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No Recession on the Horizon Say BMO and Harris Private Bank Chief Investment Officers Join Canadian and U.S. CIOs from BMO Harris Private Banking and Harris Private Bank to hear their positive outlook for North American Equity Markets

WHAT:
Despite the worsening U.S. housing market, low consumer savings rates, a protracted credit crunch and a soaring Canadian dollar, the Chief Investment Officers from BMO Financial Group's Canadian and U.S. private banks have a positive outlook for North American equity markets and economies in 2008.

Paul Taylor, CIO, BMO Harris Private Banking and Jack Ablin, CIO, Harris Private Bank, view the first quarter of 2008 as a key turning point, at which time either the U.S. economy will stall more meaningfully or the markets will hit a low point in the cycle and growth will rebound from there.

The potential for a U.S. consumer-led recession is the biggest risk. Yet, the CIOs expect the Fed to orchestrate a soft landing, thereby extending positive equity returns well into next year.

Considerations include: Geopolitical risks in the Middle East and Asia that could easily muddy an otherwise promising equity market position, as well as the uncertainty surrounding the foreign policy predilections of the U.S. presidential hopefuls.

Nevertheless, Taylor and Ablin are cautiously optimistic, recommending that investors make a modest reduction in cash and bonds in their portfolios and selectively add greater exposure to non-North American equities.

For more commentary and analysis on the Canadian and U.S. markets, media are invited to join us at BMO's offices at First Canadian Place for an interactive media briefing at 11:00 a.m. on Monday, October 29. If you can't make it to the briefing in-person, you can join through a conference call that will include a Q&A session.

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:
Monday, October 29, 2007
11:00 a.m. ET

WHERE:
BMO Harris Private Banking offices
First Canadian Place, 10^th floor

OR

Call in number: 1-866-299-6657

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.

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