News Releases

TORONTO, ONTARIO--(Marketwire - Nov. 22, 2011) - BMO Financial Group today announced the estimated 2011 annual reinvested distributions for BMO Exchange Traded Funds (ETFs)⁽¹⁾. These annual reinvested distributions generally represent realized capital gains within the ETFs or special dividends received by the ETFs.⁽²⁾

Unitholders of record at close of business on December 29, 2011 will receive the 2011 reinvested distributions. The final year-end distribution amounts, as well as the ongoing cash distribution amounts, will be announced on or about December 16, 2011. The actual taxable amounts, including the tax characteristics, will be reported in early 2012.

Please note that these are estimated amounts only as of November 4, 2011 and include forward-looking information⁽³⁾ which may cause the estimate to change. These estimates are for the annual reinvested distributions only, and do not include estimates of ongoing cash distribution amounts.

Details of the per unit reinvested distribution amounts are as follows:

BMO ETF	Ticker	Estimated Reinvested Distribution ($)
BMO Short Federal Bond Index ETF	ZFS	0
BMO Mid Federal Bond Index ETF	ZFM	0.065656
BMO Long Federal Bond Index ETF	ZFL	0.106368
BMO Short Provincial Bond Index ETF	ZPS	0
BMO Short Corporate Bond Index ETF	ZCS	0
BMO Mid Corporate Bond Index ETF	ZCM	0
BMO Long Corporate Bond Index ETF	ZLC	0.000195
BMO Aggregate Bond Index ETF	ZAG	0.020734
BMO Real Return Bond Index ETF	ZRR	0.002595
BMO High Yield US Corporate Bond Hedged to CAD Index ETF	ZHY	0
BMO Emerging Markets Bond Hedged to CAD Index ETF	ZEF	0
BMO Dow Jones Canada Titans 60 Index ETF	ZCN	0
BMO S&P/TSX Equal Weight Banks Index ETF	ZEB	0
BMO S&P/TSX Equal Weight Oil & Gas Index ETF	ZEO	0
BMO Equal Weight Utilities Index ETF	ZUT	0
BMO Equal Weight REITs Index ETF	ZRE	0.046876
BMO Junior Gold Index ETF	ZJG	1.250979
BMO Junior Oil Index ETF	ZJO	0.316357
BMO Junior Gas Index ETF	ZJN	0.993647
BMO Dow Jones Industrial Average Hedged to CAD Index ETF	ZDJ	0
BMO US Equity Hedged to CAD Index ETF	ZUE	0.010461
BMO Nasdaq 100 Equity Hedged to CAD Index ETF	ZQQ	0.230819
BMO Equal Weight US Health Care Hedged to CAD Index ETF	ZUH	0.093701
BMO Equal Weight US Banks Hedged to CAD Index ETF	ZUB	0
BMO International Equity Hedged to CAD Index ETF	ZDM	0
BMO Emerging Markets Equity Index ETF	ZEM	0
BMO Global Infrastructure Index ETF	ZGI	0.102874
BMO China Equity Hedged to CAD Index ETF	ZCH	0
BMO India Equity Hedged to CAD Index ETF	ZID	0
BMO S&P/TSX Equal Weight Global Base Metals Hedged to CAD Index ETF	ZMT	1.546719
BMO Monthly Income ETF	ZMI	0.034086
BMO Energy Commodities Index ETF	ZCE	0
BMO Agriculture Commodities Index ETF	ZCA	0
BMO Precious Metals Commodities Index ETF	ZCP	0
BMO Base Metals Commodities Index ETF	ZCB	0
BMO 2013 Corporate Bond Target Maturity ETF	ZXA	0
BMO 2015 Corporate Bond Target Maturity ETF	ZXB	0.026832
BMO 2020 Corporate Bond Target Maturity ETF	ZXC	0.021739
BMO 2025 Corporate Bond Target Maturity ETF	ZXD	0.040518
BMO Covered Call Canadian Banks ETF	ZWB	0.129324
BMO Covered Call Utilities ETF	ZWU	0
BMO Covered Call Dow Jones Industrial Average Hedged to CAD ETF	ZWA	0
BMO Canadian Dividend ETF	ZDV	0
BMO Low Volatility Canadian Equity ETF	ZLB	0

Further information about BMO ETF Products can be found at www.bmo.com/etfs.

⁽¹⁾ BMO ETFs are managed and administered by BMO Asset Management Inc., an investment fund manager and portfolio manager, and separate legal entity from the Bank of Montreal. Commissions, management fees and expenses all may be associated with investments in exchange traded funds. Please read the prospectus before investing. The funds are not guaranteed. These values change frequently and past performance may not be repeated.

⁽²⁾ Premium income as a result of covered call writing has been distributed monthly as a cash distribution. Premium income when distributed is treated as capital gains by investors.

⁽³⁾ Forward-looking information:

This notice contains forward-looking statements with respect to the estimated annual distributions for the ETFs. By their nature, these forward-looking statements involve risks and uncertainties that could cause the actual distributions to differ materially from those contemplated by the forward-looking statements. Material factors that could cause the actual distributions to differ from the estimated distributions include, but are not limited to: the actual amounts of distributions received by the ETFs; portfolio transactions; and subscription and redemption activity.

The Dow Jones Industrial AverageSM is a product of Dow Jones Indexes, a licensed trade-mark of CME Group Index Services LLC ("CME"), and has been licensed for use. "Dow Jones®", "Dow Jones Industrial AverageSM", "Dow Jones Canada Titan 60" and "Titans" are service marks of Dow Jones Trademark Holdings, LLC ("Dow Jones")and have been licensed for use for certain purposes. BMO ETFs based on Dow Jones indexes are not sponsored, endorsed, sold or promoted by Dow Jones, CME or their respective affiliates and none of them makes any representation regarding the advisability of investing in such product(s).

Standard & Poor's^® and S&P^® are registered trademarks of Standard & Poor's Financial Services LLC ("S&P") and TSX is a trademark of Toronto Stock Exchange ("TSX"). These trademarks have been licensed for use by Bank of Montreal. The BMO ETFs are not sponsored, endorsed, sold or promoted by S&P or TSX, and S&P and TSX make no representation, warranty or condition regarding the advisability of buying, selling or holding units of the BMO ETFs.

Nasdaq®, OMX®, NASDAQ OMX®, Nasdaq-100®, and Nasdaq-100 Index®, are registered trademarks of The NASDAQ OMX Group, Inc. (which with its affiliates is referred to as the "Corporations") and are licensed for use by BMO Asset Management Inc. The BMO Nasdaq 100 Equity Hedged to CAD Index ETF has not been passed on by the Corporations as to its legality or suitability and is not issued, endorsed, sold, or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO The BMO Nasdaq 100 Equity Hedged to CAD Index ETF.

About BMO Financial Group

Established in 1817 as Bank of Montreal, BMO Financial Group is a highly-diversified North American financial services organization. With total assets of $477 billion as at July 31, 2011, and more than 47,000 employees, BMO Financial Group provides a broad range of retail banking, wealth management and investment banking products and solutions.