Highlights Pages12and14providefurthercommentonshareholderreturn and include peer group comparisons.  The 16.2% TSR earned in fiscal 2002 compared favourably with the negative 7.7% return of the TSX Composite Total Return Index. Returns in the fourth quarter of the year were particu- larly strong. The average annual return of 7.9% for the most recent five-year period was down from the 14.3% average annual return for the five years ended October 31, 2001. The averages are affected  by the yearly TSRs included in the calculations. The decline reflected the removal of the 55.0% yearly return earned in 1997 from the averaging calculation and its replacement with the 16.2% return earned in fiscal 2002. For the five years ended October 31, 2001, BMO shareholders earned an average annual return of 14.3% on their common shares, substantially above the average annual TSX Composite Index return of 5.8%. The average annual return declined from 22.9% in the five years ended October 31, 2000, as the 42.4% total return earned in 1996 was no longer included in the average. The total return in 2001 was negative 1.2%, which compared favourably with the TSX Composite return of negative 27.5%. The five-year average annual TSR is a primary measure of shareholder value and the most important of our 11 financial performance and condition measures. Over the past five years, shareholders have earned an average annual return of 7.9%  on their investment in BMO’s common stock. This compares favourably with an average annual return for the TSX Composite Total Return Index of negative 0.3% over the same period. Appre - ciation in BMO’s stock price and dividends paid over the period are outlined in the table below. An investment of $1,000 in Bank of Montreal common shares at the beginning of fiscal 1998 would have been worth $1,462 at October 31, 2002, assuming reinvestment of dividends, for a total return of 46%. BMO’s governing objective is to maximize the total return  to shareholders and generate, over time, first-quartile total shareholder returns (TSR) relative to our Canadian and North American peer groups.  The  five-year average annual total shareholder return (TSR) repre- sents the average annual total return earned on an investment in BMO common shares made at the beginning of a five-year period. The return includes the change in share price and assumes that dividends received were reinvested in additional common shares.  2001 Compared with 2000 Total Shareholder Return b BMO investors earned an average annual return of 7.9% over the past five years and 16.2% in 2002. b BMO met its earnings targets in 2002. b EPS increased modestly from a year ago, but was up 11% excluding non- recurring items.  b Cash ROE of 14.6% rose from 13.9% in 2001, excluding non-recurring items. b BMO is the only major bank in North America to earn an ROE of more than 13% for 13 consecutive years. VALUE MEASURES Total Shareholder Return Five-Year Average AnnualGLYPH<CR> Total Shareholder Return  (%) BMO TSX GLYPH<CR> FinancialGLYPH<CR> ServicesGLYPH<CR> Index* TSX GLYPH<CR> Composite GLYPH<CR> Index* 7. 9 6.1 ( 0.3 ) ( 0.7 ) *Total return S&P 500GLYPH<CR> Index* One-Year Total GLYPH<CR> Shareholder Return  (%) BMO TSX GLYPH<CR> FinancialGLYPH<CR> ServicesGLYPH<CR> Index* TSX GLYPH<CR> Composite GLYPH<CR> Index* 16.2 ( 16.4 ) ( 7. 7 ) ( 2.1 ) *Total return S&P 500GLYPH<CR> Index* For the year ended October 31 2002 2001 2000 1999 1998 1997 Closing market price per common share ($) 38.10 33.86 35.25 28.33 31.55 30.43 Dividends paid ($ per share) 1.18 1.09 0.99 0.93 0.88 0.80 Dividends paid (%) 3.5 3.1 3.5 2.9 2.9 3.9 Increase (decrease) in share price (%) 12.5 (3.9) 24.4 (10.2) 3.7 50.0 Total annual shareholder return (%) 16.2 (1.2) 29.0 (7.4) 6.4 55.0 Total annual shareholder return assumes reinvestment of quarterly dividends and therefore does no t equal the sum of dividend and share price returns in the table. BMO FINANCIAL GROUP ANNUAL REPORT 2002 15