We study the black hole information paradox in the context of a two-di
mensional toy model given by dilaton gravity coupled to N massless sca
lar fields. After making the model well-defined by imposing reflecting
boundary conditions at a critical value of the dilaton field, we quan
tize the theory and define a quantum S-matrix for the case that N = 24
. This S-matrix maps pure initial states to pure out-states and we fur
ther argue that in the semiclassical regime it describes the formation
and subsequent Hawking evaporation of two-dimensional black holes. Fi
nally, we note an interesting correspondence between the dilaton gravi
ty S-matrix and that of the c = 1 matrix model.