Wednesday, March 24, 2010

*Click on title to view Comments **Click here to view Calendar of Events

Initiating Coverage
Computer Modelling Group Pason Systems Initiating Coverage at Outperform Initiating Coverage at Market Perform M. Mazar M. Mazar

Rating Changes
Golden Star Resources SouthGobi Energy Resources Upgrading to Outperform and Raising Target Price; Mines Delivering With Potential Catalysts Ahead Upgrading to Outperform (Speculative) A. Breichmanas M. Bandy

Large Cap Stocks
J.B. Hunt Transport Services Increasing Target Price to $38 on Tightening Industry Conditions Peyto Energy Trust Going Horizontal J. Granger G. Tait

Small Cap Stocks
Genivar Income Fund Legacy Oil + Gas Theratechnologies Coast Wholesale Appliances Income Fund Descartes Systems Group Glacier Media SEMAFO Target Increased to $31; Management Continues to Execute; Outperform Rating Maintained Q4/09 Results Not Much New In 1Q10; Waiting for Tesamorelin FDA Advisory Meeting Increasing Target to $5.50 on Long-Term Outlook; Q4/09 Results in Line Target Price Raised to $7.00; Porthus Acquired Trends Improving The New Premium-Rated West African Producer as Mana Exploration Potential Continues to Impress B. Powell M. Leggett J. Zhang S. MacLeod T. Moschopoulos T. Casey A. Breichmanas

Industry/Macro Comments
Apparel Retail Energy - Royalty Trusts Quantitative Analysis Quantitative Analysis Economic Research MALL TALK: March Field Team Finds Weekly Royalty Trust Report – Week Ending March 19, 2010 Relative Strength Filter — Euro Breakdown Market Elements A.M. Notes J. Morris G. Tait M. Steele M. Steele Economics

Disclosure Statements
To view important Disclosure Statements go to http://research-ca.bmocapitalmarkets.com/Company_Disclosure_Public.asp

Wednesday, March 24, 2010
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Earnings & Conference Calls
AGF Management Ltd. (AGF.B) Hochschild Mining (HOC) Endeavour Silver (EDR) EPS  EPS  EPS  ICL (ICL) Eurasian Natural Resources (ENRC) EPS  EPS Q1/10 BMO EPS $0.32 vs. $0.14 last year; First Call Mean $0.35 866-300-4047; Webcast: www.agf.com FY09 BMO EPS $0.12 vs. $0.08 last year; First Call Mean $0.20 44-203-003-2666; Replay: 44-208-198-1996 (Passcode: 7993057#) FY09 BMO EPS ($0.06) vs. ($0.37) last year; First Call Mean ($0.02) 877-240-9772 or 416-340-8530 Q4/09 BMO EPS US$0.15 vs. US$0.12 last year; First Call Mean US$0.18 877-407-0784, 201-689-8560 or 800-224-6266 FY09 BMO EPS US$0.85 vs. US$2.05 last year; First Call Mean US$0.87 10:30 am Mar. 25 2:00 pm 5:30 am 11:00 am

Today's Events & Marketing
Redback Mining (RBI)

Company presentation in Europe. Rick Clark (CEO) and Simon Jackson (VP, Corporate Development).

Atul Shah (Diversified Financials Analyst)

Marketing in Vancouver & Alberta

Eastern Platinum (ELR)

Company presentation in Europe. Ian Rozier (CEO).

TimberWest Forest (TWF.UN)

Company presentation in Montreal. Paul McElligott (President & CEO) and Bev Park (Executive VP & CFO; President & COO – Couverdon Real Estate).

John Morris (Apparel Retail Analyst) Ambrish Srivastava (Semiconductor Analyst) Dave Shove (Managed Care and Pharmacy Benefit Managers Analyst) Edwin Chee (Chemicals & Fertilizers Analyst)

Marketing in San Francisco

Marketing in New York

Marketing in Kansas City, Dallas & Austin

Marketing on the West Coast

Cedar Shopping Centers (CDR)

Company presentation in New York. Leo Ullman (CEO & President) and Larry Kreider (CFO).

Bert Hazlett (Pharmaceuticals Analyst) Ken Zaslow (Food & Agribusiness Analyst) Mike Mazar (Oil & Gas Services Analyst)

Marketing in Boston

Marketing San Francisco & Los Angeles

Marketing in Kansas City

BMO Capital Markets

Calendar of Events

Economics/Industry Data
Time
10:00 am U.S.

Data
New Home Sales

Period
Feb. (e)

BMO Capital Markets Estimate
309,000 a.r. (unch)

Previous Period
309,000 a.r. (-11.2%)

Consensus
315,000 a.r. (+1.9%)

Upcoming Events & Marketing
Redback Mining (RBI) Dave Shove (Managed Care and Pharmacy Benefit Managers Analyst) Edwin Chee (Chemicals & Fertilizers Analyst) Ken Zaslow (Food & Agribusiness Analyst) Mike Mazar (Oil & Gas Services Analyst) John Reucassel (Financials Analyst)

Company presentation in Europe. Rick Clark (CEO) and Simon Jackson (VP, Corporate Development).

Mar. 22-25

Marketing in Kansas City, Dallas & Austin

Mar. 23-25

Marketing on the West Coast

Mar. 23-25

Marketing San Francisco & Los Angeles

Mar. 24-25

Marketing in Kansas City

Mar. 24-25

Marketing in New York

Mar. 25

MOSAID Technologies (MSD)

Company presentation in Toronto. Michael Salter (Director, Investor Relations & Corporate Communications). Company presentation in New York. Dean Freeman (Sr. VP Finance & Treasurer), Kyle Ahlfinger (VP, Chief Marketing Officer) and Paul Fehlman (VP, Financial Planning & Analysis and IR). Company presentation in Toronto & Montreal. Jeff Palmer (VP of Investor Relations).

Mar. 25

Flowserve (FLS)

Mar. 25

Marvell Technology (MRVL)

Mar. 25-26

Peyto Energy Trust (PEY.UN) Dan Salmon (Marketing Services & Advertising Agencies Analyst) Bert Powell (Special Situations Analyst) Christopher Brown (Oil & Gas International Producers Analyst) Winn-Dixie Stores (WINN) Peter Sklar (Auto Parts/Food & Drug Retailing Analyst) Joanne Wuensch (Medical Technology & Devices Research Analyst)

Company presentation in Toronto. Darren Gee (President & CEO).

Mar. 25-26

Marketing in Kansas City & Dallas

Mar. 25-26

Marketing in Vancouver & Alberta

Mar. 25-26

Marketing in Europe

Mar. 25-26

Company presentation in New York

Mar. 25-26

Marketing in Vancouver

Mar. 26

Marketing Florida

Mar. 26

Page 2  March 24, 2010 (Back to Index)

BMO Capital Markets

Calendar of Events

Linamar (LNR)

Company presentation in Montreal. Linda Hasenfratz (CEO) and Mark Stoddart (Chief Technology Officer & Executive VP, Marketing).

Mar. 26

Carl Kirst (North American Pipeline Analyst)

Marketing in Montreal

Mar. 29

Bunge (BG)

Company presentation in Boston. Jackie Fouse (CFO) and Mark Haden (Director of Investor Relations).

Mar. 29

Alan Laws (Oil Services Analyst) Tim Long (Communications Equipment Analyst)

Marketing in Atlanta

Mar. 29

Marketing in the Mid-Atlantic

Mar. 29

TELUS (T)

Company presentation in New York & Boston. Bob McFarlane (EVP & CFO) and Robert Mitchell (Investor Relations). Company presentation in Los Angeles & San Francisco. Mike McAllister (VP, Canadian Deep Basin (Montney & Bighorn)), Todd Brown (Team Lead, Texana (Haynesville)) and Ryder McRitchie (VP, Investor Relations). Company presentation in Montreal. Bob McFarlane (EVP & CFO) and Robert Mitchell (Investor Relations).

Mar. 29

EnCana (ECA)

Mar. 29-31

TELUS (T)

Mar. 30

Bert Hazlett (Pharmaceuticals Analyst) Karen Short (Food Retailing Analyst)

Marketing in Boston

Mar. 30

Marketing in Chicago

Mar. 30

Artis REIT (AX.UN)

Company presentation in Chicago. Armin Martens (President & CEO) and Jim Green (CFO).

Mar. 31

Ballard Power Systems (BLD) Mike Vinciquerra (Exchanges & Discount Brokers Analyst) Dan Salmon (Marketing Services & Advertising Agencies Analyst) Karine MacIndoe (Real Estate & REITs Analyst) Dan Salmon (Marketing Services & Advertising Agencies Analyst) Wayne Hood (Broadline Retailing Analyst) Andrew Kaip (Precious Metals & Mining Analyst)

Company presentation in Toronto

Mar. 31

Marketing in Boston

Mar. 31

Marketing in Chicago

Mar. 31-Apr. 1

Marketing in the Mid-Atlantic region

Apr. 1

Marketing in the Pacific Northwest

Apr. 5

Marketing in New York

Apr. 5-6

Marketing in Boston & New York

Apr. 5-7

INV Metals (INV)

Company presentation in Toronto. Bob Bell (President & CEO) and Candace MacGibbon (CFO).

Apr. 6

Page 3  March 24, 2010 (Back to Index)

BMO Capital Markets

Calendar of Events

Gordon Tait (Royalty & Income Trusts Analyst) Meredith Bandy (Coal Analyst) Connie Maneaty (Personal Care & Household Products Analyst) Lana Chan & Peter Winter (Financial Institutions Analysts)

Marketing in Vancouver

Apr. 6

Marketing in Boston

Apr. 6

Marketing in Richmond & Atlanta

Apr. 6

Marketing in Texas

Apr. 6-8

Gammon Gold (GAM) Joanne Wuensch (Medical Technology & Devices Research Analyst) Karine MacIndoe (Real Estate & REITs Analyst) Claude Proulx (Airlines & Special Situations Analyst)

Company presentation in Boston & New York. Scott Perry (CFO) and Anne Day (Director, IR).

Apr. 6-9

Marketing in the Mid-West

Apr. 7

Marketing in Vancouver

Apr. 7

Marketing in Toronto

Apr. 7-8

Cap REIT (CAR.UN) Christopher Brown (Oil & Gas International Producers Analyst) Alan Laws (Oil Services Analyst) Christopher Brown (Oil & Gas International Producers Analyst) Carl Kirst (North American Pipeline Analyst) Wayne Hood (Broadline Retailing Analyst)

Company presentation in Winnipeg & Vancouver. Tom Schwartz (President & CEO) and Richard Smith (CFO).

Apr. 7-8

Marketing in Winnipeg

Apr. 8

Marketing in New York & Connecticut

Apr. 8-9

Marketing in Toronto

Apr. 9

Marketing in Boston

Apr. 12

Marketing in Europe

Apr. 12-14

Gammon Gold (GAM)

Company presentation in Texas, L.A. & San Francisco. Scott Perry (CFO) and Anne Day (Director, IR). Company presentation in Europe. Kevin Crutchfield (CEO), Frank Wood (CFO) and Allen Todd (VP, IR). Company presentation in Europe. Kevin Crutchfield (CEO), Frank Wood (CFO) and Allen Todd (VP, Investor Relations).

Apr. 12-14

Alpha Natural Resources (ANR)

Apr. 12-15

Alpha Natural Resources (ANR)

Apr. 12-16

Detour Gold Corp. (DGC)

Company presentation in Europe

Apr. 12-16

New Gold (NGD)

Company presentation in Europe

Apr. 12-16

Page 4  March 24, 2010 (Back to Index)

BMO Capital Markets
Randy Ollenberger (Oil & Gas Producers & Integrated Oils Analyst) Gordon Tait (Royalty & Income Trusts Analyst)

Calendar of Events

Marketing in Toronto

Apr. 13-15

Marketing in Montreal

Apr. 14

General Mills (GIS)

Company presentation in the Mid-Atlantic. Don Mulligan (CFO) and Kristen S. Wenker (VP, Investor Relations).

Apr. 14

Carl Kirst (North American Pipeline Analyst) Jim Byrne (Integrated Oils & Refiners Analyst) Paul Adornato & Richard Anderson (U.S. REITs Analysts) Jeffrey Logsdon (Entertainment & Gaming Analyst)

Marketing in the Mid-West

Apr. 14-15

Marketing in Vancouver

Apr. 15

Marketing in Boston

Apr. 15

Marketing in Boston

Apr. 15-16

Gammon Gold (GAM) Randy Ollenberger (Oil & Gas Producers & Integrated Oils Analyst) Osisko Mining (OSK)

Company presentation in Toronto. Scott Perry (CFO) and Anne Day (Director, IR).

Apr. 16

Marketing in Montreal

Apr. 16

Company presentation in Europe

Apr. 19-23

Gordon Tait (Royalty & Income Trusts Analyst)

Marketing in Toronto

Apr. 20-21

Alamos Gold (AGI)

Company presentation in Europe. John A. McCluskey (President and CEO) and Jeremy Link (Investor Relations Manager).

Apr. 21

John Morris (Apparel Retail Analyst)

Marketing in the Pacific Northwest

Apr. 21

Pacific Rubiales (PRE)

Company presentation in Europe

Apr. 22-23

If you are interested in any of the above events, please contact your BMO Capital Markets Institutional Equity/Fixed Income salesperson, or the following: Toronto Events: Laura Heuff 416-359-5816 Montreal Events: Marjorie Heppell at 514-286-7231 Western Canada Events: Jennifer Crombie 604-443-1452 U.S. Events: Angela Dong 212-702-1969 Europe Events: Hannah Pead 44-207-246- 5418 Sources: BMO Capital Markets; Thomson StreetEvents (www.streetevents.com)

Page 5  March 24, 2010 (Back to Index)

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Computer Modelling Group
(CMG-TSX)
Stock Rating: Outperform Industry Rating: Market Perform

March 23, 2010 Research Comment Calgary, Alberta

Michael Mazar, CFA
(403) 515-1538 Michael.Mazar@bmo.com Jason A. Zhang

Price (22-Mar) Target Price

$16.80 $21.00

52-Week High 52-Week Low

$17.71 $8.65

Initiating Coverage at Outperform
Price: High,Low,Close

Computer Modelling Group (CMG)

The Company
CMG is the world leader in developing and supplying dynamic reservoir simulation software. The company’s products aid its customers in understanding the physics and hydrocarbon flow characteristics of their reservoirs prior to development, which helps determine extraction processes and, ultimately, recover more hydrocarbons. The company has more than 350 customers in 50 countries, roughly 125 employees and is headquartered in Calgary, Alberta.

15 10 5 0 2 1 0
1000 500 0
CMG Relative to S&P/TSX Comp Volume (mln)

15 10 5 0 2 1 0
1000 500 0

Forecasts
We expect CMG to generate EPS of $0.90 in fiscal 2011 (the company has a March 31 year-end) and $1.00 in fiscal 2012, up from $0.81 in fiscal 2010. Revenues are expected to grow from $45.7 million in 2010 to $50.3 million in 2011 and $55.6 million in 2011. Our estimates assume essentially a 100% renewal rate for existing annuity/maintenance licences.

