Rockhaven Resources Ltd. — Capital/Financing Update 2023

Oct 10, 2023

BMO AutoCallable Barrier Notes, Series 63 (CAD) Due October 7, 2030, Linked to Solactive Equal Weight Canada Bank 21 AR Index

7 - Year Term Subject to the notes being automatically called by Bank of Montreal

Annual Call Feature

14.00% per 30% Contingent annum Potential Protection at fixed return Maturity

Investment Highlights

The notes offered by the pricing supplement are unsecured debt securities issued by Bank of Montreal. The objective of the notes is to offer investors the potential for the notes to be automatically called and receive a variable return with contingent downside protection against the loss of their principal investment from any negative performance above the barrier level of Solactive Equal Weight Canada Bank 21 AR Index over the term of the notes. The principal amount is NOT fully protected under the notes.

• Autocall: Automatic early redemption at par plus the variable return applicable to the relevant autocall payment date if the closing level is at or above the autocall level on any observation date.

• Autocall level: 100.00% of the initial level.

• Potential fixed return

Observation date	Fixed return
1	14.00%
2	28.00%
3	42.00%
4	56.00%
5	70.00%
6	84.00%
7	98.00%

• Minimum payment: CAD $1.00

• Barrier protection: 30.00%

Reference Portfolio

Reference asset Ticker symbol Solactive Equal Weight Canada SOLBEW21 Bank 21 AR Index

The Solactive Equal Weight Canada Banks 21 AR Index is an adjusted return index. It aims to track the gross total return performance of the Solactive Equal Weight Canada Banks Index (the “underlying index”), calculated in CAD, less an adjusted return factor of 21 index points per annum that will be calculated daily in arrears (the “adjusted return factor”). The underlying index is an equallyweighted free-float market capitalization index of common stock of Canadian issuers. The methodology of the underlying index provides that the constituent securities fulfill the following criteria: primarily listed on the Toronto Stock Exchange; classified by the index sponsor as “Major Banks” or “Regional Banks”; have a minimum free-float market capitalization of CAD $10 billion for new index members and CAD $5 billion for current index members; and have a minimum average daily trading value of CAD $10 million, as calculated by the index sponsor. The closing level on August 31, 2023 was 382.11. The adjusted return factor divided by the closing level was therefore equal to 5.50% on August 31, 2023. Over the term of the notes, the sum of the adjusted return factor will be approximately 147 index points, representing 38.52% of the closing level on August 31, 2023.

The dividend yield of the underlying index on August 31, 2023 was 4.97% representing an aggregate dividend yield of approximately 34.83% over the term of the notes (assuming the dividend yield remains constant and the dividends are not reinvested). An investment in the notes does not represent a direct or indirect investment in any of the constituent securities that comprise the underlying index. You have no right or entitlement to the dividends or distributions paid on such securities.

• Downside participation: 100.00%, below the barrier level.

Additional Details

Additional Details	Additional Details	Additional Details	Additional Details	Additional Details	Additional Details
Fundserv Code				Minimum
	Available Until	Issue Date	Maturity Date		Selling Concession
				Investment
JHN17284	October 3, 2023	October 6, 2023	October 7, 2030	CAD $2,000.00	CAD $2.50

A final base shelf prospectus containing important information relating to the securities described in this document has been filed with the securities regulatory authorities in each of the provinces and territories of Canada. A copy of the final base shelf prospectus, any amendment to the final base shelf prospectus and any applicable base shelf prospectus supplement that has been filed, is required to be delivered with this document. This document does not provide full disclosure of all material facts relating to the securities offered. Investors should read the final base shelf prospectus, any amendment and any applicable base shelf prospectus supplement for disclosure of those facts, especially risk factors relating to the securities offered, before making an investment decision.

