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Bank of Montreal Protected Deposit Notes Advantage Minimum Y.I.E.L.D

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Bank of Montreal Protected Deposit Notes Advantage Minimum Y.I.E.L.D Bank of Montreal Protected Deposit Notes Advantage Minimum Y.I.E.L.D. Class TM, Series 1 > Key Features • 5 year term to maturity • Minimum annual interest payment of 0.70% • Annual interest payment ranging from 0.70% to 7.0% based on the price performance of a portfolio of ten (10) Canadian issuers* • 100% principal guaranteed by BMO as issuer if held to maturity *The amount of annual interest paid is unlikely to mirror the price performance of the securities in the Benchmark Portfolio since the return cannot exceed 7.0% of the Deposit Amount and could be zero provided no extraordinary event has occurred under the terms of the Information Statement. > Hypothetical Return Examples On an Interest Payment Date a Holder will be entitled to receive Interest on a Deposit Note equal to: (i) the maximum amount of Interest of 7.0% of the Deposit Amount, if the Closing Price of each Security has increased from the Closing Date to the applicable Valuation Date; (ii) 0.70% of the Deposit Amount, if the simple average of the effective returns is zero or negative; or (iii) a percentage of the Deposit Amount greater than 0.70% and less than 7.0%, if the simple average of the effective returns is greater than 0% and less than 6.3%. The following examples are included for illustration purposes only. The values of the Deposit Notes used to illustrate two different scenarios are hypothetical and are not estimates or forecasts of expected returns from the Closing Date to and including the Final Valuation Date. Each of the scenarios refers to an investor holding a single Deposit Note and assumes that none of the events set out under “Special Circumstances” in the Information Statement has occurred. Final Price Actual Return Effective Return Initial Issuer Ticker Price Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 The Bank of Nova Scotia BNS 43.23 45.25 47.63 48.65 42.25 52.22 4.7% 10.2% 12.5% -2.3% 20.8% 6.30% 6.30% 6.30% -2.27% 6.30% Barrick Gold Corporation ABX 39.65 41.52 42.55 45.99 50.22 56.32 4.7% 7.3% 16.0% 26.7% 42.0% 6.30% 6.30% 6.30% 6.30% 6.30% Canadian Imperial Bank of Commerce CM 58.09 59.65 60.25 68.25 68.50 69.06 2.7% 3.7% 17.5% 17.9% 18.9% 6.30% 6.30% 6.30% 6.30% 6.30% Canadian National Railway Company CNR 48.57 49.52 51.25 53.35 55.63 60.25 2.0% 5.5% 9.8% 14.5% 24.0% 6.30% 6.30% 6.30% 6.30% 6.30% Emera Incorporated EMA 21.52 23.52 25.79 25.75 27.66 29.02 9.3% 19.8% 19.7% 28.5% 34.9% 6.30% 6.30% 6.30% 6.30% 6.30% Potash Corporation of Sasckatchewan Inc. POT 111.13 113.25 115.25 114.25 113.25 132.00 1.9% 3.7% 2.8% 1.9% 18.8% 6.30% 6.30% 6.30% 6.30% 6.30% Research in Motion Limited RIM 80.93 81.65 83.36 87.52 85.63 84.60 0.9% 3.0% 8.1% 5.8% 4.5% 6.30% 6.30% 6.30% 6.30% 6.30% Suncor Energy Inc. SU 33.16 35.63 37.52 38.95 40.25 51.25 7.4% 13.1% 17.5% 21.4% 54.6% 6.30% 6.30% 6.30% 6.30% 6.30% Sun Life Financial Inc. SLF 30.45 34.44 33.25 36.51 35.25 45.56 13.1% 9.2% 19.9% 15.8% 49.6% 6.30% 6.30% 6.30% 6.30% 6.30% TransCanada Corporation TRP 31.16 34.25 36.05 34.58 36.52 38.65 9.9% 15.7% 11.0% 17.2% 24.0% 6.30% 6.30% 6.30% 6.30% 6.30% Average 5.66% 9.13% 13.48% 14.74% 29.22% 6.30% 6.30% 6.30% 5.44% 6.30% Interest 7.00% 7.00% 7.00% 6.14% 7.00% Positive Example – In the example above, for each Deposit Note, an investor would receive annual Interest payments of $7.00, $7.00, $7.00, $6.14 and $7.00 over the term of the Deposit Note. This represents a cumulative return of 34.14% of the Deposit Amount, and an annual compounded rate of return of approximately 6.84%. In addition, at Maturity, an investor would receive the Deposit Amount of $100 per Deposit Note, regardless of price performance of the Benchmark Portfolio. Final Price Actual Return Effective Return Initial Issuer Ticker Price Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 