July 14, 2010

TODAY'S HIGHLIGHTS

Canada/Int'l

Gildan
Estimates/Targets Raised Activewear
Gluskin Sheff
Estimates/Targets Lowered + Assoc.
Methanex
Sector Revisions

Oil & Gas Producers: Q2/10 Preview: Lacklustre at Best

Featured Reports

Comms Equip: 2Q Network Equipment Preview: Expect a Solid Quarter but Federal

and Europe...

FINANCIALS

Diversified Financials Canada Gluskin Sheff + Assoc. - Lowering Earnings Estimates and Target Price; No...

ENERGY & UTILITIES

Oil & Gas Producers Sector Comment - Q2/10 Preview: Lacklustre at Best

North American E&P Canada Legacy Oil + Gas - Potential Success at Maxhamish

MATERIALS

Other Canada Methanex - Q2/10 Preview - Target Price Reduced to $30; Outperform Rating...

CONSUMER

Diversified Consumer Canada Gildan Activewear - Q3 Earnings Preview

TECH/TELECOM/MEDIA

Specialty Hardware Sector Comment - Local HD Transition Update: No New Newscast Launches

MACRO

Quantitative/Technical Market Elements - Daily Quantitative Commentary

Economics A.M. Notes - Daily Economic Commentary

RESEARCH LINKS

Top 15 and Universal Comparables Basic Points

Periodical Corner Don Coxe Webcast Replay
Company / Thematic Reports Calendar of Events
Analyst Phone List Economics Website
 July 13, 2010
Gluskin Sheff + Assoc. Research Comment
Toronto, Ontario
(GS-TSX)

Stock Rating: Market Perform

Atul Shah
Industry Rating: Market Perform
BMO Nesbitt Burns Inc.
(416) 359-4691
Atul.Shah@bmo.com

Price (13-Jul) $17.10 52-Week High $23.65

Target Price $18.50 52-Week Low $14.85
Lowering Earnings Estimates and Target Price; No Gluskin Sheff + Associates (GS)
Near-Term Catalyst to Drive Stock Price Higher Price: High,Low,Close Earnings/Share
3.0
30
2.5
25
Event 20
2.0

1.5
Gluskin Sheff announced that AUM at June 30, 2010 were approximately $5.5 15
1.0
billion and its preliminary estimate of performance fees for Q4/10 was 10

approximately $1.5 million. Both AUM and performance fees were lower than 5
Volume (mln)
0.5

4 4
our estimate of $5.8 billion and $4.5 million, respectively.
2 2

0 0
Impact 200
GS Relative to S&P/TSX Comp
200

Negative. 100 100

0 0
Forecasts 2006 2007 2008 2009 2010
Last Data Point: July 12, 2010

We are decreasing out 2010 and 2011 EPS estimates by $0.05 and $0.10 to (FY-Jun.) 2008A 2009A 2010E 2011E
$1.30 for both years from $1.35 and $1.40, respectively. EPS $1.34 $0.73 $1.30 $1.30
P/E 13.2x 13.2x

Valuation
We are lowering our target price by $1.00 to $18.50 from $19.50 to reflect a
base valuation of $14.00 (16.5x 2011E base EPS of $0.85) and a performance Rev. ($mm) $106 $69 $122 $110
Net Income ($mm) $39.3 $21.2 $38.3 $38.0
component valuation of $4.50 (10x 2011E performance EPS contribution of Client Assets ($b) $5.6 $4.5 $5.5 $6.1
$0.45).
Quarterly EPS Q1 Q2 Q3 Q4
2008A $0.26 $0.48 $0.22 $0.38
Recommendation 2009A $0.21 $0.18 $0.14 $0.20
2010E $0.20a $0.73a $0.17a $0.20
Gluskin Sheff is rated Market Perform to reflect a total potential return of 14%.
Dividend $0.50 Yield 2.9%
We expect the pace of AUM growth to slow from 20%+ in fiscal 2010 to around Book Value $2.90 Price/Book 5.9x
Shares O/S (mm) 29.2 Mkt. Cap ($mm) $499
10% in fiscal 2011. We also expect the company to earn relatively modest Float O/S (mm) 8.4 Float Cap ($mm) $144
performance fees in fiscal 2011. Our forecast calls for fees of $28 million, a Wkly Vol (000s) 144 Wkly $ Vol (mm) $2.9
Net Debt ($mm) -$94.5 Next Rep. Date Sep (E)
drop of 35% from $43 million in fiscal 2010. Gluskin Sheff’s stock price has
Notes: All values in C$; Subordinate Voting
fallen by 20%+ over the past three months, more than three times the S&P/TSX Major Shareholders: Eight persons own all the multiple voting
shares representing 97% of the shareholders' votes
Financials Index drop of 6%. However, we don’t see any near-term catalyst(s) First Call Mean Estimates: Not Available
that would drive the price higher.
Changes Annual EPS Quarterly EPS Target
2010E $1.35 to $1.30 Q4/10E $0.25 to $0.20 $19.50 to $18.50
2011E $1.40 to $1.30

