Toronto, November 25, 2008

PDF format of entire Fourth Quarter 2008 Report to Shareholders/News Release including Financial Results Highlights, Management’s Discussion and Analysis and Unaudited Financial Statements

Good Overall Performance in the Context of Current Economic and Market Conditions

P&C Canada Demonstrates Tangible Progress on its Strategic Agenda, Earning Annual Net Income of More than $1.3 billion with Strong Quarterly Results

Private Client Group’s Results Reflect Good Underlying Performance as Annual Earnings Match Record Results of a Year Ago

BMO Capital Markets Earns $285 Million for the Quarter, Reflecting Good Results in a Number of Core Businesses

Financial Results Highlights:

Fourth Quarter 2008 Compared with Fourth Quarter 2007:

• Net income of $560 million compared with $452 million
• EPS¹ of $1.06 compared with $0.87 and cash EPS² of $1.08 compared with $0.89
• Strong Tier 1 Capital Ratio, at 9.77% on a Basel II basis
• Return on equity at 14.0% reflects the benefits of our diversified businesses
• Transferred $2.0 Billion of Securities from our Trading Portfolio to our Available-for-Sale Portfolio and Recognized $123 Million After-Tax of Unrealized Losses in Shareholders’ Equity

Fiscal 2008 Compared with a Year Ago:

• Net income of $1,978 million compared with $2,131 million
• EPS of $3.76 compared with $4.11 and cash EPS of $3.83 compared with $4.18
• Return on equity of 13.0% compared with 14.4% in 2007

1	All Earnings per Share (EPS) measures in this document refer to diluted EPS unless specified otherwise.
2	The adjustments that change results under generally accepted accounting principles (GAAP) to cash results are outlined in the Non-GAAP Measures section at the end of Management’s Discussion and Analysis (MD&A), where all non-GAAP measures and their closest GAAP counterparts are outlined.

Toronto, November 25, 2008 – For the fourth quarter ended October 31, 2008, BMO Financial Group reported a 24% year-over-year increase in net income, earning $560 million. Earnings per share were $1.06, up $0.19 or 22%.

“We have maintained our strong Tier 1 Capital Ratio and earned a return on equity of 14% in the quarter and 13% for the year. These results reflect BMO’s relative strength and stability among global financial institutions,” said Bill Downe, President and Chief Executive Officer, BMO Financial Group.

“Our overall performance in the quarter was good and while we are not immune to the difficulties of the current market environment, we are focused on our core operations and serving our customers. This is reflected in our results this quarter and further gains in market share in our priority businesses in Canadian retail banking.

“P&C Canada, our Canadian personal and commercial banking unit, again reported very good results, increasing both revenues and earnings in each quarter of the year and capping off a solid performance in 2008 with year-over-year earnings growth of 19% for the quarter.

“We have a well-earned reputation for working together with our customers through the different phases of the credit cycle. In today’s economic environment, we continue to apply our consistent underwriting standards to make credit available to Canadians and their businesses. Customers and prospects alike have recognized our commitment and this approach strengthens our relationships and positions our Canadian retail bank well for the future. Personal loans were up a strong 21% year over year, due in part to our successful HomeOwner Readiline, and commercial loans were up a healthy 12% in the $1-to-$5 million segment. Our market share of personal loans and personal deposits increased year over year and quarter over quarter.

“Private Client Group’s results for the fiscal year matched the record performance of a year ago. Results were down in the quarter, having been affected by charges related to our offer to purchase certain holdings from clients in the difficult market environment. Adjusted for those charges, results in the quarter and underlying operating performance were good,” added Mr. Downe.

Results in our U.S. personal and commercial banking group were lower, having been affected by higher levels of integration costs, as we completed the integration of our Wisconsin acquisitions, and by an increase to a previously-disclosed Visa litigation reserve and the impact on revenues and expenses of the difficult market environment. Net income fell to US$11 million in the quarter or to US$24 million adjusted for the litigation charge and integration costs, reflecting the challenging environment. We continue to focus on meeting our customers’ needs in the difficult environment and strengthening our relationships to build a solid base for when the U.S. economy recovers.

