Return on equity (ROE) is another of our primary performance measures.  We achieved an ROE of 13.4%, compared with 13.8% in 2001. BMO is the only major North American bank that has generated an ROE of more than 13% in each of the last 13 years. Excluding non-recurring items, ROE was 13.8%, up 0.9% from a year ago. Cash ROE, excluding non-recurring items, was 14.6% in 2002, within our target range of 14% to 15% and up from 13.9% in 2001. Table 3 on page 53 contains ROE statistics for the past 10 years. Pages 12 and 14 provide further comment on ROE and include peer group comparisons. ROE was 13.8% in 2001, compared with 18.0% in 2000. Excluding non-recurring items, ROE was 12.9%, down from 16.1% in the prior year. Notwithstanding the decline, performance benefited from common share repurchases in 2001. The last of our four primary value measures is net economic profit (NEP) growth.  NEP declined 15% to $368 million, because cash net income was lower in 2002 than in the previous year as a result of favour- able non-recurring items in 2001. Personal and Commercial Client Group was the only group to generate economic profit in 2002, as the other client groups generated cash returns on equity that were slightly below their cost of capital.  Pages 12 and 14 provide further comment on NEP growth and include peer group comparisons. NEP declined $330 million or 43% to $433 million in 2001, driven by a reduction in cash net income and higher average sharehold- ers’ equity, partially offset by the lower cost of capital associated with lower medium-term interest rates. Net economic profit (NEP) growth is the percentage change year-over-year in total NEP, where NEP represents cash net income available to common sharehold- ers, less a charge for capital. NEP is an effective measure of eco- nomic value added. Cash return on common share- holdersGLYPH<213> equity is calculated as above but adjusts net income by adding back the amortization of both goodwill, if any, and intan- gible assets.  Return on common sharehold- ersGLYPH<213> equity (ROE) is calculated as net income, less preferred divi- dends, as a percentage of average common shareholdersGLYPH<213> equity. Common shareholdersGLYPH<213> equity is comprised of common share capi- tal and retained earnings. BMO FINANCIAL GROUP ANNUAL REPORT 2002 17 Net Economic Profit  ($ millions, except as noted) 2001 Compared with 2000 Net Economic Profit Growth 2001 Compared with 2000 Return on Equity Cash ROE  (%) 16.1 16.1 14.8 15.9 18.8 16.9 14.8 13.9 14.2 14.6 2002 2001 2000 1999 1998 As reported Excluding non-recurring items NEP  ($ millions) 464 401 763 433 368 2002 2001 2000 1999 1998 For the year ended October 31 2002 2001 2000 1999 1998 Net income available to common shareholders 1,338 1,391 1,756 1,265 1,238 After-tax impact of non-cash goodwill and other valuation intangibles amortization  75 101 74 67 69 Cash net income available to common shareholders 1,413 1,492 1,830 1,332 1,307 Less: Charge for capital* 1,045 1,059 1,067 931 843 Net economic profit 368 433 763 401 464 Net economic profit growth (%) (15) (43) 90 (14) (5) *Charge for capital Average common shareholdersGLYPH<213> equity 9,973 10,100 9,745 8,976 8,128 Cost of capital (%) 10.5 10.5 11.0 10.4 10.4 Charge for capital 1,045 1,059 1,067 931 843