The Bank of Nova Scotia BNS 43.23 33.05 25.26 33.39 36.65 30.00 -23.5% -41.6% -22.8% -15.2% -30.6% -23.55% -25.00% -22.76% -15.22% -25.00% Barrick Gold Corporation ABX 39.65 43.2 38.65 39.58 39.75 38.52 9.0% -2.5% -0.2% 0.3% -2.8% 6.30% -2.52% -0.18% 6.30% -2.85% Canadian Imperial Bank of Commerce CM 58.09 39.63 37.65 38.96 36.59 38.63 -31.8% -35.2% -32.9% -37.0% -33.5% -25.00% -25.00% -25.00% -25.00% -25.00% Canadian National Railway Company CNR 48.57 45.69 48.93 45.23 50.36 47.59 -5.9% 0.7% -6.9% 3.7% -2.0% -5.93% 6.30% -6.88% 6.30% -2.02% Emera Incorporated EMA 21.52 21.43 21.97 20.65 24.97 21.65 -0.4% 2.1% -4.0% 16.0% 0.6% -0.42% 6.30% -4.04% 6.30% 6.30% Potash Corporation of Sasckatchewan Inc. POT 111.13 90.29 85.63 82.97 89.63 91.63 -18.8% -22.9% -25.3% -19.3% -17.5% -18.75% -22.95% -25.00% -19.35% -17.55% Research in Motion Limited RIM 80.93 15.88 16.31 17.45 15.85 14.24 -80.4% -79.8% -78.4% -80.4% -82.4% -25.00% -25.00% -25.00% -25.00% -25.00% Suncor Energy Inc. SU 33.16 36.52 38.96 33.12 37.00 33.61 10.1% 17.5% -0.1% 11.6% 1.4% 6.30% 6.30% -0.12% 6.30% 6.30% Sun Life Financial Inc. SLF 30.45 28.96 29.56 27.88 28.95 25.40 -4.9% -2.9% -8.4% -4.9% -16.6% -4.89% -2.92% -8.44% -4.93% -16.58% TransCanada Corporation TRP 31.16 22.16 18.96 26.00 19.26 23.65 -28.9% -39.2% -16.6% -38.2% -24.1% -25.00% -25.00% -16.56% -25.00% -24.10% Average -17.55% -20.38% -19.57% -16.36% -20.76% -11.59% -10.95% -13.40% -8.93% -12.55% Interest 0.70% 0.70% 0.70% 0.70% 0.70% Negative Example – In the example above, for each Deposit Note, an investor would receive annual Interest payments of $0.70, $0.70, $0.70, $0.70 and $0.70 over the term of the Deposit Note. In addition, at Maturity, an investor would receive the Deposit Amount of $100 per Deposit Note, regardless of price performance of the Benchmark Portfolio. For further information, please contact your Investment Advisor > Company Description The Bank of Nova Scotia The Bank of Nova Scotia provides retail, commercial, international, corporate, investment and private banking services and products. Barrick Gold Corporation Barrick Gold Corporation is an international gold company with operating mines and development projects in the United States, Canada, South America, Australia, and Africa. Canadian Imperial Bank of Commerce Canadian Imperial Bank of Commerce provides banking and financial services to consumers, individuals, and corporate clients in Canada and around the world. Canadian National Railway Company Canadian National Railway Company operates a network of track in Canada and the United States. The Company transports forest products, grain and grain products, coal, sulfur, and fertilizers, intermodal, and automotive products. Canadian National operates a fleetof locomotives and railcars. Emera Incorporated Emera Inc. provides diversified energy and services through its subsidiaries. The Company supplies electric generation, transmission, and distribution in Nova Scotia , Canada. Emera also delivers bunker oil, diesel fuel, and light fuel. In addition, the Company delivers Sable Island natural gas to markets in Maritime Canada and the northeastern United States. Potash Corporation of Saskatchewan Inc. 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. Research in Motion Limited Research in Motion Limited (RIM) designs, manufactures, and markets wireless solutions for the worldwide mobile communications market. The Company provides platforms and solutions for access to email, phone, SMS messaging, Internet, and Intranet-based applications. Suncor Energy Inc. Suncor Energy, Inc. is a integrated energy company focused on developing the Athabasca oil sands basin. The Company extracts and upgrades oil sands into refinery feedstock and diesel fuel, explores for, develops and produces natural gas, refines crude oil and markets a range of petroleum and petrochemical products, and operates crude oil pipelines and retail petroleum stations.
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