Bank of Montreal CI C.A.P.I.T.A.L. Deposit Notes™ Callable Class, Series 1 Selling Period: January 4 to March 4,

The information contained herein is not to be reproduced or distributed to the public or the press. The information contained herein is for information purposes only and does not constitute an offer to sell or a solicitation to buy the securities referred to herein and will be qualified in its entirety by reference to the Information Statement relating to the securities referred to herein. ®CI Funds and the CI Funds design are registered trademarks of CI Mutual Funds Inc. “BMO (M-Bar rounded symbol)” is a registered trademark of Bank of Montreal used under license. “Nesbitt Burns” is a registered trademark of BMO Nesbitt Burns Corporation Limited used under license

Challenging Investment Environment Market volatility: Attention focused on safety “I want to participate in the capital markets without risking my hard-earned money” Record-low interest rates: Need for stable, higher-yielding alternatives to GICs “current GIC rates may not cover inflation rates, let alone reaching my financial goals” - 3 -

Why Protected Notes? They offer a response to the challenge –Financial goals can still be achieved –Your original investment is protected Most popular alternative to straight-up funds*: Sales have topped $7.7B in last two years * Annual Dollars & Sense Survey,

The Right Structure Is Key Bank of Montreal CI C.A.P.I.T.A.L. Deposit Notes Callable Class, Series 1 – Excellent alternative to fixed income products (i.e. GICs) * In a secondary market provided by BMO Nesbitt Burns Inc. as outlined in the Information Statement Redeemable daily through FundServ* Min $2,

Selling period ends March 4th,

Callable Class, Series 1 at a Glance  Attractive potential return 8% compounded annually* return if called at 2.5-yrs. or 100% participation if held to maturity  100% Principal-protection if held to maturity after 5 years  P erformance Linked to:  CI Canadian Investment Fund  Signature High Income Fund *Compounded total rate of return - 7 -

Callable Class, Series 1 in Detail Zero-Coupon bond grows to $100 at maturity Cost of a 5-year Zero-coupon bond 5-year option strategy Seller Commission Initial purchaseAt maturity $100 investment Latest evolution in the traditional Bank issued, Equity-linked Note market. Callable by Bank of Montreal at $ per Note at the 2.5 year anniversary. 100% of the return is paid at Maturity if the Notes are not called + Principal amount ($100) - 8 -

Callable Class, Series 1: Payout Scenarios #1: The Notes are Called After 2.5 Years Years Benchmark Portfolio Level Called after 2.5 years at $ per note = 8.00% annual compounded return or 21.22% total return 2.5 years 5 years For illustrative purposes only. The values of the benchmark portfolio are not estimates or forecasts of the future performance of the funds or the return, if any, on the notes. Call Date: On or about, September 7,

Callable Class, Series 1: Payout Scenarios #2 Notes Held to Maturity, Benchmark Portfolio Return is Negative For illustrative purposes only. The values of the benchmark portfolio are not estimates or forecasts of the future performance of the funds or the return, if any, on the Notes

Callable Class, Series 1: Payout Scenarios #3 Notes Held to Maturity, Benchmark Portfolio Return is Positive For illustrative purposes only. The values of the benchmark portfolio are not estimates or forecasts of the future performance of the funds or the return, if any, on the notes

Where do Callable Class, Series 1 Fit? GICSeg fundsMutual Funds Security Growth Notes

Are You a Die-Hard GIC Investor? Try This for a Guaranteed Minimum Return GIC Portfolio: $100,000 $50,000 5 yr 3.8% $50,000 Linked 0% $60,250$50,000 $110,250 (minimum return = 1.97%) At Maturity:

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