Commentary & Deal Flow

Reoffer: Long 4NC3: MS+60bp / 99.929 / 3.402%
Benchmark: Long 4NC3: OBL 2.5 11-Oct-29 #190 @ 99.57 (2.635%) +76.7; HR 99%

Tranche 1 (Long 4NC3 FXF): Final books €1.15bn+ (inc. €200m JLM). Peak book €1.5bn+ (incl. €100m JLM)

Launched: Long 4NC3: €750m @ MS+60bp - Orderbook €1.5bn+ (incl €100m JLM)
Book Update: Orderbooks €1bn+
IPTs: Long 4NC3: MS+85a

• Issuer: Bank of Montreal
• LEI Number: NQQ6HPCNCCU6TUTQYE16
• Form of Notes: Senior Unsecured, Reg S, EUR MTN, Bearer, New Global Note, TEFRA D
• Expected Issue Ratings: A2/A-/AA- (Moody’s/S&P/Fitch)
• Tenor: Long 4NC3 Fixed-to-floating
• Size: €750m
• Settlement: 25-Jun-26
• Maturity: 15-Oct-30
• Optional Redemption Date: 15-Oct-29
• Coupon: 3.375% per annum, payable annually in arrear, Act/Act (ICMA), until the Optional Redemption Date. If not redeemed on the Optional Redemption Date, quarterly coupon of 3 month EURIBOR +60 bps, quarterly, Act/360
• First Interest Payment Date: 15-Oct-26 (short first coupon), subject to adjustment according to the Business Day Convention
• Interest Payment Dates: Annually on 15 October from (and excluding) the Settlement to (and including) the Optional Redemption Date. From (but excluding) the Optional Redemption Date to (and including) the Maturity Date, 15-Jan-30, 15-Apr-30, 15-Jul-30 and 15-Oct-30.
• Reoffer: MS+60 / 99.929 / 3.402%
• Benchmark: OBL 2.5 11-Oct-29 #190 @ 99.57 (2.635%) +76.7; HR 99%
• Use of Proceeds: General banking purposes (as described under the section entitled “Use of Proceeds” in the Prospectus)
• Target Market: MiFID II / UK MiFIR professionals/ ECPs-only
• Governing Law: Province of Ontario and the federal laws of Canada applicable therein
• Listing / Denom: London Regulated Market / €100,000 x €1,000
• Clearing: Euroclear and Clearstream
• Documentation: The base prospectus in respect of the Bank’s US$40,000,000,000 Note Issuance Programme dated 27-Jun-25, as supplemented by the supplementary prospectuses dated 26-Aug-25, 11-Dec-25, 02-Mar-26 and 27-May-26 (together, the “Prospectus”)
• Joint Lead Managers: BMO Capital Markets (B&D), BNP Paribas, Commerzbank, DZ BANK, Nordea, UBS Investment Bank
• Fee: Joint Lead Managers will be paid a fee in connection to the transaction
• ISIN / Common Code: XS3420382049 / 342038204
• Timing: Priced, ToE 15:10 CET, FTT 15:35 CET
• Bail-inable Status: The Senior Notes are Bail-inable. Bail-inable notes are subject to conversion in whole or in part – by means of a transaction or series of transactions and in one or more steps – into common shares of the Bank or any of its affiliates under subsection 39.2(2.3) of the Canada Deposit Insurance Corporation Act (Canada) (the “CDIC Act”) - and to variation or extinguishment in consequence, and subject to the application of the laws of the Province of Ontario and the federal laws of Canada applicable therein in respect of the operation of the CDIC Act with respect to the Senior Notes. For a description of Canadian bank resolution powers and the consequent risk factors attaching to Bail-inable notes, reference is made to the Prospectus
• Advertisement: The Prospectus and applicable Final Terms (when published) will be available on the website of the National Storage Mechanism at https://data.fca.org.uk/#/nsm/nationalstoragemechanism under “Bank of Montreal”
• Stabilization: FCA/ICMA