蒙特利尔银行美股招股说明书(2025-12-18版)

Subject to Completion, dated December 17, 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 Issuer:Principal Amount:Trade Date: Bank of Montreal$1,000 per NoteDecember 30, 2025January 2, 2026January 2, 2036. The Notes are subject to redemption by Bank of Montreal prior to the Stated Maturity Date as set forth below under“Optional Redemption.” The Notes are not subject to repayment at the option of any holder of the Notes prior to the Stated Maturity Payment at Maturity: Unless redeemed prior to maturity by Bank of Montreal, a holder will receive on the Stated Maturity Date a cash payment in U.S.dollars equal to $1,000 per Note, plus any accrued and unpaid interest.Semi-annually on the 2nd Interest Payment Dates: day of each January and July, commencing July 2, 2026, and ending on the Stated Maturity Date or OptionalRedemption Date, if applicable. Interest Period: With respect to an Interest Payment Date, the period from, and including, the immediately preceding Interest Payment Date (or, in thecase of the first Interest Period, the Issue Date) to, but excluding, that Interest Payment Date.4.95% per annum. See “General Terms of the Notes—Fixed Rate Notes” in the accompanying product supplement for a discussion of Interest Rate: the manner in which interest on the Notes will be calculated, accrued and paid.The Notes are redeemable by Bank of Montreal, in whole, but not in part, on the Optional Redemption Dates, at 100% of their Optional Redemption: Principal Amount plus accrued and unpaid interest to, but excluding, the redemption date. Bank of Montreal will give notice to theholders of the Notes at least 5 business days and not more than 30 business days prior to the Optional Redemption Date in the mannerdescribed in the accompanying prospectus supplement under “Description of the Notes We May Offer—Notices.” Optional RedemptionDates:Day Count Convention:Listing: Semi-annually on the 2ndday of each January and July, commencing January 2, 2028 and ending June 2, 2035. The Notes are bail-inable notes (as defined in the accompanying prospectus supplement) and are subject to conversion in whole or inpart—by means of a transaction or series of transactions and in one or more steps—into common shares of Bank of Montreal or any ofits affiliates under subsection 39.2(2.3) of the Canada Deposit Insurance Corporation Act (the “CDIC Act”) and to variation orextinguishment in consequence, and subject to the application of the laws of the Province of Ontario and the federal laws of Canada 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 passedupon the accuracy or adequacy of this pricing supplement or the accompanying product supplement, prospectus supplement and prospectus. Any representation to the (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 $990.00 per Note and will not be more than $1,000 per Note. The original issue price for such investors reflects a foregone selling concession (2)BMO Capital Markets Corp. (“BMOCM”) and Citigroup Global Markets Inc. (“CGMI”) are the agents in connection with the sale of the notes. The agentswill receive discounts and commissions of up to $10.00 per Note, and from such underwriting discount will allow selected dealers a selling concession of upto $10.00 per Note depending on market conditions that are relevant to the value of the Notes at the time an order to purchase the Notes is submitted to suchagent. Dealers who purchase the Notes for sales to eligible institutional investors and fee-based advisory accounts may forgo some or all selling concessions. CITIGROUP GLOBAL MARKETS ADDITIONAL INFORMATION ABOUT THE ISSUER AND THE NOTES You should read this pricing supplement together with product supplement no. RLN-