received in response from the public confirm to him that there is an intense thirst for solid, trustworthy consumer information. Mr. Foran has been an advocate for improved financial literacy for younger Canadians to better prepare them to be able to save money and avoid debt.

Mr. Foran is the author of Canadian Consumer Alert—101 Ways to Protect Yourself and Your Money, The Smart Canadian’s Guide to Building Wealth and The Smart Canadian’s Guide to Saving Money.

Edward (Ted) Gordon

Ted Gordon has been a Financial Security Advisor with Freedom 55 Financial in Ottawa since 2007. Prior to this, he had established the Fiscal Fitness Centre, a personal Wealth Advisory business.

He is a professor in the School of Part-Time Studies at Algonquin College where he teaches a non-credit, personal interest course called ”Personal Financial Literacy” based on his own exclusively developed curriculum.

Mr. Gordon is a member of the Institute of Chartered Accountants of Ontario and the Canadian Institute of Chartered Accountants.
He graduated from the University of Western Ontario with an Honours B.A. in Business Administration.

Evelyn Jacks

Evelyn Jacks is the founder and president of The Knowledge Bureau, Canada’s leading national educational institute providing professional development in the tax and financial services industries. For over 25 years, her companies have specialized in publishing and delivering certificate courses designed for the continuing education of tax and accounting practitioners as well as financial advisors focused on managing their client’s wealth; and most recently has published a series of consumer books to help individuals master decisions about their money.

Ms. Jacks has written numerous books on the subject of personal taxation, and taught a range of certificate post-secondary professional courses on the subject of tax preparation and planning, wealth management and business practices for tax accountants and financial planners.

In 1986, Ms. Jacks received recognition as the YM-YWCA’s Business Woman of the Year for her significant contributions to the community in establishing a national profile for tax preparation and tax planning services. In 1997, she won Manitoba’s Entrepreneur of the Year award, and later that year, she won the prestigious Rotman School of Business National Canadian Entrepreneur of the Year Award in Toronto. In 1998, she was recognized with a Business Leadership Award by the Canadian Embassy in Washington, D.C. Ms. Jacks was appointed by the Premier of Manitoba in 1999 as a Commissioner for the Lower Tax Commission, under which she and her colleagues reviewed and recommended changes to the provincial tax regime. In 2005, she was celebrated as an Inspiring Woman by the Winnipeg Free Press.

Ms. Jacks has served as a Governor of the Manitoba Club, a Cabinet Member on the United Way, on the Board of Associates at the University of Manitoba, and as an Executive of the Winnipeg Chamber of Commerce, as well as numerous other organizations.

Ruth Kelly

Ruth Kelly is the president and CEO of Venture Publishing Inc., and the publisher and editor-in-chief of Alberta Venture, Alberta’s only province-wide business magazine.

Ms. Kelly served as the 2005 chair of the board of directors for the Edmonton Chamber of Commerce and is a past president of the Alberta Magazine Publishers Association. She currently serves on the volunteer boards of the Institute of Corporate Directors (Edmonton chapter) and the Banff Centre Leadership program, as well as on the President’s Advisory Council for the Northern Alberta Institute of Technology (NAIT), the Alberta Branding committee and the Edmonton Expo 2017 board. She is also president of the Edmonton Business Council for the Visual Arts, and is on the board of directors for crown corporation Travel Alberta and private company Dollco Printing.

Ms. Kelly was recognized as a Global Woman of Vision in 1998, a YWCA Woman of Distinction in the Entrepreneur category in 2003 and received the Advertising Club of Edmonton’s 2004 Fellowship Award for contributions to the industry and the community. In 2005, she was selected as the Allard Chair of Business by the MacEwan School of Business and received a Centennial Medal for service to the province of Alberta. The Canadian Women in Communications selected Ms. Kelly for their 2008 Woman of the Year award, making her the first Albertan to receive this national honour. She also received an honorary degree in business from NAIT in 2008.

Janice MacKinnon

Janice MacKinnon is a Professor of Fiscal Policy at the University of Saskatchewan, a Fellow of the Royal Society of Canada, Chair of the Research Institute on Public Policy, and member of the Board of the Canada West Foundation.

From 1991 to 2001, Ms. MacKinnon was a Cabinet Minister in the Saskatchewan Government. She served as Finance Minister during the province’s deficit/debt crisis, when Saskatchewan became the first government in Canada to balance its budget in the l990s. Other portfolios that she held include Minister of Social Services, Minister of Economic and Co-operative Development, Minister Responsible for Trade, Research and Investment and Government House Leader.

Ms. MacKinnon sits on various private and public-private boards and is a frequent contributor to public policy debates at the national level. She has authored three books, including her most recent, The Fiscal Crisis, Political Trade-offs and Canada’s Future.

P. Mitchell Murphy

P. Mitchell Murphy is a career education consultant with the Western School Board in Prince Edward Island.

A native Islander, Mr. Murphy entered public life to serve in the P.E.I. cabinet in a number of portfolios, including Minister of Community Affairs and Attorney General (1996-1998), Minister of Technology and Environment (1998-2000), Minister of Agriculture (2000-2003), and Provincial Treasurer (2003-2007).

Born in 1962, Mr. Murphy holds two undergraduate degrees from the University of Prince Edward Island and a graduate degree in education from St. Mary’s University.

Greg Pollock

Greg Pollock is the President and CEO of Advocis, The Financial Advisors Association of Canada.
Prior to joining Advocis in 2008, Mr. Pollock was General Secretary of the 43,000 member Ontario English Catholic Teachers’ Association from 2001 to 2008.

He has served as a member of the Board of Directors of the Canadian Teachers’ Federation and of the Ontario Teachers’ Federation, which is a co-sponsor of the Ontario Teachers’ Pension Plan, which at the time had net assets of $108.1 billion. Mr. Pollock was also on the Board of the Ontario Teachers’ Insurance Plan, where he served as a member of the Finance and Audit Committee for 10 years.

Mr. Pollock has a Master of Laws degree from Osgoode Hall Law School at York University and a Master of Educational Administration from the University of Toronto.

Bill Schwartz

Bill Schwartz is a principal of Polestar Communications Inc., a firm of professionally qualified educational specialists.

