Variable Return of 140% of the positive price performance of the Reference Basket at maturity

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1 Bank of Montreal Global Diversified Equity (F-Class) Principal Protected Deposit Notes, Series Year Term Variable Return of 140% of the positive price performance of the Basket at maturity 100% Principal Protected if held to Maturity INVESTMENT HIGHLIGHTS REFERENCE BASKET Term to Maturity 7 years Return The Variable Return is based on the percentage changes in the closing values of the and the closing prices of the securities in the Basket. More specifically, the Variable Return per Deposit Note, if any, is $100 multiplied by 140% of the sum (if positive) of the Weighted Percentage Change from the Closing date to the Final Valuation Date Portfolio Weight Canadian TSXlisted issuers 100% principal guaranteed by BMO as issuer if held to maturity FundSERV: JHN1888 Available until January 15, U.S. NYSElisted issuers Eurostoxx50 60% 20% 20% The Basket will consist of a weighted notional portfolio consisting of common shares and units, as applicable, of 7 Canadian TSX-listed issuers and 7 U.S. NYSE-listed issuers listed below, as well as the EURO STOXX 50 (EUR price return version) (the ) (each a Component and collectively, the Basket ). As of December 4, 2015, the Components had an average dividend or distribution yield of 4.13%, being the sum of 20% of the dividend or distribution yield of the, 60% of the simple average of the dividend or distribution yields of the Canadian Securities and 20% of the simple average of the dividend or distribution yields of the U.S. Securities. As of December 4, 2015, the 7 Canadian TSX-listed securities had an average market capitalization of approximately $1.86 billion, the 7 U.S. NYSE-listed securities had an average market capitalization of approximately US$5.75 billion, and the constituent securities of the had an aggregate market capitalization of approximately 2.12 trillion (Source: Bloomberg). The following provides a geographic breakdown of the Basket as well as information on each Component, including the applicable ticker symbol and the indicated dividend or distribution yield and market capitalization as at December 4, 2015 (Source: Bloomberg). The information in the following table is not intended to be, nor should it be construed to be, an indication as to the future dividend or distribution yield of the Components. The Basket will not include any dividends or distributions declared on the Components. Investors must be prepared to waive the aggregate dividend and distribution yield provided by the Components, representing approximately 32.75% over the 7-year term of the Deposit Notes assuming the weighted average dividend and distribution yield of the Components (being the sum of 20% of the dividend or distribution yield of the, 60% of the simple average of the dividend or distribution yields of the Canadian Securities and 20% of the simple average of the dividend or distribution yields of the U.S. Securities) remains constant at 4.13% each year and assuming dividends and distributions are reinvested in the Components. Source: Bloomberg as of December 4, 2015 Component Ticker Symbol Indicated Gross Dividend or Distribution Yield For further information, please contact your Investment Advisor Market Capitalization ($ millions) BCE Inc. BCE 4.57% $48, Cineplex Inc. CGX 3.14% $3, Canadian Imperial Bank of Commerce CM 4.71% $38, Manitoba Telecom Services Inc. MBT 4.38% $2, Intact Financial Corporation IFC 2.34% $11, Rogers Communications Inc. RCI/B 3.81% $25, Potash Corporation of Saskatchewan Inc. POT 8.01% $21, Johnson & Johnson JNJ 2.95% US$281, The Coca-Cola Company KO 3.05% US$188, Merck & Co., Inc. MRK 3.46% US$148, Wal-Mart Stores, Inc. WMT 3.29% US$190, The Procter & Gamble Company PG 3.43% US$210, AT&T Inc. T 5.59% US$206, Verizon Communications Inc. VZ 5.02% US$183, EURO STOXX 50 SX5E:IND 3.53% 2,123,079.75

2 POSSIBLE RETURN SCENARIOS: The following examples are included for illustration purposes only. The Security Returns used to illustrate the two different scenarios are hypothetical and are not estimates or forecasts of expected changes in the Closing Prices of the Securities from the Closing Date to and including the Final Valuation Date. Each of the scenarios refers to a Holder holding a single Deposit Note and assumes that no Extraordinary Event, Market Disruption Event, Potential Adjustment Event or Substitution Event has occurred. SCENARIO 1: POSITIVE RETURN EXAMPLE Component Initial Price Final Price Component Weight Weighted Canadian TSX-listed Issuers Manitoba Telecom Services Inc. $29.58 $ % % % Rogers Communications Inc. $50.58 $ % % % BCE Inc. $56.87 $ % % % Cineplex Inc. $49.58 $ % % % Potash Corporation of Saskatchewan Inc. $25.38 $ % % % Intact Financial Corporation $90.26 $ % % % Canadian Imperial Bank of Commerce $97.87 $ % % % U.S. NYSE-listed Issuers The Coca-Cola Company US$43.35 US$ % % % AT&T Inc. US$33.87 US$ % % % The Procter & Gamble Company US$77.59 US$ % % % Verizon Communications Inc. US$45.38 US$ % % % Merck & Co., Inc. US$53.15 US$ % % % Wal-Mart Stores, Inc. US$59.58 US$ % % % Johnson & Johnson US$ US$ % % % EURO STOXX 50 3, , % 20% % Weighted Percentage Change 45.90% Variable Return = Deposit Amount x Participation Rate x Basket Return = $ x 140% x 45.90% = $64.26 In Scenario 1 above, a Holder would receive a Variable Return of $64.26 at Maturity, representing a cumulative return of 64.26% and an annually compounded rate of return of 7.35%. In addition, at Maturity, a Holder would receive the Deposit Amount.

