Bank of Montreal Canadian DCA Callable Deposit, Series 2

> Investment Highlights

• 7 year term to maturity • 100 % Principal Protection if held to maturity. • Portfolio consists of a basket of ten (10) Canadian common equities diversified across six (6) different sectors. • Callable by Bank of Montreal at any time after July 1, 2010 and prior to maturity at a 9% compounded annual rate of return to the call date. • If not called, investors will receive 100% of the percentage increase - this increase could be zero - from the Initial Average Portfolio Value to the Portfolio Value at Maturity. The portfolio return will not include any dividends or distributions declared on the securities. As of May 14, 2009 the average 12-month dividend yield was 3.60%. • Dollar Cost Averaging Entry Point: for purposes of calculating the Variable Return, the Initial Average Portfolio Value is the value of a $100 investment in the Portfolio on the Closing Date as determined by averaging seven (7) monthly valuation dates observed during the first six (6) months, including date of closing. • The Dollar Cost Averaging feature allows the investor to lock in a potentially attractive entry point by taking advantage of the current market volatility. > Diversified Portfolio

Bank of Nova Scotia Barrick Gold Corp Canadian Imperial Bank of Commerce Canadian National Railway Enbridge Inc Loblaw Companies Limited Potash Corporation of Saskatchewan Royal Bank of Canada Thomson Reuters Corp Transcanada Corporation

> Hypothetical Return Scenarios

6 month 6 month averaging period averaging period Final Portfolio Value = 175

Called by BMO at $153.86 for 9% annual compound return

Final Portfolio Value = 80 Portfolio Levels Portfolio Portfolio Value 50 75 50 175 150 125 100 50 75 100 125 150 175 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7

Positive Return No Return Deposit Called at $153.86 in Year 5

Scenario #1: Deposit is Not Called By BMO Scenario #2: Deposit is Called by BMO after July 1, 2010

The preceding examples are included for illustration purposes only. The values of the Deposit Notes used to illustrate the three different scenarios are hypothetical and are not estimates or forecasts of expected returns from the Closing Date to the Final Valuation Date. Each of the scenarios refers to a Holder holding a single Deposit Note and assumes that no Extraordinary Event or Market Disruption Event has occurred.

For further information, please contact your Investment Advisor > Company Description

Bank Of Nova Scotia Bank of Nova Scotia provides retail, commercial, international, corporate, investment and private banking services and products. Barrick Gold Corporation Barrick Gold Corporation is an international gold company with operating mines and development projects in the United States, Canada, South America, Australia, and Africa. Canadian Imperial Bank of Commerce Canadian Imperial Bank of Commerce provides banking and financial services to consumers, individuals, and corporate clients in Canada and around the world. Canadian National Railway Canadian National Railway is a company that operates a network of track in Canada and the United States. The Company transports forest products, grain and grain products, coal, sulfur, fertilizers, intermodal and automotive products. Canadian National operates a fleet of locomotives and railcars. Enbridge Incorporated Enbridge Inc. provides energy transportation, distribution, and related services in North America and internationally. The Company operates a crude oil and liquids pipeline system, is involved in international energy projects, and is involved in natural gas transmissions and midstream businesses. Enbridge also distributes natural gas and electricity, and provides retail energy products. Loblaw Companies Limited Loblaw Companies Limited is a retail and wholesale food distributor with operations across Canada. The Company’s operations include both company and franchisee operated stores, warehouse, and cash and carry outlets. Potash Corporation of Saskatchewan Potash Corporation of Saskatchewan Inc. produces potash, phosphate, and nitrogen to the agricultural and industrial industries worldwide. The Company conducts operations in Canada, Chile, the United States, Brazil and Trinidad. Royal Bank of Canada Royal Bank of Canada is a diversified financial services company. The Company provides personal and commercial banking, wealth management services, insurance, corporate and investment banking, and transaction processing services. Royal Bank offers its services to personal, business, public sector and institutional clients with operations worldwide. Thomson Reuters Corporation Thomson Reuters Corporation is an electronic information and solutions company that serves the global business and professional marketplace. The company provides proprietary online systems and CD-ROM products in information sectors such as legal and regulatory, financial, scientific reference and healthcare, and corporate training. TransCanada Corporation TransCanada Corporation is the parent company of TransCanada Pipelines Limited. The Company is focused on natural gas transmission and power services. TransCanada’s network of pipeline transports the majority of Western Canada’s natural gas production to markets in Canada and the United States. The company also has interest in power plants in Canada and the United States.