Polestar developed and wrote lesson plans and activities for the British Columbia Securities Commission (BCSC) resource, The City: Financial Life Skills for Planning 10, a resource for educators teaching the financial component of the B.C. Ministry of Education’s Integrated Resource Package.

Polestar also adapted the BCSC resource for the federal Financial Consumer Agency of Canada’s interactive web-based resource aimed at Canadian youth. Last year, Polestar examined all of the provinces and territories’ Ministry of Education courses at the high school level to determine which had a curriculum connection to financial life skills to ensure that the new on-line tool meets the learning outcomes related to financial literacy in every province and territory.

Jean Vincent

For the past 17 years, Jean Vincent has been the President and General Manager of the Native Commercial Credit Corporation (NACCC), an Aboriginal financial institution that plays a leading role in the economic development of many First Nations in Quebec. NACCC provides commercial financing to Aboriginal-controlled businesses in the start-up or expansion phase.

Mr. Vincent is also the Executive Director of the First Nations Venture Capital of Quebec. He became Executive Director in 2004 after having acted as Chairman of the Board of Directors since the creation of the venture capital corporation.

Finally, he is Vice Grand Chief of the Huron-Wendat Nation, a First Nation near Quebec City.

Jean Vincent holds a Bachelor’s Degree in Business Administration and a degree in accounting from Laval University (Quebec City). He is also a Chartered Accountant (CA), Certified General Accountant (CGA) and Certified Aboriginal Financial Manager (CAFM).

Mr. Vincent sits on a number of Boards of Directors, including the Native Benefits Plan as Chairman and Groupe Promutuel.

HALIFAX, June 25, 2009 – While the Nova Scotia economy has fared relatively well during this downturn thanks to robust non-residential construction activity, weak manufacturing and export sectors will pull down real GDP by 0.9 per cent this year, according to the Provincial Outlook report from BMO Capital Markets Economics. The economy is projected to rebound in 2010, with expected growth of 1.5 per cent.

“Construction of EnCana’s $700 million Deep Panuke offshore natural gas project headlines a strong lineup of projects underway,” according to Robert Kavcic, Economist, BMO Capital Markets. “Indeed, Nova Scotia is one of only two provinces expected to see higher capital spending this year, with non-housing expenditures likely to jump 6.8 per cent—the biggest increase since 2002.”

However, manufacturing remains under water, with shipments down 17 per cent year-over-year through April and employment in the sector down a harsh 15 per cent year-over-year in May. “This has helped push the unemployment rate above 9 per cent—while the slackening of Nova Scotia’s labour market has been tame relative to most parts of the country, it will still weigh on domestic demand,” said Kavcic.

The provincial budget, tabled in May, was defeated by the provincial legislature, leading to an election with the NDP winning a majority government. A new budget will be tabled this fall.

The complete report can be found at www.bmocm.com/economics.

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ST. JOHN’S, June 25, 2009 – While Newfoundland & Labrador will likely suffer the deepest drop in GDP this year among the Canadian provinces, 2010 will see a significant rebound, according to the Provincial Outlook report released by BMO Capital Markets Economics.

“Lower offshore oil output and a more recent slowdown in domestic activity will mean a contraction of real output by 3.5 per cent this year,” said Robert Kavcic, Economist, BMO Capital Markets. “But growth will be rekindled, with a 2.4 per cent rebound in 2010.”

Output at the province’s three major offshore oil projects is expected to decline about 20 per cent this year, weighing heavily on headline real GDP. However, while construction of the Hebron project has now been pushed back to 2012, work on the Hibernia South expansion could commence in 2010, now that the Province has taken a $30 million stake in the project. That, combined with a rebound in oil output, should lead to the revitalized growth.

A weakened energy sector this year has also had an impact on domestic demand, which until recently had held up relatively well. Now, however, the unemployment rate has moved above 15 per cent and retail sales have turned slightly negative year-over-year. Still, the province’s housing market is a rare glimmer of strength with average prices up about 20 per cent year-over-year through May. Renewed population growth, driven largely by return migration from Alberta and Ontario, has helped the cause, allowing residential construction activity to hold steady while most provinces are experiencing material declines.

The Province’s $4 billion infrastructure investment program is the most aggressive in Canada, representing about 5 per cent of GDP this fiscal year, which should help offset some of the near-term pain in the energy sector. The Province is forecasting a $750 million deficit for fiscal 2009/10, a steep shift from a fourth consecutive surplus of $2.4 billion in fiscal 2008/09. Revenue is expected to decrease nearly 17 per cent to $5.8 billion in fiscal 2009/10, reflecting a $914 million falloff in oil royalties (the combination of lower prices and lower production). Program spending is projected to grow nearly 13 per cent to $5.8 billion.

The complete report can be found at www.bmocm.com/economics.

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TORONTO, June 25, 2009 – While the current recession has had a significant and widespread impact on the economies of all Canadian provinces, and almost all will see real GDP contract this year, sights are now set on a coming economic recovery, according to the new Provincial Outlook report from BMO Capital Markets Economics.

“Thanks to a rebound in commodity prices, widespread fiscal stimulus and some of the lowest interest rates in a generation, all provinces are poised to participate in the recovery,” said Douglas Porter, Deputy Chief Economist, BMO Capital Markets.

Western Canada has been hard hit this downturn as last year’s plunge in commodity prices and tighter credit conditions slashed investment activity in the energy sector. With job losses mounting, consumer activity has contracted, house prices had fallen by about 15 per cent from peak levels before rebounding in recent months, and residential construction activity has been sliced to less than half year-ago levels. As a result, annual real GDP in B.C. and Alberta is likely to contract for a second consecutive year.

However, the rebound in commodities should breathe some life back into Western Canada in 2010. Production costs have fallen sharply amid slackening labour markets and lower input prices, and oil prices have now moved back above break-even levels for the oil sands ($60-$65). As a result, the region is likely to experience an above-average rebound in 2010 with growth averaging slightly above 2 per cent.

Central Canada continues to grapple with the challenges facing manufacturing, namely significant erosion in foreign demand and, more recently, a rebound in the Canadian dollar. Ontario’s auto sector came to a near standstill to start the year amid restructuring efforts, and employment in the assembly and parts sectors has fallen to the lowest level since the early-70s. Meantime, Quebec’s more favourable manufacturing-sector mix has helped the province better weather the recession. Looking ahead to 2010, the region will likely see a recovery that is in line with the national average, though a rebound in auto production should give a slight tilt to Ontario. Still, the long-term restructuring challenges in the region remain, and should lead to continued underperformance in the medium term.

