News Releases

BMO Bank of Montreal Increases Mortgage Rates

BMO Bank of Montreal today announced it is changing fixed residential mortgage rates effective March 12, 2003. The new rates are:

Fixed Rates:	To:	Change:
6 month open	6.35 %	0.35 %
6 month convertible	5.70 %	0.15 %
1 year open	6.35 %	0.15 %
1 year closed	5.10 %	0.20 %
2 year	5.60 %	0.00 %
3 year	6.00 %	0.00 %
4 year	5.35 %	0.00 %
5 year	6.60 %	0.00 %
7 year	5.99 %	0.00 %
10 year	7.90 %	0.00 %
18 year open	8.00 %	0.00 %

(The interest on fixed rate mortgages compounds semi-annually, not in advance.)

Variable rates are as follows:

Variable Rates:	To:	Change:
3 year open	4.750 %	0.00 %
6 year Below Prime	4.375 %	0.00 %
5 year protected	4.650 %	0.00 %

The cap on the five-year Protected Variable Rate Mortgage remains at 6.60%.

-30-