BMO CEO Foregoes 2008 Mid- and Long-Term Incentive Compensation

    TORONTO, Feb. 2 /CNW/ - BMO Financial Group today announced that Bill
Downe, president and chief executive officer, has decided to forego both his
mid-term and long-term compensation of $4.1 million for 2008. As previously
disclosed in BMO's Proxy Circular, Mr. Downe had requested that part of his
mid-term compensation (valued at $550,000) be withdrawn from his compensation
    "While BMO delivered solid financial performance in 2008 - with close to
$2 billion in net income - my decision to forego this compensation is a result
of my reflection upon the current economic environment," said Mr. Downe.
    Of the $1.4 million in short-term compensation awarded to Mr Downe for
2008, Mr. Downe has previously elected to receive 25 per cent of the award in
BMO share units. Mr. Downe said he will invest the remainder in the bank's
common shares.
    "The Human Resources and Management Compensation Committee of the Board
of Directors respects and accepts the strong signal of responsibility that Mr.
Downe is sending with his decision at this time," said Robert Astley, Chair of
the Committee.

For further information:

For further information: For News Media Enquiries: Ralph Marranca,
Toronto,, (416) 867-3996; Ronald Monet, Montreal,, (514) 877-1873; For Investor Relations Enquiries: Viki
Lazaris, Toronto,, (416) 867-6656; Steven Bonin, Toronto,, (416) 867-5452; Internet:

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