BMO Global Structured Products| Principal Protected Solutions

Bank of Canadian Financials Equity Growth Principal Protected Deposit Notes, Series 22

Variable Return of 105% of the 100% Principal 6.5 Year Term positive price performance of the Protected if held to Index at Maturity Maturity Investment Highlights Index

 Term to Maturity The S&P/TSX Composite Index (Industry Group) is a 6.5 years market capitalization-weighted index comprised of ten (10) actively traded large-cap Canadian  Return financial companies. The constituents of the Index are a The Variable Return per Deposit Note, if any, will be an subset of the constituents of the S&P/TSX Composite Index amount equal to $100 multiplied by 105% of the price that have been classified according to the Global Industry return, if positive, of the Index from the Closing Date to Classification Standard as belonging to the Banks Industry and including the fifth business day prior to maturity (the Group. The dividend yield of the Index on August 9, 2016 “Final Valuation Date”). If the percentage change in the was 4.04%, representing an aggregate dividend yield closing level of the Index measured from the Closing of approximately 29.36% compounded annually over the Date to the Final Valuation Date is zero or negative, no term of the Deposit Notes assuming the dividend yield Variable Return will be payable on the Deposit Notes. remains constant (Source: Bloomberg). An investment in the Deposit Notes does not represent a direct or indirect  100% principal guaranteed by BMO as issuer if held investment in any of the Securities that comprise the Index. to maturity Holders have no right or entitlement to the dividends or distributions paid on such Securities.  FundSERV JHN1939

 Available until September 16, 2016

 www.bmosp.com

Constituents of the S&P/TSX Composite Index Banks (Industry Group) Historical Closing Levels for S&P/TSX Composite Company % Weight in Index Index Banks (Industry Group) 3500 Royal of 28.31% The Toronto-Dominion Bank 25.24% 3000 The Bank of Nova Scotia 19.10% 2500 12.76% CIBC 9.39% 2000 of Canada 3.60% 1500 0.49% Home Capital Group Inc. 0.43% 1000

Laurentian 0.35% 500 Genworth MI Canada Inc. 0.33% 0 Aug-06 Aug-07 Aug-08 Aug-09 Aug-10 Aug-11 Aug-12 Aug-13 Aug-14 Aug-15 Aug-16

The graph above illustrates the price performance of the Index for the period Source: Bloomberg as of August 5, 2016. beginning on August 4, 2006 and ending on August 5, 2016. Past price performance of the Index is not indicative of future price performance. For further information, please contact your Investment Advisor BMO Global Structured Products| Principal Protected Solutions Bank of Montreal Canadian Financials Equity Growth Principal Protected Deposit Notes, Series 22 RETURN PROFILE AND VARIABLE RETURN EXAMPLES

The following examples are included for illustration purposes only. The Index Returns used to illustrate the two different scenarios are hypothetical and are not estimates or forecasts of expected changes in the Closing Level of the Index 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 or Market Disruption Event has occurred. The calculation of the Variable Return would involve determining the Index Return by comparing the Final Level to the Initial Level. The Variable Return, if any, will be equal to the Deposit Amount multiplied by 105% of the Index Return, if positive.

RETURN PROFILE Return Example

100%

75%

50%

25% Index Price Return 0%

-25% BMO Protected Note Positive Note Return Note -50%

-75%

-100% -100% -75% -50% -25% 0% 25% 50% 75% 100%

The blue line represents the range of possible Index Returns on the Final Valuation Date. The red line represents the range of potential Variable Return amounts for one Deposit Note

VARIABLE RETURN EXAMPLES

 Scenario 1 – Positive Index Return  Initial Level: 2,582.11  Final Level: 3,784.36

 Index Return: (3,784.36 – 2,582.11) ÷ 2,582.11 = 46.56%  Variable Return: Deposit Amount × Participation Rate × Index Return  Variable Return: $100.00 × 105.00% × 46.56%  Variable Return: $48.89

 In the example above, at Maturity a Holder would receive a Variable Return of $48.89, and would also receive the Deposit Amount of $100.00 per Deposit Note, representing a cumulative return of 48.89% and an annually compounded rate of return of 6.32%.

 Scenario 2 – Negative Index Return

 Initial Level: 2,582.11  Final Level: 1,403.02

 Index Return: (1,403.02 – 2,582.11) ÷ 2,582.11 = -45.66%  Variable Return: $0

 In the example above, the Index Return is negative. As a result, the Variable Return is zero and a Holder would not receive any Variable Return at Maturity, but would receive the Deposit Amount of $100.00 per Deposit Note at Maturity. BMO Global Structured Products| Principal Protected Solutions Bank of Montreal Canadian Financials Equity Growth Principal Protected Deposit Notes, Series 22 Terms Of The Offering Bank of Montreal (the “Bank”).

