GGOF Launches New Series of Principal Protected Deposit Notes Based on GGOF Divi

New series well suited for investors seeking long-term capital growth or monthly income

The Deposit Notes feature a dynamic asset allocation strategy thatprovides up to 200 per cent exposure to a portfolio of dividend-paying stocksin order to enhance returns. The Deposit Notes also provide investors with 100per cent principal protection if held to maturity by Bank of Montreal asissuer. With a maximum annual fee of 2.60 per cent, the Deposit Notes arecompetitively priced and are available in three classes for greater choice inmeeting individual investor needs:

Total Return Class is suited for investors seeking long-term capitalgrowth. All the Fund Portfolio distributions will be notionally reinvested.

Yield Class is ideal for investors seeking regular monthly income.Distributions will be 100 per cent of the Distribution Rate of the Fund andwill be treated as interest income for income tax purposes.

R.O.C. Class is suitable for investors seeking regular monthlydistributions and tax deferral. Distributions will be 100 per cent of theDistribution Rate of the Fund and will be R.O.C. (Return of Capital), which istax deferred until maturity or when the Deposit Note is sold.

Each series has a 6-year term.

"GGOF Dividend Growth Fund is an excellent core holding for investorsseeking long-term capital growth. Michael Stanley of Jones Heward manages theFund, which has a strong long-term track record investing in a portfolio ofdividend-paying stocks," said Gavin Graham, GGOF's Chief Investment Officer."The addition of a dynamic asset allocation strategy and the availability ofprincipal protection at maturity make it that much more appealing. With theirvery competitive pricing and availability in three different classes, theDeposit Notes have been structured to be of interest to as wide an investoraudience as possible."

GGOF Dividend Growth Fund

GGOF Dividend Growth Fund provides investors with the opportunity tobenefit from dividend-paying stocks that have historically outperformednon-dividend-paying stocks over the long term. Dividend-paying stocks havehistorically provided the growth needed to generate long-term returns thatoutpace inflation and taxes. The Fund's goal is to generate a relatively highrate of return which includes dividend income and some capital gains from theincrease in the value of securities held in the Fund's portfolio.

Guardian Group of Funds

GGOF provides investors with a full product line of 35 mutual funds,diversified by asset class, geographic region and capitalization. GGOF, with$6.1 billion of mutual fund assets under management at October 31, 2007,offers its funds exclusively through financial intermediaries.

GGOF is a member of the BMO Financial Group and part of theorganization's Private Client Group. The Private Client Group providesintegrated wealth management services in Canada and the United States and hadtotal assets under management and administration and term investments of$277 billion as at July 31, 2007.

The above is for information purposes only and is not, and under nocircumstances shall be construed as, an offering of the Deposit Notes or asinvestment advice. The information contained herein is intended to be read inconjunction with the related Information Statement and is qualified in itsentirety by reference to the applicable Information Statement.

The fluctuations in the value of, and the return on, the Fund Portfoliowill directly impact the distributions and return, if any, on the DepositNotes. And in the case of R.O.C. class and Yield Class, the Distribution onthe Fund Portfolios will impact the distribution of the Deposit Notes. It ispossible that no return will be paid on the Deposit Notes. The return, if any,on the Deposit Notes will be reduced by applicable fees and sales prior tomaturity may be subject to an early trading charge as set out in theapplicable Information Statement. Investors should read the InformationStatement carefully before investing and discuss the suitability of theDeposit Notes with an Investment Advisor before making any investmentdecisions.

Bank of Montreal makes no assurances, representations or warranties withrespect to the accuracy, reliability or completeness of information containedherein. Bank of Montreal makes no recommendations concerning the GGOF DividendGrowth Fund, mutual funds or the suitability of investing in securitiesgenerally or Deposit Notes in particular. In connection with the issue andsale of Deposit Notes by Bank of Montreal, no person has been authorized togive any information or to make any representation not contained in theInformation Statements relating to the Deposit Notes and Bank of Montreal donot accept any responsibility for any information not contained in theInformation Statements.

For further information

Gavin Graham, GGOF, (416) 350-3151
JoAnneHayes, BMO Financial Group, (416) 867-3996, Internet: