Bank of Montreal in connection with the issue and sale (the “Offering”) by the Bank of USD 1,350,000,000 aggregate principal amount of the Bank's 1.500% Senior Notes due 2025 (the “Fixed Rate Notes”) and USD 400,000,000 aggregate principal amount of the Bank's Floating Rate Notes due 2025 (the “Floating Rate Notes” and together with the Fixed Rate Notes, the “Notes”), constituting part of the Senior Medium-Term Notes, Series F of the Bank, pursuant to the distribution agreement dated April 20, 2020 (the “Distribution Agreement”) between, among others, the Bank and BMO Capital Markets Corp., the terms agreement dated January 5, 2022 (the “Terms Agreement”) between the Bank and BMO Capital Markets Corp., Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, BNP Paribas Securities Corp.

and HSBC Securities (USA) Inc., as representatives of the agents named therein, and the Senior Indenture dated as of January 25, 2010, as it may be amended and supplemented from time to time, including as supplemented by the First Supplemental Indenture thereto, dated September 23, 2018 (collectively, the “Indenture”), between the Bank and Computershare Trust Company, N.A., as successor to Wells Fargo Bank, National Association, as trustee. Capitalized terms used herein and not otherwise defined herein have the meanings ascribed to such terms in the Terms Agreement.