2005

2006

2007

2008

2009

Last Data Point: March 19, 2010

(FY-Mar.) EPS P/E CFPS P/CFPS Total Debt ($mm) ROCE (%) LT Liab. (%) EV/EBITDA Quarterly EPS 2009A 2010E 2011E Dividend Book Value Shares O/S (mm) Float O/S (mm) Wkly Vol (000s) Net Debt ($mm)

2009A $0.95

2010E $0.81 20.7x $0.92 18.2x $0 nm nm 12.6x Q2 $0.17 $0.13 $0.17

2011E $0.90 18.8x $0.95 17.7x $0 nm nm 11.2x Q3 $0.28 $0.22 $0.23

2012E $1.00 16.9x $1.06 15.8x $0 nm nm 10.0x Q4 $0.35 $0.30 $0.29 4.3% 10.9x $297 $223 $1.9 May (E)

$1.05

Valuation
CMG’s shares currently trade at 18.8x F2011E EPS and 16.9x F2012E EPS, roughly in line with the Canadian energy services group averages. EV/EBITDA is not as relevant a metric for CMG as P/E because of the extremely low capital base and therefore very low depreciation. Despite its small size, we believe that CMG should trade at a premium to the group in light of its steady cash flows, high free cash flow yield, industry leading EVA and ROE performance, dominant market position and exceptionally strong balance sheet. Our $21 target price is based on a P/E of 23.4x 2011E EPS and 21.1x 2012E EPS.

$0 nm nm 5.1x Q1 $0.15 $0.15 $0.21 $0.72 $1.54 17.7 13.3 129 -$28.9

Yield Price/Book Mkt. Cap ($mm) Float Cap ($mm) Wkly $ Vol (mm) Next Rep. Date

Recommendation
We are initiating coverage of Computer Modelling Group with an Outperform rating and a $21 target price.

Notes: All values in C$ Major Shareholders: Foundation CMG (12.8% Non Voting), Directors and Officers (12.6%) First Call Mean Estimates: COMPUTER MODELLING GROUP LTD (C$) 2010E: $0.76; 2011E: $0.95

This report was prepared by an analyst(s) employed by BMO Nesbitt Burns Inc., and who is (are) not registered as a research analyst(s) under FINRA rules. For disclosure statements, including the Analyst's Certification, please refer to pages 13 to 15.

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Pason Systems
(PSI-TSX)
Stock Rating: Market Perform Industry Rating: Market Perform

March 23, 2010 Research Comment Calgary, Alberta

Michael Mazar, CFA
(403) 515-1538 Michael.Mazar@bmo.com Jason A. Zhang

Initiating Coverage at Market Perform
The Company
Pason is the world’s largest provider of oilfield instrumentation, on a per day rental basis, that enables data acquisition of reservoirs and the drilling process to enhance efficiency, safety and economics. Pason does this by offering a suite of products that are added to a land-based drilling or workover rig with a communications link so that data can be stored and analyzed both at the wellsite and at offsite locations. Pason has been in business since 1978 and has been publicly traded on the TSX since 1996.

Price (22-Mar) Target Price
Price: High,Low,Close

$11.59 $13.00

52-Week High 52-Week Low

$13.34 $8.90

Pason Systems (PSI)
Earnings/Share

1.0 0.8

20

15

0.6 0.4

10

0.2 -0.0

5 10 5 0 200
PSI Relative to S&P/TSX Comp Volume (mln)

-0.2

10 5 0 200 100 0

Forecasts
We expect Pason to generate EPS of $0.26 in 2010, growing to $0.66 in 2011 as drilling activity continues to recover from trough 2009 levels. Revenues are expected to be $227.1 million in 2010 and $288.5 million in 2011. We expect improving operating margin performance in 2010 with margins of just over 51% versus 50% in 2009, but still well below the 64% achieved in 2008.

100 0

2005

2006

2007

2008

2009

Last Data Point: March 22, 2010

(FY-Dec.) EPS P/E CFPS P/CFPS Total Debt ($mm) ROCE (%) LT Liab. (%) EV/EBITDA Quarterly EPS 2008A 2009A 2010E Dividend Book Value Shares O/S (mm) Float O/S (mm) Wkly Vol (000s) Net Debt ($mm)

2008A $0.75

2009A -$0.07

2010E $0.26 44.7x $0.91 12.7x $0.0 13% -85% 10.0x Q3 $0.26 -$0.05 $0.07

2011E $0.66 17.5x $1.27 9.2x $0.0 32% -131% 6.6x Q4 $0.15 $0.03 $0.12 2.4% 3.1x $945 $537 $5.6 May (E)

$1.52

$0.51

Valuation
Pason’s shares currently trade at 10.0x 2010E EBITDA and 6.6x 2011E EBITDA. This is a modest premium to the company’s small- to mid-cap Canadian energy services peer group average. While we believe a modest premium is warranted in light of the company’s dominant competitive position, track record for growth, high level of exposure to the secular trend toward more complex drilling programs and its strong balance sheet, we believe the current valuation is discounting a stronger drilling environment in 2011 than is likely given continued challenging natural gas price fundamentals. Our $13 target price is based on 7.6x 2011E EBITDA.

$0.0 42% -75% 7.2x Q1 $0.26 $0.06 $0.12 $0.28 $3.79 81.5 46.3 526 -$119.9

$0.0 -3% -64% 20.2x Q2 $0.08 -$0.11 -$0.06

Yield Price/Book Mkt. Cap ($mm) Float Cap ($mm) Wkly $ Vol (mm) Next Rep. Date

Recommendation
We are initiating coverage of Pason with a Market Perform rating and $13 target price.

Notes: All values in C$ Major Shareholders: James Hill (President and CEO) (20.0%), Royce & Associates (12.9%), Caisse De Depot (10.3%) First Call Mean Estimates: PASON SYSTEMS INC (C$) 2010E: $0.34; 2011E: $0.70

This report was prepared by an analyst(s) employed by BMO Nesbitt Burns Inc., and who is (are) not registered as a research analyst(s) under FINRA rules. For disclosure statements, including the Analyst's Certification, please refer to pages 10 to 12.

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Golden Star Resources
(GSS-AMEX; GSC-TSX)
Stock Rating: Outperform Industry Rating: Outperform

March 24, 2010 Research Comment Toronto, Ontario

Andrew Breichmanas
(416) 359-8387 Andrew.Breichmanas@bmo.com

David Haughton
Assoc: Jeffrey Schok / Steven Willis

Upgrading to Outperform and Raising Target Price; Mines Delivering With Potential Catalysts Ahead
Event
Following a review of estimates, BMO Research is upgrading Golden Star Resources to Outperform and raising the target price to US$5.

Price (23-Mar) Target Price

$3.79 $5.00

52-Week High 52-Week Low

$4.39 $1.17

Golden Star Resources (GSS)
Price: High,Low,Close(US$) Earnings/Share(US$)
0.05

5
-0.00

4
-0.05

3 2 1

-0.10 -0.15 -0.20 -0.25

Impact
Positive. The company has recently focused on demonstrating consistent performance from its two mines, delivered solid operational results in 2009 and appears poised to generate significant cash this year as it begins to focus on its next phase of growth. Cash flow from operations was US$123M in 2009 and the mines generated free cash flow of US$55M. Cash at year-end was US$154M, allowing the company to double its exploration budget for 2010 to US$18M.

0 200 100 0 200 100 0
GSS Relative to S&P 500 Volume (mln)

200 100 0 200 100 0

2005

2006

2007

2008

2009

Last Data Point: March 22, 2010

Forecasts
BMO Research forecasts are unchanged. Current estimates do not include any contribution from processing ore from Prestea South at the Bogoso oxide plant in 2010. No value is ascribed to the Prestea Underground, but development could add approximately US$0.25 per share to NPV estimates and increase annual production by roughly 40,000oz.

(FY-Dec.) EPS P/E CFPS P/CFPS

2008A -$0.16

2009A $0.02

2010E $0.15 24.7x $0.61 6.2x $1,150 400.0 $657 $971 Q3 -$0.10 $0.00 $0.04

2011E $0.26 14.8x $0.78 4.9x $1,150 477.9 $632 $934 Q4 -$0.03 $0.03 $0.03 0.0% 1.9x $976 $971 $63.5 May (E)

$0.10

$0.51

Real'd Price ($/oz) $870 Prod'n (000 oz.) 295.9 Ttl. Cash Cost ($/oz) $743 Ttl. Prod. Cost $954 Quarterly EPS 2008A 2009A 2010E Dividend Book Value Shares O/S (mm) Float O/S (mm) Wkly Vol (000s) Net Debt ($mm) Q1 -$0.02 -$0.01 $0.05 $0.00 $2.02 257.4 256.2 21,572 -$29.5

$978 409.9 $595 $899 Q2 -$0.03 $0.00 $0.04

Valuation
The US$5 target price is based on a blend of 1.3x the BMO Research 10% NPVPS estimate at spot prices and 10x the 2010 CFPS forecast.

Recommendation
Golden Star is rated Outperform. The company offers attractive relative value with possible catalysts for re-rating through permitting of Prestea South, progress at Prestea Underground, and results from newly expanded drill programs.

Yield Price/Book Mkt. Cap (US$mm) Float Cap (US$mm) Wkly $ Vol (USmm) Next Rep. Date

Notes: All values in US$ Major Shareholders: Sentry Select Capital (16.5%), Van Eck Associates (5.30%) First Call Mean Estimates: GOLDEN STAR RESOURCES LTD. (US$) 2010E: $0.23; 2011E: $0.35

Changes

Target $4.00 to $5.00 Rating Mkt to OP

This report was prepared by an analyst(s) employed by BMO Nesbitt Burns Inc., and who is (are) not registered as a research analyst(s) under FINRA rules. For disclosure statements, including the Analyst's Certification, please refer to pages 8 to 11.

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SouthGobi Energy Resources
(SGQ-TSX)
Stock Rating: Outperform(S) Industry Rating: Market Perform

March 24, 2010 Research Comment Denver, Colorado

Meredith Bandy, CFA
(303) 436-1113 Meredith.Bandy@bmo.com

Price (23-Mar) Target Price

$16.16 $21.00 

52-Week High 52-Week Low

$20.39 $9.00

Upgrading to Outperform (Speculative)
Event
BMO Research is upgrading SouthGobi to Outperform (Speculative) from Market Perform (Speculative) and maintaining the price target of C$21. Prior to the Hong Kong listing (priced January 22); SouthGobi shares ran up to over C$20, but have since been range-bound around C$16–17/share. BMO is also adjusting estimates for Q4/09 results (reported March 22, 2010).
20

South Gobi Energy Resources (SGQ)
Price: High,Low,Close Earnings/Share(US$)
-0.30

-0.35

15
-0.40

10 5 0 4 2
Volume (mln)
-0.45

-0.50

4 2 0

Impact
Positive.

0
2000 1000
SGQ Relative to S&P/TSX Comp

2000 1000 0

Forecasts
BMO forecasts that SouthGobi’s Ovoot Tolgoi and Soumber mines reach full production of 10.5Mt saleable coal production by YE2013, up from 1.3Mt of sales in 2009. The revised model assumes a slightly slower production ramp, but also incorporates the company’s guidance on higher realized coal pricing. The net effect is a decrease in 2010–12 earnings, but a slightly higher NPV.

0

2005

2006

2007

2008

2009

Last Data Point: March 22, 2010

(FY-Dec.) EPS P/E CFPS P/CFPS Rev. ($mm) EV ($mm) EBITDA ($mm) EV/EBITDA Quarterly EPS 2008A 2009A 2010E Dividend Book Value Shares O/S (mm) Float O/S (mm) Wkly Vol (000s) Net Debt ($mm)

2008A -$0.48

2009A -$0.37

2010E $0.00 na $0.17 92.2x $111 $2,691 $27 99.7x Q3 -$0.17 -$0.11 $0.01

2011E $0.31 50.6x $0.56 28.0x $252 $2,934 $114 25.7x Q4 -$0.10 -$0.12 $0.05 0.0% 1.1x $2,964 $802 $3.5 15-Jun (E)

-$0.01

-$0.10

Valuation
BMO’s 10% NPV per share increased 2% from US$22.56 (C$23.01) to US$22.93 (C$23.39).

$3 $1,938 -$60 na Q1 -$0.10 -$0.07 -$0.02 $0.00 $14.69 183.4 49.6 231 -$516.3

$36 $2,344 -$28 na Q2 -$0.10 -$0.06 -$0.03

Recommendation
BMO Research is upgrading SouthGobi to Outperform (Speculative) from Market Perform (Speculative) and maintaining the price target of C$21. SouthGobi currently trades at about 70% of NPV whereas the rest of the coals trade at over 90% NPV. On BMO’s estimates, the weakness in the shares following the Hong Kong listing represents a good entry point for long-term investors. SouthGobi has an excellent growth profile with accesses to growing regional Chinese coal demand.
Changes
Annual EPS 2010E $0.11 to $0.00 2011E $0.41 to $0.31 Annual CFPS 2010E $0.33 to $0.17 2011E $0.74 to $0.56

Yield Price/Book Mkt. Cap ($mm) Float Cap ($mm) Wkly $ Vol (mm) Next Rep. Date

Notes: Share price and market capitalization in C$, all other values in US$ Major Shareholders: Ivanhoe Mines Ltd (57.7%), CIC (13.6%) First Call Mean Estimates: SOUTHGOBI ENERGY RESOURCES LTD (US$) 2009E: -$0.35; 2010E: $0.01; 2011E: $0.38

Quarterly EPS Q1/10E -$0.02 to -$0.02 Q2/10E $0.03 to -$0.03 Q3/10E $0.05 to $0.01 Q4/10E $0.05 to $0.05

Rating Mkt(S) to OP(S)

This report was prepared in part by an analyst(s) employed by a Canadian affiliate, BMO Nesbitt Burns Inc., and who is (are) not registered as a research analyst(s) under FINRA rules. For disclosure statements, including the Analyst's Certification, please refer to pages 5 to 7.

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J.B. Hunt Transport Services
(JBHT-NASDAQ)
Stock Rating: Market Perform Industry Rating: Market Perform

March 23, 2010 Research Comment Toronto, Ontario

Jason Granger, CA, CFA
(416) 359-4293 Jason.Granger@bmo.com
Price (23-Mar) Target Price $36.54 $38.00 52-Week High 52-Week Low $36.93 $21.90

Increasing Target Price to $38 on Tightening Industry Conditions
Event
Conditions among active vehicles in the Truckload segment have been tightening.

J.B. Hunt Transport Services (JBHT)
Price: High,Low,Close(US$) Earnings/Share(US$)

1.6 1.5 1.4 1.3 1.2 1.1 1.0

40 35 30 25 20 15 100 50
Volume (mln)

Impact
Positive.

100 50 0

Forecasts
We are not making any changes to our 2010 forecast; however, we are increasing our 2011 EPS estimate to $1.89 from $1.72.

0 200 100 0
JBHT Relative to S&P 500

200 100 0

Valuation
We are increasing our target price to $38 from $32 to reflect the increase to our 2011 earnings estimate and some multiple expansion, with improvements in industry conditions. Our target is based on 20.2x our 2011 EPS forecast and 8.6x our 2011 EBITDA estimate.

