Bank of Montreal - MicroSectors 3x Long Taiwan ETNs due July 31, 2046

TAWN provides 3x leveraged long exposure to the VettaFi Taiwan Equity Fund Tracking Index. This index tracks the performance of the iShares MSCI Taiwan ETF (NYSE Arca: EWT), which provides broad exposure to the Taiwanese equity market. As a leveraged product, TAWN is not a buy-and-hold investment and should not be expected to provide three times the index return over periods longer than one day. Over longer periods, daily compounding can lead to significant differences in expected returns relative to the index.