Commentary & Deal Flow

Reoffer: 3yr: MS+13bp / 99.694 / 2.858% 7yr: MS+31bp / 99.746 / 3.166%
Benchmark: 3yr: OBL 2.1 12-Apr-29 @ 98.745 / B+29.9 / HR 105% 7yr: DBR 2.3 15-Feb-33 @ 97.17 / B+39.9 / HR 104%

Tranche 1 (3yr): Final Books > €1.9bn (incl €225m JLM). Peak book €2.35bn (incl €225m JLM)
Tranche 2 (7yr): Final Books > €1.6bn (incl €225m JLM). Peak book €1.75bn (incl €175m JLM)

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:
• • 3yr: 08-Jun-29 (soft bullet)
  • 7yr: 08-Jun-33 (soft bullet)
• Settlement: 08-Jun-26 (T+7)
• Size:
• • 3yr: €1bn
  • 7yr: €1bn
• Benchmark:
• • 3yr: OBL 2.1 12-Apr-29 @ 98.745 / B+29.9 / HR 105%
  • 7yr: DBR 2.3 15-Feb-33 @ 97.17 / B+39.9 / HR 104%
• Reoffer:
• • 3yr: MS+13bp / 2.858% / 99.694
  • 7yr: MS+31bp / 3.166% / 99.746
• Coupon: 2.75% (3y) & 3.125% (7y) 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 Group, 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
• Timing: Priced, TOE 16.13 3y & 16.15 7y CET, FTT 16.45 CET
• Stabilization: FCA/ICMA