Trust is the essence of our business. We earn  trust by delivering strong returns for our  shareholders. We earn trust by providing our cus tomers with excellent service and financial solutions tailored to meet their individual needs. We earn trust, too, by treating our employees and communities responsibly and with respec t and dignity. As importantly, we inspire  trust by conducting our business according to th e principles of honesty, transparency and  accountability. In practice, this means doing as w e say we will, listening  – and responding – to criticism and, always, behaving ethically and f airly. At BMO Financial Group, trust is the foundation of our success – and our promise fo r the future.  KAREN E. MAIDMENT F. ANTHONY COMPER YVAN J.P. BOURDEAU ROSE M. PATTEN ROBERT W. PEARCE LLOYD F. DARLINGTON WILLIAM A. DOWNE RONALD G. ROGERS FRANK J. TECHAR GILLES G. OUELLETTE Le ee TEN Alm My Tr YOUR BMO FINANCIAL GR OUP MANAGEMENT TEAM 185TH ANNUAL REPORT 2002 TO OUR FELLOW SHAREHO LDERS