Bank of Montreal
CI C.A.P.I.T.A.L. Deposit Notes Callable Class SERIES 1
On Sale from January 4th – March 4th, 2005

Potential compounded annual return if redeemed at mid-term by Bank of Montreal.

Growth Potential with Capital Protection is Possible

The primary objective of many investors is rapidly changing from capital appreciation to capital preservation. Investors who have experienced the market volatility of recent years are increasingly concerned about protecting their nest eggs.

Bank of Montreal CI C.A.P.I.T.A.L. Deposit Notes Callable Class gives you the opportunity to earn an attractive 8.0% compounded annual return after two-and-a-half years if they are redeemed by the Bank as issuer, or the full return of two award-winning funds from CI over the entire five-year term of the Note.

CI Canadian Investment Fund managed by Kim Shannon
Signature High Income Fund managed by Eric Bushell

These funds and their managers have outstanding long-term track records.This combination of funds has the potential to produce outstanding returns with lower relative volatility.

Your original investment is protected. Regardless of how markets perform over the five-year term of the Note, your principal is protected if you hold it to maturity. BMO CI C.A.P.I.T.A.L. Deposit Notes Callable Class are on sale from January 4, 2005 through March 4, 2005.

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Details of the risk factors of CI C.A.P.I.T.A.L. Deposit Notes, along with complete disclosure of how variable interest on Bank of Montreal CI C.A.P.I.T.A.L. Deposit Notes Callable Class is calculated, are contained in the Information Statement dated January 4, 2005. ®CI Investments and the CI Investments design are registered trademarks of CI Investments Inc. "C.A.P.I.T.A.L. Deposit Notes" is a trademark of BMO Nesbitt Burns Corporation Limited used under licence.

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