BMO Bank of Montreal First Major Bank to Offer Job Loss and Disability Insurance for Line of Credit Customers

TORONTO, October 16, 2006 – BMO Bank of Montreal today announced the launch of two new insurance products that provide creditor protection against disability and job loss for customers who hold Personal, Student or Homeowner lines of credit. BMO is the first major bank to offer job loss insurance protection for lines of credit with the bank.

BMO’s Disability and Disability Plus insurance products will help customers cover their regular line of credit payments in the event they become disabled due to illness or injury. BMO’s Disability Plus provides additional coverage in the event a BMO line of credit customer can’t make payments due to involuntary job loss.

“As lines of credit have become an increasingly popular financial management tool for our customers, they have told us that there was a clear need for this type of insurance product in the marketplace,” said Craig Mauchan, Vice-President, Insurance. “We’re the first of Canada’s major banks to offer job loss coverage on lines of credit, and we’re pleased to offer it to our customers.”

BMO customers will be able get more information about the company’s line-of-credit insurance products either online at www.bmo.com/disability, at their local BMO branch or by calling 1-877 CALL-BMO.

“BMO Bank of Montreal, through our BMO Life insurance division, has already established substantial capabilities in providing customers with an online insurance purchasing experience that is second to none,” noted Mr. Mauchan. “The introduction of even more products and options utilizing these same proven distribution channels and our substantial technological expertise will help us serve our customers even better.”

About BMO Insurance Products

BMO Bank of Montreal delivers easy-to-understand and easy-to-purchase insurance products to underserved segments of the market. The range of insurance solutions includes life and disability on mortgages, loans and lines of credit, term life insurance, Mosaik MasterCard Balance, accident, critical illness and travel insurance.

For more information on BMO Insurance products, visit: www.bmoinsurance.com

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Contacts:

Michael Edmonds, Toronto,

michael.edmonds@bmo.com,

416-867-3996

Lucie Gosselin, Montreal,
lucie.gosselin@bmo.com
514-877-1101