BMO Investor Solutions Group | Principal Protected Solutions Bank of Montreal Advantage Y.I.E.L.D.® Five Year Protected Deposit Notes, Series 15 5 Year Term Potential 7.00% Annual Interest 100% Principal Protected Payments if held to Maturity INVESTMENT HIGHLIGHTS REFERENCE PORTFOLIO Term to Maturity The Reference Portfolio will initially consist of the common shares of 10 5 years issuers. While the securities in the Reference Portfolio had an average dividend Annual Income Potential or distribution yield of 3.50% and an average market capitalization of $23.48 billion CAD as of October 11, 2011, investors in the Deposit Notes Annual interest ranging from 0.0% to 7.00% based on the price must be prepared to waive the aggregate dividend or distribution yield performance of a portfolio of securities of 10 Canadian issuers. provided by the common shares of the issuers, representing The Annual Interest is determined each year on the valuation date and approximately 18.77% over the 5-year term of the Deposit Notes, is equal to the average price return of the portfolio, measured from the assuming the average dividend or distribution yield on such common date of issuance, where any positive performance of each security is shares remains constant at 3.50% each year and assuming dividends deemed to be 7.00% for the purpose of the Interest Rate Formula* and distributions are reinvested in such common shares. If the price performance of a security in the Reference Portfolio measured from the date of issuance to the applicable valuation date is The following provides an industry sector breakdown of the Reference zero or negative, the actual price performance of the security, subject to a Portfolio as well as information on each security, including the TSX ticker lower limit of negative -15%, is used for the purpose of the Interest Rate symbol and the indicated dividend or distribution yield and market Formula. capitalization as at October 12, 2011 (Source: Bloomberg). The information in the following table is not intended to be, nor should it be construed to be, an indication as to the future dividend or distribution 100% principal guaranteed by BMO as issuer if held to maturity yield of the securities. The Reference Portfolio will not include any dividends or distributions FundSERV JHN951 declared on the securities. Available until November 25, 2011 *The amount of annual interest paid is unlikely to mirror the price performance of the securities in the Benchmark Portfolio since the return cannot exceed 7.00% of the Deposit Amount. www.bmosp.com REFERENCE PORTFOLIO SECTOR ALLOCATION Indicated Market Symbol Gross Communications, 10% Basic Issuer Capitalization (TSX) Dividend Materials, ($ millions) Yield Consumer, 20% Cyclical, Barrick Gold Corporation ABX 0.97% 48,707.88 10% Brookfield Office Properties BPO 3.68% 7,520.71 Cameco Corporation CCO 1.88% 8,375.81 Canadian Imperial Bank of Commerce CM 4.71% 30,468.65 Crescent Point Energy Corp CPG 6.66% 11,734.24 Enbridge Inc. ENB 2.86% 26,640.05 The Jean Coutu Group (PJC) Inc. PJC/A 1.96% 2,746.68 Energy, Power Corporation of Canada POW 4.75% 11,235.30 20% Rogers Communications Inc. RCI/B 3.92% 19,597.16 The Toronto Dominion Bank TD 3.61% 67,793.72 Financials, 40% Source: Bloomberg as of October 11, 2011. For further information, please contact your Investment Advisor BMO Investor Solutions Group | Principal Protected Solutions Bank of Montreal Advantage Y.I.E.L.D.® Five Year Protected Deposit Notes, Series 15 RETURN EXAMPLES The following examples demonstrate the calculation of interest on each valuation date in accordance with the Interest Rate Formula and are included for illustration purposes only. The examples are based on hypothetical prices and changes in prices of the securities in the Reference Portfolio from the closing date to applicable valuation dates and are not intended as a forecast of future prices of the securities in the Reference Portfolio or as a forecast of any payments of interest that may be payable during the term of the Deposit Notes. 