“Results in BMO Capital Markets improved for the third consecutive quarter and were up significantly from a year ago. Although some businesses are clearly affected by low activity levels and charges related to current market conditions, a number of our core businesses have benefited from solid growth in the quarter, including our interest-rate-sensitive businesses, foreign exchange trading business and the structured-products trading business within Trading Products,” concluded Mr. Downe. Detail on charges recorded in the quarter is provided in the Effects of the Capital Markets Environment on Fourth Quarter Results section.

BMO’s revenues increased 28% year over year, compared with 10% expense growth. Net income growth was affected by higher credit losses. Provisions for credit losses totalled $465 million for the quarter, of which $333 million was recorded in Corporate Services under our expected loss provisioning methodology. There was a $150 million increase in the general allowance. Specific provisions of $315 million were down quarter over quarter but up appreciably relative to a year ago due to U.S. economic weakness, particularly in U.S. real estate markets.

The effective tax rate in the quarter was a recovery rate of 9.2%, and included the benefit of $73 million of recoveries of prior-period income taxes. Excluding the impact of the increase in the general allowance, tax recoveries, and a higher proportion of income from lower-tax-rate jurisdictions, the effective tax rate in the current quarter would be within the expected sustainable range of 16% to 20%.

Operating Segment Overview
P&C Canada
Net income was $344 million, up $57 million or 19% from a year ago. Results were strong and revenues and net income have risen in each quarter of 2008. There was good volume growth across most products. We earned net income of $1,320 million in fiscal 2008, up $53 million or 4.1% from a year ago. Net income a year ago included $6 million arising from three items, a $43 million recovery of prior year income taxes and two items that lowered revenue by a net $78 million ($37 million after-tax): a MasterCard gain and an adjustment to the liability for customer redemptions related to our credit card loyalty rewards program.

Revenue in the fourth quarter rose $202 million or 18% year over year. Adjusted for the above items, revenue rose $124 million or 10%. Volume growth remained strong notwithstanding the emergence of weakness in the economy. There were improved revenues in each of personal banking, commercial banking and especially cards and payment services. Net interest margin was up year over year but was unchanged from the third quarter. Compared to the prior year, margin benefited from the interest on tax refunds, favourable product mix changes and increased product yields, partially offset by higher funding costs and lower mortgage refinancing fees.

Expenses increased $38 million or 5.7% from a year ago due to higher employee costs and higher capital taxes. We continue to invest strategically in the business, including the expansion and renovation of our branch network, credit and debit card chip technology, as well as increasing the size of our mortgage specialist and financial planner workforce. In fiscal 2008, we opened 16 new branches, closed 10, relocated 11 and expanded seven.

In personal banking, there continues to be growth in most products. Our personal loan growth was a strong 21% year over year with market share increasing 89 basis points from the prior year and 33 basis points from the third quarter. Our HomeOwner Readiline remains an important contributor to our accelerating personal loan growth. Our mortgage portfolio grew as new originations outpaced the impact of exiting from the broker mortgage channels. Personal deposit balances were up slightly from a year ago, with the number of active chequing account customers continuing to rise and the number of products per household showing positive trends. Personal deposits market share was up 6 basis points from a year ago and 1 basis point from the third quarter as competition remains intense.

In commercial banking, there was solid loan growth at 7.2% in softer market conditions. Market share of business banking improved 67 basis points from the prior year but fell 5 basis points from the third quarter. BMO ranks second in Canadian business banking market share at 19.84% and our objective is to be the market leader. In the deposit category, year-over-year balance growth of 4.9% was accompanied by steady growth in the number of commercial operating deposit customers.

We are pleased with our improved loyalty scores in personal and commercial banking where we have made broad-based gains relative to our competition.