Atlantic Canada has held up well during this recession thanks to renewed population growth, fiscal stimulus and sturdy non-residential investment activity. While real GDP should decline in all provinces this year, the contractions will likely be less severe than the national average (Newfoundland & Labrador is the exception, amid lower oil output). As 2010 rolls in, the region will likely see a near-average recovery as public- and private-sector investment activity combats ongoing manufacturing weakness.

The recession has quickly altered the Canadian fiscal landscape as the fiscal 2009/10 budget season saw a return to deficit for most provinces. Only two provinces—Saskatchewan and Manitoba—managed to stay out of the red this budget season. While declining revenues are a major factor behind the deteriorating fiscal position, provincial governments are also committed to maintaining a strong rate of spending growth. Overall revenues are projected to fall 1.5 per cent, with double-digit declines seen in the commodity provinces. Commodity revenues are forecast to fall 40 per cent year-over-year on the back of lower prices and production volumes, cutting their share of total provincial revenue to about 5 per cent from nearly 9 per cent in fiscal 2008/09. Meantime, spending is slated to rise a solid 5.4 per cent, led by double-digit growth in Ontario and Newfoundland & Labrador. Only two provinces, Alberta and Saskatchewan, penciled in lower spending this fiscal year.

Infrastructure investment was the dominant theme this fiscal year, as the Provinces are running with the torch lit by the federal government to help counter the recession. Total provincial infrastructure spending will be about $40 billion this fiscal year, or nearly 3 per cent of GDP, up about 25 per cent from the prior year. Ontario will invest the most as part of its two-year, $27.5 billion program, while Newfoundland & Labrador is the most aggressive relative to GDP. Alberta is the only province that will see infrastructure spending fall, but it continues to invest heavily, a legacy of the commodity boom. These strong and widespread levels of infrastructure investment will help to reinforce the coming economic recovery.

At the same time, the trend in provincial tax rates remains down this fiscal year, with Ontario and New Brunswick serving up fundamental changes to their tax systems. In Ontario, the Province proposed a harmonization of the provincial sales tax with the federal goods and services tax in mid-2010, while also cutting the general corporate tax rate to 10 per cent by 2013 from 14 per cent last year. Meantime, New Brunswick also concluded its tax-system review with a simplified two bracket/two rate system (to be fully phased in by 2012), overall personal tax reductions through fiscal 2012/13 and a general corporate tax rate cut to 8 per cent by 2012 from 13 per cent last year.

Deficits and robust infrastructure investment have ramped up provincial borrowing requirements this fiscal year. Total borrowing is projected to be $68.3 billion, up from $55.6 billion in FY2008/09, broken down about equally between refinancing and new borrowing. Through late-June, almost half of this requirement had been funded.

The complete report can be found at www.bmocm.com/economics.

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WINNIPEG, June 25, 2009 – The Manitoba economy has leaned on its diversity to weather the recession relatively well, according to the Provincial Outlook report from BMO Capital Markets Economics.

“Real GDP will likely contract a better-than-average 1.4 per cent this year, before returning to 1.6 per cent growth in 2010,” said Robert Kavcic, Economist, BMO Capital Markets.

Construction activity has remained a pillar of strength this year, and should continue to support the economy through 2010. In addition to still-strong public infrastructure spending, residential construction has held up better than in most provinces. Indeed, average home prices have not budged from year-ago levels, while sales are down a modest 15 per cent from their peak.

“While Canadian manufacturing continues to grapple unsuccessfully with sputtering U.S. demand, Manitoba’s diverse manufacturing sector is putting up a formidable fight, led by machinery and transportation equipment,” noted Kavcic. “However, the sharp correction in commodity prices has taken some steam out of exploration and mining activity in the province.”

Manitoba’s fiscal 2009/10 budget took a balanced approach against a weakening economic backdrop, offering modest spending growth and continued gradual tax relief. The Province is projecting a $48 million summary surplus for fiscal 2009/10, down from an estimated $316 million surplus in fiscal 2008/09.

The complete report can be found at www.bmocm.com/economics.

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TORONTO, June 25, 2009 – Although turmoil in the Ontario auto sector has led to production cuts and job losses, and weak U.S. demand continues to weigh broadly on the province’s manufacturing activity, Ontario will see above-average growth in 2010, according to the Provincial Outlook report released by BMO Capital Markets Economics.

“Real GDP will likely contract 3.1 per cent this year, with a 2.0 per cent recovery likely in 2010 – slightly above the national average,” according to Robert Kavcic, Economist, BMO Capital Markets.

The ongoing restructuring of the North American auto sector has crippled a key foundation of the Ontario economy. New vehicle production came to a near standstill to start the year, down almost 50 per cent year-over-year through May. Meantime, plant shutdowns and closures abound, leading to rampant job losses in the sector.

“Employment in the auto assembly and parts sectors has fallen to the lowest level since the early-70s,” said Kavcic. “As the year progresses, more weakness is expected. As a result, Ontario’s unemployment rate is likely headed toward 10 per cent for the first time since 1994.”

Further slack in the labour market will keep consumer spending under pressure for the rest of the year. Retail sales were down 5.0 per cent year-over-year in the first four months of the year, the worst performance East of Alberta. “One reason is waning support from the services sector,” noted Kavcic. “While services were a source of strength until mid-2008, after that point the sector has shed more than 60,000 jobs.”

However, with the U.S. economy likely to embark on a recovery by the end of the year, the stage is set for a rebound in auto sales in 2010. Meantime, an aggressive $27.5 billion infrastructure spending plan by the Province over the next two years will be topped up with an additional $5 billion in federal funding—that’s nearly 3 per cent of GDP, and should help produce an above-average recovery in 2010.

Longer-term challenges remain, however, and Ontario is not in a position to outperform on a sustained basis—one particular challenge will be the broad manufacturing sector’s ability to deal with a loonie that is likely to trend back toward parity.

The Province of Ontario’s aggressive budget also provided a mix of tax relief for individuals and businesses, and a proposed harmonization of the sales tax. The budget penciled in a $14.1 billion fiscal 2009/10 deficit, which has since been raised to $18.5 billion in the wake of auto-sector aid. The Province’s long-term plan is to return to balance by fiscal 2015/16.

