Commentary & Deal Flow

Reoffer: 3yr: 3mEURIBOR+22bp / 100

Tranche 1 (3yr): Final Books €2.15bn+ (incl. €215m JLM)

Launched: 3yr: €750m @ 3mEURIBOR+22bp - Orderbooks > €2bn (incl. €215m JLM)
Book Update: Orderbooks > €1.75bn (incl. €215m JLM)
Guidance: 3yr: 3mEURIBOR+28a

• Issuer: Bank of Montreal
• LEI: NQQ6HPCNCCU6TUTQYE16
• Guarantor: BMO Covered Bond Guarantor Limited Partnership
• Expected Ratings: Aaa/AAA/AAA by Moody’s / Fitch / DBRS
• Instrument: Euro Floating Rate Canadian Legislative Covered Bond, backed by Canadian residential mortgages
• Form: Reg S Category 2, Registered, TEFRA not applicable
• Size: €750m
• Maturity: 4-Sep-29 (Soft Bullet)
• Settlement: 4-Sep-26
• Reoffer: 3-month EURIBOR + 22bps area / 100.00
• Coupon: 3-month EURIBOR + 22bps per annum, payable quarterly in arrear, Actual/360
• Interest Payment Dates: Quarterly, on 4-Mar, 4-Jun, 4-Sep and 4-Dec in each year commencing on the Interest Payment Date falling nearest to 4-Dec-26
• Denominations: €100,000 x €1,000
• Business Day Convention: Modified Following 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 U.S.$50,000,000,000 Global Registered Covered Bond Program dated 10-Sep-25 and supplemented 15-Dec-25, 3-Mar-26, 27-May-26 and 25-Aug-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: No Sales into Italy. Canadian sales not permitted. Prohibition of Sales to EEA and UK Retail Investors applicable. Singapore Sales to Institutional Investors and Accredited Investors only, and as otherwise described in the Prospectus and the Final Terms
• Target Market: MiFID II / UK MiFIR professional clients / ECPs-only
• Joint Lead Managers: ABN, BMO (B&D), Crédit Agricole, LBBW, NORD/LB, SEB
• Fees: Joint Lead Managers will be paid a fee in connection to the transaction
• ISIN/ Common Code: XS3487864236 / 348786423
• Timing: Priced TOE:14.27 LDN / FTT 14.45 LDN
• Stabilization: FCA/ICMA