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.
 July 13, 2010
Energy - Oil & Gas Research Comment

Jim Byrne, P. Eng., CFA (403) 515-1557

Producers BMO Nesbitt Burns Inc. (Canada)
Phillip Jungwirth, CFA
BMO Capital Markets Corp. (U.S.)
(303) 436-1127

Dan McSpirit (303) 436-1117

BMO Capital Markets Corp. (U.S.)
Industry Rating: Market Perform Randy Ollenberger (403) 515-1502
BMO Nesbitt Burns Inc. (Canada)

Assoc: Matthew Brink, CFA/Graham Cooke, CFA/

Jared Dziuba/Chris Sloan

Q2/10 Preview: Lacklustre at Best

Second-quarter reporting for the Producers group begins on July 15 with

results from Nexen and OPTI Canada. We expect the North American Senior
Summary
Producers group to report higher cash flow relative to last year as a result of  West Texas Intermediate (WTI) crude oil
an improvement in commodity prices over the period but below the prior averaged US$78.09/bbl in Q2/10, up 31%
quarter due to somewhat weaker prices quarter over quarter. As for the from Q2/09 but down 1% from Q1/10. Henry
Intermediate/Junior Producers group, cash flow is also expected to be lower Hub natural gas prices averaged US$4.35/Mcf
on a quarterly basis but lower on a year-over-year basis as well, reflecting a
in Q2/10, up 14% from Q2/09 but down 13%
combination of natural declines, asset sales and higher costs for several
from Q1/10.
companies.
 Second quarter cash flow for the North
Crude oil prices held steady from the first quarter in Q2/10, with West Texas American Senior Producers group is expected
Intermediate (WTI) averaging US$78.09/bbl, 1% below Q1/10. However, to be up 14% from Q2/09 but down 3% from
prices were 31% above the Q2/09 due to a general improvement in economic Q1/10 reflecting the trend in commodity
conditions. Canadian heavy prices also improved year over year, but traded at
prices. The Intermediate/Junior Producers are
a discount of 18% to WTI above both last year and last quarter. However, the
expected to see a similar 1% drop on a
discount remains well below the historical average of more than 25%. Natural
quarterly basis, but a 10% decline year over
gas prices also fell quarter over quarter reflecting elevated storage levels this
year reflecting natural production declines and
spring, but increased from depressed levels seen at this time last year. The
NYMEX front-month natural gas prices averaged US$4.35/Mcf in Q2/10 assets sales from several companies.
down 13% from Q1/10, but up 14% from last year’s levels.  We continue to recommend a market weight
exposure to the North American oil and gas
We continue to recommend that investors maintain a neutral investment
group. Our top recommendations among the
posture toward the Oil and Gas Producer group based on our expectation for
Producers group include Canadian Natural,
range-bound crude oil prices, which suggests that the oil and gas group will
Crew, Forest Oil, Newfield, Occidental,
trade relatively flat. Natural gas prices could generate a short-term trading
opportunity over the summer driven by trends in international markets. Petrohawk, and Pioneer.
However, in the longer term we continue to favour companies leveraged to
crude oil over natural gas. Our top recommendations among the Producers
group include Canadian Natural, Crew, Forest Oil, Newfield, Occidental,
Petrohawk, and Pioneer.
Please see pages 10, 11 and 14 for analyst coverage.