2005

2006

2007

2008

2009

Last Data Point: March 22, 2010

(FY-Dec.) 2008 EPS P/E CFPS P/CFPS Rev. ($mm) EV ($mm) EBITDA ($mm) EV/EBITDA Quarterly EPS 2008A 2009A 2010E Dividend Book Value Shares O/S (mm) Float O/S (mm) Wkly Vol (000s) Net Debt ($mm)

A $1.56

2009A $1.10

2010E $1.41 25.9x $2.98 12.3x $3,410 $5,127 $511 10.0x $0.47 $0.31 $0.42

2011E $1.89 19.3x $3.41 10.7x $3,805 $4,920 $596 8.3x $0.41 $0.32 $0.43

$3.48

$2.64

Recommendation
Industry reports suggest the supply-demand balance is nearing equilibrium in some regions and we expect this trend to become more widespread in H2/10, driven by continued supply contraction (with an acceleration in bankruptcies) and firming in demand. Improvements in industry conditions should have a more meaningful impact on pricing in 2011, which should bode well for JB Hunt’s intermodal, Dedicated Carriage and Truckload business lines. Approximately 88% of 2009 revenues were generated from intermodal, DCS and freight brokerage. These services have more defensible characteristics and higher barriers to entry than typical truckload. The company’s strong presence in intermodal and the nature and location of its network position it well to continue to capitalize on some unique opportunities. Notwithstanding these factors, we currently do not see enough upside in valuation to warrant an Outperform rating on the stock. Low rates have already been locked in by many shippers for 2010. JB Hunt is rated Market Perform.
Changes
Annual EPS 2011E $1.72 to $1.89 Annual CFPS 2011E $3.24 to $3.41

$3,732 $4,631 $564 8.2x

$3,203 $3,944 $447 8.8x

Q1 Q2 Q3 Q4 $0.28 $0.39 $0.24 $0.23 $0.25 $0.31 $0.48 $5.06 127.2 Mkt 89.4 9,916 $557.2

Yield 1.3% Price/Book 7.2x . Cap (US$mm) $4,648 Float Cap (US$mm) $3,265 Wkly $ Vol (USmm) $300.7 Next Rep. Date April (E)

Target $32.00 to $38.00

This report was prepared by an analyst(s) employed by BMO Nesbitt Burns Inc., and who is (are) not registered as a research analyst(s) under FINRA rules. For disclosure statements, including the Analyst's Certification, please refer to pages 3 to 5.

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Peyto Energy Trust
(PEY.UN-TSX)
Stock Rating: Market Perform Industry Rating: Market Perform

March 23, 2010 Research Comment Calgary, Alberta

Gordon Tait, CFA
(403) 515-1501 Gordon.Tait@bmo.com Assoc: Chris Bolton, CFA/Peter Kranz, P. Eng.

Going Horizontal
Event
We recently met with Peyto management to get an update on their drilling results and future drilling inventory.

Price (23-Mar) Target Price
Price: High,Low,Close

$13.32 $14.50 

52-Week High 52-Week Low

$14.99 $7.43

Peyto Energy Trust (PEY.UN) 35 30 25 20 15 10 5
Volume (mln)

35 30 25 20 15 10 5 20 10 0
PEY.UN Relative to S&P/TSX Comp TRI

Impact
Slightly Positive.

Forecasts
Our per unit operating cash flow estimates (CFPU) increase to $1.90 from $1.60 in 2010 and to $2.12 from $1.92 in 2011. We are increasing our 2010 cash distribution per unit (CDPU) estimate to $1.44 from $1.08. Our 2011, CDPU estimate remains unchanged at $1.08.

20 10 0 200 100 0

200 100 0

2005

2006

2007

2008

2009

Valuation
Our $14.50 target price is based on 6.7x 2010E debt-adjusted cash flow (DACF) plus $4.96 per unit to account for our risked estimate of its development upside (9.1x 2010E DACF only).

Last Data Point: March 22, 2010

(FY-Dec.) 2008 CDPU P/CDPU CFPU P/CFPU Oil & Liq (b/d) Nat. Gas (MMcf/d) Boe/d (6:1) EV/EBITDA Quarterly CDPU 2008A 2009A 2010E Annual Dist. Book Value Units O/S (mm) Float O/S (mm) Wkly Vol (000s) Net Debt ($mm)

A $1.76

2009A $1.47

2010E $1.44 9.3x $1.90 7.0x 3,800 109.8 22,100 8.8x $0.45 $0.36 $0.36

2011E $1.08 12.3x $2.12 6.3x 3,900 118.2 23,600 8.0x $0.45 $0.36 $0.36 10.8% 2.5x $1,531 $1,396 $22.6 May (E)

$2.71

$1.79

Recommendation
Peyto continues to be one of the lowest cost operators in western Canada and has historically demonstrated relatively high capital efficiency. While Peyto is relatively new to horizontal drilling (13 wells spud to date) initial results have been encouraging. The advent of horizontal drilling with multi-stage fracs has the potential to add significant production and reserves at relatively attractive metrics. We believe Peyto is a good bet for investors that are moderately bullish on the outlook for natural gas. However, BMO Capital Markets does not share a particularly bullish view on North American natural gas prices. Consequently, we believe that the unit/share price of a natural gas producer such as Peyto may be range-bound until the outlook for natural gas prices improves. Based on our total return outlook, we continue to rate Peyto Energy Trust Market Perform.
Changes
Annual CDPU 2010E $1.08 to $1.44 Annual CFPU 2010E $1.60 to $1.90 2011E $1.92 to $2.12

3,265 100.4 19,996 6.7x

3,028 92.7 18,481 7.5x

Q1 Q2 Q3 Q4 $0.42 $0.44 $0.39 $0.36 $0.36 $0.36 $1.44 $5.33 114.9 Mkt 104.8 2,046 $435.0

Yield Price/Book . Cap ($mm) Float Cap ($mm) Wkly $ Vol (mm) Next Rep. Date

Notes: All values in C$; Net debt and Units O/S at Q4/09 Major Unitholders: 9% held by management and directors First Call Mean Estimates: Not Available

Quarterly CDPU Q1/10E $0.27 to $0.36 Q2/10E $0.27 to $0.36 Q3/10E $0.27 to $0.36 Q4/10E $0.27 to $0.36

This report was prepared by an analyst(s) employed by BMO Nesbitt Burns Inc., and who is (are) not registered as a research analyst(s) under FINRA rules. For disclosure statements, including the Analyst's Certification, please refer to pages 9 to 12.

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Genivar Income Fund
(GNV.UN-TSX)
Stock Rating: Outperform Industry Rating: Outperform Member of: Top 15 Small Cap Stock Selections Top 15 Growth Stock Selections

March 23, 2010 Research Comment Toronto, Ontario

Bert Powell, CFA
(416) 359-5301 Bert.Powell@bmo.com Assoc: Luigi Di Pede, CFA

Target Increased to $31; Management Continues to Execute; Outperform Rating Maintained
Event
Genivar reported Q4/09 net revenues of $108.7 million, up 16.6% year over year, versus our expectation of $108.2 million. Reported EBITDA was $21.0 million versus our expectation of $21.6 million, and was negatively affected by a $1.4 million non-cash F/X loss. EPU were $0.48 versus our expectation of $0.53. Excluding the F/X loss, earnings were in line with expectations.

Price (23-Mar) Target Price
Price: High,Low,Close

$27.62 $31.00

52-Week High 52-Week Low

$29.14 $21.65

Genivar Income Fund (GNV.UN)
Earnings/Share

2.5 2.0 1.5 1.0 0.5

30 25 20 15 10 5 4 2 0 400 200 0
GNV.UN Relative to S&P/TSX Comp Volume (mln)

4 2 0 400 200 0

Impact
Neutral.

Forecasts
For 2010, we forecast net revenue of $471.8 million and EPU of $2.57. For 2011, we forecast net revenues of $561.3 million and EPU of $2.36.

2006

2007

2008

2009

Last Data Point: March 22, 2010

(FY-Dec.) 2008 CDPU P/CDPU DCPU P/DCPU Payout % EV ($mm) EBITDA ($mm) EV/EBITDA Quarterly CDPU 2008A 2009A 2010E Distribution Book Value Units O/S (mm) Float O/S (mm) Wkly Vol (000s) Net Debt ($mm)

A $1.70

2009A $1.95

2010E $1.50 18.4x $2.93 9.4x 51% $698 $99 7.1x $0.38 $0.38 $0.38

2011E $1.50 18.4x $2.93 9.4x 51% $723 $117 6.2x $0.83 $0.83 $0.38

Valuation
Our $31 target is based on 8.0x 2011E EV/EBITDA discounted back one year at 15.0%.

$2.42

$2.56

72% $529 $69 7.7x

79% $621 $79 7.9x

Recommendation
Genivar delivered an in-line quarter with better-than-expected organic growth despite a challenging economic environment. Operating margins continued to remain fairly stable and backlog improved y/y. We remain confident management will continue to execute on the M&A front and the strong balance sheet provides the flexibility to pursue additional acquisition opportunities. We continue to rate Genivar Outperform and have increased our target price to $31 from $30.

Q1 Q2 Q3 Q4 $0.25 $0.25 $0.38 $0.38 $0.38 $0.38 $1.50 $10.52 27.2 Mkt 27.2 206 -$45.9

Yield 5.4% Price/Book 2.6x . Cap ($mm) $751 Float Cap ($mm) $751 Wkly $ Vol (mm) $5.3 Next Rep. Date 20-May (E)

Notes: All values in C$ Major Unitholders: Goodman & Company (4.1%); British Columbia Investment Management (3.0%); Montrusco Bolton (2.86%) First Call Mean Estimates: GENIVAR INCOME FUND (C$) 2009E: $2.13; 2010E: $2.30; 2011E: $2.05

Changes

Annual DCPU 2010E $3.15 to $2.93 2011E $2.92 to $2.93

Target $30.00 to $31.00

This report was prepared by an analyst(s) employed by BMO Nesbitt Burns Inc., and who is (are) not registered as a research analyst(s) under FINRA rules. For disclosure statements, including the Analyst's Certification, please refer to pages 7 to 9.

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Legacy Oil + Gas
(LEG-TSX)
Stock Rating: Outperform Industry Rating: Market Perform

March 24, 2010 Research Comment Calgary, Alberta

Mark Leggett, CFA
(403) 515-1508 Mark.Leggett@bmo.com Assoc: Jason Chang

Q4/09 Results
Event
Legacy reported Q4/09 CFPS of $0.27, slightly above our estimate of $0.23, primarily reflecting lower operating costs. Average production of 4,728 boe/d was in line with our forecast of 4,832 boe/d. The company exceeded 2009 exit production guidance of 5,750 boe/d reflecting strong drilling results. Proved plus probable (2P) reserves in 2009 were 16.1 MMboe. Legacy completed a Q4/09 drilling program of 23 (18.0 net) wells with a 100% success rate including 9.9 net Bakken horizontal wells in the Stoughton/Heward, Star Valley and Taylorton areas. To date in Q1/10, Legacy has drilled 18 (14.2 net) wells. The initial 2010 capital budget of $117 million was maintained consisting of 76 (58.7 net) wells targeting light oil. Based on this budget, Legacy expects to achieve average production of 6,525 boe/d (97% oil) and exit production of 7,250 boe/d (26% growth from 2009 exit) in 2010.

Price (23-Mar) Target Price
Price: High,Low,Close

$12.61 $14.25 

52-Week High 52-Week Low

$14.88 $1.86

Legacy Oil + Gas Inc. (LEG)
Earnings/Share

0.4 0.2

15

10

0.0 -0.2

5
-0.4

0 10 5 0 200 100 0
LEG Relative to S&P/TSX Comp Volume (mln)

-0.6

10 5 0 200 100 0

2006

2007

2008

2009

Last Data Point: March 22, 2010

Impact
Neutral.

(FY-Dec.) CFPS P/CFPS EPS P/E

2008A $1.38

2009A $0.91

2010E $1.31 9.6x $0.31 40.7x $43.46 9.8x 3.0% 0.7x Q3 $0.39 $0.16 $0.34

2011E $1.77 7.1x $0.53 23.8x $49.70 7.1x 6.0% 0.3x Q4 $0.24 $0.27 $0.37 0.0% 1.7x $936 $770 $10.3 May (E)

$0.21

-$0.40

Forecasts
Reflecting adjustments to our operating assumptions based on Q4/09 results, our CFPS estimates have been slightly increased to $1.31 in 2010 and $1.77 in 2011. Our financial estimates are based on production forecasts of 6,512 boe/d in 2010 and 7,710 boe/d in 2011.

CF/boe EV/EBITDA ROCE D/CF Quarterly CFPS 2008A 2009A 2010E Dividend Book Value Shares O/S (mm) Float O/S (mm) Wkly Vol (000s) Net Debt ($mm)

$43.71 3.1x 4.0% 1.2x Q1 $0.31 $0.06 $0.31 $0.00 $7.36 74.2 61.1 937 $67.8

$33.51 32.2x -3.0% 2.3x Q2 $0.45 $0.12 $0.29

Valuation
Legacy shares trade at premium 2010E valuation multiple of 9.6x P/CFPS and 9.8x EV/EBITDA. Our target price is supported by our updated sum-of-parts analysis of $14.31 per share (flat long-term Cdn. par crude $80/bbl).

Yield Price/Book Mkt. Cap ($mm) Float Cap ($mm) Wkly $ Vol (mm) Next Rep. Date

Recommendation
We continue to rate Legacy shares Outperform. represent compelling near-term catalysts.
Changes

Notes: All values in C$; EPS (diluted), CFPS (diluted) Major Shareholders: Insiders (17%) First Call Mean Estimates: LEGACY OIL + GAS INC (C$) 2010E: $1.40; 2011E: $2.04

Taylorton Bakken wells

Annual CFPS 2010E $1.29 to $1.31 2011E $1.74 to $1.77

Quarterly CFPS Q1/10E $0.30 to $0.31 Q3/10E $0.33 to $0.34

This report was prepared by an analyst(s) employed by BMO Nesbitt Burns Inc., and who is (are) not registered as a research analyst(s) under FINRA rules. For disclosure statements, including the Analyst's Certification, please refer to pages 6 to 8.

Back to Index March 24, 2010

Theratechnologies
(TH-TSX)
Stock Rating: Outperform(S) Industry Rating: Market Perform

Biotechnology
Jason Zhang, Ph.D.
BMO Capital Markets Corp. 212-885-4179 jason.zhang@bmo.com

Alex Arfaei
212-885-4033 alex.arfaei@bmo.com

Not Much New In 1Q10; Waiting for Tesamorelin FDA Advisory Meeting
Event
Theratechnologies (aka Thera) reported 1Q10 net loss of $0.07 per share, in line with Street expectations. The loss per share was $0.02 narrower than our estimate owing to lower R&D and market development costs.

