BMO FIXED CASH FLOW PLUS DEPOSIT PROGRAM DEPOSITS …Flow Deposits are highlighted below for your reference. The Master Information Statement contains additional information about

BMO FIXED CASH FLOW PLUS DEPOSIT PROGRAM

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Series Supplement to the Master Information Statement dated October 1, 2016

IntroductionWe have prepared this Series Supplement to help youdecide whether to invest in this series of BMO FixedCash Flow Plus Deposits issued under the Fixed CashFlow Deposit Program. Fixed Cash Flow Deposits maybe suitable for investors seeking long-term predictablecash flow during their retirement years. They alsoprovide exposure to the returns of a portfolio of mutualfunds managed by BMO Investments Inc. (the“underlying funds”) referred to as the “FCFP Portfolio”as described below. To get all the information youshould know about the Fixed Cash Flow Deposits, youwill need to review the Master Information Statementwe refer to at the top of this document. Capitalizedterms used but not defined in this Series Supplementhave the meanings given to them in the MasterInformation Statement.

Product Details

Price Fixed Cash Flow Deposit: $100

Minimum Purchase: $5,000

Issue Date:

Maturity Date:

Approximate Term: 15 years

Available at any BMO Bank of Montreal branch until:

4:00 PM (Toronto time) October 31, 2016

FCFP PortfolioIssue Date Maturity Date

Underlying Funds Weighting Weighting

Equity Component

BMO Dividend Fund 33.0% 20.0%

BMO U.S. Equity Fund 13.5% 7.5%

BMO International Value Fund 13.5% 7.5%

Total Equity Component 60.0% 35.0%

Fixed Income Component

BMO Bond Fund 33.0% 35.0%

BMO Money Market Fund 7.0% 30.0%

Total Fixed Income Component 40.0% 65.0%

Total 100.0% 100.0%

Allocations & RebalancingThe FCFP Portfolio table shows the weighting of eachunderlying fund in the FCFP Portfolio on the Issue Dateand on the Maturity Date.

On or about each anniversary of the Issue Date duringthe term of the Fixed Cash Flow Deposits, we willsystematically “rebalance” the FCFP Portfolio bydecreasing the percentage of the equity component andincreasing the percentage of the fixed incomecomponent. We accomplish this by gradually changingthe percentage weighting of each underlying fund in

shown in the middle column of the table to the“Maturity Date Weighting” shown in the last column ofthe table. Rebalancing between the equity componentand the fixed income component is illustrated in thediagram below.

Illustration of Rebalancing

Fees & ExpensesAn Annual Fixed Cash Flow Deposit Fee of up to 2.75%per annum, calculated daily and payable monthly inarrears. The Annual Fixed Cash Flow Deposit Fee maychange over the term of the Fixed Cash Flow Deposits butwill never exceed 2.75% per year. We will publish thecurrent Annual Fixed Cash Flow Deposit Fee atwww.bmo.com/fixedcashflow.

Investment Phases

Growth Phase: Not applicable

Distribution Phase: 15 years

Capital Distributions

Amount: $ .00 ( .00%) per year of each Fixed Cash

Flow Deposit

Frequency: Monthly, payable on 20th day of each month

during the distribution phase (or, if that day is

not a business day, on the next business day.

See item 3 of “Key Features of the Fixed Cash

Flow Deposits”.)

First Payment Date: November 21, 2016

Last Payment Date: October 20, 2031

You may obtain copies of the Master InformationStatement at www.bmo.com/fixedcashflow.

If any information in this Series Supplement isdifferent from information contained in the MasterInformation Statement, the information in this SeriesSupplement will be considered to be correct, but onlyfor the series of Fixed Cash Flow Deposits described inthis Series Supplement.

The information in this Series Supplement will notapply to any other version and series of Fixed CashFlow Deposits unless the same information is alsocontained in the Series Supplement for that otherversion and Series of Fixed Cash Flow Deposits.

0%

20%

40%

60%

80%

100%

Year Fixed Income Component Equity Component

21 3 4 5 6 7 8 9 10 11 12 13 14 15

DEPOSITS SERIES 105

November 9, 2016 November 10, 2031

BMO FIXED CASH FLOW PLUS DEPOSIT PROGRAM

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The FCFP Portfolio Equity Component:

BMO Dividend Fund

Objective – To achieve a high after-tax return,including dividend income and capital gains, fromgrowth in the value of an investment primarily individend-yielding common and preferred shares ofestablished Canadian companies.