Cards and payment services revenues grew a strong 15% year over year, adjusted for last year’s unusual items. The growth was driven by transactions and accelerating balance growth as well as higher revenues from Moneris, our investment in a joint venture, and one of North America’s leading processors of debit and credit payment transactions. Our most recent AIR MILES and Cashback rewards offers have broad appeal to customers which, combined with our pricing and credit strategies, have continued to drive strong revenue growth in a highly competitive environment. Cards and payment services are also seeing improvements in customer loyalty. In 2008, the group was awarded the Global Quality Platinum award from MasterCard Worldwide, which acknowledges performance in the key areas that affect the customer experience when making a purchase, including satisfaction at the point of sale through issuer availability and satisfaction with the authorization process.

P&C U.S. (all amounts in U.S.$)
Net income was $11 million, compared with a particularly strong $33 million a year ago. Results included $15 million of integration costs, lower than the $16 million to $18 million we estimated last quarter, as we focus on expense efficiency. Acquisition-integration costs were $13 million ($9 million after tax) higher than a year ago. Results were also affected by an additional $4 million after-tax charge for a Visa litigation reserve. Adjusted for the impact of these items, net income was $24 million in the quarter. The weak credit environment is affecting results as there are higher levels of non-performing loans and costs of managing our portfolio have increased.

Revenue was up $23 million or 11%, with the Wisconsin acquisitions contributing three-quarters of the growth and the balance attributable to core revenue improvements. Net interest margin decreased due to a portfolio transfer earlier in the year, the higher levels of non-performing loans and product mix.

Private Client Group
Net income was $78 million, compared with $103 million a year ago. Results were affected by $31 million ($19 million after tax) of charges in respect of actions taken to support U.S. clients in the weak capital markets environment. They included charges related to securities of Lehman Brothers Holdings Inc. (Lehman’s) and in respect of the valuation of auction-rate securities that we have offered to purchase from client accounts. Adjusted for the charges, underlying performance in the quarter was good. Notwithstanding the charges, net income for the year was very strong, at $395 million, matching the record levels of a year ago.

Revenue for the quarter rose $17 million or 2.9% from a year ago, excluding the foregoing charges. Deposit balances have increased in the brokerage businesses and term investment products. There were also increases in loans and deposits in North American Private Banking.

Assets under management and administration and term deposits have been affected by softer market conditions and decreased $27.4 billion or 9.7%, excluding the impact of foreign exchange.

BMO Capital Markets
Net income of $285 million increased $239 million from a year ago. Results for the quarter were lowered by $14 million ($8 million after tax) of charges related to the capital markets environment. Net income a year ago was lowered by $227 million after tax for similar charges and commodities losses. See the Effects of the Capital Markets Environment on Fourth Quarter Results section for more details of the capital markets environment charges. Results for the quarter were raised by the group’s $52 million share of BMO’s recovery of prior-period income taxes.

Revenue rose $294 million to $715 million due in part to strong performance from our interest-rate-sensitive businesses and higher trading revenue. The charges noted above lowered revenue by $14 million in the current period and $342 million a year ago. We continued to focus on improving our risk-return profile by lowering the volatility of our earnings and by concentrating on our core, profitable client relationships. In response to market conditions, certain trading strategies were adjusted to reduce our risk exposures. As explained in note 5 to the attached financial statements, during the quarter, the Canadian Institute of Chartered Accountants (CICA) amended accounting and reporting rules on transfers of financial instruments. Since we intend to hold certain securities impacted by current market issues for the foreseeable future rather than trading them in the short term, we elected to transfer the securities from our trading portfolio to our available-for-sale portfolio. This aligns well with our previously-stated strategy of reducing the volatility of our group’s results. The value of the transferred securities on August 1, 2008 was $2.0 billion. The transfer resulted in $183 million of pre-tax mark-to-market valuation charges being recognized in other comprehensive income rather than the income statement.

