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Selling Period: September 10, 2007 – October 17, 2007

Bank of Montreal PAR T N RS (Principal At Risk Notes) ™ CI Signature Funds R.O.C. Class ™ , Series 1 (JHN229). Selling Period: September 10, 2007 – October 17, 2007.

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Selling Period: September 10, 2007 – October 17, 2007

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  1. Bank of Montreal PARTNRS(Principal At Risk Notes)™CI Signature Funds R.O.C. Class™, Series 1(JHN229) Selling Period: September 10, 2007 – October 17, 2007

  2. The information in this presentation is confidential and for advisor use only. This presentation or any information contained herein is not to be reproduced ordistributed to the public or the press. • The information contained in this presentation is for information purposes only and does not constitute an offer or a solicitation to buy the Notes referred to herein and will be qualified in its entirety by reference to the Short Form Base Shelf Prospectus dated April 13, 2007 and Pricing Supplement No. 3 dated September 7, 2007 (collectively, the “Prospectus”) and should be read in conjunction with the more detailed information appearing in the Prospectus describing the Notes. • Amounts payable on the Notes will depend on the performance of the Portfolio. Bank of Montreal does not guarantee that investors will receive an amount equal to their original investment in the Notes and does not guarantee that any return or distributions will be paid on the Notes (other than the minimum payment described in the Prospectus). Since the principal amount of the Notes will not be guaranteed and will be at risk, investors may not receive any amount at maturity (other thn the minimum payment) and could lose substantially all of their investment in the Notes. • Bank of Montreal makes no assurances, representations or warranties with respect to the accuracy, reliability or completeness of information contained herein. Furthermore, Bank of Montreal makes no recommendation concerning the Investment Manager, the Fund, any investment funds as an asset class, or the suitability of investing in securities generally. No person has been authorized to give any information or to make any representation not contained in the Prospectus. Bank of Montreal does not accept any responsibility for any information not contained in the Prospectus. • “CI”, “CI Investments”, and the CI Investments design are registered trademarks of CI Investments Inc. and “Signature”, “Signature Advisors”, the Signature Advisors design, “Signature Funds” and the Signature Funds design are trademarks of CI Investments Inc. and have been licensed for use by Bank of Montreal and its affiliates. “BMO (M-bar round symbol)” is a registered trademark and “BMO Capital Markets” is a trademark of Bank of Montreal. “Nesbitt Burns” is a registered trademark and “PARTNRS (Principal At Risk Notes)” is a trademark of BMO Nesbitt Burns Corporation Limited used under license.

  3. Investment Highlights • Actively managed investment alternative • Award-winning Signature Advisors will: • actively allocate assets between 3 top Signature Funds • employ discretionary leverage in Portfolio when appropriate • determine Indicative Repayment Rate* annually (targeted at 6% for first year) • Tax-efficient product structure • Comparatively low fees * On each anniversary date, the Investment Manager will determine and announce the Indicative Repayment Rate for the following twelve month period based on prevailing market conditions and an estimate of distributable cash flow from the Funds for the upcoming year. However, the amount of Principal Repayments, if any, will be determined by the Bank in its sole discretion based on the performance of the Portfolio.

  4. Signature Overview • Team founded in 1998 • Over $24 billion in assets under management (Approx. $5 billion in foreign equities) • Toronto-based team of 17 experienced investment professionals • Focus on generating absolute, real returns for investors • Competitive advantages: • Broad mandates • Full capital structure analysis

  5. Cash, Cash Equiv. & Bank Debt 9% Preferred Shares 4% Investment Grade Bonds 11% Common Shares High Yield Bonds 50% 7% Commercial Paper 5% Government Bonds 14% Signature Assets Under Management $24.5 Billion AUM(as at June 30, 2007) Source: CI Investments, June 2007

  6. Signature Investment Process Generating a Comprehensive Global Outlook • With input from the Chief Investment Officer, portfolio managers and investment analysts, a general macro-economic outlook is determined with special focus on: • Economic growth forecasts • Interest rate environment • Yield spreads • Capital market conditions • Geopolitical climate • Risk profile derived from this outlook and specific attention to: • Yield spreads vs. U.S. treasuries • Swap spreads • Credit default market

  7. Derivatives Common Equity Preferreds Income Trusts RETURN High Yield Bonds Convertible Debt Investment Grade Bank Debt RISK Comm. Paper Signature Investment Process Integrated Full Capital Structure Analysis • Signature combines an integrated team of equity sector specialists with its fixed income team • The interaction of these two teams, and the sharing of information, leads to Signature’s competitive advantage

