Thank you, Ambassador – it is generous of you to host this evening’s reception. We couldn’t be more pleased to have BMO back in France – a country with which we share a strong relationship; an exceptional friendship, and long-standing mutual respect and admiration.

Our company Bank of Montreal has had a long presence here – our first office opened in Place Vendôme in 1919 – and now, after a very short hiatus, the Paris office is again open.

There are many clients here this evening – it’s a chance for me to thank you personally, for allowing us the privilege of working with you. Thank you for taking time to be here.

You now have the benefit of a local BMO team here in Paris, one that’s deeply experienced and motivated by the work they do with you.

You said to us you wanted a clear window on North American markets – and the impact that developing countries are having on the value of commodities.

Canada is extraordinarily rich in natural resources… and we know a thing or two about commodities.

In fact, we have a guest here this evening who literally wrote the book on commodity investing, and that is Don Coxe – who, until the end of last year, was the Global Portfolio Strategist for BMO Capital Markets.

Now supposedly, Don is retired, but, as you can see, we haven’t let him go, and I know that several of you in this room have met with Don over the past few days to hear his ever-thought-provoking views on the topic of investing – particularly in commodities.

Don exemplifies the kind of people we like to have on our team – knowledgeable, expert, and always pragmatic people. It’s a conclusion I hope you share.

Furthermore, BMO Capital Markets has a global reputation for equity research, particularly in the United States and Canada – and for many years, it was Mike Miller (over there) who ran the research team for us. He now has overall responsibility for Equity Products and is responsible for, among other things, opening the Paris office.

It’s a matter of great pride for Mike (as it is for all of us) that the BMO Capital Markets equity research team has been ranked number one in Canada for 28 years running.

We cover more than 900 issuers in the United States and Canada, and our annual North American sector conferences sell out.

We’re committed to bringing the best companies to you. And there isn’t a better way to learn about a company than by meeting its management team. Companies like Barrick Gold, Potash Corporation, Suncor, Newmont and Agnico-Eagle, just to name a few – all of which have come or are coming here this year.

And companies like TransCanada Pipelines, one of the biggest infrastructure companies in North America.

TransCanada has a network of nearly 60,000 kilometres of pipelines reaching into every major gas basin on the North American continent – that’s enough pipe to wrap one-and-a-half times around the earth. And as it happens, the President and CEO of TransCanada is with us this evening because he is on a roadshow here in Europe, right now, organized by BMO Capital Markets.

Ladies and gentlemen, I am pleased to present my friend and colleague Hal Kvisle, who is also a director of BMO Financial Group.

If I may, I would also like to welcome another BMO director who is with us this evening, Mme Guylaine Saucier. Mme Saucier sits on many well-known boards in Canada including Petro-Canada, but she might be better known to you here in Paris as a director of two prominent French companies: Groupe Areva and, most recently, Danone.

Guylaine, Hal: thank you for being here with us.

And finally the head of our equities team in Europe, Matthieu Debost and his colleagues.

We have known Matthieu for many years, but he didn’t always work for BMO… until this spring. Let’s just say that we liked what this team was doing so much, and our clients liked what this team was doing, it seemed only natural to invite them to become part of BMO Capital Markets. We are delighted they have joined us.

We are serious about this business. We’re growing in Europe even as others have been retrenching.

Generally, Canadians believe humility is a good thing, so it’s been a little awkward to be in the spotlight. But for the second year in a row, the World Economic Forum has just declared Canadian banks the soundest in the world.

This is something you benefit from directly – dealing with a strong name – and a firm that stands behind its reputation and customers.

If you’ll allow me, I think it is important to take a moment to acknowledge the effectiveness of the Canadian regulatory system, and the way that government and regulators in Canada responded to the last 18 months.

The quality of our risk management practices in Canada and at BMO is a tangible benefit for you.

And you can count on us to deliver extraordinary value to you:

• An unwavering commitment to research
• Access to some of North America's most successful companies
• A leading distribution capability for Canadian equities in Europe
• Benefit of Canadian, U.S. and European platforms working together, for you.

And, at the core of it all, is a commitment to listen, understand and help you make sense of the choices.

And I hope, too, that if you consider investing in the banking sector, Bank of Montreal will be your top choice.

Again, ladies and gentlemen, thank you for being here with us this evening. We couldn’t be more pleased to count you among our clients.

Ambassador and Mme. Lortie, thank you for being our gracious hosts and kindly opening the doors of this spectacular residence to us all.

Please continue to enjoy the evening. I hope to have the opportunity to speak with many of you over the course of the next hour – and have the benefit of an exchange.