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 15 to 16.
 July 13, 2010
Legacy Oil + Gas Research Comment
Calgary, Alberta
(LEG-TSX)

Stock Rating: Outperform

Mark Leggett, CFA
Industry Rating: Market Perform
BMO Nesbitt Burns Inc.
(403) 515-1508
Mark.Leggett@bmo.com
Assoc: Jason Chang

Price (13-Jul) $11.80 52-Week High $14.88

Potential Success at Maxhamish Target Price $15.75  52-Week Low $2.40
Legacy Oil + Gas Inc. (LEG)
Event Price: High,Low,Close Earnings/Share
0.4
15
Legacy’s farmout partner at Maxhamish, Strategic Oil & Gas (SOG–TSXV), 0.2

provided an update that indicated two successful horizontal wells targeting the 10 0.0
Chinkeh formation were drilled and completed (vertical depth of 1,600 metres
-0.2
and horizontal lateral of 1,350 metres) with 11-stage fracture stimulations. Both 5
-0.4
wells were production tested and placed on production with pump-jacks.
0 -0.6
Current production is restricted by the third-party gathering and processing Volume (mln)
10 10
facility. Based on field estimates, Strategic estimates the horizontal wells have
5 5
a capacity of 200–250 b/d with recoverable reserve targets of 200,000–250,000 0 0
barrels of light oil reserves (2P). Based on successful results, Legacy and 200
LEG Relative to S&P/TSX Comp
200

Strategic added 19 sections of land to the west of the current farmout agreement. 100 100
Strategic indicated results are being assessed with Legacy to determine
0 0
development plans for the next year. 2006 2007 2008 2009 2010
Last Data Point: July 12, 2010

Impact (FY-Dec.) 2008A 2009A 2010E 2011E

CFPS $1.38 $0.91 $1.35 $1.78
Potentially Positive. P/CFPS 8.7x 6.6x

EPS $0.21 -$0.40 $0.12 $0.44

Forecasts P/E 98.3x 26.8x

Our CFPS estimates of $1.35 in 2010 and $1.78 in 2011 are unchanged. Our CF/boe $43.71 $33.51 $42.71 $45.70
EV/EBITDA 3.1x 32.2x 12.0x 7.0x
financial estimates are based on production forecasts of 8,916 boe/d in 2010 and ROCE 4.0% -3.0% 1.0% 4.0%
13,673 boe/d in 2011. D/CF 1.2x 2.3x 1.2x 0.5x
Quarterly CFPS Q1 Q2 Q3 Q4
2008A $0.31 $0.45 $0.39 $0.24
Valuation 2009A $0.06 $0.12 $0.16 $0.27
2010E $0.34a $0.29 $0.33 $0.39
Legacy shares trade at 2011E valuation multiples of 6.6x P/CFPS and 7.0x
EV/EBITDA. Our target price is supported by our sum-of-parts analysis of Dividend $0.00 Yield 0.0%
Book Value $7.35 Price/Book 1.6x
$16.12 per share (Cdn. par crude $80/bbl), which has been updated to include an Shares O/S (mm) 125.8 Mkt. Cap ($mm) $1,484
Float O/S (mm) 104.6 Float Cap ($mm) $1,234
exploration value for the Maxhamish exploration program based on success Wkly Vol (000s) 1,310 Wkly $ Vol (mm) $14.5
indicated by the partner. Net Debt ($mm) $162.9 Next Rep. Date Aug (E)
Notes: All values in C$; EPS (diluted), CFPS (diluted)
Major Shareholders: Insiders (17%)
Recommendation First Call Mean Estimates: LEGACY OIL + GAS INC (C$) 2010E:
$1.35; 2011E: $
We continue to rate Legacy shares Outperform. The Maxhamish update from
the farmout partner appears to be positive; however, Legacy is still evaluating
results and has yet to provide commentary on the Maxhamish play. As such, we
have provided sensitivities on the exploration program pending further
information from Legacy.

