BMO Guardian Global Absolute Return Fund Open investing Three-facet value Embedded currency hedging Active management by Lazard Asset Management Inc.

BMO Guardian Global Absolute Return Fund Canada 1.Small piece of the pie 2.Concentrated in just three sectors Energy Materials Financials Only 11 of the world’s top 500 global companies Canadian-owned  None in the top 200 Canadians investors are missing out on global opportunities and diversification When borders become investment boundaries 2 Canada: A small piece of the pie

3 Advance globally for diversification ConcentratedDiversified S&P/TSX Composite Energy/Financials/Materials Telecom Utilities Industrials MSCI World Index Consumer Staples Health Care Consumer Discretionary Information Technology BMO Guardian Global Absolute Return Fund As at September 30, 2010 Source: MS Direct

BMO Guardian Global Absolute Return Fund For investors needing Global diversification Total return At moderate risk investment A solid way to advance globally with confidence BMO Guardian Global Absolute Return Fund 4

1.Open investing 2.Active and different 3.Three-facet value investing 4.Embedded currency hedging 5.Lazard – expert global managers 5 Reasons to pick BMO Guardian Global Absolute Return Fund 5

Beyond the MSCI Index No restrictions on: 1.Sector 2.Region 3.Cap size 1. Open Investing “Go Anywhere” approach 6 BMO Guardian Global Absolute Return Fund

2. Active and different You can’t beat the index if you own It 7 BMO Guardian Global Absolute Return Fund Source: MorningStar Direct, as of September 30, 2010 BMO Guardian Global Absolute Return Fund % of Fund Holdings MSCI World% of Index Holdings Berkshire Hathaway Inc., Class B4.4%ExxonMobil Corporation1.42% Nestle S.A.4.2%Apple, Inc.1.16% Tokio Marine Holdings, Inc.3.8%Microsoft Corporation0.87% Vodafone Group Plc3.6%Nestle SA0.84% Oracle Corporation3.5%HSBC Holdings PLC0.80% Newmont Mining Corporation3.3%General Electric Company0.78% Microsoft Corporation3.3%Procter & Gamble Company0.78% FANUC LTD3.2%International Business Machines Corp0.77% Astellas Pharma Inc.3.0%Johnson & Johnson0.77%

3. Three-facet value investing Participation in all/any market cycle 8 BMO Guardian Global Absolute Return Fund

Deep value Large discounts to intrinsic value Traditional metrics Large margin of safety Private market value approximates intrinsic value Quality at a discount Pricing power; concentrated industries High returns compound intrinsic value Shareholder-oriented management Clean balance sheet and/or high free cash flow generation Special situations Spin-off/sale of non-core assets Restructuring New management/turnaround Recapitalizations Merger/acquisition targets 3. Three-facet value investing (Cont.) Participation in all/any market cycle 9

World currencies in tremendous flux 1.Un-hedged funds may cause issues for investors 2.BMO Guardian Global Absolute Return Fund – one of few funds with embedded currency hedging Skilful and dynamic currency hedging can sooth volatility 4. Embedded currency hedging Dynamic – since July BMO Guardian Global Absolute Return Fund

1. More than US$120 billion AUM investment offices in 26 countries – means access to more coverage years of experience through many market cycles 4. Reputation and track record unsurpassed by few firms 5. Lazard Asset Management (Canada) Inc.* “Feet on the Street” advantage 11 *Lazard is the parent company of Lazard Asset Management (Canada) Inc.

BMO Guardian Global Absolute Return Fund Matthew T. Haynes, CFA Director and Lead Fund Manager 1.Matthew T. Haynes, CFA 2.Applied his Three-facet value investing process 3.Strong global success for 20 years in up and down market cycles At the helm BMO Guardian Global Absolute Return Fund 12

BMO Guardian Global Absolute Return Fund Open investing – anywhere around the globe for diversification No restrictions on: sector, region or cap size Active – holding different companies from the index Three-Facet Value Investing enables participation in all market cycles Addressing volatility through embedded currency hedging Global expert managers with global “Feet on the Street” coverage Global Absolute Return Fund Guarding against risk 13

® 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. Disclaimers 14 BMO Guardian Global Absolute Return Fund