BMO Investments Inc., the manager of BMO Mutual Funds, has received approval from the securities regulatory authorities to invest in common shares of Bank of Montreal.

BMO Mutual Funds trustees have agreed to act as an independent committee to review the funds’ purchases, sales and continued holdings of common shares of BMO. These trustees are Peter Beattie, Carol Lascelles Gault, Kenneth McArthur, Charles White, Rafe Plant and Louise Vaillancourt-Châtillon.

All trustees are independent from and are not employees, directors, officers or associates of BMO, BMO Investments Inc., Jones Heward Investment Counsel Inc., any other portfolio manager of the funds or any associate or affiliate of those listed above.

The mandate of the trustees acting as the independent committee is to review, at least quarterly, decisions made on behalf of the funds with respect to common shares of BMO were and continue to be in the best interests of the funds.

The trustees will report the results of their review to BMO Investments Inc. at least quarterly and will advise the regulators if necessary.

Each trustee will receive a fee plus expenses for each meeting of the independent committee that the trustee attends. This fee will be allocated among the funds in a manner that is considered by the trustees to be fair and reasonable to the funds.

http://www.newswire.ca/releases/February2003/24/c3145.html