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Brent Crude Oil 1/6 Corn 1/6 RBOB Gasoline 1/6 Sugar 1/6 Commodities Nickel 1/6 Silver 1/6 INFORMATION STATEMENT DATED JANUARY 16, 2012 This Information Statement has been prepared solely for assisting prospective purchasers in making an investment decision with respect to the Deposit Notes. This Information Statement constitutes an offering of these Deposit Notes only in those jurisdictions where they may be lawfully offered for sale and therein only by persons permitted to sell the Deposit Notes. No securities commission or similar authority in Canada has in any way passed upon the merits of the Deposit Notes offered hereunder and any representation to the contrary is an offence. The Deposit Notes offered under this Information Statement have not been, and will not be, registered under the United States Securities Act of 1933, as amended, or any State securities laws and may not be offered for sale or sold in the United States or to United States persons. BANK OF MONTREAL COMMODITY YIELD PROTECTED NOTES, SERIES 3 PRICE: $100 PER DEPOSIT NOTE MINIMUM SUBSCRIPTION: $2,000 (20 DEPOSIT NOTES) The Bank of Montreal Commodity Yield Protected Notes, Series 3 (the “Deposit Notes”) issued by Bank of Montreal are a principal protected product that will mature on March 7, 2018 (“Maturity”). The closing of this offering is scheduled to occur on or about March 7, 2012 (the “Closing Date”). At Maturity, a holder will receive the deposit amount of $100 (the “Deposit Amount”) in respect of each of the holder’s Deposit Notes. In addition, on or about March 7, 2013, March 7, 2014, March 6, 2015, March 7, 2016, March 7, 2017 and at Maturity, a holder will be entitled to receive an annual interest amount, if any, based on the performance of an equally-weighted notional portfolio (the “Reference Portfolio”) of four exchange-traded commodity futures contracts (the “Contracts” and, each a “Contract”) and two commodities (the “Commodities” and each a “Commodity”). Each Contract and Commodity is a “Reference Component”. Reference Component Component Weight Contracts Brent Crude Oil 1/6 Corn 1/6 RBOB Gasoline 1/6 Sugar 1/6 Commodities Nickel 1/6 Silver 1/6 The amount of interest, if any, a holder receives on an interest payment date will not exceed 7.55% of the Deposit Amount. BMO Nesbitt Burns Inc. is the selling agent (the “Selling Agent”) and is a wholly-owned subsidiary of BMO Nesbitt Burns Corporation Limited which, in turn, is an indirect majority-owned subsidiary of Bank of Montreal. Consequently, Bank of Montreal is a related issuer of the Selling Agent under applicable securities legislation. See “Plan of Distribution”. Bank of Montreal has taken reasonable care to ensure that the facts in this Information Statement with respect to the description of the Deposit Notes are true and accurate in all material respects. All information in this Information Statement relating to the Reference Components has been obtained from publicly available sources. As such, none of Bank of Montreal, the Selling Agent, the Manager or the Calculation Agent assumes any responsibility for the accuracy, reliability or completeness of such information. Bank of Montreal makes no assurances, representations or warranties with respect to the accuracy, reliability or completeness of information obtained from such publicly available sources. Furthermore, Bank of Montreal makes no recommendation concerning the Reference Components, the commodities underlying the Contracts, futures contracts or commodities as an asset class, or the suitability of investing in futures contracts or commodities generally or the Deposit Notes in particular. In connection with the issue and sale of Deposit Notes by Bank of Montreal, no person is authorized to give any information or to make any representation not contained in this Information Statement and Bank of Montreal does not accept any responsibility for any information not contained herein. JHN 957 TABLE OF CONTENTS SUMMARY OF THE OFFERING ........................... 3 DATE OF AGREEMENT TO PURCHASE A DEPOSIT PERFORMANCES AMONG THE REFERENCE NOTE .................................................................. 25 COMPONENTS MAY BECOME HIGHLY THE REFERENCE PORTFOLIO ........................... 25 CORRELATED, WHICH MAY ADVERSELY AFFECT POTENTIAL BENEFITS TO AN INVESTMENT IN INTEREST .............................................................. 6 COMMODITIES .................................................... 25 DEFINITIONS .......................................................... 9 THE CONTRACTS ................................................ 26 NOTE PROGRAM .................................................. 13 FEES AND EXPENSES OF THE OFFERING ...... 32 MATURITY PAYMENT ......................................... 13 RISK FACTORS ..................................................... 