Bank of Montreal
Skylon Commodity Linked Deposit Notes, Series 1
Selling Period: October 3 to November 4, 2005

Developing economies like China and India are currently spurring the demand for raw materials and energy to record highs. Bank of Montreal Skylon Commodity Linked Deposit Notes offer investors an opportunity to participate in the potential growth of these seven commodities for which exposure previously had been difficult to get for retail investors.

Product highlights:

• 150% Participation Rate
• Commodity basket equally weighted among: aluminum, copper, lead, nickel, zinc, crude oil, and natural gas
• Principal protection by Bank of Montreal at maturity (five years)
• No annual management fees
• No foreign exchange risk
• Low minimum purchase of $2,000
• Secondary market maintained by BMO Nesbitt Burns
• Eligible for registered plans
• Two-year early trading charge starting at 4.50%
  

For more information, please contact your financial advisor.

The Notes are issued by and constitute direct, unconditional obligations of Bank of Montreal. Details of certain risks of investing in the Notes, as well as complete disclosure of how variable interest (if any) on the Notes is calculated, are contained in the Information Statement dated October 3, 2005.

This webpage is intended to be read in conjunction with the Information Statement dated October 3, 2005. The Notes described in the Information Statement are being offered in Canada only to those jurisdictions and to those persons where and to whom they may lawfully offered for sale, and therein only by persons permitted to sell such Notes. No securities commission or similar authority in Canada has reviewed or in any way passed up this webpage or the Information Statement or the merits of the Notes described herein or therein, and any representation to the contrary is an offence.

This summary is issued by Skylon Advisors for information purposes only to provide an overview of Bank of Montreal Skylon Commodity Linked Deposit Notes, Series 1 and does not constitute an offer to sell or a solicitation to purchase or investment advice. An investment in Bank of Montreal Skylon Commodity Linked Deposit Notes, Series 1 is subject to certain risks, which investors should consider. Investors are encouraged to read the Information Statement carefully before investing and discuss their suitability with their investment advisor. The Notes may not be suitable for all types of investors; the prices, value and/or income the Notes produce may fluctuate and/or be adversely affected by a number of factors including fluctuations in the value of the underlying Commodity Basket. Although the principal amount of a Note will be repaid in full at maturity, it may not pay any variable interest. Interest, if any, is based on the equally weighted average performance of each commodity in the Commodity Basket and will be calculated in accordance with the terms set out in the Information Statement. BMO Nesbitt Burns will maintain a liquid secondary market for the Deposit Notes, but reserves the right not to do so in the future in its sole discretion, without providing you with prior notice.

®Skylon is a registered trademark of Skylon Advisors Inc.