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BMO Harris Private Banking to Seek Regulatory Approval for Change to Investment Objective of BMO Harris International Special Equity Portfolio

TORONTO, ONTARIO--(Marketwire - July 9, 2012) - BMO Harris Investment Management Inc. (the "Manager"), the investment management arm of BMO Harris Private Banking, announced today that it will seek regulatory approval to change the investment objective of BMO Harris International Special Equity Portfolio (the "Portfolio").

The Portfolio's current investment objective is to achieve long-term growth through capital appreciation by primarily investing in small and mid-sized companies internationally.

The Manager has determined that at this time there are limited opportunities available for a mandate investing in small and mid capitalization companies in the international market, but that there are better investment opportunities in such issuers in the U.S. market. As a result, the Manager proposes that the Portfolio's investment objective be changed to reflect a U.S. small and mid capitalization equity mandate.

Providing all necessary regulatory approvals are received, the Portfolio's investment objective will be changed to achieve long-term growth through capital appreciation by primarily investing in equity securities of small and mid capitalization U.S. companies.

As a result of the investment objective change, the Manager also proposes to change the name of the Portfolio to BMO Harris U.S. Special Equity Portfolio. In addition, the Manager proposes to change the sub-advisor of the Portfolio from GlobeFlex Capital, L.P. to a new sub-advisor with expertise in the U.S. small and mid capitalization market. It is anticipated that the Portfolio will also adopt new investment strategies to reflect the investment style of the new sub-advisor. Such changes are expected to be implemented at the earliest by or about mid-September 2012.

About BMO Harris Private Banking

Backed by the heritage, stability and resources of BMO Financial Group, professionals at BMO Harris Private Banking are responsible for the successful management of wealth by providing expert advice and highly personalized services in banking, investment management, estate, trust, succession planning and philanthropic services - all in a coordinated and confident approach. With 34 offices across the country, including Halifax, Montreal, Toronto, Calgary and Vancouver, BMO Harris Private Banking is able to service clients in a variety of languages.

Rachael McKay, Toronto
(416) 867-3996

Ron Monet, Montreal
(514) 877-1873

Laurie Grant, Vancouver
(604) 665-7596