32 INTEREST PAYMENTS .......................................... 13 SUITABILITY OF DEPOSIT NOTES FOR INVESTMENT INTEREST EXAMPLES .......................................... 14 ........................................................................... 32 SECONDARY MARKET ....................................... 16 NON-CONVENTIONAL DEPOSIT NOTES ............... 32 SPECIAL CIRCUMSTANCES ............................... 17 INTEREST MAY NOT BE PAYABLE ...................... 32 DETERMINATIONS OF THE CALCULATION AGENT INTEREST MAY BE LIMITED ............................... 32 AND MANAGER ................................................... 17 PERFORMANCES AMONG THE REFERENCE ADJUSTMENTS TO THE REFERENCE COMPONENTS COMPONENTS MAY BECOME HIGHLY AND CLOSING PRICES ......................................... 17 CORRELATED, WHICH MAY ADVERSELY AFFECT MARKET DISRUPTION EVENT ............................. 18 INTEREST ............................................................ 32 EXTRAORDINARY EVENT .................................... 19 RISK FACTORS RELATING TO THE REFERENCE FUNDSERV ............................................................ 19 COMPONENTS ..................................................... 33 GENERAL INFORMATION ..................................... 20 SECONDARY TRADING OF DEPOSIT NOTES ......... 36 DEPOSIT NOTES HELD THROUGH THE CUSTODIAN LEGISLATIVE, REGULATORY AND ........................................................................... 20 ADMINISTRATIVE CHANGES ............................... 37 PURCHASE OF FUNDSERV NOTES ...................... 20 CONFLICTS OF INTEREST..................................... 37 SALE OF FUNDSERV NOTES .............................. 20 CREDIT RATING .................................................. 37 SUITABILITY AND APPROPRIATENESS FOR CREDIT RISK ....................................................... 38 INVESTMENT ........................................................ 21 NO DEPOSIT INSURANCE .................................... 38 DESCRIPTION OF THE DEPOSIT NOTES ......... 21 CANADIAN INVESTOR PROTECTION FUND .......... 38 OFFERING ........................................................... 21 SPECIAL CIRCUMSTANCES .................................. 38 MATURITY PAYMENT ......................................... 21 NO INDEPENDENT CALCULATION ....................... 38 INTEREST PAYMENTS .......................................... 22 NO OWNERSHIP OF THE REFERENCE COMPONENTS RANK .................................................................. 22 OR THE UNDERLYING COMMODITIES .................. 38 SETTLEMENT OF PAYMENTS ............................... 22 CERTAIN CANADIAN FEDERAL INCOME TAX BOOK-ENTRY SYSTEM ........................................ 22 CONSIDERATIONS ............................................... 38 GLOBAL NOTE .................................................... 23 INTEREST ............................................................ 39 CUSTODIAN ........................................................ 23 DISPOSITION OF DEPOSIT NOTES ........................ 39 DEFINITIVE DEPOSIT NOTES ............................... 23 ELIGIBILITY FOR INVESTMENT BY REGISTERED NOTICES TO HOLDERS ........................................ 24 PLANS ................................................................. 39 AMENDMENTS TO THE GLOBAL NOTE ................ 24 PLAN OF DISTRIBUTION .................................... 40 INVESTOR’S RIGHT TO CANCEL THE AGREEMENT TO PURCHASE A DEPOSIT NOTE .......................... 24 “BMO (M-bar roundel symbol)”, “BMO” and “BMO Capital Markets” are registered trade-marks of Bank of Montreal. “Nesbitt Burns” is a registered trade-mark of BMO Nesbitt Burns Corporation Limited used under license. JHN 957 SUMMARY OF THE OFFERING This is a summary of the offering of Deposit Notes under this Information Statement. Please note that this summary is not intended to be a detailed description of the offering and may not contain all the information that you may need to make a decision as to whether to purchase any Deposit Notes. For more detailed and complete information, please refer to the body of this Information Statement. In this summary, “$” refers to Canadian dollars, unless otherwise specified, “we”, “us” and “our” each refer to Bank of Montreal and “BMO Capital Markets” refers to a company owned by us called BMO Nesbitt Burns Inc. and any of its affiliates. Issuer: We will issue the Bank of Montreal Commodity Yield Protected Notes, Series 3 the “Deposit Notes”). Subscription Price: The price for each Deposit Note is $100 (the “Deposit Amount”). Minimum Subscription: You must invest a minimum of $2,000 (20 Deposit Notes). Issue Size: The maximum issue size is $10,000,000. We may change the maximum issue size of the offering at our discretion. Closing Date: The Deposit
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