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Ultrathin films of the itinerant ferromagnet were studied using the transport and magneto-optic polar Kerr effect. We find that below 4 monolayers, the films become insulating and their magnetic character changes as they loose their simple ferromagnetic behavior. We observe a strong reduction in the magnetic moment which for 3 monolayers and below lies in the plane of the film. Exchange-bias behavior is observed below the critical thickness and may point to induced antiferromagnetism in contact with ferromagnetic regions.