1. BMO Guardian Global High Yield Bond Fund Advisor Series Tactical appeal of high yield Global range of opportunities Active Management by PIMCO Canada Corp.

2. BMO Guardian Global High Yield Bond Fund Advisor Series Potential for: 1.Higher returns than traditional fixed income 2.Less risk than equities The tactical appeal of high yield Enter high yield investments 2 Investors want equity-like returns without equity volatility

3. BMO Guardian Global High Yield Bond Fund Advisor Series High yield bonds Superior risk-adjusted returns 3

4. BMO Guardian Global High Yield Bond Fund Advisor Series High yield bonds Favourable correlations 4

5. BMO Guardian Global High Yield Bond Fund Advisor Series High yield bonds Strong risk-adjusted returns 5

6. BMO Guardian Global High Yield Bond Fund Advisor Series High yield bonds Strong during early stages of recovery 6

7. BMO Guardian Global High Yield Bond Fund Advisor Series Versus investment-grade bonds Why high yield now? Attractive spreads 7

8. BMO Guardian Global High Yield Bond Fund Advisor Series Why high yield now? Attractive along quality curve 8

9. Limited high yield options in Canada Canadian investors need global high yield for two diversification reasons: 1.Limited number of opportunities Many investors chasing 2.Limited range of opportunities Concentrated in issues from income trusts and Canadian banks* *DBRS Canada Newsletter, Volume 2, Issue 9, March 3, 2010. 9 BMO Guardian Global High Yield Bond Fund Advisor Series

10. Global markets – multitude and range of issues across many countries: Investment-grade corporate bonds Emerging-market corporate bonds Sovereign credits Non-core credit sectors Canadian investors missing out 10 BMO Guardian Global High Yield Bond Fund Advisor Series

11. “When you have some countries with better balance sheets than many well-known corporations, you need to re- adjust your assessment of risk to the new normal.” -Curtis Mewbourne, Executive VP and Portfolio Manager, PIMCO High yield ≠ high risk Many emerging-market countries carry lower debt levels than developed countries and some major corporations Some emerging-market businesses – very clean balance sheets Prospect of higher economic growth – likely to lead to sustainable higher yields What about high-yield risk? The new normal 11

12. BMO Guardian Global High Yield Bond Fund Advisor Series Risk/return comparisons Credits vs. equities 12

13. BMO Guardian Global High Yield Bond Fund Advisor Series Not all high yield bond funds are equal Experienced security selection is key 13

14. 1.Open investing and managers around the globe 2.Active and holistic Top-down economic view, bottom-up security analysis and selection 3.Four-point investment process 4.Embedded hedge currencies 5.PIMCO Canada – Access to expert and largest pool of fixed-income managers in the world 5 Reasons to pick BMO Guardian Global High Yield Bond Fund Advisor Series 14 BMO Guardian Global High Yield Bond Fund Advisor Series

15. 1.Investment-grade global corporate bonds 2.Emerging-market corporate bonds 3.Sovereign credits 4.Non-core credit securities 1. Open Investing Finding opportunities around globe 15 BMO Guardian Global High Yield Bond Fund Advisor Series

16. 1.Strategic exposure across a broad array of global credit markets and credit selection 2.Bottom-up active management analyzing and selecting individual securities 2. Active and holistic Top-down economic view Bottom-up security analysis and selection 16 BMO Guardian Global High Yield Bond Fund Advisor Series

17. 1.Outlook: interest rates and macroeconomics 2.View on Country: interest rates, credit trends and economic conditions 3.Portfolio targets: sector, quality, weightings 4.Portfolio construction: individual security analysis and selection, risk controls and liquidity 3. Four-Point investment process 17 BMO Guardian Global High Yield Bond Fund Advisor Series

18. 1.Not all bond funds offer currency hedging 2.Most currencies fluctuating 3.Skilful hedging reduces volatility – can result in steadier returns 4. Embedded hedge currencies 18 BMO Guardian Global High Yield Bond Fund Advisor Series

19. 1.As large as Canada’s GDP, PIMCO manages more than US$1 trillion 2.450 investment professionals around the globe and in Canada 3.30 years of managing money 4.Low default rate *According to Morningstar 5. PIMCO (Parent of PIMCO Canada Inc.) PIMCO Fixed Income Manager of Decade* 19 BMO Guardian Global High Yield Bond Fund Advisor Series

20. Diversification Global 1.More selection and range – developed and emerging markets Blended portfolio – developed, emerging, corporate, sovereign, other core and non-core credit sectors Active and holistic Top-down view and bottom-up security selection Embedded currency hedging – against fluctuations Income specialists Expert and largest fixed-income managers in the world Close monitoring – lower defaults than benchmarks for past 16 years Guarding against risk 20 BMO Guardian Global High Yield Bond Fund Advisor Series

21. Curtis A. Mewbourne Managing director, head of portfolio management for PIMCO's New York office Generalist portfolio manager – manages institutional accounts and mutual funds across a wide range of strategies 18 years of trading and portfolio management experience At the helm Curtis A. Mewbourne Executive VP and Portfolio Manager 21

22. ® Registered trade-mark of Bank of Montreal, used under licence. For information only. The information contained herein is not, and should not be construed as investment advice to any party. Investments should be evaluated relative to the individual’s investment objectives and professional advice should be obtained with respect to any circumstance. BMO Guardian Funds refers to certain mutual funds and/or series of mutual funds offered by BMO Investments Inc., a financial services firm and a separate legal entity from Bank of Montreal. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus of the mutual fund before investing, their values change frequently and past performance may not be repeated. 22 Disclaimers BMO Guardian Global High Yield Bond Fund Advisor Series