Bank of Montreal (TSX:BMO)
Shares Issued 503,434,651
Last Close 5/16/2008 $49.97
Tuesday May 20 2008 - News Release

Mr. Paul Gammal reports

BMO BANK OF MONTREAL DECREASES MORTGAGE RATES

Bank of Montreal isdecreasing its residential mortgage rates, effective May 21, 2008. The newrates are shown in the table.

Fixed rates                    To          Change
Six-month fixed convertible   6.21%        -0.64%Six-month fixed open          8.01%        -0.64%One-year fixed open           8.30%        -0.80%One-year fixed closed         6.15%        -0.80%Two-year fixed closed         6.15%        -0.85%Three-year fixed closed       6.15%        -0.85%Four-year fixed closed        6.59%        -0.25%Five-year fixed closed        6.65%        -0.34%Six-year fixed closed         6.90%        -0.25%Seven-year fixed closed       7.35%         0.00%10-year fixed closed          7.45%        -0.25%18-year fixed open            8.95%        -0.25%
The five-year protected variable rate ceiling changes to 6.65%.
(The interest on fixed-rate mortgages compounds semi-annually, not in advance.)
Special offers(*)              To          Change
Three-year (fixed/closed)     5.15%        -0.64%Five-year (fixed/closed)      5.59%        -0.34%Seven-year (fixed/closed)     5.93%         0.00%Homeowner ReadiLineFive-year variable rateclosed term                   4.50%         0.00%
(*) These special discounted rates are not the     posted rates of BMO Bank of Montreal. Rates     are subject to change without notice. Offer     may be withdrawn or extended without notice.     Mortgage funds must be advanced within 90     days of the application.