Rising Inflation, High Energy Prices and Weakening Housing Market Fuel Worries in Q3
BMO Canadian and U.S. CIOs host media conference call to discuss North American equity markets, economies and implications for investors

WHAT:
Join Canadian and U.S. Chief Investment Officers from BMO Harris Private Banking and Harris Private Bank to hear their economic and capital markets forecasts for the third quarter of 2008.

CIOs Paul Taylor and Jack Ablin say that rising oil prices and inflation-fuelled investor pessimism, along with housing market softness, continue to pressure both Canadian and U.S. equity markets.

During the call, the CIOs will discuss three different economic and capital markets outlook scenarios, including:

• A hard landing for North America’s economy with an outright U.S. consumer-led recession;
• A soft landing for the North American economy as the housing market begins to stabilize and the U.S. labour market moderates;
• The North American economy rebounds thanks to aggressive monetary and fiscal policy actions, a revitalized housing market and stabilized consumer spending.

Market volatility spurs investor jitters
The events of the first half of 2008 have created a challenging environment in which to generate returns and the possibility of further downside risks remain.

Capital markets around the globe were impacted by four main factors in the second quarter of 2008:

• Continued financial sector turmoil;
• U.S. Federal Reserve moves to the sidelines;
• Crude oil passes the $140 per barrel mark;
• Inflation and recession fears.

For more commentary and analysis on the Canadian and U.S. markets and what this means for investors, media are invited to participate in for an interactive briefing at 10 a.m. EDT on Thursday, July 24, 2008.

Media conference call details:

Who:
Host: Graham Parsons, Executive Vice President, Global Private Banking,
BMO Harris Private Banking

Paul Taylor, Chief Investment Officer, BMO Harris Private Banking, Toronto

Jack Ablin, Chief Investment Officer, Harris Private Bank, Chicago

When:
Thursday, July 24, 2008
10 a.m. EDT

Media call in number for BMO Harris Private Banking conference call:
416-695-7806 / 888-789-9572

Participant passcode:
3266180#

The call will be archived at www.bmoharrisprivatebanking.com for seven days and a print transcript of the conference call will be available upon request.

BMO Harris Private Banking and Harris Private Bank are part of BMO Financial Group’s Private Client Group. The Private Client Group provides integrated wealth management services in Canada and the United States and had total assets under administration and term investments of $286 billion as at April 30, 2008.

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