The complete report can be found at www.bmocm.com/economics.

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CHARLOTTETOWN, June 25, 2009 – The P.E.I. economy is under pressure as consumer and construction activity have weakened, according to the Provincial Outlook report released by BMO Capital Markets Economics. Real GDP will likely fall 2.0 per cent in 2009, followed by a modest 0.9 per cent recovery next year.

“Housing starts in the province remain soft, and consumer activity has lost its momentum, which was helped by tax cuts,” said Robert Kavcic, Economist, BMO Capital Markets. “Retail sales were down 1.1 per cent year-over-year in the first four months of the year, a stark change from average growth of about 6 per cent in the prior three years. Meantime, a rejuvenated loonie will likely apply pressure on tourism, already facing a tougher environment as travellers hunker down during the recession.”

The Province of Prince Edward Island is projecting an $85.3 million budget deficit in fiscal 2009/10, its third consecutive year in the red and up from $41.4 million last year. Total revenue is projected to grow 6.7 per cent to $1.4 billion in fiscal 2009/10, prodded by an 11.4 per cent surge in federal sources, with increased funding for infrastructure and equalization payments setting the pace. Total expenditure is projected to grow 9.2 per cent in fiscal 2009/10, to $1.5 billion. The government introduced a five-year, $510 million capital plan last autumn, with close to $130 million in outlays slated for fiscal 2009/10.

The complete report can be found at www.bmocm.com/economics.

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FREDERICTON, June 25, 2009 – Although the New Brunswick economy faces weakness on the commodity price and export fronts, still-strong capital investment has buffered the downturn, according to the Provincial Outlook report from BMO Capital Markets Economics.

“Real GDP will likely contract a better-than-average 1.3 per cent this year in the province, before rebounding 1.7 per cent in 2010,” said Robert Kavcic, Economist, BMO Capital Markets.

A number of major capital projects like the $1.4 billion Point Lepreau nuclear plant upgrade and $2 billion Canaport LNG terminal have helped keep the province’s labour and housing markets relatively steady in the face of weak U.S. export demand, particularly in forestry. “New Brunswick has not lost any jobs since the start of 2008,” said Kavcic. “However, a number of these important projects are winding down, removing key pieces of economic support.”

Other construction projects and a two-year, $1.2 billion government infrastructure spending program should help fill most of the void heading into 2010. At the same time, a restructuring of the tax system will provide $144 million in tax savings in fiscal 2009/10, rising to $380 million by fiscal 2012/13. “This will come in the form of both personal and general corporate tax cuts, the latter of which will lead to the lowest rate in Canada by 2012,” noted Kavcic.

Against this backdrop, the Province of New Brunswick is projecting a significant widening of its budget deficit to $741 million in fiscal 2009/10. This marks the largest budget deficit as a share of GDP (2.7 per cent) since fiscal 1987/88, but is accompanied by a plan to return to balance in four years.

The complete report can be found at www.bmocm.com/economics.

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CALGARY, June 25, 2009 – Alberta’s economic boom quickly went bust after oil prices collapsed late last year, and housing and consumer activity followed suit, according to the Provincial Outlook report from BMO Capital Markets Economics.

“Real GDP will likely contract 2.7 per cent this year, with an above-average 2.2 per cent recovery likely in 2010,” said Robert Kavcic, Economist, BMO Capital Markets.

As is usually the case, other economic indicators in Alberta hinge on the direction of oil prices, and the current picture is about as bad as it has been since the early-90s. “The unemployment rate has surged above 6 per cent, retail sales have plunged more than 12 per cent year-over-year in the largest decline on record, and housing markets have suffered a painful retreat,” noted Kavcic. “That said, if the recent rebound in oil prices persists as forecast, these indicators will begin to recover as we move through 2010.”

The collapse in energy prices, combined with high input costs and tighter credit conditions put the brakes on energy-sector development over the past six months. Indeed, cancellation and delay announcements point to investment activity in the oil sands that is about half last year’s level, contributing to an expected 14 per cent decline in overall capital spending intentions in the province this year. Meantime, the Petroleum Services Association of Canada is forecasting a 43 per cent decline in drilling activity in 2009, largely due to still-low natural gas prices.

However, two factors will likely support Alberta’s energy sector as we move into 2010. First, a global economic recovery should continue to support already robust commodity price rebounds. At the same time, input costs in the province have fallen sharply thanks in part to a significant slackening of the labour market, pulling the break-even price on marginal oilsands projects down to about $60 from nearly $100 at the height of the boom.

The Province of Alberta is forecasting a $4.7 billion deficit this fiscal year, after an estimated $1.4 billion shortfall in fiscal 2008/09—the first deficit in 15 years. Deficits are forecast for the next two fiscal years before the budget returns to surplus in fiscal 2012/13, but underlying the figures in fiscal 2010/11 and beyond is a commitment to take $2 billion in additional corrective action (ie: spending cuts or tax increases if revenues don’t improve). Capital spending will actually decline slightly this fiscal year, though the four-year Capital Plan was increased by 4.5 per cent to $23.2 billion; the province has already been engaging in hefty infrastructure spending, a legacy of the boom years.

The complete report can be found at www.bmocm.com/economics.

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VANCOUVER, June 25, 2009 – British Columbia has been among the hardest-hit provinces during this recession, as what started out as forestry-specific downturn eventually spread to the construction, energy and consumer sectors, according to the Provincial Outlook report from BMO Capital Markets Economics.

“Real GDP will likely contract 2.5 per cent this year, with the prospects for recovery pointing to a slightly above-average 2.0 per cent advance in 2010,<” said Robert Kavcic, Economist, BMO Capital Markets.

While housing markets in Canada and the U.S. are showing signs of stabilizing, a significant rebound in construction activity is not expected in the coming year, largely because of overbuilding during the last cycle. “Housing starts in the province have plunged to levels last seen at the depths of the downturns in the early 1980s and late 1990s, and while sales have rebounded smartly thanks to improved affordability, further cooling by the autumn is expected,” noted Kavcic.

