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\n \n

2026年10月7日定价补充文件

（针对2025年3月25日发布的

基础补充文件 No. ELN-1，日期为2025年3月25日，

2025年3月25日招股说明书补充文件

及2025年3月25日招股说明书）

根据第 424(b)(2) 条提交

注册声明编号 333-285508

$4,462,300\n蒙特利尔银行阶梯式触发自动赎回票据

与表现最差的罗素 2000^® 指数、\n标普 500^® 指数和 EURO STOXX 50^® 指数挂钩，到期日为 2029 年 10 月 11 日

\n \n \n

投资说明

The Step Down Trigger Autocallable Notes (the\n“Notes”) are senior unsecured debt securities issued by Bank of Montreal (the “Issuer”) linked to\nthe least performing of the Russell 2000^® Index, the S&P 500^® Index and the EURO STOXX 50^®\nIndex (each an “Underlier” and together the “Underliers”). If the Closing Value of each Underlier\non any Observation Date is greater than or equal to its Autocall Barrier applicable to that Observation Date, the Notes will be automatically\ncalled, and the Issuer will pay you a Call Price equal to the Principal Amount of the Notes plus the Call Return applicable to the relevant\nObservation Date. With respect to each Observation Date prior to the Final Valuation Date, the Autocall Barrier for each Underlier is\nequal to its Initial Underlier Value and, with respect to the Final Valuation Date, the Autocall Barrier for each Underlier is equal to\nits Downside Threshold. No further payments will be made on the Notes once they have been automatically called. The Call Return increases\nbased on the per annum Call Return Rate for each additional quarter the Notes remain outstanding. However, if the Notes are not automatically\ncalled, which means that the Final Underlier Value of at least one Underlier is less than its Downside Threshold, the Issuer will pay\nyou a cash payment at maturity that is less than the Principal Amount, if anything, resulting in a percentage loss on the Principal Amount\nof the Notes equal to the negative Underlier Return of the Underlier with the lowest Underlier Return (the “Least Performing\nUnderlier”). In this case, you will have full downside exposure to the Least Performing Underlier from its Initial Underlier\nValue to its Final Underlier Value, and will lose a significant portion, and possibly all, of your initial investment. Investing in\nthe Notes involves significant risks. You may lose a significant portion or all of your initial investment. You will be exposed to the\nmarket risk of each Underlier and any decline in the value of one Underlier may negatively affect your return and will not be offset or\nmitigated by a lesser decline or any potential increase in the value of any other Underlier. The Final Underlier Value of each Underlier\nis observed relative to its Downside Threshold only on the Final Valuation Date, and the contingent repayment of principal feature applies\nonly if you hold the Notes to maturity. Generally, the higher the Call Return Rate on a Note, the greater the risk of loss on that Note.\nYour potential return on the Notes is limited to any Call Return paid on the Notes, and you will not participate in any appreciation of\nany Underlier and will not receive any dividends on the securities included in any Underlier. Any payment on the Notes, including any\npayment of the Principal Amount at maturity, is subject to the credit of Bank of Montreal. If Bank of Montreal were to default on its\npayment obligations, you might not receive any amounts owed to you under the Notes and you could lose your entire investment.

\n \n \n

Features

自动呼叫：如果任何观察日每个相关资产的收盘价大于或等于该观察日适用的自动呼叫障碍价，该票据将被自动呼叫，发行人将向您支付等于票据本金金额加上适用于相关观察日的呼叫回报的呼叫价格。对于最终估值日之前的每个观察日，每个相关资产的自动呼叫障碍价等于其初始相关资产价值，而对于最终估值日，每个相关资产的自动呼叫障碍价等于其下行阈值。一旦票据被自动呼叫，将不再向票据支付任何进一步的款项。如果票据持续有效，每额外季度，呼叫回报将增加。

到期时的或有下行风险：如果票据未被自动呼叫，即至少有一个相关资产的最终相关资产价值低于其下行阈值，发行人将在到期时支付的金额将少于本金金额，如果有的话，这将导致您投资的百分比损失等于最差表现相关资产的负相关资产回报。您可能会损失初始投资的大部分或全部。票据的任何支付，包括到期时的本金金额支付，均受加拿大丰业银行信用状况的影响。