BMO International Value Fund

Objective – To increase the value of an investment inthe fund over the long-term by investing primarily inequity securities of established companies locatedoutside of Canada and the United States.

BMO U.S. Equity Fund

Objective – To increase the value of an investment inthe fund over the long-term by investing in equities ofwell-established U.S. companies that may beundervalued by the marketplace.

Fixed Income Component:

BMO Bond Fund

Objective – To provide a high level of interest incomeand to provide some opportunity for growth in thevalue of an investment in the fund. As part of itsinvestment objectives, the fund invests primarily inhigh quality fixed-income securities that are issued bygovernments and corporations in Canada and thatmature in more than one year.

BMO Money Market Fund

Objective – To preserve the value of an investment inthe fund and to provide a high level of liquidity andinterest income generally by investing in high qualitymoney market instruments issued by governments andcorporations in Canada, like treasury bills, bankers’acceptances, and commercial paper.

The information about the underlying funds is subjectto any disclosure filed publicly by each underlyingfund and could change. For further information aboutan underlying fund, including details of its investmentstrategies or further details of its investment objectives,please refer to the most recent simplified prospectus ofthat fund, and any amendments to its simplifiedprospectus, filed at www.sedar.com. A copy of thesimplified prospectus, together with information aboutthe performance and holdings of each underlying fund,may also be obtained at www.bmo.com/mutualfunds.

Key Features Of The Fixed Cash Flow DepositsThe important features of this series of Fixed CashFlow Deposits are highlighted below for your reference.The Master Information Statement contains additionalinformation about the Fixed Cash Flow DepositProgram and your investment in Fixed Cash FlowDeposits. Please read the Master InformationStatement together with this Series Supplement for a

complete understanding of your investment in theseFixed Cash Flow Deposits.

1. The Fixed Cash Flow Deposits may be suitable forinvestors who desire long-term predictable cashflow during their retirement years. They are long-term deposits that provide investors with a steadyand reliable stream of payments to meet ongoingspending needs. Fixed Cash Flow Deposits areintended to be held until maturity.

2. Fixed Cash Flow Deposits provide a variable return,if any, at maturity based on the performance of theunderlying funds of the FCFP Portfolio. The FCFPPortfolio offers exposure to five (5) underlying fundsmanaged by BMO Investments Inc. The Fixed CashFlow Deposits will reflect the performance of theunits of the underlying funds, subject to the AnnualFixed Cash Flow Deposit Fee described on the firstpage of this Series Supplement.

3. The value of the Fixed Cash Flow Deposits iscalculated as if (i) the management expenses chargedon the actual units of the underlying funds are notcharged on the portfolio units (so that managementfees are not duplicated) and (ii) the amount of anydistributions on the actual units are credited to theFCFP Portfolio and notionally reinvested in moreportfolio units of the relevant underlying fund.

FCFP Portfolio Issue Date Weighting

33.0%

13.5%13.5%

7.0%

33.0%

Equity Component

BMO Dividend Fund




BMO Bond Fund


FCFP Portfolio Maturity Date Weighting

20.0%

7.5%7.5%

30.0%

35.0%

Equity Component

BMO Dividend Fund




BMO Bond Fund


For more information aboutFixed Cash Flow Deposits:Please contact an investment professional at anyBMO Bank of Montreal branch during normalbusiness hours or call the BMO InvestmentCentre at 1-800-665-7700.


FIXED CASH FLOW DEPOSITS SERIES 105

BMO FIXED CASH FLOW PLUS DEPOSIT PROGRAM FIXED CASH FLOW DEPOSITS SERIES 105

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The FCFP Portfolio

equitycomponent and a fixed income component, each ofwhich will have notional weighted exposure to theunderlying funds. The component to which eachunderlying fund belongs and its weighting within

first page of this Series Supplement under “FCFP

rebalanced to become progressively moreconservative over the term of your Fixed Cash FlowDeposits by adjusting the weighting of eachunderlying fund. The initial equity componentweighting set out on the first page of this SeriesSupplement will be gradually reduced from the IssueDate Weighting to the Maturity Date Weightingshown on the first page of this Series Supplementduring the 15-year term. Accordingly, by the Maturity

equity component and 65% to the fixed incomecomponent. The asset allocation of the FCFP Portfoliowill be rebalanced on or about each anniversary ofthe Issue Date. You can find more information aboutthe weighting of each underlying fund in the FCFP

“Allocation & Rebalancing” above.

