Bank of Montreal Protected Deposit Notes Class, Series 1 Key Highlights • Variable return is based on the positive price performance of a portfolio of 10 Canadian issuers in the energy sector • 100% principal protection: if held to maturity, by , as issuer • 6.5 year term to maturity Variable Return

At maturity, an investor will receive the amount deposited with us and may also receive a variable return payment. The variable return, if any, is the simple average of the price return of the 10 securities in the portfolio, measured from the closing date to three business days prior to maturity.

Each security return is subject to a maximum of 100% and therefore, the investor will receive a maximum variable return of 100%. In other words, the variable return, if any, will never be greater than the annual compounded return of approximately 11.25%. Portfolio

The portfolio will initially consist of the following securities: y Cameco Corporation y Husky Energy Inc. y Canadian Natural Resources Limited y Paramount Resources Ltd. y Denison Mines Corp. y Potash Corporation of Inc. y Duvernay Oil Corp. y Inc. y EnCana Corporation y One Inc.

Diversified by Sub-Sectors

Uranium : 30% Oil & Gas – Senior Producers : 20%

Oil & Gas – Junior Producers : 20%

Chemicals & Fertilizers : 10%

Integrated Oils : 20% > Summary

Issuer Bank of Montreal

Payment at Investor will receive (i) the deposit amount and (ii) variable return, if any. Maturity

Variable Return At Maturity, investor may receive a variable return equal to the simple average of the price return of the securities in the portfolio during the term, subject to a maximum return of 100% per Security. The maximum variable return, if any, that the investor can receive is 100% (an annual compounded return of approximately 11.25%).

Principal Protection By Bank of Montreal, as issuer, if held to maturity

Last Selling Date Until May 16, 2008.

Issue Date On or about May 21, 2008.

Maturity Date On or about November 21, 2014, resulting in a term of approximately 6.5 years.

Secondary Market Tradeable in a daily secondary market, subject to availability and an early trading charge may apply. BMO Capital Markets has undertaken to use its reasonable efforts to provide a secondary market as outlined in the Information Statement.

Early Trading An early trading charge will apply to secondary redemption orders within the first 720 Charge days from the closing date determined as a percentage of the deposit amount as follows:

If Redeemed within 1 - 90 days 91 - 180 days 181 - 270 days 271 - 360 days 361 - 450 days 451 - 540 days 541 - 630 days 631 - 720 days Thereafter Applicable Early Trading Charge 5.70% 5.00% 4.30% 3.60% 2.90% 2.20% 1.50% 0.80% Nil

Minimum $2,000 Investment

FundSERV Code JHN020

CDIC Eligibility These investments do not represent deposits insured under the Canadian Deposit Insurance Corporate Act.

The deposit notes are issued by and constitute direct, unconditional obligations of Bank of Montreal. This summary is issued for information purposes only to provide an overview of the deposit notes and does not constitute investment advice or an offer to sell or a solicitation to purchase. Details of certain risks of investing in the deposit notes, as well as complete disclosure of how variable return (if any) on the deposit notes is calculated, are contained in the related Information Statement dated March 31, 2008 which can be obtained through your financial advisor or on www.bmosp.com. You should read the Information Statement carefully before investing and discuss your suitability with your financial advisor. The deposit notes may not be suitable for all types of investors; the prices, and value of the deposit notes may fluctuate and/or be adversely affected by a number of factors. The fluctuation of the price performance of the underlying Securities will directly impact the return, if any, on the Deposit Notes. It is possible that no variable return will be paid on the Deposit Notes. Sales prior to maturity may be subject to an early sales charge. Bank of Montreal makes no assurances, representations or warranties with respect to the accuracy, reliability or completeness of information provided by a third party. Furthermore, Bank of Montreal makes no recommendations concerning equity investments as asset classesor the suitability of investing in securities generally or deposit notes in particular. No person has been authorized to give any information or to make any representation not contained in the Information Statement relating to the deposit notes and Bank of Montreal does not accept any responsibility for any information not contained in the Information Statement.

“BMO (M-bar rounded symbol” is a registered trademark and “BMO Capital Markets” is a trademark of Bank of Montreal used under license.