\n \n \n \n\n

关键日期

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

交易日：	2026年10月7日
结算日：	2026年10月9日
观察日¹：	每季度（一年后开始）（见PS-7页）
最终估值日¹：	2029年10月9日
到期日¹：	2029年10月11日

可能推迟。详见本定价补充文件第PS-5页的“票据条款”部分。

致投资者的提示：该票据比传统债务工具风险显著更高。发行人不一定有义务在到期时偿还票据的全部本金金额，该票据可能具有最差表现相关资产的全部下行市场风险。\n这种市场风险是在购买发行人债务义务时固有的信用风险之外的。如果您不了解或不熟悉投资该票据所涉及的重大风险，请不要购买该票据。

您应仔细考虑本文第PS-9页开始的“选择性风险考虑因素”以及随附产品补充文件第PS-5页、招股说明书补充文件第S-2页和招股说明书第9页开始的“风险因素”中描述的风险。与这些风险或其他风险和不确定性有关的事件可能会对您票据的市场价值和回报产生不利影响。您可能会损失初始投资的大部分或全部。该票据不会在任何证券交易所上市。

\n \n \n

票据发行

我们正在提供与表现最差的 Russell 2000^® 指数、S&P 500^® 指数和 EURO STOXX 50^® 指数挂钩的阶梯式触发自动赎回票据。每个标的的初始标的价值为其交易日收盘价（定义见下文）。对于最终估值日之前的每个观察日，每个标的的自动赎回障碍等于其初始标的价值；对于最终估值日，每个标的的自动赎回障碍等于其下行阈值。该票据的最低投资额为 1,000 美元（100 张票据）。

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

标的	赎回回报 \n利率*	初始 \n标的 \n价值	自动赎回障碍	下行阈值**	CUSIP/ ISIN
Russell 2000^® 指数 (RTY)	12.34% 每年	2,793.204	如上所述	1,955.24，即其初始标的价值的 70%	\n 06368N367 / \n US06368N3677
S&P 500^® 指数 (SPX)	7,801.77	如上所述	5,461.24，即其初始标的价值的 70%
EURO STOXX 50^® 指数 (SX5E)	6,180.29	如上所述	4,326.20，即其初始标的价值的 70%

* 赎回回报根据票据剩余未偿付的每个季度，按每年赎回回报率增加。每个观察日适用的赎回回报列于本定价补充文件中的“票据条款——赎回回报/赎回回报率”下。

** 关于 Russell 2000^® 指数，四舍五入至三位小数；关于 S&P 500^® 指数和 EURO STOXX 50^® 指数，四舍五入至两位小数。

在本定价补充文件发布之日，票据的估计初始价值为每张票据 9.91 美元。正如本定价补充文件中更详细讨论的那样，票据在任何时间的实际价值将反映许多因素，无法准确预测。请参阅本定价补充文件中的“票据估计价值”。

票据是蒙特利尔银行的未担保债务，因此，票据的所有付款均受蒙特利尔银行的信用风险影响。如果蒙特利尔银行未能履行其义务，您可能会损失部分或全部投资。票据不受联邦存款保险公司、存款保险基金、加拿大存款保险公司或任何其他政府机构的保险。

票据不是可 bail-in 的票据，且根据加拿大存款保险公司法第 39.2(2.3) 款，票据不受转换为我们的普通股或任何关联公司的普通股的约束。

证券交易委员会或任何州证券委员会或其他监管机构均未批准或否决这些票据，也未对本定价补充文件或随附的产品补充文件、基础补充文件、招股说明书补充文件和招股说明书的内容准确性或充分性进行审查。任何相反的表示均属犯罪行为。

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	原始发行价格	承销折扣⁽¹⁾	支付给蒙特利尔银行的款项
每张票据	$10.00	$0.00	$10.00
总计	$4,462,300.00	$0.00	$4,462,300.00

(1)

BMO Capital Markets Corp. (“BMOCM”)，我们的子公司，以及 UBS Financial Services Inc.\n(“UBS”) 是票据的分销代理。UBS 已通知我们，票据的所有销售都将以原始发行价向某些基于费用的咨询账户进行，UBS 将不收取销售\n佣金。有关更多信息，请参阅本定价补充文件中的“补充分销计划”。

\n \n \n \n

UBS Financial Services Inc.