For more information, please contact your Investment Advisor.

www.bmonotes.com

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	Additional Offering Details
Issuer	Bank of Montreal
Issuer rating	Moody’s: Aa2; S&P: A+; DBRS: AA (long‐term deposits > 1 year).
Reference asset	Solactive Equal Weight Canada Bank 21 AR Index (ticker: SOLBEW21).
Currency of notes	Canadian dollar (CAD).
Stated principal amount	CAD $100.00 per note.
Minimum investment	CAD $2,000.00 (20 notes).
Issue date	On or around October 6, 2023.
Final valuation date	September 27, 2030, subject to postponement if such date is not an exchange day or a market disruption event occurs.
Maturity date	October 7, 2030, subject to the notes being automatically called by us.
Term	Approximately seven (7) years.
Observation and Payment Dates	See "Observation and Payment Dates" below.
Participation rate	5.00%
Autocall level	100.00% of the initial level.
Automatic early redemption	The notes will be automatically redeemed on any autocall payment date if, on the corresponding autocall observation date, the closing level is at or above the autocall level. On any such redemption, you will receive a cash payment equal to the stated principal amount multiplied by the sum of (1) 100.00% and (2) the variable return applicable to the relevant autocall payment date, in accordance with the following formula: = 𝐶𝐴𝐷$100.00 × (100.00% + 𝑣𝑎𝑟𝑖𝑎𝑏𝑙𝑒𝑟𝑒𝑡𝑢𝑟𝑛)
Variable return	For any given autocall payment date, the variable return is calculated in accordance with the following formula: = 𝑓𝑖𝑥𝑒𝑑𝑟𝑒𝑡𝑢𝑟𝑛+ 𝑒𝑥𝑐𝑒𝑠𝑠𝑟𝑒𝑡𝑢𝑟𝑛
Fixed return	Observation date Fixed Return 1 14.00% 2 28.00% 3 42.00% 4 56.00% 5 70.00% 6 84.00% 7 98.00% See “Observation and Payment Dates” below.
Excess return	For any given autocall payment date, the excess return is calculated in accordance with the following formula: = 𝑚𝑎𝑥(0, (𝑟𝑒𝑓𝑒𝑟𝑒𝑛𝑐𝑒𝑎𝑠𝑠𝑒𝑡𝑟𝑒𝑡𝑢𝑟𝑛−𝑓𝑖𝑥𝑒𝑑𝑟𝑒𝑡𝑢𝑟𝑛) × 𝑝𝑎𝑟𝑡𝑖𝑐𝑖𝑝𝑎𝑡𝑖𝑜𝑛𝑟𝑎𝑡𝑒)

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Initial level	The closing level on the issue date.
Final level	The closing level on the final valuation date.
Reference asset return	In respect of any given date, the reference asset return shall be determined in accordance with the following formula: = 𝑐𝑙𝑜𝑠𝑖𝑛𝑔𝑙𝑒𝑣𝑒𝑙−𝑖𝑛𝑖𝑡𝑖𝑎𝑙𝑙𝑒𝑣𝑒𝑙 𝑖𝑛𝑖𝑡𝑖𝑎𝑙𝑙𝑒𝑣𝑒𝑙
Final reference asset return	The reference asset return on the final valuation date.
Barrier level	70.00% of the initial level.
Downside participation	100.00%, below the barrier level.
Barrier event	Monitoring at maturity only.
Payment at maturity	If the notes have not been redeemed, you will receive at maturity for each note you then hold:  If the final level is at or above the autocall level, a maturity payment of at least CAD $198.00 as defined in the automatic early redemption section.  If the final level is at or above the barrier level but below the autocall level, a maturity payment equal to CAD $100.00.  If the final level is below the barrier level, a maturity payment directly linked to the performance of the reference asset. The maturity payment will be equal to the following formula, subject to a minimum payment of CAD $1.00: = 𝐶𝐴𝐷$100.00 + (𝐶𝐴𝐷$100.00 × 𝑓𝑖𝑛𝑎𝑙𝑟𝑒𝑓𝑒𝑟𝑒𝑛𝑐𝑒𝑎𝑠𝑠𝑒𝑡𝑟𝑒𝑡𝑢𝑟𝑛) If the notes have not been redeemed early, and the final level is below the barrier level, the payment you receive at maturity may be significantly below the stated principal amount of your notes and may be as little as CAD $1.00.
Minimum payment	CAD $1.00
Additional tax information	For information about the Canadian federal income tax considerations associated with an investment in the notes, see “Tax Considerations – Certain Canadian Federal Income Tax Considerations” in the autocallable product supplement. For information about the eligibility of the notes for investment for certain registered plans, see “Eligibility for Investment” in the autocallable product supplement.
Fundserv code	JHN17284
Calculation agent	BMO Capital Markets
Dealer	BMO Nesbitt Burns Inc., an affiliate of ours, and Richardson Wealth Limited, acting as an independent dealer.
Secondary market/early trading charge	The notes will not be listed on any securities exchange. BMO Capital Markets will use reasonable efforts under normal market conditions to provide for a daily secondary market for the sale of the notes through the order entry system operated by Fundserv Inc. but reserves the right to elect not to do so in the future, in its sole and absolute discretion, without prior notice to you. Sale requests need to be initiated by 1:00 p.m. (Toronto time, or such other time as may hereafter be established by Fundserv) on a business day. Any request received after such time will be deemed