Compounded by a weak U.S. housing market, the forestry sector will remain under intense pressure. Meantime, low natural gas prices threaten to weigh on activity in the energy sector despite an improved relative cost versus Alberta. Indeed, the Province increased the amount of royalty credits given out to natural gas producers (to build roads and infrastructure) by 20 per cent to $120 million in 2009.

The impact of the broad-based recession has also been felt in B.C.’s labour market, where employment was down 2.5 per cent year-over-year through May—among the worst declines in Canada. While construction employment has seen the sharpest declines, down about 17 per cent from its peak, service sector employment has stalled. “The 2010 Olympics should provide a boost to the labour market and retail sales activity, but the strength will likely prove short-lived,” according to Kavcic. “Indeed, most of the Olympics-related construction activity is already at or near completion.”

The British Columbia government is forecasting a $495 million deficit for fiscal 2009/10 – its first foray into the red in six years after it amended its balanced budget law. The Province will provide economic support through infrastructure spending in a three-year, $20 billion investment plan targeting transit, roads, schools and hospitals. A revised post-election budget is expected on September 1, and a significant upward revision to the deficit forecast is possible.

The complete report can be found at www.bmocm.com/economics.

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REGINA, June 25, 2009 – The Saskatchewan economy has been a pillar of relative strength during this recession, thanks to a diverse commodity mix, capital investment and resurgent population growth, according to the BMO Capital Markets Economics Provincial Outlook report.

“Real GDP will likely expand 0.4 per cent this year, the only province in Canada to see growth,” said Robert Kavcic, Economist, BMO Capital Markets. “This will be followed by a 1.9 per cent expansion in 2010.”

While other Western provinces have been hard hit by last year’s commodity price decline, Saskatchewan’s diverse mix – including oil, uranium, potash and other agricultural products – has helped it weather the downturn. Still, potash output was down a hefty 55 per cent in the first quarter amid slowing global demand and a bid by major producers to support prices. Meantime, the province’s energy sector enjoyed a boost in the past two years thanks to a relative cost advantage over Alberta (where royalties were increased and labour markets were exceptionally tight), but that advantage is poised to shrink as costs in Alberta come down.

“For the past two years, Saskatchewan’s hottest commodity has been people, with the province netting more than 13,000 interprovincial migrants since the start of 2007, and population growth rising above 2 per cent year-over-year for the first time since the 1970s,” according to Kavcic. “This has helped domestic demand and housing markets outperform, despite recent softening. Still, Saskatchewan is the only province yet to see job losses this recession—employment stood at a record level in May.”

The Province of Saskatchewan is projecting its 16^th consecutive year of black ink. The fiscal 2009/10 surplus is pegged at $425 million with only a modest $9 million net transfer from the Growth and Financial Security Fund. The Province has announced $1.5 billion in infrastructure spending this fiscal year, which at about 3 per cent of GDP will help support the recovery.

The complete report can be found at www.bmocm.com/economics.

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MONTREAL, June 25, 2009 – The Quebec economy has succumbed to global recessionary forces after holding up relatively well early in the downturn, according to the Provincial Outlook report by BMO Capital Markets Economics.

“Real GDP will likely contract a better-than-average 1.6 per cent this year, before experiencing an average 1.9 per cent recovery in 2010,” according to Robert Kavcic, Economist, BMO Capital Markets.

Manufacturing activity in the province held up well through most of 2008 thanks to strength in aerospace, but by the turn of the year, activity deteriorated sharply as global demand tailed off. Manufacturing shipments fell more than 11 per cent year-over-year in the first four months of 2009, the steepest decline since at least the early 1990s.

Job losses have also begun to mount in the province, not only because of shrinking private-sector payrolls, but also due to a slowdown in public-sector hiring. As such, the unemployment rate has quickly moved higher, and will likely top 9 per cent in 2010. Still, the slackening of Quebec’s labour market is modest compared to that in Western Canada and Ontario, the latter of which now has a higher unemployment rate for the first time since at least the early 1970s. Rising unemployment has cooled what had been relatively strong consumer and housing activity in the province, but both retail sales and home prices continue to fare better than the national averages.

One pillar of support that should remain in place is nonresidential construction. The Quebec government has embarked on a five-year, $41.8 billion infrastructure spending program (almost 3 per cent of GDP in fiscal 2009/10) that will continue to drive growth, as will ongoing investments by Hydro-Quebec.

The government is projecting four years of deficits as it temporarily applies the fiscal accelerator in an attempt to counter deteriorating economic conditions. The fiscal 2009/10 deficit is pegged at $3.9 billion or 1.3 per cent of GDP—less than half the size of the deficits seen in the early-1990s.

The government has a five-year fiscal and economic plan that outlines a path to return to surplus by fiscal 2013/14. To achieve this goal, it will limit program spending growth to 3.2 per cent per year starting in fiscal 2010/11, increase the Quebec Sales Tax by 1 percentage point to 8.5 per cent (effective January 2011) and index user fees to inflation.

The complete report can be found at www.bmocm.com/economics.

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TORONTO, June 24, 2009 – BMO Harris Investment Management Inc. (BMO Harris), the investment management arm of BMO Harris Private Banking, today announced proposed changes to the BMO Harris Canadian Dividend Income Portfolio, the BMO Harris Opportunity Bond Portfolio and the BMO Harris Income Opportunity Bond Portfolio to be effective on or about September 25, 2009. BMO Harris delivers discretionary investment management solutions to high net worth individuals and families that include allocations to multiple assets classes, across geographies and investment styles.

As part of an approach to refocus select investment strategies on BMO Harris’ investment platform:

• The BMO Harris Canadian Dividend Income Portfolio will be merged into the BMO Harris Canadian Income Equity Portfolio
• It is proposed that the BMO Harris Opportunity Bond Portfolio be merged into the BMO Harris Canadian Total Return Bond Portfolio
• It is proposed that the BMO Harris Income Opportunity Bond Portfolio be merged into the BMO Harris Canadian Bond Income Portfolio.

Neither regulatory approval nor investor approval is required for the merger involving the BMO Harris Canadian Dividend Income Portfolio. The manager will seek regulatory approval for the proposed mergers involving the BMO Harris Opportunity Bond Portfolio and the BMO Harris Income Opportunity Bond Portfolio. In the event investor approval is also required for these proposed mergers, such approval will be sought at special meetings to be held on or about September 24, 2009.

