蒙特利尔银行美股招股说明书(2026-02-24版)

Subject to Completion, dated February 23, 2026Pricing Supplement dated March , 2026 (To Product Supplement No. RLN-1 dated March 25, 2025, ProspectusSupplement dated March 25, 2025 and Prospectus dated March 25, 2025) 5.00% per annum. See “General Terms of the Notes—Fixed Rate Notes” in the accompanying product supplement for a discussion ofthe 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 Interest Rate: Optional Redemption: Semi-annually on the 11thday of each March and September, commencing September 11, 2027 and ending September 11, 2038. 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 $980.00 per Note and will not be more than $1,000 per Note. The original issue price for such investors reflects a foregone selling concession with respect to such sales as described below.(2)BMO Capital Markets Corp. (“BMOCM”) will receive discounts and commissions of up to $20.00 per Note, and from such underwriting discount will allow selected dealers a selling concession of up to $20.00 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