  8. Signature Investment Process Fundamental Analysis Leads to Valuation Targets • Management Strength • Vision • History of Success • Governance • External Factors • Industry Trends • Catalysts • Regulatory • Competitive Positioning • Drivers of Return • Sustainability • Acquisitions Qualitative Analysis • Quantitative – Absolute and Relative • Balance Sheet • Debt Analysis • Cash Flows • ROE • Margins • ROIC Financial Analysis • Private Market • Cash Flows • Earnings • Assets • Growth-Adjusted • Enterprise Valuation Analysis Buy & Sell Targets Target Price

  9. Portfolio Construction and Risk Management • Risk is mitigated in a number of ways: • Diversification • Number and weights of holdings • Sector allocations • Geography (foreign content is fully utilized) • Style (broad mandates) • Monitoring • Ongoing position review ensures expected risk/return profile is in balance • Weekly allocation review • Monthly attribution and currency review • Actively managed currency exposure • Cash management

  10. Sell Discipline • Target price realized and there has been no change to the investment case • Risk/return profile no longer attractive • Original investment thesis no longer holds • A better investment idea has presented itself • Sector or position concentration risk

  11. Signature High Income Fund Equity Sectors as at June 30, 2007 Geographic Composition as at June 30, 2007 Canada 71.6% United Kingdom 2.3% Switzerland 0.7% France 1.8% United States 12.4% Other 8.9% Australia 0.9% Netherlands 1.4% Industrials 6.1% Other sectors 2.8% Cash 6.5% Energy 25.1% Financials 27.3% Consumer Discretionary 4.1% Other 25.0% Telecommunication Services 3.2%

  12. Signature Select Canadian Fund Equity Sectors as at June 30, 2007 Geographic Composition as at June 30, 2007 Canada 52.2% France 4.8% Switzerland 2.1% United Kingdom 3.4% United States 17.7% Other 14.7% Netherlands 2.1% Germany 3.0% Information Technology 5.6% Materials 11.9% Industrials 9.1% Energy 20.6% Financials 22.6% Consumer Staples 7.7% Other 15.2% Cash 7.2%

  13. Signature Dividend Fund Equity Sectors as at June 30, 2007 Geographic Composition as at June 30, 2007 Canada 73.3% United Kingdom 4.3% Italy 1.1% France 3.3% Other 7.7% United States 6.8% Switzerland 1.3% Netherlands 2.2% Financials 50.8% Telecommunication Services 8.0% Consumer Staples 4.4% Industrials 7.0% Energy 11.1% Other 9.2% Materials 4.4% Cash 5.1%

  14. Proven Track Record Signature High Income Fund Signature High Income Fund $10,000 invested, Inception to June 30, 2007 Compound Annual Returns as at June 30, 2007 YTD 1 mth 6 mth 1 yr 3 yr 5 yr 10 yr Life 4.1 -2.0 4.1 7.6 13.8 13.8 11.7 12.1 Calendar Year 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 Fund (%) 22.4 -8.1 7.1 17.2 15.0 8.3 22.6 19.9 16.6 6.7 Signature High Income Fund was created on December 18, 1996. The value as at June 30, 2007 of a $10,000 investment was $33,475. The historical information shown above relates to Class A units of each Fund as at June 30, 2007 and assumes all distributions were reinvested in additional units of the Funds. The returns are shown after the payment of applicable fees and expenses of the Class A units, but have not been reduced by any applicable sales charges, deferred sales charges, optional charges or taxes. Past performance is not indicative of future returns or volatility of the Funds, and should not be construed in any way as an indication of future returns on the Notes.

  15. Proven Track Record Signature Select Canadian Fund Signature Select Canadian Fund $10,000 invested, Inception to June 30, 2007 Compound Annual Returns as at June 30, 2007 YTD 1 mth 6 mth 1 yr 3 yr 5 yr Life 6.4 -0.8 6.4 22.8 20.4 15.1 15.1 Calendar Year 1999 2000 2001 2002 2003 2004 2005 2006 Fund (%) 27.5 34.3 9.7 -5.8 20.2 12.9 22.9 21.0 Signature Select Canadian Fund was created on May 13, 1998. The value as at June 30, 2007 of a $10,000 investment was $36,134. The historical information shown above relates to Class A units of each Fund as at June 30, 2007 and assumes all distributions were reinvested in additional units of the Funds. The returns are shown after the payment of applicable fees and expenses of the Class A units, but have not been reduced by any applicable sales charges, deferred sales charges, optional charges or taxes. Past performance is not indicative of future returns or volatility of the Funds, and should not be construed in any way as an indication of future returns on the Notes.