Investment Phases and Payments

5. The entire 15-year term of your Fixed Cash FlowDeposits will be comprised of the distribution phase.There will be no growth phase. Accordingly, we willbegin making monthly payments to you in the first yearof the term of your Fixed Cash Flow Deposits in anamount equal to $5.00 per Fixed Cash Flow Depositeach year (5.00% of the amount you invested in yourFixed Cash Flow). We refer to these payments,which are repayments of a portion of the principalyou invested in your Fixed Cash Flow Deposits, ascapital distributions.

and will continue on a monthly

6. The first capital distribution will be made to you on November 21, 2016 and will continue on a monthly basis until the day your Fixed Cash Flow Deposits mature (November 10, 2031 for this series).

7. Capital distributions will be made on the 20th day of each month (or, if that day is not a business day, on the next business day).

8. Since capital distributions are repayments of a portion of the principal you invested in your Fixed Cash Flow Deposits, they will not be taxable but they will reduce the adjusted cost base of your Fixed Cash Flow Deposits.

Payment at Maturity

9. On the Maturity Date of your Fixed Cash FlowDeposits, we will pay you the principal amount youinvested in the Fixed Cash Flow Deposits ($100 perFixed Cash Flow Deposit) less any capital distributionsyou received during the distribution phase. Theprincipal amount you invested in the Fixed Cash FlowDeposits less any capital distributions you received onor before a particular date is the “Remaining DepositBalance” on that date. You may also receive a variablereturn equal to the amount, if any, by which the DepositValue on the third business day before the Fixed CashFlow Deposit matures exceeds the Remaining DepositBalance at maturity. If this Deposit Value does notexceed the Remaining Deposit Balance then you willnot receive any variable return on your Fixed CashFlow Deposit. Further information about how wedetermine the Deposit Value is set out in Part B of theMaster Information Statement under “Valuation ofFixed Cash Flow Deposits – Calculating Deposit Value”.

10. The performance of the underlying funds, measuredfrom the Issue Date until the third business daybefore the Maturity Date, will affect the amount ofvariable return, if any, payable on your Fixed Cash

Flow Deposits. Since the fees and expensesdescribed in the Master Information Statement andon the first page of this Series Supplement will bededucted from the FCFP Portfolio, for you to receivea return at maturity, the value of the FCFP Portfoliomust grow at a rate that exceeds those aggregate feesand expenses. It is possible that you will receive noreturn on your Fixed Cash Flow Deposits.

11. Unlike conventional fixed income investmentswhose return is based on a fixed, floating or otherspecified rate of interest that can be determinedprior to the final valuation date, the return youreceive on your Fixed Cash Flow Deposits at eperformance of the underlying funds in the FCFPPortfolio.

12. While you will receive the full amount you investedin Fixed Cash Flow Deposits if you hold them untilthey mature, it is possible that you will not receiveany amount beyond the principal amount youinvested with us. If the Deposit Value on the thirdbusiness day prior to maturity is equal to or lessthan the Remaining Deposit Balance at maturitythen you will not receive any return at maturity.

13. The deposit amount of $100 for each Fixed CashFlow Deposit will be fully repaid to you only if yourFixed Cash Flow Deposit is held until the MaturityDate. You cannot elect to receive any amounts onyour Fixed Cash Flow Deposits before they matureother than scheduled capital distributions.

14. This series of Fixed Cash Flow Deposits willmature on or about November 10, 2031 and will have a term of approximately 15 years.

15. On the Maturity Date, the Remaining DepositBalance and any return payable on your Fixed CashFlow Deposits will be transferred to a money marketmutual fund managed by us or one of our affiliates.


