BMO Financial Group will improve operational efficiency, Chairman and CEO Tony Comper said today in a speech to Merrill Lynch Canada’s Canadian Banks’ CEO Conference 2003.

“BMO’s relative performance is climbing. We have gained considerable traction as a Canada-based transnational bank, and we have done so during a very difficult time for our industry,” said Comper. “As we direct intensified efforts toward our top priority of 2003, which is to substantially improve operational efficiency, we are right where we want to be: poised for aggressive growth in the North American economic space when a market turnaround takes hold.”

Comper also stated that BMO Financial Group would continue its successful strategy of investing in its core Canadian franchise and building on its selective and substantial expansion in the United States.

“We believe we are pulling all the right levers to achieve, at a minimum, the realistic financial targets for 2003 that we set at the end of November. I want to affirm for you that we will continue steering our steady course,” he said.

Comper’s speech highlighted BMO’s continued momentum in its banking operations in both Canada and the United States, the organization’s longstanding strength in credit risk management, its strong dividend track record, its disciplined approach to expense management, BMO’s approach to corporate governance, and its performance-based compensation initiatives.

A full transcript of Comper’s speech may be found at www.bmo.com/ir.