Commentary & Deal Flow

Tranche 1 (Long 7NC6): Final Books £920m+ (incl £75m JLM). Peak book £1.1bn+ (incl £85m JLM)

Launched: Long 7NC6: £400m @ UKT+95bp - Books £1.1bn+ (incl £85m JLM)
Book Update: Books £1bn+ (incl. 75m JLM)
IPTs: Long 7NC6: UKT+110a

• 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 7NC6 Fixed-to-floating
• Size: £400m
• Trade Date: 08-Sep-26
• Settlement Date: 15-Sep-26
• Maturity Date: 15-Dec-33
• Optional Redemption Date: 15-Dec-32
• Coupon: [ ]% Fixed, Semi-Annual (Act/Act), Following Business Day Convention until the Optional Redemption Date. If not redeemed on the Optional Redemption Date, quarterly coupon of SONIA+[Reoffer Spread] bps, Act/365 (Fixed), Modified Following Business Day Convention
• First Interest Payment Date: 15-Dec-26 (short first coupon)
• Interest Payment Dates: Semi-Annually on 15 June and 15 December from (and excluding) the Settlement Date to (and including) the Optional Redemption Date. From (but excluding) the Optional Redemption Date to (and including) the Maturity Date: 15-Mar-33, 15-Jun-33, 15-Sep-33 and 15-Dec-33, subject to the Business Day Convention
• Launched: £400m at UKT+95
• Use of Proceeds: General banking purposes
• 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 Stock Exchange’s main 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 26-Jun-26, as supplemented by the supplementary prospectus dated 25-Aug-26 (together, the “Prospectus”)
• Joint Lead Managers: BMO Capital Markets (B&D), BBVA, Lloyds, NatWest, Santander, TD Securities
• Fee: Joint Lead Managers will be paid a fee in connection to the transaction
• ISIN / Common Code: XS3496798177 / 349679817
• Schedule: Books open, today's business
• Books Subject: 12:10 LDN
• Allocations and Pricing: This afternoon
• 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
• Selling Restrictions: Reg S, Category 2, TEFRA D: as per the Prospectus, Canadian Sales Permitted. Each of the Joint Lead Managers represents and agrees that it has only offered, sold or distributed, and that it will only offer, sell or distribute, the Notes in Canada (a) to accredited investors (as defined in section 1.1 of National Instrument 45-106 - Prospectus Exemptions (“NI 45-106”) or section 73.3 of the Securities Act (Ontario), as applicable) that are not individuals or accredited investors as set out in paragraphs (p), (q) or (w) of the definition of accredited investor in NI 45-106; and (b) through an affiliate that is registered as an investment dealer, Prohibition of Sales Italy, EEA Retail Customers, UK Retail Customers, Singapore Sales to Institutional Investors and Accredited Investors only, and Japanese Selling and Transfer Restrictions: Not offered with the QII only Exemption.
• 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
• HR: 106% vs UKT 4 ¼ 06-Jul-32
• Hedge Deadline: 14:00 LDN
• Pricing: To follow this afternoon