BMO CAPITAL MARKETS

BMO Capital Markets Corp., an affiliate of the issuer, acts as the underwriter for the offerings of the ETNs... Credit Risk of Bank of Montreal - The ETNs are unsecured debt obligations of the issuer, Bank of Montreal, and are not, either directly or indirectly, an obligation of or guaranteed by any third party. Any payments you are entitled to receive on your ETNs, including any payment at maturity, call or redemption, are subject to our ability to pay our obligations as they come due. As a result, the actual and perceived creditworthiness of Bank of Montreal will affect the market value, if any, of the ETNs prior to maturity, call or redemption. In addition, in the event that Bank of Montreal was to default on its obligations, you may not receive any amounts owed to you under the terms of the ETNs.

Also known as: BMO Capital Markets Corp., BMO ETNs, BMO Exchange Traded Notes