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to be a request sent and received in respect of the next following business day. Sale of a Fundserv Note will be effected at a price equal to the bid price for the note, determined by us in our sole and absolute discretion.

A sale of a note to BMO Capital Markets prior to maturity may be subject to an early trading charge. If you sell a note within the first 180 days after the issue date, the posted bid price will be reduced by an early trading charge equal to a percentage of the subscription price determined as set out below.

If notes sold within: Early trading charge: 0 - 60 Days 3.50% 61 - 120 Days 2.25% 121 - 180 Days 1.00% Thereafter Nil

See “Supplemental Plan of Distribution”, in the pricing supplement.

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Observation and Payment Dates

		Autocall
Observation	Autocall observation	level	Autocall payment	Fixed	Excess return
date	date*	(% of initial	date**	return
		level)
1	September 27,2024	100.00%	October 7,2024	14.00%	(reference asset return - 14.00%)× 5.00%
2	September 26,2025	100.00%	October 6,2025	28.00%	(reference asset return - 28.00%)× 5.00%
3	September 28,2026	100.00%	October 6,2026	42.00%	(reference asset return - 42.00%)× 5.00%
4	September 28,2027	100.00%	October 6,2027	56.00%	(reference asset return - 56.00%)× 5.00%
5	September 28,2028	100.00%	October 6,2028	70.00%	(reference asset return - 70.00%)× 5.00%
6	September 28,2029	100.00%	October 9,2029	84.00%	(reference asset return - 84.00%)× 5.00%
7	September 27,2030	100.00%	October 7,2030	98.00%	(reference asset return - 98.00%)× 5.00%

• If a scheduled autocall observation date is not an exchange day for any reason, then such date will be the immediately preceding exchange day. Further, such dates are each also subject to postponement if a market disruption event occurs.

** Each autocall payment date is subject to postponement if such date is not a business day or a market disruption event occurs.

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How do the Notes work?

The following hypothetical examples demonstrate how the payment you may receive will be calculated and determined under four different scenarios. The hypothetical closing levels used in these examples are for illustrative purposes only and should not be construed in any way as estimates or forecasts of the future performance of the reference asset or the return that you might realize on the notes. All hypothetical examples assume that no events described under “Certain Additional Terms for Notes Linked to a Reference Index” in the autocallable product supplement have occurred during the term. For ease of analysis, figures below have been rounded.

Barrier level	Autocall level
70% of the initial level	100% of the initial level

Example 1: Payment at Maturity (Negative Scenario)

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In this hypothetical example, the closing level is below the autocall level on all autocall observation dates, so the notes are not redeemed early. Furthermore, the final level is at 47.00% of the initial level, which is below the barrier level, so the final reference asset return is -53.00%. Accordingly, you would receive a maturity payment of CAD $47.00 per note (which is equivalent to a compounded annual loss of 10.21% on the notes).