3 SCENARIO 2: NEGATIVE RETURN EXAMPLE Component Initial Price Final Price Component Weight Weighted Canadian TSX-listed Issuers Manitoba Telecom Services Inc. $29.58 $ % % % Rogers Communications Inc. $50.58 $ % % % BCE Inc. $56.87 $ % % % Cineplex Inc. $49.58 $ % % % Potash Corporation of Saskatchewan Inc. $25.38 $ % % % Intact Financial Corporation $90.26 $ % % % Canadian Imperial Bank of Commerce $97.87 $ % % % U.S. NYSE-listed Issuers The Coca-Cola Company US$43.35 US$ % % % AT&T Inc. US$33.87 US$ % % % The Procter & Gamble Company US$77.59 US$ % % % Verizon Communications Inc. US$45.38 US$ % % % Merck & Co., Inc. US$53.15 US$ % % % Wal-Mart Stores, Inc. US$59.58 US$ % % % Johnson & Johnson US$ US$ % % % EURO STOXX 50 3, , % 20% % Weighted Percentage Change % In Scenario 2 above, the Weighted Percentage Change is negative. As a result, the Basket Return is zero and a Holder would not receive any Variable Return at Maturity but would receive the Deposit Amount at Maturity.

4 BCE Inc. provides a full range of communication services to residential and business customers in Canada. The company s services includes local, long distance and wireless phone services, high speed and wireless Internet access, IP-broadband services, value-added business solutions and direct-to-home satellite and VDSL television services. Cineplex Inc. owns and operates movie theaters in Canada. The company exhibits regular format films and also digital, 3D and IMAX movies. Canadian Imperial Bank of Commerce provides banking and financial services to consumers, individuals, and corporate clients in Canada and around the world. Manitoba Telecom Services Inc. provides full-service telecommunications in Manitoba, Canada. The company offers local, long distance, wireless, directory, and on-line multimedia services. Intact Financial Corporation provides property and casualty insurance in Canada. The company s business is organized into personal and commercial product lines. The company s principal insurance products are home, automobile and business. Rogers Communications Inc. is a diversified Canadian communications and media company. The company s activities include wireless voice and data communications services over its national GSM, HSPA and LTE networks; cable television, telephony and high speed Internet access services over its broadband networks; and radio and TV broadcasting, televised shopping, magazines, and sports. Potash Corporation of Saskatchewan Inc. produces potash, phosphate, and nitrogen to the agricultural and industrial industries worldwide. The company conducts operations in Canada, Chile, the United States, Brazil, and Trinidad. Johnson & Johnson manufactures health care products and provides related services for the consumer, pharmaceutical, and medical devices and diagnostics markets. The company sells products such as skin and hair care products, acetaminophen products, pharmaceuticals, diagnostic equipment, and surgical equipment in countries located around the world. The Coca-Cola Company manufactures, markets, and distributes soft drink concentrates and syrups. The company also distributes and markets juice and juice-drink products. The company distributes its products to retailers and wholesalers in the United States and internationally. Merck & Co., Inc. is a global health care company that delivers health solutions through its prescription medicines, vaccines, biologic therapies, animal health, and consumer care products, which it markets directly and through its joint ventures. The company has operations in pharmaceutical, animal health, and consumer care. Wal-Mart Stores, Inc. operates discount stores, supercenters, and neighborhood markets. The company s discount stores and supercenters offer merchandise such as apparel, housewares, small appliances, electronics, and hardware. The company s markets offer a full-line supermarket and a limited assortment of general merchandise. The company operates nationally and internationally. The Procter & Gamble Company manufactures and markets consumer products in countries throughout the world. The company provides products in the laundry and cleaning, paper, beauty care, food and beverage, and health care segments. The company s products are sold primarily through mass merchandisers, grocery stores, membership club stores, drug stores, and neighborhood stores. AT&T Inc. is a communications holding company. The company, through its subsidiaries and affiliates, provides local and longdistance phone service, wireless and data communications, Internet access and messaging, IP-based and satellite television, security services, telecommunications equipment, and directory advertising and publishing. Verizon Communications Inc. is an integrated telecommunications company that provides wire line voice and data services, wireless services, Internet