News Releases

· New no-fee BMO^® AIR MILES^®† MasterCard^®* for Business eliminates $60 annual fee and extends 1/$20 rewards rate to all cardholders.

· New no-fee BMO Preferred Rate MasterCard for Business offers a lower interest rate than most no-fee cards in the market

· Complimentary membership in BMO Premium BizAssist program saves Business owners an additional $149 per year.

· Cardholders can choose an even lower interest rate – 12.9 per cent – for a nominal yearly fee*

TORONTO, July 8, 2010 – BMO Bank of Montreal today introduced two new credit cards that give small business owners low rates, low fees and simple choices:

· a no-fee AIR MILES MasterCard for Business that features higher rewards, rebates and discounts and free access to business support networks and tools; and

· a no-fee Preferred Rate MasterCard for Business that features a 17.5 per cent interest rate -- lower than most no-fee cards in the market today.

"Busy entrepreneurs want low rates, low fees and simple choices. And if they collect rewards, they want a card that is accepted virtually everywhere and helps them maximize their rewards without sacrificing a low interest rate. They can get all of that with a BMO MasterCard for Business," said Nancy Marescotti, Director, Payments Marketing, BMO Bank of Montreal.

The BMO AIR MILES MasterCard for Business card replaces two predecessor cards*, eliminating the $60 fee and doubling the amount of rewards earned from 1 reward mile for every $40 spent on the card to 1reward mile for every $20.

Unlike most other business cards, all BMO MasterCard for Business cards have built-in features designed to help busy small business owners run and protect their business:

· Complimentary Premium BizAssist membership (valued at $149 annually):

o More than $10,000 in potential business savings from BizAssist partner suppliers

o Online network of more than 500,000 business owners and entrepreneurs

o Online business plans, articles, letters, tools, forms, and small business calendar of events

o IDefense, which provides information on identity theft prevention and assistance in the event that the small business cardholder becomes a victim

o 24/7 virtual support by phone or online

· New MasterCard Easy Savings:

o Cardholders receive an automatic rebate on card purchases at select merchants, including Continental Airlines.

o Cardholders require no coupons or codes, and the savings are automatically included on their monthly billing statements.

"One of the biggest challenges for small businesses owners is managing expenses and cash flow," added Marescotti. "A BMO MasterCard for Business can help with both. It makes it easier for business owners to get control of their cash flow and analyze their business spending, and can deliver significant savings through enhanced rewards, rebates and merchant discounts as well as through the elimination of an annual credit card fee."

* See details in 'Backgrounder' table below