Source: Bloomberg > Summary

Issuer Bank of Montreal Call Date Callable at the option of the Bank at any time after July 1, 2010 and prior to Maturity. Amounts Payable on If the Bank, in its sole discretion, calls the Deposit Notes on the Call Date, then no Variable Return will be payable on Call Date the Deposit Notes and the Holder will only be entitled to receive in respect of a Deposit Note, the Deposit Amount of $100 plus the Redemption Coupon representing interest equivalent to an annual compounded rate of return of 9% calculated from the Closing Date to the Call Date, which will be paid on the third Business Day following the Call Date. In such event, the Holder will not receive any return based on the performance of the Portfolio. Payment at Maturity Subject to the Bank’s right to call the Deposit Notes for redemption on the Call Date and subject to the occurrence of certain special circumstances, for each Deposit Note a Holder holds at Maturity, the Holder will receive (i) the Deposit Amount, and (ii) a Variable Return, if any. The Variable Return, if any, is based on the price performance of the Securities in the Portfolio (excluding any distributions or dividends declared on the Securities in the Portfolio) from the Closing Date and six valuation dates at one-month intervals after that date to the Final Valuation Date. More specifically, on certain valuation days after the Closing Date, BMO Capital Markets measures the value of a notional $100 investment allocated equally among the Securities and made on the Closing Date. The Variable Return, if any, will be payable in an amount per Deposit Note equal to the greater of (i) $100 multiplied by the percentage by which the value, on the Final Valuation Date, of such an investment exceeds the Initial Average Portfolio Value, and (ii) zero. The Initial Average Portfolio Value used to determine the Variable Return is the simple average of the Portfolio Values on each of the Initial Valuation Dates, being the Closing Date and the same day of the month as the Closing Date in each of the next six calendar months.

Principal Protection By Bank of Montreal, as issuer, if held to maturity Last Selling Date Until June 26th, 2009. Issue Date On or about July 2nd, 2009. Maturity Date July 2nd, 2016, resulting in a term of approximately 7 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, but reserves the right not to do so in the future, without providing prior notice, as outlined in the Information Statement. Early Trading Charge An early trading charge will apply to secondary redemption orders placed using the FundSERV network within the first 720 days from the closing date determined as a percentage of the deposit amount as follows:

If sold within 1-90 91- 181- 271-360 361-450 451-540 541-360 631-720 Thereafter days 180 270 days days days days days days days

Applicable Early 5.70% 5.00% 4.30% 3.60% 2.90% 2.20% 1.50% 0.80% Nil Trading Charge

Minimum Investment $2,000 FundSERV Code JHN046 CDIC Eligibility The deposit notes are not insured under the Canada Deposit Insurance Corporation Act.

The Deposit Notes are issued by and constitute direct, unconditional obligations of Bank of Montreal. This summary is issued for discussion purposes only to provide an overview of the proposed 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, and also details on the callable option by Bank of Montreal are contained in the related Information Statement which will be available through your financial advisor or at www.bmosp.com. You should read the Information Statement carefully before investing and discuss all the key features, of the Deposit Notes, including their suitability for you 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 performance of the underlying Index will directly impact the variable return, if any, payable on the Deposit Notes at Maturity. The Deposit Notes will not be listed on any stock exchange. You do not have the right to require Bank of Montreal to redeem the Deposit Notes prior to maturity Bank of Montreal makes no recommendations concerning equity investments as asset classes or 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” and “BMO Capital Markets” are registered trademarks of Bank of Montreal used under license.