Issuer Thi

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 Issuer Rating s

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 i

assurance that, if the Deposit Notes were rated by such rating agencies, they would have the same rating as the other deposit s

liabilities of the Bank. The Deposit Notes will not be deposits insured under the Canada Deposit Insurance Corporation Act onl

or any other deposit insurance regime designed to ensure the payment of all or a portion of a deposit upon the y

insolvency of the deposit taking financial institution.

a

summar Issue Price $100 per Deposit Note (the “Deposit Amount”) Selling Period Until September 16, 2016.

Issue Date On or about September 21, 2016. y

o f

Maturity Date/Term

Each Deposit Note will mature on March 21, 2023, resulting in a term to maturity of approximately 6.5 years. th

e

Minimum Purchase $2,000 (20 Deposit Notes) Offerin Reference Index The price performance of the Index will determine the amount of Variable Return, if any, Holders will receive at Maturity. The Index is a market capitalization weighted index comprised of ten (10) actively traded large-cap Canadian financial companies. The

constituents of the Index are a subset of the constituents of the S&P/TSX Composite Index that have been classified according to g

the Global Industry Classification Standard as belonging to the Banks Industry Group. Please see “The Index” in the Information an

Statement for more details.

d

Payment at Maturity Subject to the occurrence of certain special circumstances, for each Deposit Note held at Maturity, an investor will receive (i) the shoul Deposit Amount, and (ii) a Variable Return, if any, based on the price performance of the Index.

More specifically, the Variable Return per Deposit Note, if any, is $100 multiplied by 105% of the price return (if positive) of the Index d

from the Closing Date to and including the fifth business day prior to Maturity (the “Final Valuation Date”). The Variable Return, if b

any, will not reflect any dividends or distributions declared on the securities comprising the Index. Beneficial holders of Deposit Notes e

(each a “Holder”) cannot elect to receive any payments prior to Maturity. No variable return or distributions will be paid during the rea term of the Deposit Notes. While the Index had an average dividend yield of 4.04% representing an aggregate dividend yield of

approximately 29.36% compounded annually over the term of the Deposit Notes, assuming the dividend yield remains constant d

i

(source: Bloomberg), the Variable Return will not reflect any dividends or distributions declared on the constituent securities of the n

Index. See “Note Program – Maturity Payment” and “Note Program – Variable Return” in the Information Statement. conjunction FundSERV Code JHN1939 Fees and Expenses of $2.50 (2.50% of the Subscription Price) per Deposit Note will be paid out of the proceeds of this offering to BMO Nesbitt Burns Inc. for its services as selling agent (the “Selling Agent”). The Selling Agent will pay all or a portion of this fee to sub-agency groups including

the Offering other qualified selling members for selling the Deposit Notes.

Secondary Market The Deposit Notes will not be listed on any stock exchange or marketplace. Moreover, the Bank does not have the right to redeem w

the Deposit Notes prior to Maturity and a Holder does not have the right to redeem the Deposit Notes prior to Maturity. However, i th

BMO Capital Markets will use reasonable efforts, subject to normal market conditions, to arrange for a daily secondary market for

the sale of Deposit Notes but reserves the right not to do so in the future, in its sole and absolute discretion, without providing prior the

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 Information Deposit Note prior to Maturity may result in a loss even if the price performance of the Index has been positive. Early Trading Charge If a Holder sells a Deposit Note within the first 360 days from the Closing Date, the proceeds from the sale of the Deposit Note will be reduced by an early trading charge that will be equal to the applicable percentage of the Deposit Amount, as set out in the table below. See “Secondary Market” in the Information Statement.

If sold within 0-60 days 61-120 days 121-180 days 181-240 days 241-300 days 301-360 days Thereafter State

Early Trading 3.50% 2.90% 2.30% 1.70% 1.10% 0.50% Nil

Charge me

No CDIC The Deposit Notes are not insured under the Canada Deposit Insurance Corporation Act or any other deposit insurance regime n t

designed to ensure the payment of all or a portion of a deposit upon the insolvency of the deposit taking institution. dated

This document should be read in conjunction with the Bank’s information statement dated August 15, 2016 (the “Information Statement”). Capitalized terms used and not otherwise defined herein have the meaning given to them in the Information Statement. The Variable Return payable under the Deposit Notes, if any, is uncertain and is based on the price performance of the Index. 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 33-105 - 15, August 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 www.bmosp.com. 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 20 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. 1 6

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 trademarks of Bank of Montreal. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC (“S&P”), Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”), and “TSX” is a trademark of the (“TSX”). These trademarks have been licensed for use by S&P Dow Jones Indices LLC. These trademarks have been sublicensed for certain purposes by Bank of Montreal and its affiliates. The Index is a product of S&P Dow Jones Indices LLC, its affiliates and/or its third party licensors and has been licensed for use by Bank of Montreal and its affiliates. The Deposit Notes are not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, S&P, their respective affiliates, or the TSX and none of S&P Dow Jones Indices LLC, Dow Jones, S&P, their respective affiliates or the TSX make any representation regarding the advisability of investing in such product(s).