Securities Info
Price (23-Mar) 52-Wk High/Low Mkt Cap (mm) Shs O/S (mm, BASIC) Options O/S (mm) $5.11 $6/$2 $309 60.4 na Target Price Dividend Yield Float O/S (mm) ADVol (30-day, 000s) $8  --59.7 108

Price Performance
THERATECHNOLOGIES INC (TH)
Price: High, Low,Close(US$) Relative to S&P 500

14 12 10

600 500 400 300

Impact
Investors are primarily focused on two upcoming events for TH shares: the FDA advisory panel meeting on 5/27/10 followed by the PDUFA date of 7/27/10 for tesamorelin. We continue to believe that tesamorelin has a compelling clinical profile and expect a positive outcome for both events (please see our prior notes for our in-depth analysis of tesamorelin). However, we pushed back our expected launch date for tesamorelin to 3Q10 from 2Q10. Moreover, we updated our portfolio valuation model, which is based on a modified discounted cash flow method.

8 6 200 4 2 0 20 10
Volume (mln)

100 0 20 10

0

2005

2006

2007

2008

2009
Last Dat a Point : March 22, 2010

0

Valuation/Financial Data
(FY-Nov.) EPS GAAP P/E First Call Cons. FCF P/FCF EBITDA ($mm) EV/EBITDA Rev. ($mm) EV/Rev Quarterly EPS 2009A 2010E 2008A -$0.85 2009A -$0.25 2010E $0.21 24.3x -$0.05 $0.03 170.3x $15 15.9x $39 6.1x 3Q $0.10 $0.37 2011E $0.11 46.5x $0.24 -$0.05 nm $9 26.5x $36 6.6x 4Q -$0.08 -$0.02

Forecasts
We estimate tesamorelin can capture ~50% and ~40% of the severe lipohypertrophy patients in the US (22K) and ex-US (10K), respectively. With a slightly higher price than previous assumed, our tesamorelin peak sales estimate is $275 million in the US and $100 million in ex-US markets.

na na na 1Q -$0.18 -$0.07A

$0.10 -$12 $20 2Q -$0.09 -$0.07

Valuation
We estimate the present value of tesamorelin’s profits to be ~$317 million, present value (risk adjusted) of the US milestones (higher probability than previous assumption), cash position to be $160 million, and total firm value of $487 million or $8 per share.

Balance Sheet Data (08/31/09) Net Debt ($mm) -$70 TotalDebt/EBITDA nm Total Debt ($mm) $0 EBITDA/IntExp na Net Debt/Cap. nm Price/Book 6.5x Notes: All values in US$. Source: BMO Capital Markets estimates, Bloomberg, FactSet, Global Insight, Reuters, and Thomson Financial.

Recommendation
We maintain our OUTPERFORM(S) rating on TH shares.
Changes
Annual EPS 2010E $0.23 to $0.21 2011E $0.12 to $0.11 Annual FCF 2010E $0.05 to $0.03 2011E -$0.04 to -$0.05 Quarterly EPS Q2/10E $0.35 to -$0.07 Q3/10E -$0.03 to $0.37 Q4/10E $0.00 to -$0.02 Target $6.00 to $8.00

Please refer to pages 6 to 8 for Important Disclosures, including the Analyst's Certification.

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Coast Wholesale Appliances Income Fund
(CWA.UN-TSX)
Stock Rating: Market Perform Industry Rating: Market Perform

March 24, 2010 Research Comment Toronto, Ontario

Stephen MacLeod, CFA
(416) 359-8069 Stephen.MacLeod@bmo.com

Increasing Target to $5.50 on Long-Term Outlook; Q4/09 Results in Line
Event
Release of Q4/09 results.

Price (23-Mar) Target Price
Price: High,Low,Close

$5.05 $5.50

52-Week High 52-Week Low

$5.38 $1.91

Coast Wholesale Applicances (CWA.UN)
Earnings/Share

12 10

1.1 1.0

8 6 0.9 0.8 2 0 2 1 0
Volume (mln)

Impact
Neutral. Coast’s Q4/09 results were generally in line with our forecasts, with slightly lower-than-expected revenue offset by lower costs, resulting in EBITDA of $2.6 million, compared to our forecast of $2.7 million.

4

0.7 2 1 0
CWA.UN Relative to S&P/TSX Comp

Forecasts
We have lowered our 2010 EBITDA forecast to $11.8 million from $11.9 million to reflect a challenging retail environment, expected Olympics-related softness in Q1/10, partially offset by improving contract sales in late 2010. Our 2011 EBITDA forecast remains $13.1 million.

200 100 0 2005

200 100 0

2006

2007

2008

2009

Last Data Point: March 22, 2010

(FY-Dec.) CDPU P/CDPU CFPU P/CFPU Rev. ($mm) EV ($mm) EBITDA ($mm) EV/EBITDA Quarterly EPU 2008A 2009A 2010E Dividend Book Value Units O/S (mm) Float O/S (mm) Wkly Vol (000s) Net Debt ($mm)

2008A $1.17

2009A $0.54

2010E $0.50 10.1x $1.04 4.9x $146 $65 $11.8 5.5x Q3 $0.33 $0.21 $0.26

2011E $0.50 10.1x $1.17 4.3x $152 $59 $13.1 4.5x Q4 $0.24 $0.16 $0.21 9.9% 0.9x $51 $33 $0.1 May (E)

Valuation
Our increased target price of $5.50 is based on a higher valuation multiple of 6.0x 2010E EV/EBITDA. This level of valuation represents a discount to the peer group, in line with Coast’s historic relative valuation.

$1.31

$1.73

$147 $84 $13.9 6.0x Q1 $0.19 $0.10 $0.12 $0.50 $5.67 10.0 6.5 27 $19.6

$144 $52 $10.6 4.9x Q2 $0.27 $0.18 $0.21

Recommendation
We maintain our cautious outlook on Coast’s business through 2010, given cautious retail spending on appliances, price competition in the retail segment and reduced contract sales to the builder segment. However, recent growth in housing starts and building permits authorized in Western Canada bode well for the contract business over the longer-term, but these sales are not likely to be recognized for 12-18 months (late 2010, into 2011), upon project completion. Coast further reduced its debt levels in Q4/09 and has sufficient balance sheet flexibility to weather economic challenges and potentially maintain its distribution post-SIFT tax, aided by a $45 million tax shield. Coast units are rated Market Perform.
Changes
Annual CFPS 2010E $1.30 to $1.04 2011E $1.16 to $1.17

Yield Price/Book Mkt. Cap ($mm) Float Cap ($mm) Wkly $ Vol (mm) Next Rep. Date

Notes: All values in C$ Major Unitholders: CWAL Investments (35% of total units); The Jerry Zucker revocable Trust (16.1% of Class A units); The Futura Corporation (15.4% of Class A units) First Call Mean Estimates: COAST WHOLESALE APPLIANCES INC F (C$) 2009E: $0.70; 2010E: $0.89; 2011E: $0.97

Quarterly EPS Q1/10E $0.13 to $0.12 Q4/10E $0.22 to $0.21

Target $4.25 to $5.50

This report was prepared by an analyst(s) employed by BMO Nesbitt Burns Inc., and who is (are) not registered as a research analyst(s) under FINRA rules. For disclosure statements, including the Analyst's Certification, please refer to pages 10 to 12.

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Descartes Systems Group
(DSGX-NASDAQ; DSG-TSX)
Stock Rating: Market Perform Industry Rating: Market Perform

March 23, 2010 Research Comment Toronto, Ontario

Thanos Moschopoulos, CFA
(416) 359-5428 Thanos.Moschopoulos@bmo.com

Target Price Raised to $7.00; Porthus Acquired
Event
Descartes held a conference call to discuss its previously-announced acquisition of Porthus, a vendor of network-based logistics solutions based in Belgium. Descartes has acquired 96% of the shares and will be consolidating Porthus’ results as of March 19. It expects to acquire the remaining 4% by April 19. Management reiterated its prior FY2011 guidance for revenue of $100+ million and adjusted net income of $25 million for the combined entity.

Price (22-Mar) Target Price

$6.27 $7.00

52-Week High 52-Week Low

$6.62 $2.50

Descartes Systems Group (DSGX)
Price: High,Low,Close(US$) Earnings/Share(US$)

7 6 5 4 3

0.5

0.0

-0.5

-1.0

2 1 4 2
Volume (mln)

-1.5

4 2 0

Impact
Slightly positive. We had expected that the transaction would successfully close, although the fact that it has, with no unforeseen delays, is incrementally positive. The acquisition will better help position Descartes with large global customers in advance of new EU compliance requirements, which take effect in 2011, as Porthus was the leading vendor for electronic customs filings in Europe. We don’t believe there is significant integration risk; while Porthus is the largest acquisition that the current management team has completed, the complementary nature of the product portfolio (which is also network-based) should facilitate integration.

0 400 200 0
DSGX Relative to S&P 500

400 200 0

2005

2006

2007

2008

2009

Last Data Point: March 22, 2010

(FY-Jan.) 2009 GAAP EPS P/E CFPS P/CFPS Rev. ($mm) EV ($mm) EBITDA ($mm)

A $0.38

2010A $0.25

2011E $0.10 62.7x $0.34 18.4x $101.7 $319.7 $25.3

2012E $0.21 29.9x $0.49 12.8x $112.7 $289.0 $32.0

$0.31

$0.29

Forecasts
We are raising our forecasts to reflect the acquisition. Our revised estimates are roughly consistent with our previously published pro forma estimates for the combined entity.

$66.0 $111.0 $17.0

$73.8 $268.2 $20.3

Quarterly GAAP EPS Q1 Q2 Q3 Q4 2009A $0.02 $0.03 2010A $0.04 $0.02 2011E $0.00 $0.02 Dividend Book Value Shares O/S (mm) Float O/S (mm) Wkly Vol (000s) Net Debt ($mm) $0.00 $3.00 62.5 Mkt 41.4 921 -$54.6

$0.04 $0.02 $0.03

$0.29 $0.17 $0.05

Valuation
We are raising our target price to $7.00, reflecting 10.5x EV/EBITDA based on FY2012E (roughly calendar 2011).

Yield 0.0% Price/Book 2.1x . Cap (US$mm) $392 Float Cap (US$mm) $260 Wkly $ Vol (USmm) $4.8 Next Rep. Date 10-Jun (E)

Recommendation
We are maintaining our Market Perform rating.
Changes
Annual EPS 2011E $0.11 to $0.10 2012E $0.16 to $0.21 Annual CFPS 2012E $0.40 to $0.49

Notes: All values in US$ Major Shareholders: Mawer (11%); Acuity (10%); Jarislowsky (10%); Directors & Executives (3%); remainder widely held First Call Mean Estimates: Not Available

Quarterly EPS Q1/11E $0.01 to $0.00 Q2/11E $0.03 to $0.02 Q4/11E $0.03 to $0.05

Target $6.50 to $7.00

This report was prepared by an analyst(s) employed by BMO Nesbitt Burns Inc., and who is (are) not registered as a research analyst(s) under FINRA rules. For disclosure statements, including the Analyst's Certification, please refer to pages 4 to 6.

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Glacier Media
(GVC-TSX)
Stock Rating: Market Perform Industry Rating: Market Perform

March 23, 2010 Research Comment Toronto, Ontario

Tim Casey, CFA
(416) 359-4860 Tim.Casey@bmo.com Assoc: David Fidler

Trends Improving
Event
Fiscal 2009 results.

Price (22-Mar) Target Price
Price: High,Low,Close

$2.05 $2.35

52-Week High 52-Week Low

$2.25 $1.53

Glacier Media Inc. (GVC)
Earnings/Share

0.5 0.4

5 4 3 2 1 4 2 0 150 100 50
GVC Relative to S&P/TSX Comp Volume (mln)

0.3 0.2 0.1 4 2 0 150 100 50

Impact
Slightly positive. 2009 operating results were slightly ahead of expectations and business conditions have begun to improve.

Forecasts
Mostly unchanged. Please note our estimates do not include contributions from potential acquisitions.

Valuation
Our $2.35 target price is based on ~6x 2011E EBITDA.

2005

2006

2007

2008

2009

Last Data Point: March 22, 2010

Recommendation
Glacier Media reported fiscal 2009 results that were slightly ahead of expectations. Business conditions began to improve in Q4 and the company remains cautiously optimistic for 2010. We have assumed modest revenue growth in 2010. Cost savings initiatives undertaken in 2009 will be fully realized in 2010. We reiterate our view that Glacier will be very selective in any acquisitions and that it is highly unlikely they will acquire any meaningful exposure to urban dailies. Glacier Media is rated Market Perform.

(FY-Dec.) 2008 EPS P/E FCFPS P/FCFPS CFPS Rev. ($mm) EBITDA ($mm) EV/EBITDA Quarterly EPS 2008A 2009A 2010E Dividend Book Value Shares O/S (mm) Float O/S (mm) Wkly Vol (000s) Net Debt ($mm)

A $0.30

2009A $0.15

2010E $0.26 7.9x $0.19 10.8x $0.25 $234 $43.5 6.2x $0.04 $0.05 $0.03

2011E $0.30 6.8x $0.22 9.3x $0.29 $238 $46.7 5.3x $0.03 -$0.02 $0.03

$0.39

$0.18

$0.49 $249 $51.4 5.9x

$0.28 $229 $35.8 8.1x

Q1 Q2 Q3 Q4 $0.09 $0.14 $0.03 $0.09 $0.06 $0.14 $0.00 $3.35 92.7 Mkt 60.5 208 $103.7

Yield 0.0% Price/Book 0.6x . Cap ($mm) $190 Float Cap ($mm) $124 Wkly $ Vol (mm) $0.4 Next Rep. Date 14-May (E)

Notes: All values in C$ Major Shareholders: Madison Venture Corp. (33%) First Call Mean Estimates: GLACIER MEDIA INC (C$) 2009E: $0.22; 2010E: $0.27; 2011E: $0.29

Changes

Annual EPS 2010E $0.27 to $0.26

Annual FCFPS 2011E $0.21 to $0.22

Quarterly EPS Q2/10E $0.15 to $0.14

Target $2.00 to $2.35

This report was prepared by an analyst(s) employed by BMO Nesbitt Burns Inc., and who is (are) not registered as a research analyst(s) under FINRA rules. For disclosure statements, including the Analyst's Certification, please refer to pages 7 to 9.

Back to Index

SEMAFO
(SMF-TSX)
Stock Rating: Market Perform Industry Rating: Outperform

March 24, 2010 Research Comment Toronto, Ontario

Andrew Breichmanas
(416) 359-8387 Andrew.Breichmanas@bmo.com

David Haughton
Assoc: Jeffrey Schok / Steven Willis

The New Premium-Rated West African Producer as Mana Exploration Potential Continues to Impress
Event
BMO Research has reviewed its estimates following Q4/09 financial results and a geological presentation hosted by management. Given continued impressive exploration results at the company’s Mana mine in Burkina Faso, the potential for resource additions and expansion of operations has been assessed.

Price (23-Mar) Target Price
Price: High,Low,Close

$5.38 $5.50

52-Week High 52-Week Low

$5.47 $1.72

SEMAFO Inc. (SMF) 6 5 4 3 2 1 0 100
Volume (mln)

6 5 4 3 2 1 0 100 50 0
SMF Relative to S&P/TSX Comp

Impact
Potentially Positive. BMO Research currently includes upside to the current resources and PEA parameters for the Wona Deeps underground development. However, airborne geophysics has suggested extensive regional potential and expanded drill programs are beginning to test the identified targets. BMO Research analysis indicates that the current premium afforded SEMAFO shares implies that additions of at least 1.0Moz to mineable reserves are anticipated.