BMO Capital Markets was involved in 49 new issues in the quarter including 21 corporate debt deals, nine government debt deals, seven issues of preferred shares and 12 common equity transactions, raising $23.5 billion.

Performance Targets
We achieved one of our five performance targets in 2008, maintaining a strong Tier 1 Capital Ratio. We indicated at the end of the first quarter that we did not expect to achieve four of our five annual targets given the challenging economic environment.

The weak economic environment as well as difficult credit and capital market conditions create added uncertainty in the estimation of future financial performance. Therefore, we will not be disclosing financial targets for 2009. However, BMO has a rigorous business planning process that considers many potential economic scenarios. There is clear and direct accountability for performance against internal benchmarks and progress against strategic priorities including financial measures. This is aligned with our medium-term objectives of, over time, increasing EPS by an average of 10% per year, earning average ROE of between 17% and 20%, achieving average annual cash operating leverage of at least 2%, and maintaining a strong regulatory capital position.

Caution Regarding Forward-Looking Statements
Bank of Montreal’s public communications often include written or oral forward-looking statements. Statements of this type are included in this document, and may be included in other filings with Canadian securities regulators or the U.S. Securities and Exchange Commission, or in other communications. All such statements are made pursuant to the ‘safe harbor’ provisions of, and are intended to be forward-looking statements under, the United States Private Securities Litigation Reform Act of 1995 and any applicable Canadian securities legislation. Forward-looking statements may involve, but are not limited to, comments with respect to our objectives and priorities for 2009 and beyond, our strategies or future actions, our targets, expectations for our financial condition or share price, and the results of or outlook for our operations or for the Canadian and U.S. economies.

By their nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties. There is significant risk that predictions, forecasts, conclusions or projections will not prove to be accurate, that our assumptions may not be correct and that actual results may differ materially from such predictions, forecasts, conclusions or projections. We caution readers of this document not to place undue reliance on our forward-looking statements as a number of factors could cause actual future results, conditions, actions or events to differ materially from the targets, expectations, estimates or intentions expressed in the forward-looking statements.

The future outcomes that relate to forward-looking statements may be influenced by many factors, including but not limited to: general economic and market conditions in the countries in which we operate; weak capital and/or credit markets; interest rate and currency value fluctuations; changes in monetary policy; the degree of competition in the geographic and business areas in which we operate; changes in laws; judicial or regulatory proceedings; the accuracy and completeness of the information we obtain with respect to our customers and counterparties; our ability to execute our strategic plans and to complete and integrate acquisitions; critical accounting estimates; operational and infrastructure risks; general political conditions; global capital market activities; the possible effects on our business of war or terrorist activities; disease or illness that impacts on local, national or international economies; disruptions to public infrastructure, such as transportation, communications, power or water supply; and technological changes.

We caution that the foregoing list is not exhaustive of all possible factors. Other factors could adversely affect our results. For more information, please see the discussion on pages 28 and 29 of BMO’s 2007 Annual Report, which outlines in detail certain key factors that may affect BMO’s future results. When relying on forward-looking statements to make decisions with respect to Bank of Montreal, investors and others should carefully consider these factors, as well as other uncertainties and potential events, and the inherent uncertainty of forward-looking statements. Bank of Montreal does not undertake to update any forward-looking statement, whether written or oral, that may be made, from time to time, by the organization or on its behalf, except as required by law. The forward-looking information contained in this document is presented for the purpose of assisting our shareholders in understanding our financial position as at and for the periods ended on the dates presented and our strategic priorities and objectives, and may not be appropriate for other purposes.

Assumptions about the level of asset sales, expected asset sale prices, net funding cost, credit quality and risk of default and losses on default of the underlying assets of the structured investment vehicles were material factors we considered when establishing our expectations regarding the structured investment vehicles discussed in this document including the amount to be drawn under the BMO liquidity facilities and the expectation that the first-loss protection provided by the subordinate capital notes will exceed future losses. Key assumptions included that assets would continue to be sold with a view to reducing the size of the structured-investment vehicles, under various asset price scenarios, that the level of defaults and losses will be consistent with the credit quality of the underlying assets and our current expectations regarding continuing difficult market conditions.