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.
 July 13, 2010
Methanex Research Comment
Toronto, Ontario
(MEOH-NASDAQ; MX-TSX)

Stock Rating: Outperform

Bert Powell, CFA
Industry Rating: Outperform
BMO Nesbitt Burns Inc.
(416) 359-5301
Bert.Powell@bmo.com
Assoc: Luigi Di Pede, CFA

Price (12-Jul) $20.18 52-Week High $26.79

Q2/10 Preview – Target Price Reduced to $30; Target Price $30.00 52-Week Low $11.88

Outperform Rating Maintained Price: High,Low,Close(US$)

Methanex Corp. (MEOH)
Earnings/Share(US$)
5
35

Event 30
4

25 3
Methanex will report Q2/10 results on July, 28 after market close and hold a
20 2
conference call the following day. We expect total revenues to increase 85.0% 1
15
year over year to $454.3 million and EBITDA to increase 117.0% year over 10 0
year to $53.8 million. We forecast EPS to increase to $0.11 in the quarter from a 5 -1
Volume (mln)
loss of $0.06 in Q2/09. 20 20

10 10

Impact 0
MEOH Relative to S&P 500
0

200 200
Neutral.
100 100

Forecasts 0 0
2005 2006 2007 2008 2009 2010
We forecast 2010 revenues of $1.78 billion, EBITDA of $295.4 million and Last Data Point: July 9, 2010

EPS of $1.01. For 2011, we forecast revenues of $2.04 billion, EBITDA of (FY-Dec.) 2008A 2009A 2010E 2011E
EPS $1.82 $0.01 $1.01 $2.90
$582.9 million and EPS of $2.90. P/E 20.0x 7.0x

CFPS $2.54 $1.44 $2.67 $4.65

Valuation P/CFPS 7.6x 4.3x

Our $30.00 target price is based on 5.5x our 2011E EBITDA estimate. Rev. ($mm) $2,314 $1,198 $1,784 $2,042
EV ($mm) $2,589 $2,968 $2,419 $2,194
EBITDA ($mm) $367 $142 $295 $583
Recommendation EV/EBITDA 7.1x 20.9x 8.2x 3.8x
Quarterly EPS Q1 Q2 Q3 Q4
The prospect of slowing growth, new capacity and regulatory issues surrounding 2008A $0.67 $0.41 $0.75 -$0.03
DME blending in China are weighing on the methanol price, which appears to 2009A -$0.20 -$0.06 -$0.01 $0.28
2010E $0.31a $0.11 $0.18 $0.41
be hitting the cost curve. The issue for the next two quarters will be price
Dividend $0.62 Yield 3.1%
oscillation around the cost curve as new capacity is absorbed and there is more Book Value $13.55 Price/Book 1.5x
certainty on the prospects for global growth. We believe that Methanex’s Shares O/S (mm) 92.0 Mkt. Cap (US$mm) $1,857
Float O/S (mm) 92.0 Float Cap (US$mm) $1,857
current stock price is discounting a methanol price at the lower end of a range Wkly Vol (000s) 4,068 Wkly $ Vol (USmm) $84.6
Net Debt ($mm) $541.9 Next Rep. Date 28-Jul (E)
bounded by the cost curve on the bottom and BOE at the top end. We believe
Notes: All values in US$
that industry dynamics and a secular trend towards the use of Methanol in Major Shareholders: Widely held
First Call Mean Estimates: METHANEX CORPORATION (US$)
energy applications will result in prices that will tend more towards the middle 2010E: $1.34; 2011E: $2.91
of the range. We rate Methanex Outperform, but have reduced our target price
to $30.00 from $34.00.

Changes Annual EPS Annual CFPS Quarterly EPS Target

2010E $1.29 to $1.01 2010E $3.12 to $2.67 Q2/10E $0.20 to $0.11 $34.00 to $30.00
2011E $3.19 to $2.90 2011E $5.59 to $4.65 Q3/10E $0.32 to $0.18
Q4/10E $0.46 to $0.41

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.
 July 13, 2010
Gildan Activewear Research Comment
Montreal, Quebec
(GIL-NYSE; GIL-TSX)

Stock Rating: Outperform

Claude Proulx, CFA
Member of: Top 15 Growth Stock Selections BMO Nesbitt Burns Inc.
(514) 286-3501
Claude.Proulx@bmo.com
Assoc: Dean Ciura

Price (13-Jul) $29.47 52-Week High $32.73

Target Price $36.00  52-Week Low $14.25
Q3 Earnings Preview Gildan Activewear (GIL)
Price: High,Low,Close(US$) Earnings/Share(US$)
50 1.6