50 0 400 200 0

400 200 0

2005

2006

2007

2008

2009

Last Data Point: March 22, 2010

(FY-Dec.) EPS P/E CFPS P/CFPS

2008A $0.12

2009A $0.18

2010E $0.29 18.3x $0.47 11.3x $1,150 263.8 $524 $710 Q3 $0.06 $0.05 $0.06

2011E $0.33 16.2 x $0.53 10.0x $1,150 290.0 $516 $711 Q4 $0.01 $0.04 $0.07

Forecasts
BMO Research EPS and CFPS estimates were negatively affected by higher corporate costs, depreciation and capital expenditures from Q4/09 results.

$0.23

$0.35

Valuation
The increased C$5.50 target price is based on a blend of 2.0x the BMO Research 10% NPVPS estimate at spot prices from the Mana upside scenario and 10x the 2011 CFPS forecast using base case assumptions.

Real'd Price ($/oz) $858 Prod'n (000 oz.) 195.4 Ttl. Cash Cost ($/oz) $508 Ttl. Prod. Cost $657 Quarterly EPS 2008A 2009A 2010E Dividend Book Value Shares O/S (mm) Float O/S (mm) Wkly Vol (000s) Net Debt ($mm) Q1 $0.01 $0.04 $0.08 $0.00 $1.08 252.7 249.9 6,861 -$28.1

$988 242.4 $507 $686 Q2 $0.05 $0.05 $0.08

Recommendation
SEMAFO is rated Market Perform. The company has transitioned to a mid-tier producer and established a solid foundation for growth at Mana. Further exploration success is likely given the prospectivity of the property, but much of the potential appears assumed given the current premium rating.

Yield 0.0% Price/Book 4.8x Mkt. Cap ($mm) $1,360 Float Cap ($mm) $1,344 Wkly $ Vol (mm) $23.6 Next Rep. Date 11-May (E)

Notes: Share price, target price and capitalization in C$, all other values in US$ Major Shareholders: Sentry Select Capital (16.5%) First Call Mean Estimates: SEMAFO INC (US$) 2009E: $0.20; 2010E: $0.33; 2011E: $0.39

Changes

Annual EPS 2010E $0.34 to $0.29 2011E $0.41 to $0.33

Annual CFPS 2010E $0.49 to $0.47 2011E $0.57 to $0.53

Quarterly EPS Q1/10E $0.07 to $0.08 Q3/10E $0.09 to $0.06 Q4/10E $0.09 to $0.07

Target $4.50 to $5.50

This report was prepared by an analyst(s) employed by BMO Nesbitt Burns Inc., and who is (are) not registered as a research analyst(s) under FINRA rules. For disclosure statements, including the Analyst's Certification, please refer to pages 9 to 12.

Back to Index

Apparel Retail
Industry Rating: Market Perform Jennifer Redding
212-885-4072
jennifer.redding@bmo.com

March 24, 2010

John D. Morris
BMO Capital Markets Corp.

212-885-4016
john.morris@bmo.com

Edward Plank
212-885-4053
edward.plank@bmo.com

MALL TALK: March Field Team Finds
Summary
Month to date, business in March has been strong, according to our field research. Weather has been favorable for early spring shopping,  Month to date business in March has been strong, based on our field research. Weather has been favorable for early spring shopping, with mall traffic up 3% through the week ended 3/20. We expect the release of Apple’s iPad to boost mall traffic in April and shopping spillover to specialty apparel.  AEO – OP: We believe AEO is having a strong month, driven by a spring floor set that is better represented in wovens relative to its peers. We expect to see improvements in AUR, given much less clearance. We remain comfortable with our 1Q EPS estimate of $0.16.  LULU – MP: We expect 4Q EPS of $0.30, slightly ahead of guidance for $0.26-$0.28. We expect management to stress the continued need for incremental SG&A spend in FY2010 on store labor to build back service levels, which may limit SG&A leverage.  The Sale Rack Index continues to run roughly 5% lower than last year.
Apparel Retail Abercrombie & Fitch (ANF) Aeropostale (ARO) American Eagle Outfitters (AEO) Gap (GPS) Gymboree (GYMB) Hot Topic (HOTT) J. Crew Group (JCG) Limited Brands (LTD) lululemon athletica (LULU) Pacific Sunwear of California (PSUN) Reitmans (Canada) (RET.A) Ross Stores (ROST) The Children's Place Retail Stores (PLCE) TJX Companies (TJX) Zumiez (ZUMZ) Rating Market Perform Market Perform Outperform Market Perform Market Perform Market Perform Outperform Outperform Market Perform Market Perform Outperform Market Perform Market Perform Market Perform Market Perform 23-Mar Price $44.86 $29.46 $19.33 $23.21 $53.94 $6.55 $45.87 $25.46 $36.23 $5.09 $16.26 $54.26 $45.01 $43.53 $20.05 Target $39 $29 $22 $21 $53 $6 $55 $29 $29 $5 $19 $52 $38 $39 $17 2009E $1.04 $2.29 $0.76 $1.58 na $0.24 $1.91 $1.23 $0.72 -$0.78 $0.98 $3.54 $2.65 $2.84 $0.33 EPS 2010E $1.65 $2.60 $1.15 $1.75 $3.95 $0.24 $2.34 $1.62 $0.96 -$0.70 $1.25 $4.11 $3.04 $3.17 $0.51 2011E $2.04 $2.73 $1.41 $1.82 $4.40 $0.28 $2.75 $1.90 $1.18 -$0.33 $1.40 $4.47 $3.33 $3.43 $0.71 P/E 2009E 2010E 2011E 43.1 27.2 22.0 12.9 11.3 10.8 25.4 16.8 13.7 14.7 13.3 12.8 na 13.7 12.3 27.3 27.3 23.4 24.0 19.6 16.7 20.7 15.7 13.4 50.3 37.7 30.7 nm nm nm 16.6 13.0 11.6 15.328 13.2 12.14 16.985 14.81 13.52 15.327 13.73 12.69 60.8 39.3 28.2 Div $0.70 $0.00 $0.40 $0.34 $0.00 $0.00 $0.00 $0.60 $0.00 $0.00 $0.72 $0.64 $0.00 $0.48 $0.00 Yld 1.6% 0.0% 2.1% 1.5% 0.0% 0.0% 0.0% 2.4% 0.0% 0.0% 4.4% 1.2% 0.0% 1.1% 0.0% Book $20.22 $4.53 $7.37 $7.17 $14.20 $6.05 $5.18 $5.79 $2.15 $5.21 $7.53 $8.94 $20.20 $7.01 $6.04 Mkt Cap ($mm) 3,947 2,769 4,016 16,015 1,617 290 2,917 8,206 1,844 337 888 6,721 1,233 17,969 607

evidenced by a 3% uptick in mall traffic through the week ended March 20. Our store checks indicate that conversions are improving, given pent-up demand and the infusion of better fashion items into many assortments. We also expect the release of Apple’s iPad on April 3 to boost mall traffic in April and create shopping spillover to our specialty apparel stores.
American Eagle (AEO – OP): We believe AEO is having a strong month,

driven by a spring floor set that is better represented in wovens (a key trend of the season) relative to its peers. We expect to see improvements in AUR, given much less clearance, coupled with a stronger position in denim and knits. We remain comfortable with our 1Q EPS estimate of $0.16.
lululemon athletica (LULU – MP): We expect LULU to report 4Q EPS of

$0.30, slightly ahead of guidance for $0.26-$0.28. We expect management to stress the continued need for incremental SG&A spend in FY2010 on store labor to build back service levels, which may limit SG&A leverage.
Reitmans (RET.A – OP): We expect RET to report 4Q EPS of $0.21, in line

with consensus. We believe strength in December carried through the remainder of the quarter and into 1Q10. Based on our channel checks, we believe business in early spring has been solid thus far, as well.
The Sale Rack Index continues to run roughly 5% lower than last year.

Refer to pages 5 to 6 for Important Disclosures, including Analyst's Certification.

Page 1

March 24, 2010

Drill Bits

Back to Index March 23, 2010 Gordon Tait, CFA
(403) 515-1501

Weekly Royalty Trust Report
Week Ending March 19, 2010

Assoc: Chris Bolton, CFA/Peter Kranz, P. Eng
(403) 515-1503/1517 Email: firstname.lastname@bmo.com

Index Performance: Week Ending: S&P/TSX ET Index: S&P/TSX E&P Index S&P/TSX Composite 19-Mar 327.75 3,834 31,716 Weekly Change -0.4% -2.2% -0.5% YTD Change 6.4% -0.8% 2.2%

Commodity Performance: WTI Oil (US$/bbl): AECO Gas (C$/Mcf): US$/C$ Exchange Rate $80.68 $3.80 $0.9830 -0.7% -8.9% 0.2% '10E $75.00 $4.26 $0.95 1.7% -34.4% 3.4% '11E $80.00 $5.05 $0.95

BMO Forecast Assumptions: WTI Oil (US$/bbl): AECO Gas (C$/Mcf): US$/C$ Exchange Rate:
Source: BMO Capital Markets, Bloomberg

1 50 1 40

S&P/TSX Energy Trust Index vs. S&P/TSX E&P Index vs. S&P/TSX Composite Index
E&P Index ET Index

Weekly Highlights
 For the week, the S&P/TSX Canadian Energy Trust Index decreased 0.4%, while the S&P/TSX E&P Index declined by 2.2%. Year to date, the Energy Trust Index is up 6.4%, compared to a 0.8% decrease for the E&P Index and a 2.2% increase for the S&P/TSX Composite.  WTI crude oil ended the week at US$80.68/bbl (C$81.94), a decrease of 0.7% over last week’s close. WTI crude oil has averaged US$69.64/bbl over the past 12 months and US$78.38/bbl year to date. AECO natural gas closed the week at C$3.80/Mcf, a decline of 8.9% from last week. AECO has averaged C$4.00/Mcf over the past 12 months and $5.10/Mcf year to date.  The top three performing royalty trusts last week were COS (4.6%), FRU (3.6%), DAY (3.3%), while the weakest performance came from PVE (-8.9%), AAV (-7.1%), PEY (-4.5%).  We have Outperform ratings on AET, BNP, BTE, COS, CPG, NAE, PGF and VET. We are restricted on PMT.

1 30 1 20 10 1 1 00 90 80 70 60 50 Jan-07 M ay-07 Oct-07 Feb-08 Jul-08 No v-08 A pr-09 A ug-09 Jan-1 0 9, 0 N o t e : last data po int M arch 1 201 So urce: B M O Capital M arkets, B lo o mberg TSX Co mp.

ET Index TSX Comp. E&P Index

WTI Oil (US$/bbl) and AECO Gas (C$/Mcf)
$1 50 $1 35 $1 5.00 $1 3.50

WTI Oil (US$/bbl)

$1 20 $1 05 $ 90 $ 75 $ 60 $ 45 $ 30 $1 5

WTI

AECO Gas (C$/Mcf)

$1 2.00 $1 0.50 $ 9.00 $ 7.50

AECO

$ 6.00 $ 4.50 $ 3.00 $1 .50

Jan-07 Jun-07 No v-07 A pr-08 Sep-08 M ar-09 A ug-09 Jan-1 0 9, 0 N o t e : last data po int M arch 1 201 So urce: B M O Capital M arkets, B lo o mberg

This report was prepared by an analyst(s) employed by BMO Nesbitt Burns Inc., and who is (are) not registered as a research analyst(s) under FINRA rules. For disclosure statements, including the Analyst's Certification, please refer to pages 13 to 14.

Back to Index

Market Elements
  Equity markets gained; with the S&P 500 and FTSE 100 advancing to new highs; the VIX fell to a new closing low. Most global government bond markets rallied (North American market was the exception); Greek bonds staged a rebound; the corporate CDS market rebounded after a 2-day sell off. Commodities
%Chg 0.2% -0.4% 0.1% -0.4% -0.3% 0.3% 0.1% 0.2% 0.8% 0.4% -0.1% 0.0% 0.1% Symbol DJ UBS WTI Oil NMX Gas AECO Gas Gold Silver Platinum Palladium CMX Cu LME Al 3m LME Ni 3m LME Zn 3m Lumber H/L
 

March 23, 2010 Research Comment Quantitative/Technical Research

Mark Steele
(416) 359-4641 mark.steele@bmo.com Assoc: Tiberiu Stoichita  Major currency crosses were little changed; Swiss Franc rose to a record high vs. Euro, Brazilian real rebounded off of its 200d MA the Euro closed on the 1.35 mark, the lowest close since last May. Commodities generally rallied; albeit with little gusto.

Levels* Currencies (USD per)
Symbol DXY EUR CHF GBP JPYx10 CAD AUD NZD BRL MXNx10 ZAR KRWx10 SGD H/L
            

Government 10- Yr Benchmark
Level 131.79 81.89 4.14 3.60 1,104.7 17.03 1,610.5 463.50 336.95 1.02 10.20 1.02 278.40 %Chg -0.2% 0.8% 1.5% 0.0% 0.2% 0.3% 0.7% 1.0% -0.1% 0.1% 1.0% -1.6% -0.1% Symbol U.S. Canada Germany France Switzerland Italy Spain Greece U.K. Australia Hong Kong India Japan H/L
  

Equity Indices & Sentiment
Symbol S&P 1200 S&P 500 S&P/TSX Euro STOXX FTSE 100 Hang Seng Topix S&P/ASX Shang/Shen Sensex30 CDX IG 5Yr TRIN VIX H/L

Level 80.82 1.3498 0.9456 1.5039 0.1106 0.9844 0.9191 0.7076 0.5630 0.8007 0.1365 0.8816 0.7140

L

      

L
   

Level 3.69 3.47 3.06 3.37 1.90 3.91 3.82 6.31 3.92 5.66 2.66 7.87 1.36

Chg 0.03 0.01 -0.01 -0.02 0.01 -0.02 -0.03 -0.14 -0.01 -0.02 -0.02 -0.01 -0.02

H
 

H
   

L

Level 1,345 1,174 12,045 2,911 5,674 20,988 947 4,875 3,276 17,451 87.35 0.77 16.34

%Chg 0.5% 0.7% 0.6% 0.7% 0.5% 0.3% -0.2% 0.9% -0.8% 0.2% -2.5% 7% -3.1%

Moves Currencies (spot)
BRL MXN CAD NZD AUD SGD

Commodities
NMX Gas LME Ni 3m Palladium WTI Oil Platinum Silver Gold

Government 10- Yr Benchmarks Equity Indices
Greece Spain Italy Hong Kong Australia France Japan Germany India U.K. Sw itzerland Canada U.S. Topix Shang/Shen 0.00 -0.05 -0.10 -0.15 1.0% 0.5% 0.0% 0.5% 1.0% 1.5% S&P 1200 Hang Seng Sensex30 Euro STOXX S&P/TSX FTSE 100 S&P/ASX S&P 500

CHF LME Al 3m KRW ZAR JPY GBP EUR 1.0% 0.5% 0.0% 0.5% 1.0% AECO Gas CMX Cu Lumber DJ UBS LME Zn 3m 2.0% 1.0% 0.0% 1.0% 2.0%

0.05

Sectors S&P Global 1200
Materials Info Tech Industrials Financials Cons Disc Energy Cons Stap Telecom Utilities Hlth Care 0.0% 0.2% 0.4% 0.6% 0.8% 1.0%

S&P Europe 350
Industrials Materials Financials Info Tech Energy Cons Disc Utilities Telecom Cons Stap Hlth Care 0.5% 0.0% 0.5% 1.0% 1.5%

S&P 500
Materials Industrials Info Tech Telecom Cons Stap Financials Cons Disc Hlth Care Energy Utilities 0.0% 0.5% 1.0% 1.5%

S&P/TSX Composite
Info Tech Hlth Care Cons Disc Financials Utilities Energy Telecom Materials Cons Stap Industrials 0.5% 0.0% 0.5% 1.0% 1.5% 2.0%

Source for all data and graphics in this publication: BMO Capital Markets, Bloomberg, Thomson * H/L = at a new closing 52- wk High/Low; / = within 10% of the 52- week High/Low; Colour codes are inverted for bond and sentiment indications This report was prepared in part by an analyst(s) employed by BMO Nesbitt Burns Inc., and who is (are) not registered as a research analyst(s) under FINRA rules. For disclosure statements, including the Analyst's Certification, please refer to pages 8 to 9.

