CHANGING MAXIMUM ORDER SIZE FOR THE FIVE YEAR (CGF) AND TWO-YEAR (CGZ) GOVERNMENT OF CANADA BOND CALENDAR ROLL SPREAD

Bourse de Montréal Inc. (the "Bourse") hereby announces that it will be increasing the maximum order size for the benefit of the Five-Year and Two-year Government of Canada Bond Futures Calendar Spread market hereinafter. In the Bourse's current trading environment, the maximum order quantity for the CGF and CGZ calendar roll spread is 9,999 contracts. At the request of numerous participants and in light of the product's liquidity growth in recent years, the Bourse has decided to increase the maximum order quantity from the current 9,999 to 24,999 contracts. This will permit Approved Participants (APs) to enter these large orders as a single transaction. The changes to the Bourse's trading system will be performed after the close of the market on Friday, July 11, 2025 and will be effective at the opening of the market on Monday, July 14, 2025.

Please note that notwithstanding the changes to the maximum order quantity described above, APs are both responsible for ensuring that position limits on the affected instruments are respected and that controls are in place to mitigate the risks associated with order entry (fat finger) errors.

Regards,