BMO Capital Markets

\n \n \n

票据的估计价值

我们对票据的估计初始\n价值等于以下假设组成部分的价值之和：

与票据期限相同的固定收益债务组成部分，\n使用我们内部融资利率对结构化票据进行估值；以及

一项或多笔与票据经济条款相关的\n衍生品交易。

用于确定初始估计价值的内部融资利率\n通常代表对我们传统固定利率债务信用利差的折价。这些衍生品交易的价值源自我们内部定价模型。这些模型基于可比衍生工具的\n交易市场价格等因素以及其他输入数据，包括波动率、股息率、利率和其他因素。因此，票据的估计初始价值基于计算时的市场条件。

有关\n票据初始估计价值的更多信息，请参阅下方的“选定的风险考虑因素”。

PS-2

\n \n \n

关于发行人和票据的补充信息

您应将本定价\n补充文件与产品补充文件编号 ELN-1（日期：2025 年 3 月 25 日）、基础补充文件编号 ELN-1（日期：2025 年 3 月 25 日）、\n招股说明书补充文件（日期：2025 年 3 月 25 日）以及招股说明书（日期：2025 年 3 月 25 日）一并阅读，以获取有关票据的更多信息。如果本定价补充文件中的披露与产品补充文件、基础补充文件、\n招股说明书补充文件或招股说明书中的披露不一致，则本定价补充文件中的披露为准。本文件中使用但未在此定义的某些定义术语具有产品补充文件、招股说明书补充文件或招股说明书中规定的含义。

我们在 SEC 网站上的中央索引键\n或 CIK 为 927971。在本定价补充文件中，当我们提到“我们”、“我们”或“我们的”时，我们仅指 Bank of Montreal。

您可以通过以下方式\n在 SEC 网站 www.sec.gov 上访问产品补充文件、基础补充文件、招股说明书补充文件和招股说明书（或如果该地址已更改，请通过查看我们在 SEC 网站上相关日期的备案文件）：

产品补充文件编号 ELN-1，日期 2025 年 3 月 25 日：

https://www.sec.gov/Archives/edgar/data/927971/000121465925004723/o321252424b2.htm

基础补充文件编号 ELN-1，日期 2025 年 3 月 25 日：

https://www.sec.gov/Archives/edgar/data/927971/000121465925004728/r321250424b2.htm

招股说明书补充文件和招股说明书，日期 2025 年 3 月 25 日：

https://www.sec.gov/Archives/edgar/data/927971/000119312525062081/d840917d424b5.htm

PS-3

\n \n \n

投资者适当性

如果满足以下条件，票据可能适合您：

您充分了解投资票据所固有的风险，包括\n您全部投资面临损失的风险。

你可以承受损失大部分或全部初始投资的风险，并且你愿意承担可能具有表现最差标的物全部下行市场风险的投资。

你愿意并有能力接受每个标的物的单独市场风险，并理解任何标的物价值的下跌都不会被其他标的物价值的较小下跌或任何潜在上涨所抵消或减轻。

你认为在任何观察日每个标的物的收盘价值很可能大于或等于适用于该观察日的自动赎回障碍，如果不是，你可以承受损失大部分或全部投资的风险。

你理解并接受你不会参与任何标的物价值的任何增值，你的潜在回报仅限于票据上支付的任何赎回回报。

你可以承受票据到期前可能类似于或超过标的物价值下行波动的价格波动。

你愿意投资可能被提前自动赎回的票据，并且你愿意并有能力持有票据至到期日，并接受票据可能几乎没有或根本没有二级市场。

你愿意根据定价补充文件封面上指定的赎回回报率投资票据。

你不寻求此项投资的当前收入，并且你愿意放弃标的物中包含的证券支付的任何股息。

你理解并愿意接受与每个标的物相关的风险。

你愿意并有能力承担蒙特利尔银行作为票据发行人的信用风险，以支付票据项下的所有款项，并理解如果蒙特利尔银行违约，你可能无法收到到期时应付的任何金额，包括本金金额的支付。