Market Elements

Daily Charts
3- Month View with 50- and 26- Day Moving Averages   Greek to Me (Greek 10-year bond yields fell 14bps and are 34bps off of Monday’s high): Germany, France Back IMF Role – Bloomberg; Greece, the IMF and the euro - LEX; Greek Crisis Risks Boiling Over - WSJ; Germany sets conditions for Greek rescue - FT. New high for the S&P 500; new low for the VIX. s Bonds Equities

Currencies Commoditie

Page 2  March 23, 2010 (Back to Index)

Market Elements

Intra Day Charts
2- Day Tick View   U.S. home sales result (10am release) gave a positive lift to equities, euro, gold, copper, oil. U.S. treasury yields tracked equities higher all day - BMOChart.

Currencies Commoditie

s

Bonds

Equities

Page 3  March 23, 2010 (Back to Index)

Market Elements

Daily Sector Charts
3- Month View with 50- and 26- Day Moving Averages  New Highs: U.S. - Industrials, Discretionary, Staples, Technology; Canada – Discretionary, Health Care, Financials; Europe – Materials, Industrials, Discretionary, Technology.

S&P 500

S&P/TSX Composite

S&P Europe 350

Page 4  March 23, 2010 (Back to Index)

Market Elements

Market Movers – Largest Daily Percentage Moves
   Global - Cairn Energy (CNE LN) shares surge on improved India outlook - AFP. U.S. - Titanium Metals (TIE), RTI International Metals (RTI) surge in wake of Boeing production boost - MW. Canada – Bankers Petroleum (BNK) volumes have grown on this breakout.

S&P Global 1200 ex U.S. & Canada
Energy
Name SECURITY_NAME Cairn Energy PLC Technip SA Saipem SpA Nippon Oil Corp TonenGeneral Sekiyu KK SK Energy Co Ltd SECURITY_NAME Cia Siderurgica Nacional SA Vale SA BlueScope Steel Ltd Nitto Denko Corp Mitsui Chemicals Inc UPM-Kymmene OYJ SECURITY_NAME TNT NV Metso OYJ Mitsubishi Heavy Industries Lt European Aeronautic Defence an BAE Systems PLC All Nippon Airways Co Ltd SECURITY_NAME OPAP SA Li & Fung Ltd Sony Corp Kingfisher PLC DSG International PLC Volkswagen AG SECURITY_NAME Henkel AG & Co KGaA Carlsberg A/S Grupo Modelo SAB de CV Wilmar International Ltd Asahi Breweries Ltd Unilever PLC SECURITY_NAME Novo Nordisk A/S Sonic Healthcare Ltd Eisai Co Ltd CSL Ltd Fresenius Medical Care AG & Co SECURITY_NAME Legal & General Group PLC Resolution Ltd Alpha Bank AE Daiwa House Industry Co Ltd Mitsui Fudosan Co Ltd Promise Co Ltd SECURITY_NAME Toshiba Corp ASML Holding NV MediaTek Inc Asustek Computer Inc Redecard SA SECURITY_NAME Telenor ASA Portugal Telecom SGPS SA Singapore Telecommunications L Telstra Corp Ltd Tele Norte Leste Participacoes Nippon Telegraph & Telephone C SECURITY_NAME Veolia Environnement Suez Environnement Co Cia Energetica de Minas Gerais United Utilities Group PLC Osaka Gas Co Ltd Chubu Electric Power Co Inc Symbol TICKER CNE LN TEC FP SPM IM 5001 JP 5012 JP 096770 KS TICKER SID US VALE/P US BSL AU 6988 JP 4183 JP UPM1V FH TICKER TNT NA MEO1V FH 7011 JP EAD FP BA/ LN 9202 JP TICKER OPAP GA 494 HK 6758 JP KGF LN DSGI LN VOW GR TICKER % ChgChg 7.9% 5.3% 4.0% -0.6% -0.7% -0.8% Chg 5.8% 4.3% 3.6% -2.1% -2.1% -5.0% Chg 4.2% 3.6% 3.1% -2.1% -2.2% -6.0% Chg 8.7% 4.7% 3.6% -2.6% -3.4% -4.4% Chg

S&P 500
Name SECURITY_NAME EOG Resources Inc Peabody Energy Corp Pioneer Natural Resources Co Baker Hughes Inc BJ Services Co Nabors Industries Ltd SECURITY_NAME Titanium Metals Corp Cliffs Natural Resources Inc United States Steel Corp Airgas Inc Sigma-Aldrich Corp CF Industries Holdings Inc SECURITY_NAME Flowserve Corp Caterpillar Inc Cummins Inc Norfolk Southern Corp Union Pacific Corp Lockheed Martin Corp SECURITY_NAME JC Penney Co Inc Lennar Corp AutoNation Inc Amazon.com Inc Harley-Davidson Inc Expedia Inc SECURITY_NAME Kraft Foods Inc CVS Caremark Corp Mead Johnson Nutrition Co Coca-Cola Enterprises Inc Dr Pepper Snapple Group Inc Philip Morris International In SECURITY_NAME Pfizer Inc Waters Corp Watson Pharmaceuticals Inc Quest Diagnostics Inc/DE WellPoint Inc Laboratory Corp of America Hol SECURITY_NAME E*Trade Financial Corp Citigroup Inc Wells Fargo & Co Goldman Sachs Group Inc/The SunTrust Banks Inc ProLogis SECURITY_NAME Lexmark International Inc KLA-Tencor Corp Dell Inc Google Inc Amphenol Corp Yahoo! Inc SECURITY_NAME Qwest Communications Internati Sprint Nextel Corp MetroPCS Communications Inc AT&T Inc CenturyTel Inc Frontier Communications Corp SECURITY_NAME Questar Corp FirstEnergy Corp Oneok Inc AES Corp/The Sempra Energy Xcel Energy Inc Symbol ChgChg TICKER % EOG 2.9% BTU 2.5% PXD 2.3% BHI -0.8% BJS -0.8% NBR -4.3% TICKER Chg TIE 9.3% CLF 6.9% X 4.9% ARG -0.4% SIAL -0.5% CF -0.9% TICKER Chg FLS 4.8% CAT 4.1% CMI 4.0% NSC -0.3% UNP -0.4% LMT -1.1% TICKER Chg JCP 5.1% LEN 4.7% AN 4.2% AMZN -0.9% HOG -1.0% EXPE -2.3% TICKER Chg KFT 3.5% CVS 2.1% MJN 1.7% CCE -0.5% DPS -0.6% PM -0.9% TICKER Chg PFE 2.3% WAT 2.1% WPI 1.8% DGX -1.2% WLP -1.2% LH -2.5% TICKER Chg ETFC 7.3% C 2.2% WFC 2.2% GS -0.8% STI -0.8% PLD -0.9% TICKER Chg LXK 5.5% KLAC 4.4% DELL 4.1% GOOG -1.5% APH -1.7% YHOO -1.9% TICKER Chg Q 3.7% S 3.4% PCS 2.0% T 0.6% CTL 0.5% FTR 0.3% TICKER Chg STR FE OKE AES SRE XEL 1.6% 1.4% 1.2% -0.4% -0.5% -0.9%

S&P/TSX Composite
Name SECURITY_NAME Bankers Petroleum Ltd Crew Energy Inc Mullen Group Ltd AltaGas Income Trust Pacific Rubiales Energy Corp Progress Energy Resources Corp SECURITY_NAME Silvercorp Metals Inc HudBay Minerals Inc Lundin Mining Corp Quadra Mining Ltd Rubicon Minerals Corp Jaguar Mining Inc SECURITY_NAME Transat AT Inc Superior Plus Corp CAE Inc TransForce Inc Canadian Pacific Railway Ltd Canadian National Railway Co SECURITY_NAME Linamar Corp Corus Entertainment Inc Thomson Reuters Corp Sears Canada Inc Gildan Activewear Inc Canadian Tire Corp Ltd SECURITY_NAME North West Co Fund Cott Corp Saputo Inc Loblaw Cos Ltd Maple Leaf Foods Inc Metro Inc SECURITY_NAME MDS Inc Biovail Corp CML Healthcare Income Fund SXC Health Solutions Corp SECURITY_NAME FirstService Corp AGF Management Ltd CI Financial Corp Dundee Real Estate Investment National Bank of Canada Home Capital Group Inc SECURITY_NAME Celestica Inc Research In Motion Ltd MacDonald Dettwiler & Associat CGI Group Inc Open Text Corp SECURITY_NAME TELUS Corp BCE Inc Bell Aliant Regional Communica Manitoba Telecom Services Inc Rogers Communications Inc SECURITY_NAME Capital Power Income LP Fortis Inc/Canada TransAlta Corp Atco Ltd Just Energy Income Fund Atlantic Power Corp Symbol ChgChg TICKER % BNK 7.5% CR 3.9% MTL 3.1% ALA-U -1.0% PRE -1.6% PRQ -2.0% TICKER Chg SVM 5.0% HBM 4.0% LUN 3.9% QUA -2.3% RMX -2.3% JAG -4.1% TICKER Chg TRZ/B 2.1% SPB 2.1% CAE 1.8% TFI -0.8% CP -0.9% CNR -1.1% TICKER Chg LNR 4.0% CJR/B 2.4% TRI 1.6% SCC 0.0% GIL -0.0% CTC/A Chg -0.1% TICKER NWF-U 1.6% BCB 1.6% SAP 1.4% L 0.1% MFI -0.6% MRU/A Chg -0.8% TICKER MDS BVF CLC-U SXC 2.2% 1.1% 0.5% -0.0%

Materials

Industrials

Cons Disc

Cons Stap

Health Care Elan Corp PLC

HEN3 GR 4.0% CARLB DC 2.0% GMODELOC MM 2.0% WIL SP -0.8% 2502 JP -1.2% ULVR LN -1.6% TICKER Chg ELN ID NOVOB DC SHL AU 4523 JP CSL AU FME GR TICKER LGEN LN RSL LN ALPHA GA 1925 JP 8801 JP 8574 JP TICKER IFX GR 6502 JP ASML NA 2454 TT 2357 TT RDCD3 TICKERBZ TEL NO PTC PL ST SP TLS AU TNE US 9432 JP TICKER VIE FP SEV FP CIG US UU/ LN 9532 JP 9502 JP 2.7% 1.4% 0.9% -1.6% -1.7% -2.0% Chg 4.7% 4.5% 3.5% -2.2% -3.3% -3.6% Chg 5.1% 3.6% 3.1% -2.1% -2.1% -2.2% Chg 2.0% 1.9% 1.6% -1.3% -1.9% -2.3% Chg 4.1% 3.4% 2.6% -1.4% -1.8% -3.1%

Financials

Technology Infineon Technologies AG

TICKER Chg FSV 2.4% AGF/B 2.3% CIX 1.6% D-U -0.7% NA -0.7% HCG -0.8% TICKER Chg CLS RIM MDA GIB/A OTC 4.6% 2.2% 1.5% 0.0% -0.2%

Telecom

TICKER Chg T 1.5% BCE 0.5% BA-U 0.2% MBT 0.1% RCI/B -0.1% TICKER Chg CPA-U 1.8% FTS 1.1% TA 1.0% ACO/X -0.1% JE-U -0.5% ATP -0.5%

Utilities

Bold = move of more than 5%

Page 5  March 23, 2010 (Back to Index)

Market Elements

Canadian Market Movers
   Quadra (QUA), FNX Mining (FNX) create ‘merger of equals' - FNX, Presentation, Bloomberg. Marsulex (MLX) announced strategic review - MLX. Top Right = String of New Highs yet again!
Materials
%Chg 1.9% 1.1% 0.9% -0.6% 0.1% 2.7% 3.0% 4.8% 2.0% 4.0% -1.2% 0.6% 0.0% -0.2% 1.3% 0.3% 2.2% 3.1% 0.1% 1.2% -0.5% -0.1% -0.2% 1.6% 0.4% 1.0% 2.9% -0.7% 0.7% 0.0% -1.5% 1.6% 0.0% 1.4% 0.7% 0.5% 2.3% -1.9% 0.6% 0.6% 0.3% 7.5% -0.5% -0.4% 1.2% 3.9% 0.6% 3.9% 3.4% 2.2% 1.3% 1.2% 7.3% 1.2% -2.1% 5.2% 1.9% 0.2% 2.2% 3.9% -1.0% -1.2% 1.2% -0.7% 0.3% 1.2% -0.3% 0.2% 0.9% -0.9% 0.1% -2.4% -0.7% -5.1% 0.4% Symbol H/L Last 25.10 MX  124.35 POT  72.50 AGU  28.15 CCL/B  CAS 8.43 TCK/B 41.55  IVN 16.90  FM 88.86 IMN 57.26 LUN 5.06  EQN 3.71 8.82 S  HBM 13.80 TCM 13.81 QUA 16.98  15.14 FNX  WTN H 5.58 9.37 NDM  TKO 4.98 ORA 3.93 MDI 25.37 8.14 GCE H 7.85 CTQ  AVM 3.96  ABX 39.44 G 39.54 K 18.11  AEM 58.93 YRI 10.43 ELD 12.86 IMG 14.63 20.30 RBI  FNV 26.56 CG 13.22  OSK 8.48  IGT 110.05 NGD 4.55 14.01 AGI  GBU 4.28  GAM 8.78 5.38 SMF H 18.75 DGC  7.92 NG H XGD 20.01 EGU 6.52 LSG 2.77 RMX 4.20 SGR 3.31 JAG 11.15 GSC 3.83 NGX 3.19 21.94 SEA  VEN 9.48 R 2.00  ARZ 4.88 CRU 0. 47 JIN 4.55  MFL 9.85 7.09 XRC  HRG 0.73 GBG 1.77 SLW 16.07 PAA 24.00 18.16 SSO  SVM 7.16 ELR 1.40 HW 10.14 PPN 1.41 GNA 7.86 CLM 9.13 H 51.54 LIF-U  20.68 TRE  38.72 WFT  9.15 CFP  NBD 16.51 %Chg 0.3% -0.4% 0.6% 0.0% 3.6% 2.4% 3.4% 1.8% -0.7% 3.9% 3.0% 2.3% 3.9% 1.3% -2.3% 1.9% 9.4% 2.4% 1.6% -2.7% 3.5% 5.0% 5.2% -0.5% -1.6% 0.8% -0.0% 0.7% 0.9% 0.2% -0.2% -1.2% 0.4% 0.3% 1.3% 0.1% -1.0% 0.2% -0.9% 0.5% 3.0% 2.0% 1.6% -0.0% 2.6% 2.9% -2.3% 0.3% -4.1% 0.2% 2.9% 1.8% -0.2% 0.0% 1.4% -5.1% -1.0% -0.3% -0.7% -2.6% -1.1% 2.8% 0.2% 2.0% 4.9% 0.0% 2.4% 0.7% 2.2% 3.7% 1.0% 0.9% 0.2% 1.1% -0.5%