In this example, the maturity payment is calculated as follows:

• 𝑀𝑎𝑡𝑢𝑟𝑖𝑡𝑦𝑝𝑎𝑦𝑚𝑒𝑛𝑡= 𝐶𝐴𝐷$100.00 + (𝐶𝐴𝐷$100.00 × 𝑓𝑖𝑛𝑎𝑙𝑟𝑒𝑓𝑒𝑟𝑒𝑛𝑐𝑒𝑎𝑠𝑠𝑒𝑡𝑟𝑒𝑡𝑢𝑟𝑛) = 𝐶𝐴𝐷$100.00 + (𝐶𝐴𝐷$100.00 × -53.00%) = 𝐶𝐴𝐷$47.00

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Example 2: Payment at Maturity (Neutral Scenario)

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In this hypothetical example, the closing level is below the autocall level on all autocall observation dates, so the notes are not redeemed early. Furthermore, the final level is at 81.00% of the initial level, which is above the barrier level, so the final reference asset return is -19.00%. Accordingly, you would receive a maturity payment of CAD $100.00 per note (which is equivalent to a compounded annual return of 0.00% on the notes).

Example 3: Payment at Maturity (Positive Scenario)

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In this hypothetical example, the closing level is below the autocall level on all autocall observation dates until the final valuation date, where it is above. This results in the notes being redeemed in accordance with the autocall conditions on the final valuation date. Furthermore, the final level is at 123.00% of the initial level, which is above the autocall level, so the final reference asset return is 23.00%.

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Because the final reference asset return on the final valuation date is less than the fixed return, the excess return will be zero, and accordingly, you would receive a maturity payment equal to the principal amount multiplied by the sum of (1) 100.00% and (2) the fixed return of 98.00%. Accordingly, you would receive a maturity payment of CAD $198.00 per note (which is equivalent to a compounded annual return of 10.24% on the notes).

In this example, the maturity payment is calculated as follows:

𝑀𝑎𝑡𝑢𝑟𝑖𝑡𝑦𝑝𝑎𝑦𝑚𝑒𝑛𝑡= 𝐶𝐴𝐷$100.00 × (100.00% + 𝑣𝑎𝑟𝑖𝑎𝑏𝑙𝑒𝑟𝑒𝑡𝑢𝑟𝑛)

• = 𝐶𝐴𝐷$100.00 × (100.00% + 𝑓𝑖𝑥𝑒𝑑𝑟𝑒𝑡𝑢𝑟𝑛+ 𝑒𝑥𝑐𝑒𝑠𝑠𝑟𝑒𝑡𝑢𝑟𝑛) = 𝐶𝐴𝐷$100.00 × (100.00% + 98.00% + 0.00%) = 𝐶𝐴𝐷$198.00

Example 4: Automatic Early Redemption

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In this hypothetical example, the closing level is below the autocall level on all autocall observation dates until the fourth autocall observation date. This results in the notes being redeemed early on the fourth autocall payment date. Furthermore, the closing level is at 167.00% of the initial level, which is above the autocall level, so the reference asset return is 67.00%.

Because the reference asset return on the fourth autocall observation date is greater than the fixed return, the excess return will be greater than zero, and accordingly, you will receive an autocall payment equal to the principal amount multiplied by the sum of (1) 100.00%, (2) the fixed return of 56.00% and (3) the excess return. The excess return will be equal to 0.55%, which is calculated as the product of (1) the participation rate of 5.00% and (2) the reference asset return of 67.00% minus the fixed return of 56.00%. Accordingly, you would receive an autocall payment of CAD $156.55 per note (which is equivalent to a compounded annual return of 11.85% on the notes).

