Seasonality in Canadian Bank Stocks: H1/26 Update

Research evidence excerpt

Seasonality in Canadian Bank Stocks: H1/26 Update

Taiwan that are qualified to invest in investment products pursuant to relevant

Taiwanese laws and regulations, and subject to sales restrictions as set forth in the relevant Taiwanese laws and regulations. BMO Capital

Markets has not and will not secure the required licenses in Taiwan for the offer of securities and investment services. Any offer of securities

has not been and will not be registered or filed with or approved by the Financial Commission of Taiwan and/or other regulatory authority

pursuant to relevant securities laws and regulations of Taiwan, and may not be issued, offered or sold within Taiwan through a public offering

or in circumstances which constitute an offer that requires a registration, filing or approval of the Financial Supervisory Commission of Taiwan

and/or other regulatory authority in Taiwan under relevant securities laws and regulations of Taiwan. No person or entity in Taiwan has been

authorized to offer or sell the securities in Taiwan.

To Singapore Residents: This report is intended for general circulation and does not and is not intended to constitute the provision of financial

advisory services, whether directly or indirectly, to persons in Singapore. You should seek advice from a financial adviser regarding the suitability

of the investment products, taking into account your specific investment objectives, financial situation or particular needs before you make a

commitment to purchase the investment product. This report has not been registered as a prospectus with the Monetary Authority of Singapore.

Accordingly, it should not be circulated or distributed, nor may the securities described herein be offered or sold, or be made the subject of

Canadian Banks | Page 10 July 1, 2026