Citigroup Cuts Target Prices for BMO & RBC

Citigroup Global Markets, 19 March 2008� We are Maintaining Hold Rating but Elevating the Risk Rating � The Canadian bank stock prices have been adversely impacted along with other financial institutions on concerns of credit and liquidity. Considering the size of the banks, the significant reduction in valuations, the likely resolution to some of the credit concerns by the 2H08, we maintain the