Assumptions about the level of defaults and losses on defaults were material factors we considered when establishing our expectation of the future performance of the transactions that Apex Trust has entered into. Key assumptions included that the level of defaults and losses on defaults would be consistent with historical experience. Material factors which were taken into account when establishing our expectations of the future risk of credit losses in Apex Trust included industry diversification in the portfolio, initial credit quality by portfolio and the first-loss protection incorporated into the structure.

Assumptions about the performance of the Canadian and U.S. economies in 2009 and how that will affect our businesses were material factors we considered when setting our strategic priorities and objectives, and our outlook for our businesses. Key assumptions included that the Canadian and the U.S. economies will contract in the first half of 2009, and that interest rates and inflation will remain low. We also assumed that housing markets in Canada will weaken in 2009 and strengthen in the second half of the year in the United States. We assumed that capital markets will improve somewhat in the second half of 2009 and that the Canadian dollar will strengthen modestly relative to the U.S. dollar. In determining our expectations for economic growth, both broadly and in the financial services sector, we primarily consider historical economic data provided by the Canadian and U.S. governments and their agencies. Tax laws in the countries in which we operate, primarily Canada and the United States, are material factors we consider when determining our sustainable effective tax rate.

Economic Review and Outlook
The Canadian economy grew at a modest pace in 2008, as exports continued to decline in response to weak U.S. demand. Growth in consumer spending moderated from last year’s rapid pace, as employment growth and confidence weakened. Business investment also slowed in response to persistent uncertainty about the impact of the global credit crisis on the economy. Housing sales declined from last year’s record levels, reflecting reduced affordability. The softer economy led to some slowing in residential mortgages and business and personal credit in the second half of the year, although growth remained relatively brisk. Rising commodity prices in the first half of the year lifted inflation to the highest level in five years; however, most prices continue to rise modestly and in some cases (such as books and motor vehicles) are falling. The Bank of Canada reduced overnight lending rates 225 basis points in the fiscal year to address the economic slowdown, the recent downturn in commodity prices and credit concerns in the market.

The U.S. economy grew modestly in the first half of 2008 and likely contracted in the second half, despite aggressive monetary and fiscal stimulus and strong export gains. The worsening credit conditions and housing slump, coupled with record-high energy costs, significantly affected consumers and businesses. Interbank lending spreads widened to all-time highs in early October amid the collapse or forced takeover of a number of banks and Wall Street brokers, severely curtailing the availability of credit and raising borrowing costs for businesses and consumers. While the downward trend in housing sales appears to have stabilized, the large number of unsold homes continues to weigh on prices. Growth in residential mortgages and personal and business loans slowed in 2008. The Federal Reserve aggressively reduced interest rates and expanded its liquidity provisions to support bank lending and the economy.

The Canadian economy is expected to contract moderately in the first half of 2009 as exports decline further, before recovering modestly in the second half of the year in response to low interest rates and recent weakness in the currency. The unemployment rate is expected to remain low but climb about one percentage point in late 2009 to just above 7%. Consumer and business spending will likely remain soft, further moderating credit growth. Housing activity should continue to decline, dampening demand for residential mortgages. The Bank of Canada is expected to reduce interest rates further as inflation falls and the Canadian dollar is expected to strengthen modestly relative to the U.S. dollar in the second half of the year, supported by steadier commodity prices.

The U.S. economy is expected to continue contracting in the first half of 2009, before improving slightly as the housing market stabilizes and credit conditions ease. Personal and business credit and residential mortgage demand will likely remain weak, at least in the first half of the year. U.S. unemployment has climbed steadily in the past year and is expected to rise about two percentage points to 8.5 % in 2009, well above Canada’s rate. The Federal Reserve may continue to reduce interest rates to support the economy. Weakness in capital markets is expected to extend into early 2009, with some improvement expected in the second half of the year as the economy recovers and housing prices stabilize.