如果您不适合投资票据，原因可能是：

你不完全理解投资票据固有的风险，包括损失全部投资的风险。

你无法承受损失大部分或全部初始投资的风险，或者你不愿意承担可能具有表现最差标的物全部下行市场风险的投资。

你不愿意或无法接受每个标的物的单独市场风险，或者不理解任何标的物价值的下跌都不会被其他标的物价值的较小下跌或任何潜在上涨所抵消或减轻。

你不认为在任何观察日每个标的物的收盘价值很可能大于或等于适用于该观察日的自动赎回障碍，或者你无法承受损失大部分或全部投资的风险。

你寻求一种参与标的物全部增值的投资，而你的潜在回报并不限于票据上支付的任何赎回回报。

你无法承受票据到期前可能类似于或超过标的物价值下行波动的价格波动。

你无法或不愿意持有可能被提前自动赎回的票据，或者你无法或不愿意持有票据至到期日，或者你寻求一种将有活跃二级市场的投资。

您不愿根据本定价补充文件封面上指定的赎回率投资票据。

您希望从本次投资中获得当前收益，或更倾向于收取纳入基础资产证券的任何股息。

您不理解或不愿接受与每个基础资产相关的风险。

您偏好较低的风险，因此接受期限和信用评级相当的固定收益投资的潜在较低回报。

您不愿或无法承担蒙特利尔银行作为票据发行人的信用风险，包括票据项下所有付款，包括到期时支付的本金金额。

上述考虑因素并非详尽无遗。票据是否适合您投资将取决于您的个人情况，您应在您及您的投资、法律、税务、会计及其他顾问仔细考虑您的具体情况后，再对投资票据做出决定。您还应仔细审阅本文件中标题为“选定的风险考虑因素”的章节以及随附产品补充文件中的“风险因素”章节，以了解与投资票据相关的风险。有关基础资产的更多信息，请参阅下文标题为“Russell 2000^® 指数”、“S&P 500^® 指数”和“EURO STOXX 50^®\n指数”的章节。

PS-4

\n \n \n

票据条款

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

发行人：	蒙特利尔银行
原始发行 \n价格：	票据本金金额的 100%
本金金额：	每张票据 10 美元
基础资产：	Russell 2000^® 指数（Bloomberg 股票代码：RTY）、S&P 500^® 指数（Bloomberg 股票代码：SPX）和 EURO STOXX 50^® 指数（Bloomberg 股票代码：SX5E）
期限：	大约 3 年，除非提前自动赎回
自动赎回 \n条款：	如果在任何观察日的每个基础资产的收盘价大于或等于适用于该观察日的自动赎回障碍，票据将被自动赎回，发行人将向您支付等于票据本金金额加上适用于相关观察日的赎回价的赎回价。票据一旦被自动赎回，将不再进行任何付款。
观察 \n日期：	每季度。详见下文“观察日期/赎回结算日期/赎回率/赎回价”。
赎回结算 \n日期：	每季度。详见下文“观察日期/赎回结算日期/赎回率/赎回价”。
赎回价：	\n 每张票据的赎回价将基于适用于相关观察日的赎回率计算，计算方法如下： \n \n $10 + ($10 × 适用赎回率) \n
赎回率/赎回 \n收益率：	\n 赎回率根据票据持续存续的每增加一个季度而增加的年赎回率计算。年赎回率等于 12.34%。 \n\n\n 详见下文“观察日期/赎回结算日期/赎回\n 率/赎回价”。 \n
到期 \n付款：	\n 如果未自动赎回，这意味着至少一个标的的最终标的价值低于其下行阈值，发行人将在到期时偿还少于本金金额，甚至可能不偿还，导致您的投资亏损幅度等于表现最差的标的的负回报率。因此，每份票据的到期付款额将计算如下： \n \n $10 + ($10 × 表现最差的标的的回报率) \n \n 如果未自动赎回，这意味着至少一个标的的最终标的价值低于其下行阈值，您的投资将完全暴露于表现最差的标的的下跌风险，您将在到期时损失初始投资的大部分或全部。 \n
标的回报率：	\n 关于每个标的： \n \n 最终标的价值 – 初始标的价值 \n 初始标的价值 \n
表现最差标的：	标的回报率最低的标的
初始标的价值：	关于每个标的，其在交易日收盘时的价值，如定价补充文件封面上所述。
最终标的价值：	关于每个标的，其在最终估值日的收盘价值
收盘价值：	关于每个标的，收盘价值具有与“一般条款——与指数挂钩的票据——特定定义”下规定的“收盘水平”相同的含义，该定义见于随附的产品补充文件。
自动赎回障碍：	关于最终估值日之前的每个观察日，对于每个标的，自动赎回障碍等于其初始标的价值；关于最终估值日，自动赎回障碍等于其下行阈值，如定价补充文件封面上所述。
下行阈值：	关于每个标的，其初始标的价值的 70%，如定价补充文件封面上所述
计算代理人：	BMO Capital Markets Corp. (“BMOCM”)