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Secondary Market for Fixed Cash Flow Deposits

16. BMO Capital Markets will use reasonable efforts to

arrange a secondary market allowing you to sell

your Fixed Cash Flow Deposits to BMO Capital

Markets prior to maturity, but there may be

circumstances where a secondary market may not

exist for the Fixed Cash Flow Deposits. There will be

no other way for you to liquidate your investment in

a Fixed Cash Flow Deposit prior to maturity.

17. If you sell the Fixed Cash Flow Deposits in the

secondary market prior to maturity, you may receive

less than the Remaining Deposit Balance of your

Fixed Cash Flow Deposits. Moreover, if you sell a

Fixed Cash Flow Deposit in the secondary market

within 120 days after the Issue Date, BMO Capital

Markets may deduct an early trading charge of up to

2% of the amount paid for the Fixed Cash Flow

Deposit when it was issued. The secondary market

price of each series of Fixed Cash Flow Deposits can

be found at www.bmo.com/fixedcashflow.

18. Bank of Montreal does not have the right to redeem

the Fixed Cash Flow Deposits prior to maturity and

you do not have the right to require Bank of

Montreal to redeem (that is, repay and cancel) the

Fixed Cash Flow Deposits prior to maturity.

Other Important Information

19. Investments in Fixed Cash Flow Deposits can be

held in a non-registered account or a registered

retirement income fund (RRIF).

20. Monthly capital distributions paid on a Fixed Cash

Flow Deposit held in a non-registered account will,

based on your instructions at the time of purchase,

either be deposited in a bank account you designate

or paid to you by cheque.

21. Monthly capital distributions paid on Fixed CashFlow Deposits held in a RRIF will be invested in theBMO Money Market Fund or other money marketmutual fund managed by us or one of our affiliates.Unless you specify otherwise, capital distributionswill automatically be invested in the BMO MoneyMarket Fund.

22. The Master Information Statement contains adiscussion of the risks of investing in the FixedCash Flow Deposits. A summary list of these riskscan be found on pages 4 and 5 of this SeriesSupplement. Please consider these risks carefullybefore investing in Fixed Cash Flow Deposits.

23. We can amend the terms of a series of Fixed CashFlow Deposits without the consent of their holdersif, in our reasonable opinion, the amendmentwould not materially and adversely affect theinterests of holders of that series of Fixed Cash FlowDeposits. In all other cases, amendments of theterms of a series of Fixed Cash Flow Deposits mustbe approved at a meeting of holders of Fixed CashFlow Deposits of that series.

24. Part D of the Master Information Statement entitled“CERTAIN CANADIAN FEDERAL INCOME TAXCONSIDERATIONS” contains a summary of themain tax considerations relating to an investmentin Fixed Cash Flow Deposits. You should consultyour own tax advisor for advice about the incometax consequences of an investment in Fixed CashFlow Deposits in your particular circumstances.

25. In certain unusual circumstances, your Fixed CashFlow Deposits may no longer be exposed to theperformance of a particular underlying fund (orunderlying funds) in the FCFP Portfolio or, inextreme cases, may be cancelled and repaid prior tomaturity. A description of these circumstances is

set out in Part B of the Master Information Statement

under the heading “Special Circumstances”.

Are Fixed Cash Flow Deposits suitable for you?

Fixed Cash Flow Deposits may be suitable for you if:

• you are preparing for or entering your retirementyears,

• you are prepared to invest for the long-term and, inparticular, are prepared to wait until your FixedCash Flow Deposits mature to receive any amountsother than a regular capital distribution payablebefore maturity,

• you are willing to accept greater equity exposure inthe early years of the Fixed Cash Flow Deposit andreduce equity exposure in a disciplined andsystematic manner over the long-term,

• you want to receive regular and predictable capitaldistributions for all of the term of your Fixed CashFlow Deposits without paying income tax on thesedistributions when you receive them,

• you want to ensure that you receive at least theamount you invested in Fixed Cash Flow Deposits ifyour hold them until maturity,

• you are prepared to receive a variable return at

uncertain until the Fixed Cash Flow Deposits

• you are prepared to assume the risks summarizedbelow and described in the Master InformationStatement.