services, and published directory information. The company also provides network services for the federal government including business phone lines, data services, telecommunications equipment and payphones. EURO STOXX 50 The is a capitalization-weighted index of 50 stocks from 12 Eurozone countries: Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal and Spain. It captures approximately 60% of the free float market capitalization of the EURO STOXX Total Market, which in turn covers approximately 95% of the free float market capitalization of the represented countries. The is weighted by free float market capitalization, subject to a 10% cap. Share prices are taken from each of the Exchanges on which the component shares are traded and the is currently updated each minute of the day, from 9:00 a.m. to 6:00 p.m. (Central European time), in order to provide accurate information on a continuous real time basis. The value of the appears, inter alia, on Bloomberg Ticker SX5E. Additional information on the is available on the following website: The content of this website is not incorporated by reference in, and does not form part of, this Information Statement.

5 Bank of Montreal Canadian Bank Global of Diversified Montreal Equity Protected Deposit Bank of Montreal Global Diversified Equity Canadian Equity F-Class Notes, (F-Class) Protected Series Principal Deposit 5 Protected Deposit Notes, Series 8 Notes, Series 33 Issuer Issuer Rating Issue Price Bank of Montreal (the Bank ). Selling Period Until January 15, TERMS OF THE OFFERING As of the date of the Information Statement, the deposit liabilities of the Bank with a term to maturity of more than one year are rated AA by DBRS, A+ by Standard & Poor s and Aa3 by Moody s. The Deposit Notes have not been rated and there is no assurance that, if the Deposit Notes were specifically rated by such rating agencies, they would have the same rating as the other deposit liabilities of the Bank. The Deposit Notes will not be deposits insured under the Canada Deposit Insurance Corporation Act or any other deposit insurance regime designed to ensure the payment of all or a portion of a deposit upon the insolvency of the deposit taking financial institution. $100 per Deposit Note (the Deposit Amount ). Issue Date On or about January 20, Maturity Date/Term Minimum Purchase Basket Payment at Maturity FundSERV Code Fees and Expenses of the Offering Secondary Market Early Trading Charge No CDIC The Deposit Notes will mature January 20, 2023 ( Maturity or Maturity Date ), resulting in a term to maturity of approximately 7 years. $2,000 (20 Deposit Notes). The price performance of the Basket will determine the amount of Variable Return, if any, Holders will receive at Maturity. The Basket will notionally consist of the common shares and units, as applicable, of the 7 Canadian TSX-listed issuers, 7 U.S. NYSE-listed issuers, and the listed below: Subject to the occurrence of certain special circumstances, for each Deposit Note a Holder holds at Maturity, the Holder will receive (i) the Deposit Amount, and (ii) a Variable Return, if any. More specifically, the Variable Return per Deposit Note, if any, is equal to $100 multiplied by 140% of the sum (if positive) of the Weighted Percentage Change from the Closing Date to and including the Final Valuation Date. If the percentage change in the Closing Price of one or more of the Components is zero or negative, this will offset positive percentage changes in the Closing Prices of other Components, potentially resulting in no Variable Return being payable. The Variable Return, if any, will not reflect any dividends or distributions declared on the Components or the constituent securities of the. Holders cannot elect to receive any payments prior to Maturity. No Variable Return or distributions will be paid during the term of the Deposit Notes. While the Components had a weighted average dividend or distribution yield of 4.13% (being the sum of 20% of the dividend or distribution yield of the, 60% of the simple average of the dividend or distribution yields of the Canadian Securities and 20% of the simple average of the dividend or distribution yields of the U.S. Securities) and the 7 Canadian TSX-listed securities had an average market capitalization of approximately $1.86 billion, the 7 U.S. NYSE-listed securities had an average market capitalization of approximately US$5.75 billion, and the constituent securities of the had an aggregate market capitalization of approximately 2.12 trillion as of December 4, 2015 (source: Bloomberg), the Variable Return will not reflect any dividends or distributions declared on the Components or the constituent securities of the. JHN1888 Canadian TSX-listed issuers U.S. NYSE-listed issuers BCE Inc. Johnson & Johnson EURO STOXX 50 Cineplex Inc. The Coca-Cola