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. Positive Example - Share Returns vs. Actual Interest Paid Crescent Actual vs. Canadian Point Brookfield The Jean Power Rogers The Toronto Effective Barrick Gold Cameco Bank of Energy Office Coutu Group Corporation Communications Dominion Interest Return Corporation Corporation Commerce Corp Enbridge Properties (PJC) Inc of Canada Inc. Bank Average Paid Actual Year 1 Return 10.00% 5.25% 8.13% 20.00% 18.30% 15.40% 1.25% 0.01% 3.77% 1.25% Effective Return 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% Actual Year 2 Return 3.00% 4.11% -4.86% 6.36% 22.00% 9.87% -2.17% -1.35% 6.66% 1.25% Effective Return 7.00% 7.00% -4.86% 7.00% 7.00% 7.00% -2.17% -1.35% 7.00% 7.00% 4.06% 4.06% Actual Year 3 Return 11.00% 2.33% 5.00% 10.25% 15.65% 0.02% -0.46% -1.54% 3.41% 8.74% Effective Return 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% -0.46% -1.54% 7.00% 7.00% 5.40% 5.40% Actual Year 4 Return 13.00% 3.45% 4.22% 1.00% 17.00% 0.50% -25.00% -2.55% 3.41% 9.24% Effective Return 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% -15.00% -2.55% 7.00% 7.00% 3.85% 3.85% Actual Year 5 Return 14.00% 5.00% 4.78% 1.50% 18.00% 2.00% -27.00% -4.00% 5.00% 6.00% Effective Return 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% -15.00% -4.00% 7.00% 7.00% 3.70% 3.70% Positive Example – In the example above, for each Deposit Note, an investor would receive annual interest payments of $7.00, $4.06, $5.40, $3.85, and $3.70 over the term of the Deposit Note. This represents a cumulative return of 24.01% of the Deposit Amount, and an annually compounded rate of return of approximately 4.87%. In addition, at Maturity, an investor would receive the Deposit Amount of $100 per Deposit Note. Note that in this example, although the actual returns for certain issuers exceeded 7.00% in several periods, the corresponding effective returns cannot exceed 7.00%. Negative Example - Share Returns vs. Actual Interest Paid Crescent Actual vs. Point Brookfield Power Rogers Effective Barrick Gold Cameco Canadian Bank Energy Office The Jean Coutu Corporation Communication The Toronto Interest Return Corporation Corporation of Commerce Corp Enbridge Properties Group (PJC) Inc of Canada s Inc. Dominion Bank Average Paid Actual Year 1 Return -10.00% 5.25% -28.00% 20.00% 18.30% 15.40% -6.03% -6.00% -20.00% 4.87% Effective Return -10.00% 7.00% -15.00% 7.00% 7.00% 7.00% -6.03% -6.00% -15.00% 7.00% -1.70% 0.00% Actual Year 2 Return 3.00% 4.11% -32.00% 6.36% -9.00% -4.56% -7.19% -15.00% 1.25% 10.21% Effective Return 7.00% 7.00% -15.00% 7.00% -9.00% -4.56% -7.19% -15.00% 7.00% 7.00% -1.58% 0.00% Actual Year 3 Return -0.20% 2.33% -19.00% -40.00% -6.33% 0.52% -0.45% -3.41% 8.74% -10.00% Effective Return -0.20% 7.00% -15.00% -15.00% -6.33% 7.00% -0.45% -3.41% 7.00% -10.00% -2.94% 0.00% Actual Year 4 Return 1.20% 4.40% -21.00% -42.00% -7.00% 2.85% -8.70% -4.00% 9.36% -11.00% Effective Return 7.00% 7.00% -15.00% -15.00% -7.00% 7.00% -8.70% -4.00% 7.00% -11.00% -3.27% 0.00% Actual Year 5 Return 2.00% 5.00% -22.00% -41.00% -9.00% 3.00% -11.00% -6.00% 11.44% -13.00% Effective Return 7.00% 7.00% -15.00% -15.00% -9.00% 7.00% -11.00% -6.00% 7.00% -13.00% -4.10% 0.00% Negative Example – In the example above, for each Deposit Note, an investor would not receive any annual interest payments. However, at Maturity, an investor would receive the Deposit Amount of $100 per Deposit Note. BMO Investor Solutions Group | Principal Protected Solutions Bank of Montreal Advantage Y.I.E.L.D.® Five Year Protected Deposit Notes, Series 15 Portfolio Description Barrick Gold Corporation is an international gold company with The Jean Coutu Group Inc. distributes and retails operating mines and development projects in the United States, pharmaceutical and parapharmaceutical products in North Canada, South America, Australia and Africa. America. Brookfield Office Properties, Inc. owns, develops, and manages Power Corporation of Canada is a diversified management office properties. and holding company. Cameco Corporation explores for, develops, mines, refines, Rogers Communications, Inc. is a diversified Canadian converts, and fabricates uranium for sale as fuel for generating communications and media company. electricity in nuclear power reactors in Canada and other countries. The Toronto-Dominion Bank conducts a general banking business through banking branches and offices located Canadian Imperial Bank of Commerce provides banking and throughout Canada and overseas. financial services to consumers, individuals, and corporate clients in Canada and around the world. Crescent Point Energy Corp is an oil and gas exploration and production company.