蒙特利尔银行美股招股说明书(2026-04-08版)

Bank of Montreal Senior Medium-Term Notes, Series K$10,050,000 The notes do not bear interest.The amount that you will be paid on your notes on the stated maturity date (September 3, 2027, subject topostponement) is based on the performance of the iShares®MSCI South Africa ETF as measured from the strike date (April 1, 2026) to andincluding the determination date (September 1, 2027, subject to postponement).If the final underlier level on the determination date is greater than or equal to the threshold level of 75.00% of the initial underlier level ($68.82, which was the closing price of the underlier on the strike date), the return on your notes will be positive and you will receive, foreach $1,000 principal amount of your notes, the threshold settlement amount of $1,194.00. However, if the final underlier level is less thanthe threshold level, the return on your notes will be negative and you will lose approximately 1.3333% of the principal amount of your notesfor every 1% that the final underlier level has declined below the threshold level.You could lose some, or all, of the principal amount ofyour notes.To determine your payment at maturity, we will calculate the underlier return, which is the percentage increase or decrease in the final underlier level from the initial underlier level. On the stated maturity date, for each $1,000 principal amount of your notes, you will receive anamount in cash equal to:●if the underlier return isgreater than or equal to-25.00% (the final underlier level isgreater than or equal to75.00% of the initial underlier level), the threshold settlement amount; or●if the underlier return isnegativeand isbelow-25.00% (the final underlier level isless thanthe initial underlier level by more than25.00%), thesumof (i) $1,000plus(ii) theproductof (a) $1,000times(b) the buffer rate of approximately 133.33%times(c) thesum ofthe underlier returnplus25.00%.This amount will be less than $1,000 and could be zero.The notes will not be listed on any securities exchange and are designed to be held to maturity. The estimated initial value of the notes determined by us as of the trade date, which we refer to as the initial estimated value, is $984.90 per $1,000 principal amount of notes, which is less than the original issue price. However, as discussed in more detail in thispricing supplement, the actual value of the notes at any time will reflect many factors and cannot be predicted with accuracy. See“Estimated Value of the Notes” in this pricing supplement.The notes involve risks not associated with an investment in conventional debt securities. See “Selected Risk Considerations” beginning on page PS-9 herein and “Risk Factors” beginning on page PS-5 of the accompanying product supplement, page S-2 of theprospectus 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 theFederal Deposit Insurance Corporation, the Deposit Insurance Fund, the Canada Deposit Insurance Corporation or any other governmentalagency.The notes are not bail-inable notes and are not subject to conversion into our common shares or the common shares of any of our affiliates under subsection 39.2(2.3) of the Canada Deposit Insurance Corporation Act.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, underlyingsupplement, prospectus supplement and prospectus. Any representation to the contrary is a criminal offense.Underwriting BMO CAPITAL MARKETS Terms of the Notes $68.82, the closing price of the underlier on the strike date. The initial underlier level isnotthe closing priceof the underlier on the trade date. thequotientof (i)the final underlier levelminusthe initial underlier leveldividedby (ii) the initial underlierlevel, expressed as a percentage Closing price has the meaning set forth under “General Terms of the Notes—Certain Terms for Notes Linkedto a Fund or an Underlying Stock—Certain Definitions” in the accompanying product supplement. BMO Capital Markets Corp. (“BMOCM”) For a discussion of material U.S. federal income tax consequences and Canadian federal income taxconsequences of the ownership and disposition of the notes, see “United States Federal Income TaxConsiderations” below and the sections of the product supplement entitled “United States Federal IncomeTax Considerations” and “Canadian Federal Income Tax Consequences.” The determination date is subject to postponement due to non-scheduled trading days and the occurrence of amarket disruption event. In addition, the stated maturity date will be postponed if the determi