1.4
Event 40

30 1.2
Gildan (GIL) will report its Q3/10 results before markets open on August 12.
20 1.0

0.8
Impact 10

0 0.6
Potentially Positive. Based on U.S. wholesale data published by Capstone Volume (mln)
100 100
Research, we believe that Gildan’s consolidated sales growth may have 50 50
exceeded 30% year over year in Q3/10. As a result, we now expect EPS to reach 0 0
GIL Relative to S&P 500
$0.51, up from $0.49 previously and above consensus of $0.48. 400 400

200 200
Forecasts
0 0
2005 2006 2007 2008 2009 2010
We are increasing our 2010 forecast to $1.68 from $1.65 to reflect our updated Last Data Point: July 12, 2010

Q3/10 forecast. Our 2011 EPS forecast remains unchanged at $2.00. (FY-Sep.) 2008A 2009A 2010E 2011E
EPS $1.49 $0.77 $1.68 $2.00
P/E 17.6x 14.8x
Valuation
CFPS $1.58 $1.31 $2.29 $2.61
GIL looks very inexpensive at less than 15x our fiscal 2011 EPS forecast given P/CFPS 12.9x 11.3x
its strong organic growth rate as well as its retail and international growth
Rev. ($mm) $1,250 $1,038 $1,346 $1,655
prospects. EV ($mm) $3,485 $3,382
EBITDA ($mm) $256 $159 $289 $327
EV/EBITDA 12.1x 10.3x
Recommendation Quarterly EPS Q1 Q2 Q3 Q4
2008A $0.26 $0.35 $0.47 $0.41
Gildan is rated Outperform due to its attractive valuation, very low cost base, 2009A $0.04 $0.06 $0.32 $0.34
strong growth prospects and solid balance sheet. Our target price of US$36.00 2010E $0.24a $0.44a $0.51 $0.48

assumes that GIL shares will trade at about 18x our fiscal 2011 EPS estimate of Dividend $0.00 Yield 0.0%
Book Value $8.14 Price/Book 3.6x
US$2.00, 12 months from now. Shares O/S (mm) 121.0 Mkt. Cap (US$mm) $3,565
Float O/S (mm) 121.0 Float Cap (US$mm) $3,566
Wkly Vol (000s) 5,133 Wkly $ Vol (USmm) $121.5
Net Debt ($mm) -$118.0 Next Rep. Date 12-Aug (E)
Notes: All values in US$; EPS excludes one-time items of -$0.29 for
F08, $0.02 in F09 and -$0.05 in F10.
Major Shareholders: Widely held
First Call Mean Estimates: GILDAN ACTIVEWEAR INC (US$)
2010E: $1.59; 2011E: $1.95

Changes Annual EPS Annual CFPS Quarterly EPS

2010E $1.65 to $1.68 2010E $2.27 to $2.29 Q3/10E $0.49 to $0.51

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.
 July 13, 2010
Technology – Specialty Research Comment

Brian Piccioni, CFA

Hardware (416) 359-5761
Brian.Piccioni@bmo.com
Assoc: Rami Nasser
Industry Rating: Market Perform

Local HD Transition Update: No New Newscast Launches

Summary
 We view the conversions of local broadcasters to local HD news production as a sign of the strength of the broadcast equipment
market for Evertz (ET-TSX, $13.71; OP; $22 target) and Miranda (MT-TSX, $4.76; OP; $7 target), and indirectly for Gennum
(GND-TSX, $6.78; Und.; $5.85 target).
 We believe no new HD newscasts launched subsequent to our July 6, 2010, update.
 According to Miranda; the Hungarian state broadcaster, Magyar Televízió, has installed ten Densité frames housing 200 signal
processing modules, four Kaleido-X multi-viewers, eight Kaleido-X16 multi-viewers, and four Imagestore 750 HD/SD master
control and channel branding processors. (Source: http://www.miranda.com/press.php?id=590)
 Public broadcasters’ capex budgets are usually less influenced by advertising revenues. Miranda and Evertz have an opportunity
to gain market share internationally while Grass Valley continues to struggle financially. Moreover, Harris’ broadcast division
recently reported a 7% year-over-year drop in Q3 revenues and an operating loss of $5.2 million.
 We believe 258 U.S. broadcasters have switched to HD news, representing over 36% of the 700 newscasts in the U.S. We
continue to believe that virtually all video production must be upgraded globally over the next few years in order to remain
competitive. We publish this report because HD news upgrades are something we can measure and track consistently, and are
what we consider to be a proxy for the global HD conversion.

