1. FOR DEALER USE ONLY 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)

2. FOR DEALER USE ONLY The information in this presentation is confidential and for advisor use only. This presentation or any information contained herein is not to be reproduced or distributed 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. FOR DEALER USE ONLY 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. FOR DEALER USE ONLY

5. 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

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

7. FOR DEALER USE ONLY Signature Investment Process 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 Generating a Comprehensive Global Outlook

8. FOR DEALER USE ONLY Signature Investment Process Integrated Full Capital Structure Analysis Preferreds Income Trusts Convertible Debt High Yield Bonds Investment Grade Comm. Paper Bank Debt Common Equity Derivatives RISK RETURN 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

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

10. FOR DEALER USE ONLY 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

11. FOR DEALER USE ONLY 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

12. FOR DEALER USE ONLY

13. Signature High Income Fund Equity Sectors as at June 30, 2007 Geographic Composition as at June 30, 2007 Industrials6.1% Other sectors2.8% Cash6.5% Energy25.1% Financials27.3% Consumer Discretionary4.1% Other25.0% Telecommunication Services3.2% Canada71.6% United Kingdom2.3% Switzerland0.7% France1.8% United States12.4% Other8.9% Australia0.9% Netherlands1.4%

14. FOR DEALER USE ONLY Signature Select Canadian Fund Equity Sectors as at June 30, 2007 Geographic Composition as at June 30, 2007 Information Technology5.6% Materials11.9% Industrials9.1% Energy20.6% Financials22.6% Consumer Staples7.7% Other15.2% Cash7.2% Canada52.2% France4.8% Switzerland2.1% United Kingdom 3.4% United States17.7% Other14.7% Netherlands 2.1% Germany3.0%

15. FOR DEALER USE ONLY Signature Dividend Fund Equity Sectors as at June 30, 2007 Geographic Composition as at June 30, 2007 Financials 50.8% Telecommunication Services8.0% Consumer Staples4.4% Industrials7.0% Energy 11.1% Other 9.2% Materials 4.4% Cash5.1% Canada73.3% United Kingdom 4.3% Italy1.1% France3.3% Other 7.7% United States 6.8% Switzerland 1.3% Netherlands2.2%

16. FOR DEALER USE ONLY Proven Track Record 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. YTD1 mth6 mth1 yr 3 yr5 yr10 yrLife 4.1-2.04.17.613.813.811.712.1 Compound Annual Returns as at June 30, 2007 Calendar Year 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 Fund (%) 22.4 -8.1 7.117.215.08.322.619.916.66.7 Signature High Income Fund $10,000 invested, Inception to June 30, 2007 Signature High Income Fund

17. FOR DEALER USE ONLY Proven Track Record 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. YTD1 mth6 mth1 yr 3 yr5 yrLife 6.4-0.86.422.820.415.115.1 Compound Annual Returns as at June 30, 2007 Calendar Year19992000200120022003200420052006 Fund (%) 27.534.39.7-5.820.212.922.921.0 Signature Select Canadian Fund $10,000 invested, Inception to June 30, 2007 Signature Select Canadian Fund

18. FOR DEALER USE ONLY Proven Track Record 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. YTD1 mth6 mth1 yr 3 yr5 yr10 yrLife -0.3-1.7-0.38.29.98.27.88.2 Compound Annual Returns as at June 30, 2007 Calendar Year 1997199819992000200120022003200420052006 Fund (%) 17.9-0.1 -0.724.35.7-2.312.99.611.710.8 Signature Dividend Fund $10,000 invested, Inception to June 30, 2007 Signature Dividend Fund

19. FOR DEALER USE ONLY Bank of Montreal PAR T N RS (Principal At Risk Notes)™

20. FOR DEALER USE ONLY Rationale for the Notes  Active management  Tax-efficiency  Low cost alternative

21. FOR DEALER USE ONLY 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.

22. FOR DEALER USE ONLY 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

23. FOR DEALER USE ONLY 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 annum 1 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 1As 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. 2As at August 31, 2007, the 1-month BA Rate was 4.94%. 3As at August 31, 2007, the Prime Rate for a typical Schedule I bank was 6.25%.

24. FOR DEALER USE ONLY Comparative Analysis Buying the Notes NAV per Note$95.00 Program Fee on NAV1.75% Program Fee Cost$ 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 MER2.58% * 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. Consider the comparative cost of achieving $125 exposure to the Funds with an initial $100 investment… 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 PAR T N RS Platform offers an efficient way to gain leveraged exposure to a portfolio of award-winning CI Signature Funds.

25. FOR DEALER USE ONLY Offering Details IssuerBank of Montreal Issue DateOn or about October 22, 2007 Maturity DateOctober 23, 2017 (Term: approx. 10 years) Issue SizeMaximum $100,000,000 (CAD) SubscriptionSubscription Price: $100 per Note Minimum Purchase: $2,000 (20 Notes) RRSP eligibility100% eligible for RRSPs, RRIFs, RESPs, DPSPs and LIRAs. Secondary MarketBMO will maintain a daily secondary market for Notes (subject to availability). Early Trading Charge Selling PeriodSeptember 10 th – October 17th FundSERV code:JHN229 If Notes are sold in: 1 st Year 2 nd Year 3 rd Year Thereafter Early Trading Charge 5.00%3.25%1.50%Nil

26. FOR DEALER USE ONLY 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:

27. FOR DEALER USE ONLY THANK YOU For more information please visit our website: http://www.ci.com/depositnotes