In this example, the autocall payment is calculated as follows:

𝐴𝑢𝑡𝑜𝑐𝑎𝑙𝑙𝑝𝑎𝑦𝑚𝑒𝑛𝑡= 𝐶𝐴𝐷$100.00 × (100.00% + 𝑣𝑎𝑟𝑖𝑎𝑏𝑙𝑒𝑟𝑒𝑡𝑢𝑟𝑛)

• = 𝐶𝐴𝐷$100.00 × (100.00% + 𝑓𝑖𝑥𝑒𝑑𝑟𝑒𝑡𝑢𝑟𝑛+ 𝑒𝑥𝑐𝑒𝑠𝑠𝑟𝑒𝑡𝑢𝑟𝑛)

• = 𝐶𝐴𝐷$100.00 × (100.00% + 56.00% + 5.00% × (67.00% −56.00%)) = 𝐶𝐴𝐷$156.55

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Disclaimer

This document should be read in conjunction with Bank of Montreal’s short form base shelf prospectus dated May 25, 2023 (the “base shelf prospectus”), the autocallable notes prospectus supplement dated May 25, 2023 (the “autocallable product supplement”) and amended and restated pricing supplement No. 67 dated September 21, 2023 (the “pricing supplement”), each as amended or supplemented.

Amounts paid to you will depend on the performance of the reference asset. The notes are not designed to be alternatives to fixed income or money market investments. Bank of Montreal does not guarantee that you will receive any return or repayment of your principal investment in the notes at maturity, subject to the minimum payment amount of CAD $1.00 per note. The notes provide contingent protection only, meaning that you could lose some or substantially all of your principal investment in the notes if the final reference asset level is below 70.00% on the final valuation date. See “Certain Risk Factors” in the base shelf prospectus, “Risk Factors” in the autocallable product supplement and “Risk Factors” in the pricing supplement.

Prospective purchasers should carefully consider all of the information set forth in the pricing supplement, the autocallable product supplement and the base shelf prospectus and, in particular, should evaluate the specific risk factors set forth under “Risk Factors” in the autocallable product supplement and “Risk Factors” in the pricing supplement.

BMO Nesbitt Burns Inc. is a wholly-owned subsidiary of Bank of Montreal. As a result, Bank of Montreal is a “related issuer” of BMO Nesbitt Burns Inc. for the purposes of National Instrument 33-105 — Underwriting Conflicts . See “Plan of Distribution” in the autocallable product supplement and “Supplemental Plan of Distribution” in the pricing supplement.

The notes have not been and will not be rated. 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 notes will not be deposits that are insured under the Canada Deposit Insurance Corporation Act or any other deposit insurance regime designed to ensure the payment of all or a portion of a deposit upon the insolvency of the deposit taking financial institution. See “Description of the notes — Ranking” in the autocallable product supplement.

The above summary is for information purposes only and does not constitute an offer to sell or a solicitation to purchase notes. The offering and sale of notes may be prohibited or restricted by laws in certain jurisdictions. Notes may only be purchased where they may be lawfully offered for sale and only through individuals qualified to sell them. Unless the context otherwise requires, terms not defined herein will have the meaning ascribed thereto in the pricing supplement. A copy of the pricing supplement, the autocallable product supplement and the base shelf prospectus can be obtained at www.sedarplus.ca.

The Solactive Equal Weight Canada Bank 21 AR Index is owned, calculated, administered and published by Solactive AG (“Solactive”) assuming the role as administrator (the “index sponsor”) under the Regulation (EU) 2016/1011. The name “Solactive” is a registered trademark of Solactive. Solactive is registered with and regulated by the German Federal Financial Supervisory Authority (“BaFin”). The reference asset is a product of Solactive, its affiliates and/or its third-party licensors and has been licensed for use by Bank of Montreal and its affiliates. The notes are not sponsored, endorsed, sold or promoted by Solactive, or any of its respective affiliates. Neither Solactive, nor its respective affiliates, make any representation regarding the advisability of investing in such product(s).

“BMO (M-bar roundel symbol)”, “BMO” and “BMO Capital Markets” are registered trademarks of Bank of Montreal used under license.

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