Company Canadian Imperial Bank of Commerce Merck & Co., Inc. Manitoba Telecom Services Inc. Wal-Mart Stores, Inc. Intact Financial Corporation The Procter & Gamble Company Rogers Communications Inc. AT&T Inc. Potash Corporation of Saskatchewan Inc. Verizon Communications Inc. No expenses will be paid out of the proceeds of the Offering to BMO Nesbitt Burns Inc. for its services as selling agent. The Deposit Notes are available only to investors who participate in programs that already charge a fee for the advice they are receiving (for example, dealer sponsored fee for service or wrap programs) or pay their advisor an hourly or annual asset based fee rather than commissions on each transaction and who purchase the Deposit Notes in connection with such programs. The Deposit Notes will not be listed on any stock exchange. Moreover, the Bank does not have the right to redeem the Deposit Notes prior to Maturity and a Holder does not have the right to redeem the Deposit Notes prior to Maturity. However, BMO Capital Markets will use reasonable efforts, subject to normal market conditions, to arrange for a secondary market for the sale of Deposit Notes but reserves the right not to do so in the future, without providing prior notice to Holders. Secondary market redemption orders and settlements can be made using the FundSERV network. Changes in laws and regulations may impact the procedures and timing relating to selling Deposit Notes on the secondary market. Sale of a Deposit Note prior to Maturity may result in a loss even if the price performance of the Components has been positive. No early trading charge will apply to the sale of a Deposit Note at any time after the closing of the Offering. The Deposit Notes are not insured under the Canada Deposit Insurance Corporation Act or any other deposit insurance regime designed to ensure the payment of all or a portion of a deposit upon the insolvency of the deposit taking institution. This document should be read in conjunction with the Bank s information statement dated December 14, 2015 (the Information Statement ). The Variable Return payable under the Deposit Notes, if any, is uncertain and is based on the price performance of the. Prospective investors should carefully consider all of the information set forth in the Information Statement and, in particular, should evaluate the specific risk factors set out under the heading Risk Factors in the Information Statement. BMO Nesbitt Burns Inc. is a wholly-owned subsidiary of the Bank. As a result, the Bank is a related issuer of BMO Nesbitt Burns Inc. for the purposes of National Instrument Underwriting Conflicts. See Plan of Distribution in the Information Statement. The Notes have not been and will not be rated by any credit rating organization. A rating is not a recommendation to buy, sell or hold investments, and may be subject to revision or withdrawal at any time by the relevant rating agency. The Deposit Notes are issued by and constitute direct, unconditional obligations of Bank of Montreal. This summary is issued for discussion purposes only to provide an overview of the proposed Deposit Notes and does not constitute investment advice or an offer to sell or a solicitation to purchase. Details of certain risks of investing in the Deposit Notes, as well as complete disclosure of how the Variable Return on the Deposit Notes is calculated, are contained in the related Information Statement which will be available through your financial advisor or at You should read the Information Statement carefully before investing and discuss all the key features of the Deposit Notes, including their suitability for you, with your financial advisor. The Deposit Notes may not be suitable for all types of investors. The prices and value of the Deposit Notes may fluctuate and/or be adversely affected by a number of factors. The fluctuation of the performance of the underlying securities will directly impact the Variable Return, if any, on the Deposit Notes at Maturity. The Deposit Notes will not be listed on any stock exchange. You do not have the right to require Bank of Montreal to redeem the Deposit Notes prior to maturity. Bank of Montreal makes no recommendations concerning equity investments as asset classes or the suitability of investing in securities generally or Deposit Notes in particular. No person has been authorized to give any information or to make any representation not contained in the Information Statement relating to the Deposit Notes and Bank of Montreal does not accept any responsibility for any information not contained in the Information Statement. BMO (M-bar roundel symbol), BMO and BMO Capital Markets are registered trade-marks of Bank of Montreal. This is only a summary of the Offering and should be read in conjunction with the Information Statement dated December 14, 2015