When the mergers are implemented, holders of units of the BMO Harris Canadian Dividend Income Portfolio will receive units of the BMO Harris Canadian Income Equity Portfolio, holders of units of the BMO Harris Opportunity Bond Portfolio will receive units of the BMO Harris Canadian Total Return Bond Portfolio and holders of units of the BMO Harris Income Opportunity Bond Portfolio will receive units of the BMO Harris Canadian Bond Income Portfolio.

The independent review committee of the BMO Harris Canadian Dividend Income Portfolio, the BMO Harris Opportunity Bond Portfolio and the BMO Harris Income Opportunity Bond Portfolio has determined that the mergers achieve a fair and reasonable result for each of the portfolios and has provided its approval in respect of each of the mergers.

About BMO Harris Private Banking
BMO Harris Private Banking serves the needs of high net worth clients and their families and helps them deal with a wide range of complex financial issues, providing comprehensive wealth management expertise. The bank’s team of professionals is comprised of leading specialists in a variety of disciplines including banking, investment management, estate, trust and various family office services such as philanthropic and business succession planning. BMO Harris Private Banking is part of BMO Financial Group’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 $273 billion as at April 30, 2009.

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Website:
www.bmosoccer.com

TORONTO, June 24, 2009 – BMO Financial Group is offering U7-17 soccer teams from across Ontario the chance to watch an official practice by Canada’s only Major League Soccer team, Toronto FC, and get a VIP tour of BMO Field in Toronto.

“Toronto FC has captured the public’s imagination, and young soccer players all over the province would love to be part of the action,” said Sandy Bourne, Vice President, Corporate Sponsorships, BMO Financial Group. “We will be giving eight lucky teams the chance to watch their heroes up close and go behind the scenes at the best soccer venue in Canada.”

Teams can apply at bmosoccer.com up until July 3, 2009. The practices will take place on August 14, 17, 18 and 24 (subject to change).

BMO Financial Group is a proud Premier sponsor of Toronto FC. BMO supports soccer across Canada from youth players in local neighbourhoods and communities, to the professional level. BMO’s deep commitment to the Beautiful Game is evident from the beginning of the curve with its grassroots sponsorship of close to 400 youth teams nationally. The relationship continues with title support of elite youth players at BMO National Championships through to support of professional teams (TFC & Vancouver Whitecaps FC) combined with soccer venue title sponsorship (BMO Field).

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For news media inquiries, please contact:
Toronto, (416) 867-3996
Montreal, (514) 877-8224
Vancouver, (604) 665-7596

TORONTO, June 23, 2009 – BMO Bank of Montreal announced today that it is launching BMO SmartSteps, a program specifically designed to help Canadians save more money during a period of increasing financial stress.

The Bank also released a report that shows while an overwhelming number of Canadians polled need immediate help with their day-to-day money management, only one in five believe their bank has been effective in helping them.

Frank Techar, President and CEO, Personal and Commercial Banking, BMO Financial Group, said Canadians have issued “a wake up call” and BMO is determined to play a lead role in meeting the challenge as BMO SmartSteps is introduced to customers.

“It’s essential that banks become more accountable in helping people save and manage their day-to-day finances, and we have made a commitment to act now,” said Techar. “BMO SmartSteps delivers a straightforward approach that can add up to real savings for customers through reduced fees, lower interest costs and less money that goes towards taxes.”

BMO SmartSteps provides customers with five essential banking tips they can do on the spot as part of their visit to a branch:

• Generate automatic monthly savings
• Minimize banking fees
• Take years off of mortgage payments and become debt-free quicker
• Start saving tax-free
• Automate money transfers to avoid extra fees.

“All it takes to start saving is a 20 minute conversation with one of our experts in a branch,” said Barb Budarick, Vice President, BMO Bank of Montreal. “For example, homeowners can save tens of thousands of dollars simply by switching their monthly mortgage payment to bi-weekly payments.

“Our research shows that the banking industry has not done a good job of proactively working with customers on identifying ways to optimize day-to-day finances. We are making a commitment that our employees will help identify immediate savings for our customers before they leave a branch.”

A survey conducted by Harris/Decima reveals the Canadians polled are stressed about the economy and are looking for ways to save more money:

• 79 per cent of respondents need immediate help with their day-to-day money management
• Only one in five respondents believe their bank has been effective in helping them manage their day-to-day money
• Only two per cent of respondents have learned the most about managing their daily finances from their bank; the majority get most of their information from someone else.

In the report, respondents said they are only saving approximately half of what they wish they could be saving every month and regret not taking action sooner:

• In light of the economic downturn, the majority of those polled (57 per cent) say they would have done something differently six months ago.
• A total of 56 per cent would have spent less money or actively saved more.

“We want to avoid customers looking back and wishing they had done something differently,” added Budarick. “BMO SmartSteps is designed to provide easy banking tips that Canadians can act on right away.”

For more information about BMO SmartSteps, visit your local branch or go to www.bmo.com/smartsteps.

The Harris/Decima online poll was conducted from May 25 to June 2, 2009 and is based on a sample of 1,057 married/common-law Canadians between the ages of 25-40 years, who have a minimum household income of $60,000, and at least share in their household’s financial decisions.

Harris/Decima Report Reveals Regional Differences

• For those needing immediate help with day-to-day money matters, the sentiment is strongest in Ontario (82 per cent), compared to the Prairies (74 per cent).
• The impact of the economy on stress levels is reported more in Ontario (59 per cent), British Columbia (57 per cent), and the Prairies (52 per cent), while the lowest is in Atlantic Canada (36 per cent).
• Quebeckers (58 per cent) are more likely than Ontarians (47 per cent) to rate themselves as “average” when it comes to their ability to save money.
• Respondents from Atlantic Canada (60 per cent) and Ontario (58 per cent) are more likely than Quebeckers (45 per cent) to have overdraft projection on their account.
• Atlantic Canadians are more likely to have discussed with their bank ways to reduce service fees (46 per cent) than those from Ontario (35 per cent) and the Prairies (33 per cent).

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BMO’s Frank Techar, President and CEO, Personal and Commercial Banking, launches BMO SmartSteps. The program, offered at all BMO branches, provides five easy banking tips that can put more money back in the customer’s pocket.