This Economic Review and Outlook section contains forward-looking statements. Please see the Caution Regarding Forward-Looking Statements.

Effects of the Capital Markets Environment on Fourth Quarter Results
Financial markets remain unsettled with continuing concerns in respect of capital markets and the extent and severity of the economic downturn. In the fourth quarter, capital markets continued to be affected by volatility in credit spreads, impacting mark-to-market valuations. Equity valuations in the quarter were especially hard hit with many sectors recording significant declines.

BMO’s results in the fourth quarter were affected by capital markets environment charges of $45 million ($27 million after tax and $0.06 per share) reflected in BMO Capital Markets and Private Client Group. The charges in BMO Capital Markets included $14 million ($8 million after tax) comprised of:

The charges in Private Client Group included Cdn$31 million (Cdn$19 million after tax) in respect of management actions taken to support our U.S. clients in the weak capital markets environment including:

The above capital markets environment charges of $45 million were all reflected in non-interest revenue. There was $181 million of losses in securities gains (losses), other than trading, a reduction of $30 million in other revenue and a $166 million increase in trading non-interest revenue.

As explained in the preceding BMO Capital Markets section, during the quarter, the CICA amended accounting and reporting rules applicable to financial instruments. As a result of the amendments, we elected to transfer certain securities from our trading portfolio to our available-for-sale portfolio. We subsequently recorded mark-to-market charges on these securities totalling $212 million ($143 million after tax), of which $29 million ($20 million after tax) was charged to earnings, as part of the other-than-temporary impairments outlined above, and $183 million ($123 million after tax) was charged to other comprehensive income rather than trading revenue in the statement of income.

The effects of notable items affecting comparative period results are discussed at the end of this MD&A.

Given the uncertainty in the capital markets environment, our investments in asset-backed commercial paper (ABCP), structured investment vehicles (SIVs), structured finance vehicles and mark-to-market investments could experience further gains and losses. This Effects of the Capital Markets Environment on Fourth Quarter Results section contains forward-looking statements. Please see the Caution Regarding Forward-Looking Statements.

Notable Items
Q4 2008
Charges related to the capital markets environment in the fourth quarter are detailed in the Effects of the Capital Markets Environment on Fourth Quarter Results section. Results also reflected a $150 million ($98 million after tax) increase in the general allowance for credit losses.

Q3 2008
BMO’s results in the third quarter were affected by capital markets environment charges of $134 million ($96 million after tax), or $0.19 per share in respect of:

Results also reflected a $50 million ($30 million after tax) increase in the general allowance for credit losses.

The capital markets environment charges of $134 million above were all reflected in non-interest revenue with $61 million in securities gains (losses) other than trading, $76 million in trading non-interest revenue and a recovery of $3 million in other revenue.

Q2 2008
BMO’s results in the second quarter included a net benefit of $42 million ($28 million after tax) in respect of charges/recoveries related to the capital markets environment. The charges/recoveries consisted of:

The net benefit of $42 million above was reflected in trading non-interest revenue ($71 million), other revenue ($6 million) and securities gains/losses other than trading (-$35 million).

Q1 2008
In the first quarter of 2008, BMO recorded $548 million ($362 million after tax and $0.72 per share) of charges for certain trading activities and valuation adjustments and an increase in the general allowance for credit losses. They included $488 million ($324 million after tax) in BMO Capital Markets in respect of: losses on exiting positions related to monoline insurer ACA Financial Guarantee Corporation ($158 million); trading and structured-credit related positions, preferred shares, third-party Canadian conduits and other mark-to-market losses ($177 million); investments in Apex ($130 million); and capital notes in the Links and Parkland SIVs ($23 million). BMO has no further exposure to ACA. Reduced performance-based compensation associated with the charges was not included in the determination of the impact of significant items.

