News Releases

HIM Monegy, Inc. and Colonial First State Global Asset Management Announce Strategic Alliance

CHICAGO, March 2, 2009 – HIM Monegy, Inc. (“Monegy”), Harris Investment Management, Inc.’s specialist high yield asset management subsidiary, and Colonial First State Global Asset Management (“CFSGAM”), Australia's largest manager of Australian-sourced funds, are pleased to announce that they have entered into a strategic alliance. Monegy will now become CFSGAM’s sole specialist provider of North American high yield asset management services.

“This alliance allows for a more integrated relationship between our two companies, in order to provide enhanced global fixed income and credit solutions for institutional investors,” said Harold Hillier, Head of BMO Asset Management, Bank of Montreal’s global investment management group.

Tony Adams, Co-Head of Global Fixed Interest and Credit at CFSGAM, said, “A key driver of the strategic alliance between CFSGAM and Monegy is the consistency between each company’s investment philosophy and process. The depth of our shared investment philosophy and Monegy’s consistent skill in their management of North American high yield assets has encouraged CFSGAM to develop and strengthen the relationship with Monegy.”

Sadhana Valia, President and Senior Portfolio Manager at Monegy, said, “This alliance acknowledges the close relationship built during the past eight years between the Global Fixed Interest and Credit team within CFSGAM and Monegy. Our relationship has centred around a shared focus on managing high quality, defensive portfolios with an emphasis on optimizing risk-adjusted returns and minimizing downside risk.”

About Monegy
Monegy, a boutique investment management company, is a registered investment advisor with the SEC. The firm is wholly owned by Chicago-based Harris Investment Management, Inc. (“HIM”) which itself is a registered investment advisor with the SEC. HIM, in turn, is indirectly owned by Bank of Montreal, one of Canada’s major banking groups. Prior to 2003, Monegy was known as BMO Monegy. Please refer to Form ADV, Part I for full disclosure of our ownership and complete list of affiliates.

Monegy has specialized in managing credit risk for third party clients for more than a decade, with an active presence across high yield bonds, loans and synthetic securities. Monegy manages over US $1 billion in high yield securities. Their expertise in fundamental credit analysis and the use of sophisticated quantitative analytics aligns well with the processes employed by Colonial First State Global Asset Management’s Global Fixed Interest and Credit team.

About BMO Asset Management
BMO Asset Management™ (“BMO AM”) is a trademark of Bank of Montreal. BMO AM is the umbrella structure for BMO Financial Group's institutional investment management companies: Jones Heward Investment Counsel Inc., Harris Investment Management, Inc., Monegy and Pyrford International Ltd.

About Colonial First State Global Asset Management
Colonial First State Global Asset Management is the consolidated asset management division of the Commonwealth Bank of Australia group, one of the largest financial institutions in Australia. Colonial First State Global Asset Management is Australia’s largest investment manager of Australian sourced funds, employing more than 200 investment professionals located in Sydney, London, Edinburgh, Singapore, Hong Kong, New York, Auckland and Jakarta. Colonial First State Global Asset Management is also represented in Beijing and Shenzen through the First State Cinda joint venture.

As at December 31, 2008, Colonial First State Global Asset Management managed more than A $128 billion across a diverse range of asset classes including Australian and global shares, short term investments, fixed interest and credit, property securities, direct property, global resources, unlisted infrastructure and listed infrastructure securities. Col onial First State Global Asset Management offers tailored investment solutions for retail, wholesale and institutional investors and applies an active and disciplined approach to managing those investments.

Chris Nardella, Chicago, chris.nardella@harrisbank.com, (312) 461-6625
Caroline Regidor, Sydney, cregidor@colonialfirststate.com.au, 02 9303 7008