TORONTO, June 23, 2009 – In honour of Toronto’s Pride Week, BMO has donated $50,000 to the Sherbourne Health Centre to further its work in providing quality health care services throughout the community. The announcement was made today at a community event held at BMO Bank of Montreal’s Church and Alexander branch.

“We’re thrilled with today’s announcement,” said Suzanne Boggild, CEO, Sherbourne Health Centre. “This generous gift will allow us to continue our work in providing much-needed primary health services to the LGBT communities, people who are homeless or under-housed, and newcomers to Canada.”

“We’re extremely pleased to support Sherbourne Health Centre, as it plays a fundamental role in helping our community thrive,” said Julia Chung, Branch Manager, Church and Alexander Branch, BMO Bank of Montreal. “BMO is an enthusiastic member of this diverse community, dedicated to making money make sense for our customers and also by supporting outstanding organizations like the Sherbourne Health Centre.”

The gift of $50,000 will continue Sherbourne’s work with individuals and families making up the diverse communities of southeast Toronto. Sherbourne Health Centre will recognize the gift with a plaque in its first-floor waiting area.

About Sherbourne Health Centre
Sherbourne Health Centre is an urban primary health care centre which provides innovative primary health care, counselling, support, outreach, health promotion, and education programs to our clients – the many individuals who reflect the diverse and vibrant communities of southeast Toronto. Sherbourne Health Centre has been providing comprehensive primary health programs and services to the LGBT communities since 2003 and frequently provides consultation and expertise on LGBT health issues.

BMO Support For LGBT Community
BMO is embedded in the LGBT community supporting a large variety of groups that enhance the lives of those in southeast neighbourhoods of Toronto. We have a long-standing commitment to the supporting groups that enhance the health and well-being of people living with HIV/AIDS and to building a supportive environment.

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KELOWNA, June 22, 2009 – The Okanagan real estate market has gone through a dramatic shift in the past year, leaving buyers and sellers with questions.

Media are invited to hear from a panel of real estate and economics experts and to participate in a question and answer session on the real estate environment in Kelowna and the Okanagan area. Discussion points include:

• Is the market literally opening doors for first-time homebuyers?
• Is now the right time to buy or will prices continue to fall?
• What trends are appearing in the market?
• What about interest rates and affordability?

Teleconference Call Line for out-of-town reporters: 1-866-386-7641
Pass code 8756972#

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For news media inquiries, please contact: (416) 867-3996

TORONTO, June 19, 2009 – Pathways to Education™, the program responsible for dramatically reducing high school dropout rates and quadrupling post-secondary enrollment in Regent Park, has teamed up with Ryerson University to host “Success at Every Step”, a one-day conference designed especially for Pathways alumni.

With the first cohort of Pathways alumni graduating from university this spring, Pathways and Ryerson want to ensure they have all the tools necessary to make the next step towards their career aspirations. Grade 12 Pathways students will also be in attendance to learn about a range of potential careers in an effort to help them choose the post-secondary institution and program that’s right for them.

The grade 12 students will have access to a number of different seminars, including sessions on fashion, DNA, engineering and sociology. The Pathways alumni will attend a workshop conducted by BMO Capital Markets focused on how to navigate their career.

BMO Capital Markets, which supports Pathways via Equity Through Education®, will also make a formal cheque presentation to Pathways to Education Canada in the amount of $1 million – the total amount that the organization has donated thus far.

“Pathways to Education has produced spectacular results, by providing intensive individualized and multi-faceted support adapted to the specific needs of each student and his or her family and social circumstances,” said L. Jacques Ménard, Chairman of BMO Capital Markets and a champion of Equity Through Education, a charitable initiative whose mission includes providing access to education for individuals who might not otherwise have the opportunity. Mr. Ménard, who chaired the action group on student retention and academic success in Quebec, added: “We have much to learn from the Pathways experience that can be implemented in communities across the country.”

• All speakers plus the Pathways students and alumni and workshop leaders will be available for interviews and photos

About Pathways for Education – www.pathwaystoeducation.ca
Pathways to Education Canada is a community-based charitable organization that is reducing poverty and its effects by lowering the dropout rate and increasing access to post-secondary education among disadvantaged youth. Pathways was developed by the Regent Park Community Health Centre which launched the initial program in 2001 and now operates in six communities, with programs in Toronto (Regent Park, Lawrence Heights, and Rexdale), as well as Kitchener, Ottawa and Montreal.

About BMO’s Equity Through Education Program – www.bmocm.com
Equity Through Education®, is a charitable initiative launched by BMO Capital Markets in 2005 to help people realize their educational ambitions by giving them opportunities to pursue those goals. Some of the proceeds from Equity Through Education, which has raised a total of $6.6 million to date, are used to fund the Pathways bursary program. Equity Through Education proceeds have funded more than 200 Pathways students. The bursaries fund post-secondary applications and/or tuition fees.

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For news media inquiries, please contact: (416) 867-3996

TORONTO, June 18, 2009 – BMO Investments Inc. today announced proposed changes to the BMO Income Trust Fund and BMO International Equity Fund to be effective on or about July 31, 2009.

BMO Income Trust Fund
Subject to unitholder approval, the investment objectives of BMO Income Trust Fund will change to allow the fund to invest primarily in companies that operate in, or are expected to benefit from, infrastructure-related businesses from around the world. If the change to investment objectives, along with proposed changes to the management and administration fees, of this fund are approved, the investment strategies and distribution policy for this fund will be revised to reflect the new objectives. In addition, the portfolio manager of the fund will change from Guardian Capital LP to Macquarie Capital Investment Management LLC, and the fund’s name will change to “BMO Global Infrastructure Fund” to reflect the above changes. A meeting of unitholders of this fund will be held on or about July 30, 2009.

BMO International Equity Fund
Subject to unitholder approval, BMO International Equity Fund will be merged into BMO International Value Class. BMO International Value Class is a class of special shares of BMO Global Tax Advantage Funds Inc. Units of BMO International Equity Fund will continue to be available for sale until the close of business on July 24, 2009, at which time new purchases into the fund will cease, except under a continuous savings plan or similar systemic plan established prior to July 24, 2009.If the proposed merger is approved, unitholders of the BMO International Equity Fund will receive shares of BMO International Value Class. The Independent Review Committee of each of BMO International Equity Fund and BMO International Value Class has determined that the proposed merger achieves a fair and reasonable result for each of these funds. A meeting of securityholders of both funds will be held on or about July 30, 2009.

