蒙特利尔银行美股招股说明书(2026-04-15版)

US$5,000,000Senior Medium-Term Notes, Series KMarket Linked Notes due March 17, 2031Linked to the Dow Jones Industrial Average® ●The notes provide a return based on the performance of the Reference Asset as measured based on the Final Level compared to the InitialLevel.●The Initial Level will equal the arithmetic average of the closing levels of the Reference Asset on each trading day in the period from, andincluding, April 10, 2026 to, and including, June 17, 2026, and the Final Level will equal the arithmetic average of the closing levels of theReference Asset on each trading day in the period from, and including, December 10, 2030 to, and including, the Final Valuation Date (eachtrading day in such periods, a “Valuation Date”).●The payment at maturity will not exceed the Maximum Redemption Amount. The Maximum Redemption Amount is $1,716.60 for each$1,000 in principal amount (a 71.66% return on the notes).●If the Final Level of the Reference Asset is greater than or equal to 104.00% of the Initial Level (the “Upper Strike Level”), but less than142.00% of the Initial Level (the “Cap Level”), investors will participate at a rate of 1.69% for each 1% that the Final Level of the ReferenceAsset exceeds the Upper Strike Level.●If the Final Level of the Reference Asset is greater than or equal to 96.00% of the Initial Level (the “Lower Strike Level”), but less than theUpper Strike Level, investors will participate at a rate of 0.93% for each 1% that the Final Level of the Reference Asset exceeds the LowerStrike Level.●If the Final Level of the Reference Asset is lower than the Lower Strike Level, but greater than or equal to 92.00% of the Initial Level (the“Barrier Level”), investors will lose 2.00% of the principal amount for each 1% that the Final Level of the Reference Asset declines from theInitial Level in excess of 4.00%. In such a case, you will receive a cash amount at maturity that is less than the principal amount, and maylose up to 8.00% of your principal amount at maturity.●If the Reference Asset decreases by more than 8.00% from the Initial Level, investors will lose 1% of the principal amount for each 1%decrease in the level of the Reference Asset from the Initial Level to the Final Level. In such a case, you will receive a cash amount atmaturity that is less than the principal amount, and may lose up to 100% of your principal amount at maturity.●Investing in the notes is not equivalent to a hypothetical direct investment in the Reference Asset.●The notes do not bear interest. The notes will not be listed on any securities exchange.●All payments on the notes are subject to the credit risk of Bank of Montreal.●The notes will be issued in minimum denominations of $1,000 and integral multiples of $1,000.●The CUSIP number of the notes is06376KPA0.●Our subsidiary, BMO Capital Markets Corp. (“BMOCM”), is the agent for this offering. See “Supplemental Plan of Distribution (Conflicts ofInterest)” below.●The notes will not be subject to conversion into our common shares or the common shares of any of our affiliates under subsection39.2(2.3) of the Canada Deposit Insurance Corporation Act (the “CDIC Act”). Terms of the Notes: 1The total “Agent’s Commission” and “Proceeds to Bank of Montreal” specified above reflect the aggregate amounts at the time Bank of Montreal established its hedge positions on or prior tothe Pricing Date, which may have been variable and fluctuated depending on market conditions at such times. Certain dealers who purchased the notes for sale to certain fee-based advisoryaccounts may have foregone some or all of their selling concessions, fees or commissions. The public offering price for investors purchasing the notes in these accounts was between $998.75and $1,000 per $1,000 in principal amount. Investing in the notes involves risks, including those described in the “Selected Risk Considerations” section beginning on page P-5 hereof, the “Additional Risk FactorsRelating to the Notes” section beginning on page PS-5 of the product supplement, and the “Risk Factors” section beginning on page S-1 of the prospectus supplement and on page8 of the prospectus. Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these notes or passed upon the accuracy of this document, theproduct supplement, the prospectus supplement or the prospectus. Any representation to the contrary is a criminal offense. The notes will be our unsecured obligations and will not be savingsaccounts or deposits that are insured by the United States Federal Deposit Insurance Corporation, the Deposit Insurance Fund, the Canada Deposit Insurance Corporation or any othergovernmental agency or instrumentality or other entity. On the date hereof, based on the terms set forth above, the estimated initial value of the notes is $983.13 per $1,000 in principal amount. However, as discussed in more detail below, theactual value of the notes at any time will reflect many