蒙特利尔银行美股招股说明书(2025-12-16版)

Subject to Completion, dated December 15, 2025Pricing Supplement dated December , 2025 (To Product Supplement No. RLN-1 dated March 25, 2025, ProspectusSupplement dated March 25, 2025 and Prospectus dated March 25, 2025) $ Terms of the Notes Interest Payment Dates: Interest Period: Interest Rate: The Notes involve risks not associated with an investment in conventional debt securities. See “Selected Risk Considerations” beginning on page PS-4 hereinand “Risk Factors” beginning on page PS-5 of the accompanying product supplement, page S-2 of the prospectus supplement and page 9 of the prospectus.The Notes are the unsecured obligations of Bank of Montreal, and, accordingly, all payments on the Notes are subject to the credit risk of Bank of Montreal. If Bank of Montreal defaults on its obligations, you could lose some or all of your investment. The Notes are not insured by the Federal Deposit Insurance Corporation, the DepositInsurance Fund, the Canada Deposit Insurance Corporation or any other governmental agency.Neither the Securities and Exchange Commission nor any state securities commission or other regulatory body has approved or disapproved of these Notes or passed upon the accuracy or adequacy of this pricing supplement or the accompanying product supplement, prospectus supplement and prospectus. Any representation to thecontrary is a criminal offense. (1)The original issue price for an eligible institutional investor and an investor purchasing the Notes in a fee-based advisory account will vary based on then-current market conditions and the negotiated price determined at the time of each sale; provided, however, the original issue price for such investors will notbe less than $985.00 per Note and will not be more than $1,000 per Note. The original issue price for such investors reflects a foregone selling concessionwith respect to such sales as described below. selected dealers a selling concession of up to $15.00 per Note depending on market conditions that are relevant to the value of the Notes at the time an orderto purchase the Notes is submitted to BMOCM. Dealers who purchase the Notes for sales to eligible institutional investors and fee-based advisory accountsmay forgo some or all selling concessions. See “Supplemental Plan of Distribution” below. BMO CAPITAL MARKETS ADDITIONAL INFORMATION ABOUT THE ISSUER AND THE NOTES You should read this pricing supplement together with product supplement no. RLN-1 dated March 25, 2025, the prospectussupplement dated March 25, 2025 and the prospectus dated March 25, 2025 for additional information about the Notes. To the extentthat disclosure in this pricing supplement is inconsistent with the disclosure in the product supplement, prospectus supplement orprospectus, the disclosure in this pricing supplement will control. Certain defined terms used but not defined herein have the meanings Our Central Index Key, or CIK, on the SEC website is 927971. When we refer to “we,” “us” or “our” in this pricing supplement, werefer only to Bank of Montreal. You may access the product supplement, prospectus supplement and prospectus on the SEC website www.sec.gov as follows (or ifsuch address has changed, by reviewing our filings for the relevant date on the SEC website): Product Supplement No. RLN-1 dated March 25, 2025:https://www.sec.gov/Archives/edgar/data/927971/000121465925004720/u321250424b2.htmProspectus Supplement and Prospectus dated March 25, 2025: PS-2 AGREEMENT WITH RESPECT TO THE EXERCISE OF CANADIAN BAIL-IN POWERS By its acquisition of the Notes, each holder or beneficial owner of that Note is deemed to (i) agree to be bound, in respect of that Note,by the CDIC Act, including the conversion of that Note, in whole or in part—by means of a transaction or series of transactions and inone or more steps— into common shares of Bank of Montreal or any of its affiliates under subsection 39.2(2.3) of the CDIC Act andthe variation or extinguishment of that Note in consequence, and by the application of the laws of the Province of Ontario and thefederal laws of Canada applicable therein in respect of the operation of the CDIC Act with respect to that Note; (ii) attorn and submitto the jurisdiction of the courts in the Province of Ontario with respect to the CDIC Act and those laws; (iii) have represented andwarranted that Bank of Montreal has not directly or indirectly provided financing to the holder or beneficial owner of the bail-inable Holders and beneficial owners of any Note will have no further rights in respect of that Note to the extent that Note is converted in abail-in conversion, other than those provided under the bail-in regime, and by its acquisition of an interest in any Note, each holder orbeneficial owner of that Note is deemed to irrevocably consent to the converted portion of the Principal Amount of that Note and anyaccrued and unpaid interest thereon being deemed paid in full by Bank of Montreal by the issuance of common s