Commentary & Deal Flow

Launched: 3yr: €1bn @ MS+13bp - Books €2.35bn (incl €225m JLM) 7yr: €1bn @ MS+31bp - Books €1.75bn (incl €175m JLM)
Book Update: Orderbooks > €3.5bn (Incl €400m JLM interest)
Guidance: 3yr: MS+20a 7yr: MS+37a

• Issuer: Bank of Montreal
• LEI: NQQ6HPCNCCU6TUTQYE16
• Guarantor: BMO Covered Bond Guarantor Limited Partnership
• Expected Ratings: Aaa/AAA/AAA (Moody's/Fitch/DBRS)
• Instrument: Euro Fixed Rate Canadian Legislative Covered Bond, backed by Canadian residential mortgages
• Form: Reg S (Category 2), Registered, TEFRA not applicable
• Maturity Date:
• • 3yr: 08-Jun-29 (soft bullet)
  • 7yr: 08-Jun-33 (soft bullet)
• Settlement: 08-Jun-26 (T+7)
• Size:
• • 3yr: €1bn
  • 7yr: €1bn
• Coupon: Fixed, Annual, Act/Act (ICMA)
• Denominations: €100,000 x €1,000
• Business Day Convention: Following Payment Business Day Convention
• Business Days: Toronto, London, New York and T2
• Governing Law: Province of Ontario and the federal laws of Canada applicable therein
• Listing: London Main Market
• Documentation: Issued under the Issuer’s US$50,000,000,000 Global Registered Covered Bond Program dated 10-Sep-25 and supplemented 15-Dec-25, 03-Mar-26 and 27-May-26 (the “Prospectus”)
• Advertisement: The Prospectus is, and the applicable Final Terms (when published) will be, available on: https://www.bmo.com/home/about/banking/investor-relations/fixed-income-investors/covered-bonds/registered-covered-bond#
• Selling Restrictions: As set out in the Prospectus
• Target Market: MiFID II / UK MiFIR professional clients / ECPs-only. No sales to retail investors in the UK and the EEA
• Joint Lead Managers: BMO (B&D/DM), Danske, Erste, HSBC, ING, Natixis, UniCredit
• Fees: Joint Lead Managers will be paid a fee in connection to the transaction
• ISIN/Common Code:
• • 3yr: XS3397036123 / 339703612
  • 7yr: XS3397036396 / 339703639
• Books Subject: 12.15 LDN / 13.15 CET
• Stabilization: FCA/ICMA