  16. Proven Track Record Signature DividendFund Signature Dividend Fund $10,000 invested, Inception to June 30, 2007 Compound Annual Returns as at June 30, 2007 YTD 1 mth 6 mth 1 yr 3 yr 5 yr 10 yr Life -0.3 -1.7 -0.3 8.2 9.9 8.2 7.8 8.2 Calendar Year 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 Fund (%) 17.9 -0.1 -0.7 24.3 5.7 -2.3 12.9 9.6 11.7 10.8 Signature Dividend Fund was created on October 29, 1996. The value as at June 30, 2007 of a $10,000 investment was $23,264. The historical information shown above relates to Class A units of each Fund as at June 30, 2007 and assumes all distributions were reinvested in additional units of the Funds. The returns are shown after the payment of applicable fees and expenses of the Class A units, but have not been reduced by any applicable sales charges, deferred sales charges, optional charges or taxes. Past performance is not indicative of future returns or volatility of the Funds, and should not be construed in any way as an indication of future returns on the Notes.

  17. Bank of MontrealPARTNRS (Principal At Risk Notes)™

  18. Rationale for the Notes • Active management • Tax-efficiency • Low cost alternative

  19. Active Management • Signature Advisors will actively manage exposure to the Funds to achieve investment objectives of the Notes • Signature Advisors may use leverage in an attempt to increase potential return on the Notes • Signature Advisors will determine and announce on each anniversary date an Indicative Repayment Rate* for the following 12 month period (targeted at 6% for first year) * On each anniversary date, the Investment Manager will determine and announce the Indicative Repayment Rate for the following twelve month period based on prevailing market conditions and an estimate of distributable cash flow from the Funds for the upcoming year. However, the amount of Principal Repayments, if any, will be determined by the Bank in its sole discretion based on the performance of the Portfolio.

  20. Tax Efficiency • Tax-efficient distributions • Stable, non-taxable monthly principal repayments (ROC) • Indicative Repayment Rate targeted at 6.0% per annum • Tax-efficient rebalancing • Portfolio rebalancing with no tax consequences to holders • Tax-efficient strategy • Effective tax deferral through total return strategy • All distributions made by underlying funds are reinvested in additional Portfolio Units

  21. Low-Cost Alternative • Low program fee • Note program fee of 1.75% per annum • No program fee charged on leveraged exposure to funds • Compare to blended MER of funds ~ 1.89% per annum1 • Low-cost loan facility • Notional loan facility is non-recourse to investors • 1-Month BA rate plus 25 bps (approx. 5.19% p.a.)2 • Compare to margin account (Prime+1.75% or 8.00% p.a.)3 • As at June 30, 2007, the MER for the Signature High Income Fund, Signature Select Canadian Fund and Signature Dividend Fund were 1.54%, 2.33% and 1.80% respectively. • As at August 31, 2007, the 1-month BA Rate was 4.94%. • As at August 31, 2007, the Prime Rate for a typical Schedule I bank was 6.25%.

  22. Comparative Analysis Consider the comparative cost of achieving $125 exposure to the Fundswith an initial $100 investment… • Buying the Notes • NAV per Note $95.00 • Program Fee on NAV 1.75% • Program Fee Cost $ 1.66 • Loan Amount $30.00 • Interest Rate 5.19%* • Interest Cost $1.56 • Total Cost $ 3.22 • Cost/$100 Fund Exposure $ 2.58 • Equivalent MER 2.58% • * Assumes 1-month BA Rate of 4.94% (as at August 31, 2007) • ** Equivalent MER includes interest charges and is expressed as a percentage of total assets. The tax treatment associated with an investment in the Notes has not been considered for purposes of the above comparison. Margining the Funds directly Fund Portfolio Value $125.00 Avg MER on Fund Portfolio 1.89% Fund MER Cost $2.36 Loan Amount $25.00 Margin Account Rate 8.00%* Interest Cost $2.00 Total Cost $4.36 Cost/$100 Fund Exposure $3.49 Equivalent MER 3.49% * Assumes margin account rate of Prime + 1.75% (as at August 31, 2007) ** Equivalent MER includes interest charges and is expressed as a percentage of total assets. The tax treatment associated with a direct investment in the Funds has not been considered for purposes of this comparison. The BMO PARTNRS Platform offers an efficient way to gain leveraged exposure to a portfolio of award-winning CI Signature Funds.

  23. Offering Details

  24. Key Dates: • Selling Period: September 10, 2007 to October 17, 2007 • Issue Date: On or about October 22, 2007 • Term to maturity: Ten (10) years Selling concession: 5.00% upfront • Trailing commission: 0.30% per annum • FundSERV code: JHN229 Advisor Compensation:

  25. THANK YOU • For more information please visit our website: • http://www.ci.com/depositnotes

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