The $177 million charge above was primarily due to the impact of widening credit spreads on a number of our trading portfolios. The charge was comprised of a number of items, the largest of which was $78 million for counterparty credit risk on our derivatives, with approximately half related to monoline insurers (other than ACA) and similar credit derivative product companies. The $488 million charge included reductions in trading non-interest revenue ($420 million), investment securities gains ($23 million) and other income ($45 million). Corporate Services results included a $60 million ($38 million after tax) increase in the general allowance for credit losses to reflect portfolio growth and risk migration.

Q4 2007
In the fourth quarter of 2007, net income was reduced by $275 million after tax ($0.55 per share) of notable items. They included $318 million ($211 million after tax) of charges for certain trading activities and valuation adjustments related to deterioration in capital markets, $16 million after tax in respect of commodities losses, $33 million after tax as a result of an increase in the general allowance and the $15 million after-tax impact of a restructuring charge. The charges included $169 million in respect of trading and structured-credit related positions and preferred shares; $134 million related to Canadian asset-backed commercial paper (ABCP); and $15 million related to capital notes in the Links Finance Corporation (Links) and Parkland Finance Corporation (Parkland) structured investment vehicles (SIVs).

The Canadian ABCP charges reflect $80 million for our investment in commercial paper issued by one of our BMO-sponsored conduits, and $54 million for our investment in commercial paper issued by non-bank sponsored conduits.

Fiscal 2008
Notable items in 2008 are detailed above.

Fiscal 2007
Net income for fiscal 2007 was reduced by $787 million of notable items. They included $440 million after tax in respect of commodities losses of $853 million net of $120 million of reduced performance-based compensation. They also included $318 million ($211 million after tax) in respect of charges related to the capital markets environment, the $103 million after-tax impact of a $159 million restructuring charge and an increase in the general allowance of $33 million after tax.

To view the rest of this news release consisting of:

INVESTOR AND MEDIA PRESENTATION

Investor Presentation Materials
Interested parties are invited to visit our web site at www.bmo.com/investorrelations to review this quarterly news release, presentation materials and a supplementary financial information package online. Copies of these documents are also available at BMO Financial Group’s offices at 100 King Street West, 18th Floor, 1 First Canadian Place, Toronto, Ontario, M5X 1A1.

Quarterly Conference Call and Webcast Presentations
Interested parties are also invited to listen to our quarterly conference call on Tuesday, November 25, 2008 at 2:00 p.m. (EST). At that time, senior BMO executives will comment on results for the quarter and respond to questions from the investor community. The call may be accessed by telephone at 416-695-9753 (from within Toronto) or 1-888-789-0089 (toll-free outside Toronto). A replay of the conference call can be accessed until Monday, March 2, 2009, by calling 416-695-5800 (from within Toronto) or 1-800-408-3053 (toll-free outside Toronto) and entering passcode 648306.

A live webcast of the call can be accessed on our web site at www.bmo.com/investorrelations. A replay can be accessed on the site until Monday, March 2, 2009.

Media Relations Contacts
Ralph Marranca, Toronto, ralph.marranca@bmo.com, (416) 867-3996
Ronald Monet, Montreal, ronald.monet@bmo.com, (514) 877-1873

Investor Relations Contacts
Viki Lazaris, Senior Vice-President, viki.lazaris@bmo.com, (416) 867-6656
Steven Bonin, Director, steven.bonin@bmo.com, (416) 867-5452
Krista White, Senior Manager, krista.white@bmo.com, (416) 867-7019

Chief Financial Officer
Russel Robertson, Interim Chief Financial Officer
russ.robertson@bmo.com, (416) 867-7360

Corporate Secretary
Blair Morrison, Vice-President & Corporate Secretary
corp.secretary@bmo.com, (416) 867-6785