BMO Downgraded at RBC CM & Scotia Capital

RBC Capital Markets, 3 March 2006We are downgrading our rating on BMO to Underperform from Sector Perform.Investment Opinion� Vulnerable to Negative EPS Revisions. We are lowering our price target for BMO from $71 to $67, now using a 0.5 point lower target P/E multiple of 13x our revised �07 cash EPS estimate of $5.15, down from $5.25. We are holding our below-consensus 2006 cash EPS estimate at