About BMO Investments Inc.
BMO Investments Inc. 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 $273 billion as at April 30, 2009.

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OTTAWA, June 17, 2009 – Ottawa’s real estate market has gone through a dramatic shift in the past year, leaving buyers and sellers with questions.

Media are invited to hear what a panel of experts are saying about what’s affecting homeowners and first time buyers as well as to participate in a Q & A at the end of the session.

• What trends have been surfacing in the real estate market?
• Where is the housing market headed?
• How have current market conditions impacted the buying/selling process?
• What advice would you give to those entering the market for the first time?

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For news media inquiries, please contact: (416) 867-3996

Toronto, June 16, 2009 – Canada’s housing market has experienced a remarkable resurgence this spring with record-low mortgage rates and government incentives for first-time buyers. The condo market in Toronto and other major cities across Canada is stirring.

Expert BMO Real Estate Panel to discuss:

• Are condos the best option for first-time homebuyers? Advantages/ Disadvantages?
• What legal considerations are involved?
• Where are the condo ‘hot spots’?
• Will condos continue to be built at a fast pace?

BMO will be hosting the Condo Expo 2009 June 16-18 from 10:00 a.m. to 3:00 p.m. at street level – First Canadian Place, Toronto.

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For news media inquiries, please contact: (416) 867-3996

PICKERING, ON, June 15, 2009 – BMO Bank of Montreal today officially opened its newest branch located at 1360 Kingston Road, Unit 15 in Pickering. The branch, relocated from its old location at 1298 Kingston Road, features larger premises, expanded services and convenient hours to better serve the community.

"We are pleased to be able to continue serving the community of Pickering,” said Sheri Purcell, Branch Manager, BMO Bank of Montreal. “Our new branch offers our customers a very high level of customer service and an even broader range of specialized financial services all under one roof,” added Ms. Purcell.

The new BMO branch is club sponsor of the Pickering Soccer Club, which funds 20 teams for children aged nine and under throughout the area.

“This past weekend, BMO hosted a Mini Soccer Festival at Kinsmen Park which was a great opportunity for us to meet our friends and neighbours in the community and deepen our relationships with our customers,” said Ms. Purcell. “We’ve held several events like this before and the enthusiasm never ceases to amaze me.”

For greater convenience, the Highway 2 & Liverpool branch is wheelchair accessible, features ample parking and three Instabank machines for everyday financial transactions.

The branch will operate from:

“The Greater Toronto Area remains the economic centre of Canada and should continue to attract investment from both domestic and foreign sources,” said Robert Kavcic, Economist, BMO Capital Markets. “The city boasts above-average population growth and household income, and should continue to see solid long-term economic growth,” added Mr. Kavcic.

"If you're one of the millions of AIR MILES collectors in Canada, we have another reason for you to bank with BMO," said Craig Sullivan, Personal Banking Area Manager, Durham West, BMO Bank of Montreal. "No other bank can help you collect faster and redeem more quickly because we are the only major financial institution that rewards debit and credit card purchases, including online purchases, with access to a comprehensive choice of more than 800 reward and travel options," added Mr. Sullivan.

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For news media inquiries, please contact: (604) 665-7596

EDMONTON, AB, June 15, 2009 – BMO Bank of Montreal today opened two new branches in growing Edmonton areas, bringing the total number of full service branches in the Edmonton area to 25 and the number of branches in Alberta that receive clean, renewable electricity from Bullfrog Power to 22.

“We’re excited to be opening two new branches on the same day,” said Lynda Taylor, Vice President, Edmonton District, BMO Bank of Montreal. “BMO continues to replace our aging branches in well established markets while opening new branches in other growth marketplaces.”

“Alberta should remain an important driver of Canada’s economic growth over the next decade,” said Robert Kavcic, Economist, BMO Capital Markets. “With its proximity to vast energy reserves, Edmonton should continue to prosper as global commodity demand increases, and the city should continue to see strong population and income growth.”

The Centre 50 branch is a relocation of the Gold Bar branch, located at 5024 – 106^th Avenue. The new location is 9821 – 50^th Street, 1.5 km south of the former branch, across the street from the Capilano Mall.

“We are proud to continue our long tradition of serving customers in Centre 50’s well established community,” said Chris Menard, Personal Banking Area Manager, BMO Bank of Montreal. “We have a dedicated team of 14 financial professionals, who are motivated to deliver exceptional customer service,” added Mr. Menard.

The 97^th Street & 160^th Avenue branch is in the Namao neighbourhood, close to a major shopping area and only five minutes from the Canadian Forces Base that is home to 10,000 military and civilians.

“We are committed to making money make sense for every one of our customers and invite everyone to come in and talk to us about how we can help them save money,” said Anisha Suleman, Branch Manager at the 97^th Street & 160^th Avenue branch.

BMO’s new branches in Edmonton are part of a green energy initiative in Alberta, B.C. and Ontario. BMO Financial Group is committed to purchase over 8,300 megawatt hours of emission free electricity annually from Bullfrog Power - generated from clean, renewable sources like wind power and low-impact hydro.

For added convenience, the new branches feature two ABMs for everyday financial transactions and include a full-service drive-thru ABM, as well as ample parking for customers.

Branches hours of operation for both locations are:
Monday to Wednesday 10:00am – 4:00pm
Thursday & Friday 10:00am – 7:00pm
Saturday 10:00am – 3:00pm

“If you’re one of the millions of AIR MILES collectors in Canada, we have another reason for you to bank with BMO,” said Lynda Taylor, Vice-President, Edmonton District, BMO Bank of Montreal. “No other bank can help you collect faster and redeem more quickly because we are the only major financial institution that rewards debit and credit card purchases, including online purchases,” Ms. Taylor added.

BMO’s Corporate Responsibility in Edmonton
BMO Bank of Montreal has played an active role in the Edmonton community since 1903. BMO annually provides over $300,000 in sponsorships and donations in the Edmonton area as part of our goal to make the communities where we live and work strong and healthy. The bank donates to numerous local charitable organizations each year including: The United Way Alberta Capital Region, Concordia College, the Mazankowski Alberta Heart Institute, Grant McEwan Community College and the Royal Alexandra & Lois Hole Hospitals.

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