Energy
Symbol H/L Last PD-U 7.69 ESI 14.82 TDG 7.15 SVY 7.10 TCW 13.10 28.36 SCL/A  15.68 MTL  CFW 23.06 11.83 PSI  12.70 FES  TESO US 11.52 SU 31.40 38.69 IMO  27.61 HSE  25.59 CVE  IOC US 68.67 7.87 PVE-U  CLL 1.33 72.66 CNQ  ECA 31.49 TLM 17.20 COS-U 28.85 NXY 24.18 21.71 PWT-U  38.89 CPG  UPL US 44.68 21.74 AET-U  54.83 PBG  100.77 NKO  26.50 PBN  19.68 PRE  ERF-U 24.00 35.81 BTE-U H 11.51 PGF-U  24.18 BNP-U  32.19 PMG  35.20 VET-U  PRQ 11.84 11.20 DAY-U  NAE-U 13.36 PEY-U 13.32 9.47 BNK H POU 16.07 NVA 12.29 AAV 7.32 UTS 2.62  BIR 8.76 17.13 CR H 3.27 TNP  3.56 IE  17.32 FRU-U  CLT 20.04 QEC 4. 22 12.61 LEG  TET 8.32 2.63 PXX  36.44 BNE  PMT-U 4.84 GO 6.96 7.87 CMF  OPC 1.86 10.54 SEO  26.42 KEY-U  PKI-U 11.55 37.17 TRP H 49.30 ENB H IPL-U 11.79  17.78 PIF-U  10.65 FCE-U  18.62 ALA-U  CCO 28.06 SGQ 16.49 UUU 2.60 DML 1. 48 17.80 XEG 

Industrials
Symbol H/L BBD/B  CAE H RNO VIC-U WFI  SNC  ARE  GNV-U  BDT-U  KHD US  CUQ  SDC  CSIQ US TIH  NFI-U  AFN  ATA ARF-U WJX-U H GLV/A  FTT  SPB  RUS H RCH  CWX  CVL  TCL/A  BIN  NAL MLX H RBA US BDI  GW  MSI-U H STN IBG-U WJA  TRZ/B JAZ-U H AC/B  CNR  CP  TFI  STB H CSS  WTE-U H Last 5.87 9.67 6.20 16.10 27.50 50.90 13.85 27.62 32.45 14.29 20.37 14.40 22.45 29.97 11.06 36.00 6.55 21.29 26.74 9.00 17.73 14.38 19.29 22.97 4.68 13.85 13.74 17.82 8.71 12.73 21.88 19.90 11.33 10.73 25.97 14.10 13.75 12.66 4.54 1.89 59.69 55.00 9.89 5.13 8.92 16.67 Last 6.75 1.42 9.35 12.75 10.95 67.76 4.49 5.11 5.32 9.09 3.39 2.80 5.80 3.74 1.18 2.76 0.57 0.84 16.45 23.25 6.72 1.49 1.14 0.24 8.73 2.59 %Chg 0.6% 1.7% 0.8% -4.4% 2.7% 0.6% 0.1% 2.0% -0.3% 2.4% 0.3% 0.9% 5.4% 0.7% -0.5% 1.1% -0.1% -0.9% 2.1% -0.3% 0.9% 2.0% 0.9% 0.9% -1.4% -0.7% 1.2% -0.3% 2.5% 6.0% 0.2% 0.0% 0.7% 0.2% 1.2% -4.0% 1.8% 2.0% 0.0% 8.6% -1.0% -0.8% -0.7% 1.3% 0.1% 1.0% %Chg 0.0% 1.4% 0.5% 0.4% 1.2% 0.0% 0.2% 6.4% 1.1% 0.3% -0.5% 2.1% -0.8% 0.8% 0.8% 3.7% -3.3% -1.1% 1.1% 0.4% 0.5% -0.6% -2.5% -4.0% 2.2% 0.0%

Consumer Discretionary
Symbol H/L MG/A H LNR  MRE  WPT  BLD 2 AZD ZNN 2. DII/B  GIL  GC  THI  MTY  BPF-U  PZA-U  AW-U  KEG-U  CWI-U AER MDZ/A  ACM/A  CJR/B  TVA/B  SJR/B  CCA  CGO  CGX-U  IMX H LGF US FMN TRI  YLO-U  QBR/B  TS/B  GVC  UNS  SCC  CTC/A  DOL  RET/A  CTU/A GLN  RON  FGL IDG  LNF  GBT/A  Symbol H/L SC  PJC/A  GCL  L  WN  MRU/A  ATD/B EMP/A  NWF-U  LIQ-U  BR-U  CDL/A  BCB VT ABC SAP  CBY  MFI AGT  RSI-U  BXI PBH  SOY HLF  AG-U ATB  GLG  Last 62.88 18.64 9.45 16.75 .78 0.22 33 32.43 26.88 8.24 33.37 9.61 11.90 7.44 16.20 12.05 5.29 10.70 11.08 35.24 19.60 15.44 20.11 41.66 33.25 19.46 16.86 5.99 1.61 37.51 6.20 33.97 9.65 2.10 30.09 28.75 54.97 21.99 16.26 12.90 15.05 15.95 14.27 17.89 12.20 36.25 Last 44.79 9.90 12.32 37.57 70.22 41.68 18.12 51.81 18.24 16.95 16.90 15.37 7.67 9.32 1.47 29.38 51.80 10.22 33.97 4.91 1.90 14.25 3.95 10.60 2.97 17.18 7.29 %Chg 0.2% 3.9% 0.5% 2.1% 8.1% 0.0% -8.2% 0.3% -0.0% 2.3% 0.3% 0.1% 0.0% 0.0% 1.5% -0.4% 0.1% 0.4% 0.0% 0.8% 2.4% 2.9% 0.4% 0.9% 2.0% 1.4% 1.6% 2.9% -2.4% 1.5% 2.6% 0.2% 0.6% 2.4% 1.8% 0.0% -0.0% 0.8% 0.0% 1.5% 0.1% 0.8% 1.3% 0.5% -1.6% -0.6% %Chg 0.6% 0.4% 0.0% 0.0% 1.1% -0.7% 0.3% 1.3% 1.6% 0.5% 1.7% -0.1% 1.5% -1.2% 2.0% 1.4% 1.5% -0.5% -0.9% 0.2% -2.0% 1.1% -1.2% -1.8% -0.3% 0.4% 5.6%

Technology
Symbol H/L XIT  OTC  MN CX 0 MMC GIB/A  MTK  CTY H MDA CSU H DSG  CMG  ESL ENA MKX  RKN  TWT ABT BWC  AXX RIM AAH  DWI WIN  SW CDV RCM SVC  VCM  EXF  TZT  WEW  ET PUR CTW/S MT VNP DSA  CLS H SO  MSD  GND  ZL  Last 7.62 47.95 3.73 .99 0.24 15.16 3.53 18.25 38.06 42.25 6.45 16.65 7.80 0.60 11.75 1.48 3.35 5.85 10.43 1.68 76.75 32.14 10.76 2.87 8.87 3.14 19.35 2.02 6.90 6.09 1.66 0.58 13.75 4.65 2.06 4.64 5.34 8.20 11.41 9.92 23.40 6.16 1.91 %Chg 1.6% -0.2% 0.0% 6.4% -4.0% 0.0% -0.5% 0.8% 1.4% 1.4% 1.0% -0.8% 0.0% -1.6% 0.0% -0.6% 0.0% 1.7% 1.3% -1.7% 2.1% 1.2% 3.2% -0.3% 0.5% 0.9% 0.2% 0.0% 4.5% 1.1% -1.7% 1.7% -0.1% 1.5% -1.9% -0.2% 0.3% 0.6% 4.5% 0.7% 1.6% 1.6% 0.0%

Financials
Symbol H/L Last XFN 23.92 H RY 60.24 H TD 76.13 H BNS 51.29 H BMO 62.31 H CM 77.19 H NA 62.60  CWB 24.17  LB 44.15  MIC 26.65  HCG 42.96  ETC 24.15  FN-U 21.47  MKP 12.00 FC-U 11.22  HEQ 7.19 17.38 DHF-U  OCX 27.75  X 30.04  QC 1.30  CSF 14.77  IGM 43.99  CIX 21.18  AGF/B 18.58  DC/A 13.21  SII 4.37 U 5.88  GS 21.01  PNP 1.76 GCG/A 8.08  DW 13.99  GMP 13.77  CF 11.13  WES 3.39  MFC 19.89 GWO 28.33 H PWF 33.01 H SLF 32.09 POW 30.39  IAG 34.61  FFH 378.29  IFC 42.79  XRE 12.14  HR-U 16.40  REF-U 27.37  CUF-U 19.29  CRR-U 11.54  AP-U 20.10  D-U 25.83  WRK-U  15.00 BEI-U 40.52  CAR-U 14.25  NPR-U 24.10 H REI-U 19.40  CWT-U  21.34 PMZ-U 17.20  MRT-U 13.31  AX-U 11.70  CSH-U 7.42  EXE-U 10.55  INN-U 5.78  BAM/A 25.58  FCR 22.25  MRC 43.00  BPP 19.25  PRK 5.47  BPO 15.75 H MIM/A 13.17 KMP 8.23 MEQ 10.38  MRD 11.55  GDC 3.91  FSV 22.50 H AIF-U 13.32  BRE-U 13.23  %Chg 0.8% 1.1% 0.6% 1.1% 1.2% 0.8% -0.7% 0.2% 0.2% -0.1% -0.7% 0.6% 1.5% -4.3% -0.1% 0.7% -0.2% 0.9% 0.2% -0.7% 0.4% 1.2% 1.5% 2.2% 0.3% -0.6% 1.7% 0.0% -1.6% -0.1% -0.7% 1.3% 0.4% -1.7% -0.3% 1.2% 1.1% 0.6% 0.9% -0.3% 0.5% 0.6% 0.4% 0.3% 0.1% 0.9% -0.0% -0.9% -0.6% 0.4% -0.4% 0.5% 1.2% 0.6% 1.5% 0.5% 0.3% -0.4% -0.5% 0.9% 0.0% 0.3% 0.4% 1.4% 0.0% -2.3% 0.8% 0.5% 0.4% -1.0% -0.7% -1.0% 2.4% 0.9% -1.1%

Utilities
Symbol H/L FTS  EMA  GZM-U  CU  ACO/X  JE-U  TA  BRC-U  NPI-U  CPA-U H ATP  CPX  RPG  AQN  BLX  MXY 1 IEF-U  MPT-U  PCC BPT-U  Symbol H/L PIX BCE  T H BA-U  MBT  WRX RCI/B  Last 29.02 24.54 16.37 48.30 50.81 14.26 22.91 21.14 13.69 18.00 12.74 22.77 3.01 4.65 10.39 .64 12.19 7.20 3.49 4.41 Last 1.09 30.66 37.65 25.79 31.54 0.89 35.33 %Chg 1.1% 0.5% -0.4% 0.6% -0.1% -0.4% 0.9% 0.6% 0.9% 1.7% -0.5% 0.3% -0.3% 1.9% -1.5% 11.5% 1.1% -0.2% -1.9% 0.4% %Chg 3.8% 0.5% 1.5% 0.2% 0.0% -1.1% -0.0%

Health Care
Symbol H/L IM  EKO FMD-U  CLC-U  DR-U H SXC H CNJ TH  QLT  BU ONC HBP RVX NYMX US YM TTH MDG AEZ  BVF  PLB H COM H DDS ANP NRI MDS  PTI

Consumer Staples

Telecom Services

H/L = at a new closing 52- wk High/Low; / = within 10% of the 52- wk High/Low; Blue = S&P/TSX 60 member, Italics = ETF, Bold = move of more than 5%

Page 6  March 23, 2010 (Back to Index)

Market Elements

Earnings Expected Next Session
Company
Resolute Energy Corp PetroChina Co Ltd Endeavour Silver Corp Alexis Minerals Corp Commercial Metals Co Omnova Solutions Inc Eurasian Natural Resources Corp Nan Ya Plastics Corp Formosa Plastics Corp Wacker Chemie AG Israel Chemicals Limited Hochschild Mining plc Mirabela Nickel Ltd Canadian Pacific Railway Robbins & Myers Inc GenCorp Inc Q-Cells AG DP World Ltd Dollarama Inc Wescast Industries Inc Lennar Corporation CKE Restaurants Inc dELiA*s Inc Li & Fung Ltd Belle International Holdings Ltd China Dongxiang Group Co MRV Engenharia e Participacoes SA Bellway PLC Medion AG General Mills Inc AEterna Zentaris Inc AGF Management Ltd Resolution Ltd Guangzhou R&F Properties Co Ltd Espirito Santo Financial Group SA Bank Hapoalim BM Pure Technologies Ltd Cyberplex Inc Paychex Inc Red Hat Inc Epistar Corp ZTE Corp WPG Holdings Co Ltd Richtek Technology Corp China Unicom Ltd Mobile Telesystems OJSC A2A SpA

Ticker
REN US PTR US EDR CN AMC CN CMC US OMN US ENRC LN 1303 TT 1301 TT WCH GR ICL IT HOC LN MBN AU CP CN RBN US GY US QCE GR 3DW GR DOL CN WCS.A CN LEN US CKR US DLIA US 494 HK 1880 HK 3818 HK MRVE3 BZ BWY LN MDN GR GIS US AEZ CN AGF.B CN RSL LN 2777 HK ESF PL POLI IT PUR CN CX CN PAYX US RHT US 2448 TT 763 HK 3702 TT 6286 TT CHU US MBT US A2A IM

Country
U. S. China Canada Canada U. S. U. S. U.K. Taiwan Taiwan Germany Israel U.K. Australia Canada U. S. U. S. Germany UAE Canada Canada U. S. U. S. U. S. Bermuda Cayman Cayman Brazil U.K. Germany U. S. Canada Canada Guernsey China Luxembourg Israel Canada Canada U. S. U. S. Taiwan China Taiwan Taiwan Hong Kong Russia Italy

Sector
Energy Energy Materials Materials Materials Materials Materials Materials Materials Materials Materials Materials Materials Industrials Industrials Industrials Industrials Industrials CMR Disc CMR Disc CMR Disc CMR Disc CMR Disc CMR Disc CMR Disc CMR Disc CMR Disc CMR Disc CMR Disc CMR Stap Hlth Care Financials Financials Financials Financials Financials Info Tech Info Tech Info Tech Info Tech Info Tech Info Tech Info Tech Info Tech Telecom Telecom Utilities

