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Canadian Depositary Receipts

Disclaimers

The information contained on this website (the “Information”) has been prepared by BMO Asset Management Inc. (“BMO AM”) or Bank of Montreal (“BMO”), as applicable, is confidential and is intended only for the use of the individuals to whom it is presented. The Information may not be reproduced, disseminated, quoted from or referred to in whole or in part at any time, in any manner or for any purpose, without obtaining the prior written consent of BMO AM in each specific instance.

The Information is not intended to constitute a “report, statement or opinion of an expert” for purposes of the securities laws of any province or territory of Canada or otherwise. The Information is for information purposes only and does not constitute an offer to sell or the solicitation of an offer to purchase the investment products described herein. An investment in Canadian depositary receipts (“CDRs”) issued by BMO may not be suitable for all investors. Important information about these investments is contained in the short form base shelf prospectus and prospectus supplement for each series of CDRs (together, the “Prospectus”). The Prospectus will not be delivered to purchasers. Purchasers are directed to www.sedarplus.ca or to this website to obtain copies of the Prospectus and related disclosure before purchasing CDRs. The Information is not a recommendation to purchase the investment products described on this website.

Certain of the Information was (i) obtained from public sources, including filings made with applicable securities regulators, and/or (ii) calculated by BMO AM using publicly available data. Such information and any statistical data contained herein have been obtained from sources that BMO AM believes to be reliable, but BMO AM and its affiliates (including BMO) and associates: (i) have not independently verified the accuracy or completeness of any such Information, (ii) make no representation regarding the accuracy or completeness of such Information, and (iii) assume no responsibility or liability of any nature whatsoever for the completeness, adequacy or accuracy of such Information.

BMO AM and its affiliates (including BMO) expressly disclaim any liability or responsibility to you or to any other person for any general, direct, indirect, incidental, special or consequential losses or damages (including, but not limited to, loss of profits or revenue or failure to realize expected profits or savings or the avoidance of any losses) arising out of or related to the Information or its use.

Each series of CDRs relates to a single class of equity securities (the “Underlying Shares”) of an issuer incorporated outside of Canada (the “Underlying Issuer”). For each series of CDRs, the Prospectus will provide additional information regarding such series, including information regarding the Underlying Issuer and Underlying Shares for such series. Neither BMO and its affiliates nor any other person involved in the distribution of CDRs accepts any responsibility for any disclosure provided by any Underlying Issuer (including Information contained herein or in the Prospectus that has been extracted from any Underlying Issuer’s publicly disseminated disclosure).

The issuance of each series of CDRs is not a financing for the benefit of the Underlying Issuers or any insiders of the Underlying Issuers, nor will the Underlying Issuers receive any proceeds from the offering and sale of each series of CDRs. The Underlying Issuers have not participated in the preparation of the Prospectus or the Information, do not take any responsibility or assume any liability with respect to the accuracy or completeness of any information contained therein and make no representation regarding the advisability of purchasing any series of CDRs.

Any examples contained herein are included for illustrative purposes only and are not intended to predict actual results, which may differ substantially from those reflected herein. Any historical investment results or trends described herein are not indicative of future investment results or trends. There can be no assurance that any market or security will perform as well as, or in a manner similar to, past performance.

Any investment in a series of CDRs presents risks. Prior to making any investment decision, investors should conduct such investigations as they deem necessary to determine if an investment in such series of CDRs is appropriate and suitable, and should consult their financial, legal, accounting and tax advisers to determine the consequences of an investment in such financial products and the suitability of the investment product for their purposes and in their particular circumstances.

Certain risk factors are described in the Prospectus. An investment in a series of CDRs is subject to various risks including, but not limited to, risks inherent to the holding of investments through a custodian under a deposit agreement as well as risks specific to each Underlying Issuer to which a series of CDRs relates. Before deciding whether to invest in a series of CDRs, prospective purchasers should consider carefully the risks set out, and incorporated by reference, in the Prospectus.

Prospective purchasers should also consider any categories of risks identified and discussed in the applicable Underlying Issuer’s publicly disseminated disclosure. Neither BMO and its affiliates nor any other person involved in the distribution of CDRs accepts any responsibility for any disclosure provided by any Underlying Issuer (including Information included herein or in any prospectus supplement that has been extracted from any Underlying Issuer’s publicly disseminated disclosure). Furthermore, neither BMO and its affiliates nor any other person involved in the distribution of CDRs is providing any express or implied representations, warranties or opinions regarding investing in the Underlying Shares or the value thereof.

There is no guarantee that an investment in a series of CDRs will earn a positive return. CDRs are not deposits that are insured under the Canada Deposit Insurance Corporation Act or any other deposit insurance regime. The value of a series of CDRs may increase or decrease depending on market, economic, political, regulatory and other conditions affecting a series of CDRs or the related Underlying Shares. All prospective investors in a series of CDRs should consider an investment in such series of a CDR within the overall context of their investment policies. Investment policy considerations include, but are not limited to, setting objectives, defining risk/return constraints and considering time horizons.

The value of a series of CDRs will vary according to, among other things, the value of the Underlying Shares held in the applicable custodial account for the series of CDRs. BMO and its affiliates have no control over the factors that affect the value of Underlying Shares. The value of the Underlying Shares in respect of a series of CDRs may fluctuate in accordance with changes in the financial condition of the applicable Underlying Issuer, the condition of equity and currency markets generally, and other factors.

BMO has applied or intends to apply to list each series of CDRs on the securities exchange operated by Cboe Canada and/or other Canadian securities exchanges. The listing of each series of CDRs will be subject to BMO fulfilling all of the listing requirements of the applicable Canadian securities exchanges. There is no assurance that BMO will fulfil all of the listing requirements of the applicable Canadian securities exchanges, that the applicable Canadian securities exchanges will approve a listing application in respect of any series of CDRs or that, if listed, an active public market for any series of CDRs will develop or be sustained.

The offering of CDRs constitutes a public offering of these securities only in those jurisdictions where they may be lawfully offered for sale and therein only by persons permitted to sell such securities. These securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”), and may not be offered, sold or delivered within the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act). No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise.

Each series of CDRs will be offered and issued on a continuous basis by the Prospectus and there is no maximum number of CDRs (in the aggregate or with respect to a particular series) that may be issued.

BMO Global Asset Management is a brand name under which BMO Asset Management Inc. and BMO Investments Inc. operate. Each series of CDRs is only offered to investors in Canada in accordance with applicable laws and regulatory requirements.

®/™Registered trademarks/trademark of Bank of Montreal, used under licence.