Local HD Conversion List

Table 1: Recent Known Local HD Conversions
Local Studio Market Network Owned By Went HD
WDRB/WMYO Louisville, KY FOX/MyNetworkTV Block Communications April 2010
WTVG Toledo, OH ABC Disney April 2010
KEZI Eugene, OR ABC Chambers Communications April 2010
KBMT Beaumont/Port Arthur, TX ABC London Broadcasting April 2010
KETK Tyler/Longview, TX NBC ComCorp April 2010
WNDU South Bend, IN NBC Gray April 2010
KXII Sherman, TX CBS Gray April 2010
WKBN/WYTV/WYFX Youngstown, OH CBS/ABC/FOX New Vision/Parkin/New Vision May 2010
KIAH Houston, TX CW Tribune May 2010
WHO Des Moines, IA NBC Local TV May 2010
KDAF Dallas, TX CW Tribune May 2010
KWTX Waco/Temple, TX CBS Gray May 2010
WREG Memphis, TN CBS Local TV June 2010
WCYB/WEMT Bristol, VA/Johnson City, TN NBC,CW/FOX Bonten/Esteem June 2010
WAND Decatur, IL NBC Block June 2010
KQDS Duluth, MN/Superior, WI FOX Red River June 2010
WCTI New Bern, NC ABC Bonten June 2010
WXTV Paterson/New Jersey, NY Univision Univision June 2010
KLTV Tyler/Longview, TX ABC Raycom June 2010
KFOX El Paso, TX FOX Cox July 2010
Source: BMO Capital Markets
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 7.
 July 13, 2010
Market Elements Research Comment
Quantitative/Technical Research

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

 Equity markets put in solid gains; all 10 sectors rose with Financials
in the lead, and Utilities bringing up the rear.
 Counterparty risk concerns, as measured by the U.S. 2-year swap
spread, fell to a two-month low; European and Asian sovereign default
risk edged lower; safe-haven 10-year bond yields rose 4–6bps.
 Commodity currencies led the rally against the U.S. dollar; the Euro
reversed two days of losses to close at a two-month high.
 Oil and lumber led a broad-based commodity rally; crude traded a
positive outside reversal day.

Levels*
Currencies (USD per) Commodities Government 10- Yr Benchmark Equity Indices & Sentiment
Symbol H/L Level %Chg Symbol H/L Level %Chg Symbol H/L Level Chg Symbol H/L Level %Chg
DXY  83.58 -0.7% DJ UBS 127.12 1.1% U.S.  3.12 0.05 S&P 1200 1,245 1.6%
EUR  1.2718 1.0% WTI Oil 77.23 3.0% Canada  3.27 0.06 S&P 500 1,095 1.5%
CHF  0.9484 0.6% NMX Gas 4.36 -0.6% Germany  2.64 0.05 S&P/TSX  11,673 0.9%
GBP  1.5170 0.9% Gold  1,212.6 1.3% France  2.97 0.04 Euro STOXX  2,738 1.9%
JPYx10  0.1129 0.1% Silver  18.22 1.4% Switzerland  1.41 0.01 FTSE 100  5,271 2.0%
CAD  0.9683 0.4% Platinum 1,525.0 0.7% Italy  4.06 0.03 Hang Seng 20,431 -0.2%
AUD  0.8812 0.6% Palladium 464.5 2.3% Spain  4.65 -0.02 Topix  854 -0.4%
NZD  0.7188 1.0% CMX Cu 301.00 0.4% Greece 10.20 -0.04 S&P/ASX 4,380 -0.7%
BRL  0.5691 0.2% LME Al 3m 0.90 1.2% U.K.  3.38 0.04 Shang/Shen  2,635 -1.6%
MXNx10  0.7881 1.2% LME Ni 3m 8.87 1.8% Australia  5.11 -0.00 Sensex30 H 17,986 0.3%
ZAR  0.1328 1.1% LME Zn 3m 0.85 0.5% Hong Kong 2.40 -0.00 CDX IG 5Yr 109.38 -2.3%
KRWx10  0.8333 0.4% Lumber 205.80 3.8% India  7.62 0.01 TRIN 0.53 -28%
SGD  0.7268 0.5% Corn 366.75 -1.2% Japan  1.14 0.01 VIX 24.56 0.5%