You should consult an investment professional at anyBMO Bank of Montreal branch to discuss whetherFixed Cash Flow Deposits are suitable in yourparticular circumstances.



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What are the risks of investing in Fixed Cash Flow Deposits?

An investment in Fixed Cash Flow Deposits is subjectto the risks set out in Part A of the Master InformationStatement under the heading “What are the risks ofinvesting in the Fixed Cash Flow Deposits?”. Thefollowing is a summary list of these risks. For acomplete description of these risks, please refer to theMaster Information Statement:

• Fixed Cash Flow Deposits may not be suitable forall investors,

• Fixed Cash Flow Deposits differ from conventionalfixed income investments and may pay no return,

• There is currently no market for you to sell yourFixed Cash Flow Deposits prior to maturity and it ispossible that no such market will be created,

• Capital distributions and fees will reduce the valueof the FCFP Portfolio,

• Fixed Cash Flow Deposits are not rated by anyratings agency, and there is no guarantee that theywould receive the same ratings as our other depositliabilities if they were rated,

• Fixed Cash Flow Deposits are not insured by theCanada Deposit Insurance Corporation or any otherentity,

• If certain unusual events occur beyond our control,we may eliminate exposure to a particularunderlying fund (or funds) or, in extreme cases,cancel and repay your Fixed Cash Flow Depositsprior to maturity,

• The value of the Fixed Cash Flow Deposits is basedon the value of the underlying funds, which maynot be available,

• You have no rights of ownership in the underlyingfunds, their units or their investments,

• We and the manager or advisor of an underlyingfund may have conflicts of interest in dividing ourtime and activities between the underlying fundsand the Fixed Cash Flow Deposit Program andother entities and activities,

• We will not hire an independent person to make orconfirm calculations and decisions for the FixedCash Flow Deposit Program,

• Payments on Fixed Cash Flow Deposits depend onour financial health and creditworthiness,

• Risk factors that apply to a direct investment in theunderlying funds also apply to an investment inFixed Cash Flow Deposits,

• The performance of an underlying fund’sinvestments is unpredictable,

• An underlying fund may not meet its investmentobjectives, its investment strategies may beunsuccessful, and it may be unable to avoid lossesor produce a positive return,

• Changes in laws and regulations or theadministrative practices of government agencies,including with respect to taxation, could adverselyaffect your investment in Fixed Cash Flow Deposits.

What are your rights to cancel an order or purchase of FixedCash Flow Deposits?

As described under Part E “Your Legal Rights” in theMaster Information Statement, you can cancel inwriting an order to buy Fixed Cash Flow Deposits of aparticular series under the Fixed Cash Flow DepositProgram (or you can cancel your purchase if the FixedCash Flow Deposits have been issued) within 48 hoursof when you enter into an agreement to buy the FixedCash Flow Deposits or, if later, 48 hours after weconsider you to have received the Master Information

Statement and the Series Supplement for that series. Ifyou purchase Fixed Cash Flow Deposits, we will sendyou the Master Information Statement by mail. You willalso find the Master Information Statement on ourpublic website at www.bmo.com/fixedcashflow.

Where can I find out more about Fixed Cash Flow Deposits?

More details can be found in the Master InformationStatement, available at www.bmo.com/fixedcashflow.This document can be mailed to you at your request.

During the term of the Fixed Cash Flow Deposits, you mayinquire as to their value and the method for determining thevariable return under a Fixed Cash Flow Deposit bycontacting the BMO Investment Centre at 1-800-665-7700 orat any BMO Bank of Montreal branch during normalbusiness hours or by visiting www.bmo.com/fixedcashflow.

Recent net asset values of the units of the underlyingfunds are also available at www.bmo.com/mutualfunds.

Fixed Cash Flow Deposits are available for sale only at BMO Bank of Montrealbranches.

No securities regulatory authority has expressed an opinion on the Fixed Cash FlowDeposits offered under this Series Supplement and it is an offence to claimotherwise.

“BMO (M-bar roundel symbol)”, “BMO” and “BMO Capital Markets” areregistered trade-marks.

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Documents

BMO FIXED CASH FLOW PLUS DEPOSIT PROGRAM DEPOSITS …Flow Deposits are highlighted below for your reference. The Master Information Statement contains additional information about