CI Linked Deposit Notes, Series 2 Selling period: April 25th, 2005 to June 15, 2005 Bank of Montreal

The information contained herein is confidential and for internal use only. 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.

What are Structured Deposit Notes? Capital protected investment with investor returns linked to a specific investment strategy or index Note issuer usually has high credit quality such as a bank or crown corporation (e.g. BDC) Bank deposit note  Regulated by the Bank Act,1991.  Not eligible for CDIC insurance.

Why Protected Notes? Record low interest rates create the need to seek alternatives to GICs Capital preservation is one of main objectives in your portfolio

Where do Protected Notes fit in your portfolio? * Annual Dollars & Sense Survey, 2004 GICsSunwiseMutual Funds Security Growth Notes

Comparative Summary of Advantages * In a secondary market provided by BMO Nesbitt Burns Inc. as outlined in the Information Statement ** Most Seg Funds carry a 10-year guarantee with 75% principal guarantee only

Choosing the right structure is key Guaranteed notes are the most popular alternative to straight-up funds* Structures abound: pick out the one that is right for you * Annual Dollars & Sense Survey, 2004  Investor participates fully up to a predetermined cap for each period  Gross return is influenced by the timing of returns  Investor receives 100% of upside based on average of returns  Gross return is influenced by the timing of returns  Investor receives 50 60% of upside on underlying investment without limitation  Participates through life of note  Gross return to maturity is not influenced by timing of returns  A leveraged investment is made in the underlying strategy  If performance is positive leverage is increased to a predetermined maximum  If performance is negative leverage is reduced and investment can be reduced as well  At “stop loss” level fund converts to capital protection BDC Global Index linked notes FULPAY AGF Funds linked notes CIBC Equity Linked NoteOne Financial Series 1 100% UpsideCapped Upside EachDynamic Proportion of UpsideAveraging MechanismPeriodLeverage

CI Linked Deposit Notes, Series 2 100% Principal-protection if held to five year maturity Linked to two AWARD-WINNING CI funds for growth and income:  Growth: CI Canadian Investment Fund  Income + Growth: Signature High Income Fund Full upside, if any, if held to maturity OR 8% compounded annually* return if called at the 2.5-year anniversary “Redeemable” daily ** *Compounded total rate of return ** In a secondary market provided by BMO Nesbitt Burns Inc. as outlined in the Information Statement

Calculation of the Payout A Benchmark Portfolio is created on day 1 (at ):  1/2 CI Canadian Investment Fund  1/2 Signature High Income Fund If called, investors receive $ per note after two and a half years If not called, investors receive at maturity:  Maturity NAV x the number of Notes held or  Their principal investment, whichever is higher

Scenario 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.

Scenario 2: The Notes are Held to Maturity and 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.

Scenario 3: The Notes are Held to Maturity and 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.

Investor Benefits Principal protection if held to maturity plus full participation in the benchmark portfolio or 8% if called “Redeemable”*  Early trading charge:  Starts at 5.70%  Declines quarterly to 0.00% at the 2 nd anniversary Potentially treated as capital gains if sold in the secondary market** Affordable cost of principal protection: total MER = 2.95% RRSP-eligible * In a secondary market provided by BMO Nesbitt Burns Inc. as outlined in the Information Statement ** If sold prior to maturity

Potential Investors Conservative Investors:  Currently holding high levels of cash  Hurt in the past and hesitant to re-enter the equity markets  Medium to long-term, risk-sensitive investors Segregated Fund Investors:  Need shorter term protection Fixed Income Investors:  Buyers of traditional fixed rate GICs  Hurt by low interest rates (risk of not reaching your investment objectives)  Sensitive to taxation  Hesitant to lock in long-term rates at current levels

Investment Idea: Receive a guaranteed minimum return GIC Portfolio: $100,000 $50,000 5 yr 3.8% $50,000 Linked 0% $60,250$50, ,250$ (minimum return = 1.97%) At Maturity:

Investment Idea (cont’d) Guaranteed minimum plus growth potential GIC Portfolio: $100,000 $50,000 5 yr 3.8% $50,000 Linked 8% $60,250$73,466 $133,716 (possible return = 6%) At Maturity:

Thank you