Moves
Currencies (spot) Commodities Government 10- Yr Benchmarks Equity Indices
MXN Lumber Greece FTSE 100
ZAR WTI Oil Spain
Euro STOXX
NZD Palladium Australia

LME Ni 3m Hong Kong S&P 1200

EUR
Silver Japan S&P 500
GBP
Gold India
CHF S&P/TSX
LME Al 3m Sw itzerland
AUD Sensex30
DJ UBS Italy
SGD
Platinum France Hang Seng
CAD
LME Zn 3m U.K. Topix
KRW CMX Cu Germany
S&P/ASX
BRL NMX Gas U.S.
JPY Corn Canada Shang/Shen

0.0% 0.5% 1.0% 1.5% 2.0% 0.0% 2.0% 4.0% 6.0% 0.10 0.05 0.00 -0.05 2.0% 1.0% 0.0% 1.0% 2.0% 3.0%

Sectors
S&P Global 1200 S&P Europe 350 S&P 500 S&P/TSX Composite
Financials Cons Disc Financials Info Tech

Cons Disc Financials Cons Disc Financials

Industrials Industrials Materials Cons Disc

Telecom Energy Industrials Telecom

Energy Materials Info Tech Industrials

Materials Info Tech Energy Hlth Care

Cons Stap Telecom Telecom Energy

Info Tech Cons Stap Cons Stap Cons Stap

Utilities Utilities Hlth Care Materials

Hlth Care Hlth Care Utilities Utilities

0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 0.0% 1.0% 2.0% 3.0% 0.0% 1.0% 2.0% 3.0% 0.0% 1.0% 2.0% 3.0%

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 10 to 11.
Important Disclosures
Analyst's Certification
As to each company covered in this report, the analyst hereby certifies that the views expressed in this report accurately reflect my personal views about
the subject securities or issuers. I also certify that no part of my 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.
Analysts employed by BMO Nesbitt Burns Inc. and/or BMO Capital Markets Ltd. are not registered as research analysts with FINRA. These analysts
may not be associated persons of BMO Capital Markets Corp. and therefore may not be subject to the NASD Rule 2711 and NYSE Rule 472
restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account.
Company Specific Disclosures
For Important Disclosures on the stocks discussed in this report, please go http://researchglobal.bmocapitalmarkets.com/Company_Disclosure_
Public.asp.
Distribution of Ratings (June 30, 2010)
Rating BMOCM US BMOCM US BMOCM US BMOCM BMOCM Starmine
Category BMO Rating Universe* IB Clients** IB Clients*** Universe**** IB Clients***** Universe
Buy Outperform 37.1% 13.7% 43.6% 40.9% 51.0% 54.4%
Hold Market Perform 59.3% 10.4% 52.7% 54.8% 45.4% 40.2%
Sell Underperform 3.6% 11.8% 3.6% 4.3% 3.6% 5.4%

* 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 Other 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
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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” is a trade name used by the BMO Investment Banking Group, which includes the wholesale arm of Bank of Montreal and its
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BMO Capital Markets

U.S. BMO Nesbitt Burns Inc., BMO Capital Markets Ltd. and BMO Capital Markets Corp are affiliates. Bank of Montreal or its subsidiaries (“BMO
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To U.K. Residents: In the UK this document is published by BMO Capital Markets Limited which is authorised and regulated by the Financial
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ADDITIONAL INFORMATION IS AVAILABLE UPON REQUEST

BMO Financial Group (NYSE, TSX: BMO) is an integrated financial services provider offering a range of retail banking, wealth management, and investment and
corporate banking products. BMO serves Canadian retail clients through BMO Bank of Montreal and BMO Nesbitt Burns. In the United States, retail clients are
served through Harris N.A. Investment and corporate banking services are provided in Canada and the US through BMO Capital Markets.
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® Registered trademark of Bank of Montreal in the United States, Canada and elsewhere.
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