BMO Agrees to Buy Two Wisconsin Banks

Scotia Capital, 11 July 2007Event� Bank of Montreal announced July 10 two small acquisitions in Wisconsin for US$327.2 million representing 25.4x LTM earnings.What It Means� BMO continues to expand the Harris footprint with small high priced acquisitions with operating challenges. We view these acquisitions as mildly negative given price, low market share, difficult operating environment,