Industry
OG E&P Int O&G PrecMet DvrsMng Steel SpecChm DvrsMng ComdChm ComdChm SpecChm Fert&Ag PrecMet DvrsMng Railroads Ind Mach Aero&Def ElcCmpEq MarineSrv GMrchStrs AutoParts HomeBld Rstaurnt CatalgRtl Distrib ApparlRtl Aprl&Gds HomeBld HomeBld Distrib PkgFdMt Biotech AsstMgmt LifeHthIns REstDevl DiversBnk DiversBnk ElecInstr InetSftSrv DataProc SystmSwr Semi ComEquip TechDist Semi IntegTelSrv WlsTelSrv MultiUtil

MktCap Period
630 24,580 200 80 1,850 320 22,360 15,780 13,510 7,080 1,690 1,400 790 9,180 860 280 840 1,560 10 2,500 620 60 19,570 10,820 4,130 3,620 1,340 540 24,050 50 1,590 2,700 1,610 1,560 560 150 60 11,740 5,660 2,590 2,050 1,510 1,470 28,110 21,720 5,630 Q4 Y Q4 Q4 Q2 Q1 Y Y Y Y Y Y S1 Q1 Q2 Q1 Y Y Q4 Q4 Q1 Q4 Q4 Y Y Y Y S1 Y Q3 Q4 Q1 Y Y Y Y Q4 Q4 Q3 Q4 Y Y Y Y Y Y Y

Time
Bef-mkt

21:00

16:00

Bef-mkt

Bef-mkt Aft-mkt Bef-mkt

Aft-mkt

Bef-mkt Bef-mkt 08:00

07:00

Aft-mkt Aft-mkt

Red = Canadian incorporated, Blue = U.S. incorporated, Highlighted = S&P Global 1200 Index member

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Relative Strength Filter
Euro Breakdown
 The euro brok e to the down side at 4:40 a.m. this morning (before Fitch downgraded Portugal; and on this downgrade, we note that it is having little if any impact on Portuguese sovereign deb t so far – see BMO Chart). This euro break down follows a failed upsid e r eversal only eight sessions ago – Figure 1. Risk on the euro is to the 1.32 level. Headline risk is certainly the order of the week and year for the euro. 

March 24, 2010 Research Comment Quantitative/Technical Research

Mark Steele
(416) 359-4641 mark.steele@bmo.com Assoc: Tiberiu Stoichita

CLICK HERE for a printer friendly version of this report including research disclosures.
This euro weakn ess / dollar st rength will c ertainly weaken gold shares, which have dropped to a 6th decil e position in our Group Selection Report. It will a lso hold Europ ean indi ces in four-bom b underperforming trends, and No rth American in dices in fourstar outperforming patterns compared to the S&P Global 1200 – see link. For equity investors - stay dollar bloc.

Figure 1: Euro With 200-, 50- and 26-Day Moving Averages at 6:40 a.m. This Morning

Source: BMO Capital Markets, Bloomberg, Thomson, Markit

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Economic Research
A.M. Notes

March 24, 2010 Research Comment

Dr. Sherry Cooper (800) 613-0205 Michael Gregory (416) 359-4747 Benjamin Reitzes (416) 359-5628

Dr. Sherry Cooper, Chief Economist
sherry.cooper@bmonb.com

416-359-4112

NORTH AMERICA – Michael Gregory
On today’s docket… U.S. durable goods orders—February (@ 08:30): Sal Guatieri notes that they should rise 0.6%, boosted by a jump in Boeing orders. However, lower auto production likely acted as a slight headwind. Excluding transportation, orders are expected to retrace part of the prior month’s 1% decline. Core capital goods orders (a good proxy for business capital spending) which were particularly weak in January, plunging 4.1%, likely also rebounded, but probably not enough to erase the earlier decline. U.S. new home sales—February (@ 10:00): Sal also notes that they are likely to hold flat at January’s record low 309,000. While the small increase in the NAHB index in February points to some potential gain, it was likely overwhelmed by the poor weather. And, with the NAHB falling in March, the outlook for housing remains negative. (Yesterday, existing sales slipped 0.6% to 5.02 mln, down for the third month in row). Then cometh the Canadian policymakers… Finance Minister Jim Flaherty will hold a news conference @ 9:00. He’s apparently announcing the kickoff of pension reform consultations, as advertised in the recent budget. Bank of Canada Governor Carney speaks on “The Virtue of Productivity in a Wicked World”. The text will be released @12:50, followed by a press conference @ 14:10. Any discussion on productivity will probably touch on the loftiness of the loonie and the need for Canadian firms to become more productive to compete in foreign markets and at home (with the C$ also providing a means to achieve this—cheaper imported capital goods). It could also touch on other implications of Canada’s poor productivity performance—it lowers the economic speed limit and has already been cited (in January’s MPR) as a culprit contributing to the “stickiness” of core inflation by keeping unit labour cost increases stubbornly high. However, with it now looking like the BoC’s projections for Q1 core CPI inflation (1.6% y/y) and real GDP growth (3.5%) will both come up short, market participants will be scouring the text and Q&A for clues to the timing and magnitude of those first few policy rate hikes. While Mr. Carney might hint at an upgrade to the near-term projections to be presented in April’s Monetary Policy Report, we still wouldn’t be surprised if the Governor downplays the recent upside surprise in the core CPI (owing to Olympic-sized hotel price hikes) and run of reports pointing to a solid January GDP gain with February overflow (owing to the Olympics again along with pulled-forward housing activity and the temporary ripples from North American inventory restocking). The policy clues could be sparse.

Sector Comment

Economic Research

The Province of Saskatchewan will table its FY2010/11 budget @ 16:15. Robert Kavcic notes that it’s expected to focus on spending restraint as resource revenues remain under pressure. In its latest FY2009/10 update, the Province penciled in a $425 mln surplus, but an $86 mln deficit before transfers from the reserve fund. The weakened fiscal position (which is still quite healthy relative to all other Provinces) is the result of a massive $2.1 bln decline in potash revenues from last year’s original budget plan—prices and production both fell sharply last year. The Province has already begun to reign in spending plans, lowering the FY2009/10 tally by $100 mln during the last year, and this year’s budget will likely take further aim at government expenses. Yesterday afternoon, Manitoba tabled its budget. Rob reported that the province’s FY2010/11 plan takes a balanced approach to deficit reduction against a still-fragile economic backdrop, offering modest spending growth and some tax/user fee increases. It is projecting a $545 mln summary deficit in FY2010/11, slightly improved from an estimated $555 mln deficit in FY2009/10. The Province will lean on its Fiscal Stabilization Account for $129 mln. Longer term, the Province is anticipating four years of deficits before returning to a $185 mln surplus in FY2014/15… We get Ontario tomorrow. Rounding out Wednesday’s docket… 10:30: U.S. DoE petroleum report for March 19th… 10:45: KC Fed Pres. Hoenig (the two-time FOMC dissenter) speaks on “The Financial Foundation for Main Street”… 12:05: C$3.2 bln auction of 3-year Government of Canada bonds… 13:00: US$42.0 bln auction of 5-year U.S. Treasury notes… 20:00: Fed Gov. Kohn speaks on “Homework Assignments for Monetary Policymakers”. Just in… The ABC News consumer index decreased a notch to -44 for March 21st, still the second best reading in the past 11 weeks… The MBA mortgage index decreased 4.2% (47.9% y/y) for March 19th.

OVERSEAS – Benjamin Reitzes
The US$ index is up strongly this morning, thanks mostly to a sizeable drop in the euro (see below). All the other majors are weaker as well, with the NZ$ lagging after Q4’s current account deficit widened much more than expected. Elsewhere, Japan’s February merchandise trade surplus came in higher than consensus, as exports rose 45.3% y/y. Export volumes were solid too, up 1.2% on the month and 44% y/y. But the decent data didn’t help the yen. The pound is softer ahead of a pre-election budget announcement by the ruling Labour party (who are trailing in the polls). The budget is expected to lay out the framework for returning to a more sustainable fiscal path. The strong US$ is weighing on commodities: oil is down 1.7% to $80.50, gold is $10 lower to $1095, base metals are down 1% to 2%, and grains are weaker as well. The euro fell to its lowest level since last May, as it appears that the IMF will be part of any aid package for Greece. Markets are concerned that IMF involvement could mean ever harsher austerity measures (since currency devaluation isn’t an option), which could prompt a potential exit from the Euro area by Greece. The push to get the IMF involved came solely from Germany who has strongly resisted providing any support to Greece, as it is politically extremely unpopular. IMF involvement would add some credibility to the process, as it is very experienced in these matters, but it certainly shows that the Euro area can’t take care of its own. This crisis is a test of the currency’s staying power, and if Greece is allowed to exit, that may only be the first step towards eventual dissolution of the Euro area. Greece isn’t the only country facing difficulty, as Fitch downgraded Portugal’s sovereign debt rating one notch to AA- and kept the negative outlook (meaning more downgrades are possible). Politics are

Page 2  March 24, 2010 (Back to Index)

Sector Comment

Economic Research

starting to play a more prominent role in the crisis, which could spell trouble for heavily indebted Euro area countries. As long as the Greece situation drags on without resolution, the euro will likely remain under pressure. Moreover, if there’s no resolution soon, Portugal and Spain could soon be in the spotlight as well. Meantime, Euro area data were mostly solid. The manufacturing and services PMIs for March handily beat expectations. The manufacturing index rose to its best level since Dec. ’06, while the services measure hit a 28-month high. Germany’s Ifo survey of business confidence also beat expectations, rising 2.9 pts to 98.1 in March, a 21-month high. The current situation and expectations components both gained ground. The improvement in both the PMIs and the Ifo survey point to more solid growth in Q2 following a weather-dampened Q1. There was one bit of softer news though, as Euro area industrial new orders fell 2% in January. The consensus call was for a similar-sized gain. Bottom Line: Europe is recovering, but the pace remains sluggish. Asian equity markets closed higher, as the Nikkei rose 0.4%, the Hang Seng gained 0.1%, and China’s CSI 300 was flat. European markets are down; DAX (-0.7%), CAC (-0.9%), FTSE (0.5%). U.S. equity futures are pointing to a lower open. U.S. treasuries are little changed. Gilts and Bund 10-yrs yields are flat as well. JGB 10-yr yields were down 1 bp.

Currency Market Current 7:01 AM US$ Index 81.56 1.0219 C$ (US ce nts) 97.85 C$ 1.4958 GBP 1.3359 EUR 91.19 JPY 0.9127 A$ 6.8267 CNY
Data Docket: Japan: Euro area:

Change +0.66 +0.0060 -0.58 -0.0091 -0.0140 +0.79 -0.0061 +0.0003

High 81.609 1.0228 97.77 1.5047 1.3505 91.27 0.9195

Low 80.803 1.0157 98.46 1.4949 1.3350 90.38 0.9111

Germany:

Merchandise Trade Surplus (Feb) ¥651 bln, better than expected; exports up 45.3% y/y Manufacturing PMI (Mar A) 56.3, up 2.1 pts and better than expected Services PMI (Mar A) 53.7, up 1.9 pts and better than expected Industrial New Orders (Jan) -2.0%, +7.0% y/y Ifo Survey (Mar) 98.1, up 2.9 pts and better than expected

AM CHARTS
  Perhaps That 5% Q4 Growth Was No Fluke A Tale Of Two Housing Markets

ON THE WEB: (Link to Chart)

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BMO Capital Markets
IMPORTANT DISCLOSURES

Disclosure Statements

Analyst's Certification As to each company covered in this report, each analyst hereby certifies that the views expressed accurately reflect the analyst’s personal views about the subject securities or issuers. Each analyst also certifies that no part of the analyst’s compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report. Analysts who prepared this report are compensated based upon (among other factors) the overall profitability of BMO Capital Markets and their affiliates, which includes the overall profitability of investment banking services. Compensation for research is based on effectiveness in generating new ideas and in communication of ideas to clients, performance of recommendations, accuracy of earnings estimates, and service to clients. Company Specific Disclosures For Important Disclosures on the stocks discussed in this report, please go to http://researchglobal.bmocapitalmarkets.com/Company_Disclosure_Public.asp Distribution of Ratings (Dec. 31, 2009) Rating BMOCM US BMOCM US BMOCM US BMOCM BMOCM First Call Category BMO Rating Universe* IB Clients** IB Clients*** Universe**** IB Clients***** Universe Buy Outperform 32.2% 12.3% 38.3% 36.1% 47.9% 50% Hold Market Perform 62.6% 10.2% 61.7% 56.9% 48.9% 43% Sell Underperform 5.3% 0% 0% 6.9% 3.2% 7% * Reflects rating distribution of all companies covered by BMO Capital Markets Corp. equity research analysts. ** Reflects rating distribution of all companies from which BMO Capital Markets Corp. has received compensation for Investment Banking services as percentage within ratings category. *** Reflects rating distribution of all companies from which BMO Capital Markets Corp. has received compensation for Investment Banking services as percentage of Investment Banking clients. **** Reflects rating distribution of all companies covered by BMO Capital Markets equity research analysts. ***** Reflects rating distribution of all companies from which BMO Capital Markets has received compensation for Investment Banking services as percentage of Investment Banking clients. Ratings and Sector Key We use the following ratings system definitions: OP = Outperform - Forecast to outperform the market; Mkt = Market Perform - Forecast to perform roughly in line with the market; Und = Underperform - Forecast to underperform the market; (S) = speculative investment; NR = No rating at this time; R = Restricted – Dissemination of research is currently restricted. Market performance is measured by a benchmark index such as the S&P/TSX Composite Index, S&P 500, Nasdaq Composite, as appropriate for each company. BMO Capital Markets eight Top 15 lists guide investors to our best ideas according to different objectives (Canadian large, small, growth, value, income, quantitative; and US large, US small) have replaced the Top Pick rating. Other Important Disclosures For Important Disclosures on the stocks discussed in this report, please go to http://researchglobal.bmocapitalmarkets.com/Company_Disclosure_Public.asp or write to Editorial Department, BMO Capital Markets, 3 Times Square, New York, NY 10036 or Editorial Department, BMO Capital Markets, 1 First Canadian Place, Toronto, Ontario, M5X 1H3. Prior BMO Capital Markets Ratings Systems http://researchglobal.bmocapitalmarkets.com/documents/2009/prior_rating_systems.pdf Dissemination of Research Our research publications are available via our web site http://bmocapitalmarkets.com/research/. Institutional clients may also receive our research via FIRST CALL, FIRST CALL Research Direct, Reuters, Bloomberg, FactSet, Capital IQ, and TheMarkets.com. All of our research is made widely available at the same time to all BMO Capital Markets client groups entitled to our research. Additional dissemination may occur via email or regular mail. Please contact your investment advisor or institutional salesperson for more information. Conflict Statement A general description of how BMO Financial Group identifies and manages conflicts of interest is contained in our public facing policy for managing conflicts of interest in connection with investment research which is available at http://researchglobal.bmocapitalmarkets.com/Conflict_Statement_Public.asp

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BMO Capital Markets

Disclosure Statements

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