BMO Q2 2009 Earnings

RBC Capital Markets, Andre-Philippe Hardy, 27 May 2009Q2/09 results exceeded our low expectations, led by lower than expected loan losses and taxes. Capital ratios were higher than estimated and core pre-tax, pre-provision profitability was in line with our normalized estimates for 2010.• Forgetting expectations, results reflect a difficult environment, with a core ROE of 12.3% and reported EPS