Publication of Final Terms

Please have this filed under the headline "Publication of Final Terms"

Regulatory Announcement

Bank of Montreal

21 January 2026

Publication of Final Terms

Not for release, publication or distribution, directly or indirectly, in or into the United States.

Bank of Montreal agreed to issue €1,500,000,000 2.75%per cent. Covered Bonds due 21 January 2031, Series CBL38, on 19 January 2026 (the "Covered Bonds") under the U.S.$50,000,000,000 Global Registered Covered Bond Program of Bank of Montreal, unconditionally and irrevocably guaranteed as to payments of interest and principal by BMO Covered Bond Guarantor Limited Partnership.

The following document constitutes the Final Terms Document dated 19 January 2026 (the "Final Terms") relating to the admission to trading of the Covered Bonds for purpose of Article 8 of Regulation (EU) 2017/1129 as it forms part of domestic law of the UK by virtue of the European Union (Withdrawal) Act 2018 and must be read in conjunction with the Prospectus dated 10 September 2025, as supplemented by the 1st Supplement dated 15 December 2025 (together, the "Prospectus"). Full information on Bank of Montreal and the offer of the Covered Bonds is only available on the basis of the combination of the Final Terms and the Prospectus.

The Final Terms have been submitted to the National Storage Mechanism and will shortly be available for inspection at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

DISCLAIMER - INTENDED ADDRESSEES

Please note that the information contained in the Prospectus and the Final Terms may be addressed to and/or targeted at persons who are residents of particular countries (specified in the Prospectus) only and is not intended for use and should not be relied upon by any person outside these countries and/or to whom the offer contained in the Final Terms is not addressed. Prior to relying on the information contained in the Prospectus and the Final Terms you must ascertain from the Prospectus, as supplemented by these Final Terms, whether or not you are part of the intended addressees of the information contained therein.

In particular, the Covered Bonds and the Covered Bond Guarantee have not been and will not be registered under the United States Securities Act of 1933, as amended (the "Securities Act") or the securities laws of any state of the United States. Subject to certain exceptions, the Covered Bonds may not be offered, sold or delivered, directly or indirectly, in the United States or to or for the account or benefit of a "U.S. person" (as defined in Regulation S under the Securities Act).  No public offering of the Covered Bonds is being made in the United States. This announcement does not constitute an offer to sell or a solicitation to buy securities in the United States or in any other jurisdiction where such offer or solicitation would be unlawful.

Your right to access this service is conditional upon complying with the above requirement.

UK MiFIR professionals / MiFID II professionals / ECPs-only - Manufacturer target market (UK MiFIR product governance and MiFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) has been prepared as not available to retail in the EEA or the UK.

To view the Final Terms, please paste the following URL into the address bar of your browser.

http://www.rns-pdf.londonstockexchange.com/rns/8336P_1-2026-1-21.pdf

Zoë Kruis

Corporate Secretary's Dept.

Phone: (437) 775-8791

Email: [email protected]

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