PS-5

\n \n \n \n

市场
中断
事件及
延期
条款：

每个观察日（包括最终估值日）均可能因非交易日和市场中断事件的发生而延期。此外，如果紧接的前一个观察日被延期，则适用时，结算日或到期日也将被延期，并会根据非交易日进行调整。

\n \n

关于对观察日、最终估值日、结算日和到期日的调整，请参阅随附产品补充文件中的“一般条款——市场中断事件的影响；估值日期的延期——与多个标的挂钩的票据”和“——付款日期”。就随附产品补充文件而言，每个观察日和最终估值日均为“估值日”，每个结算日和到期日均为“付款日期”。此外，关于可能导致市场中断事件的情况，请参阅随附产品补充文件中的“一般条款——与指数挂钩的票据——特定条款——市场中断事件”。

PS-6

\n \n \n

观察日/结算日/赎回回报/赎回价格

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

观察日*	结算日*	回拨	赎回价格（每张票据）
2027年10月12日	2027年10月14日	本金金额的12.340%	$11.2340
2028年1月7日	2028年1月11日	本金金额的15.425%	$11.5425
2028年4月7日	2028年4月11日	本金金额的18.510%	$11.8510
2028年7月7日	2028年7月11日	本金金额的21.595%	$12.1595
2028年10月10日	2028年10月12日	本金金额的24.680%	$12.4680
2029年1月8日	2029年1月10日	本金金额的27.765%	$12.7765
2029年4月9日	2029年4月11日	本金金额的30.850%	$13.0850
2029年7月9日	2029年7月11日	本金金额的33.935%	$13.3935
2029年10月9日（“最终估值日”）	2029年10月11日（“到期日”）	本金金额的37.020%	$13.7020

* 可能会延期。

PS-7

\n \n \n

投资时间线

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	\n \n \n 交易日： \n \n \n		观察每个标的的初始标的物价值。在交易日确定每个标的的自动赎回障碍和下行阈值，并设定回拨率。
	$\"\"$
	\n \n \n 观察日： \n \n \n		\n 如果在任何观察日的每个标的的收盘价大于或等于该观察日适用的自动赎回障碍，票据将被自动赎回，发行人将向您支付等于票据本金金额加上该观察日适用的回拨的赎回价格。 \n \n 票据一旦被自动赎回，将不再支付任何款项。
	$\"\"$
	到期日：		\n 在最终估值日观察每个标的的最终标的物价值，并确定每个标的的标的物回报。 \n \n 如果票据未被自动赎回，这意味着至少一个标的的最终标的物价值小于其下行阈值，发行人将在到期时偿还少于本金金额，如果有的话，导致您的投资出现等于表现最差的标的的负标的物回报的百分比损失。因此，每张票据的到期付款将计算如下： \n \n $10 + ($10 × 表现最差的标的的标的物回报) \n \n 如果票据未被自动赎回，这意味着至少一个标的的最终标的物价值小于其下行阈值，您的投资将完全暴露于表现最差的标的的下跌风险，您将在到期时损失很大一部分或全部初始投资。 \n

投资票据涉及重大风险。您可能会损失投资的大部分甚至全部资金。您将面临每只标的资产的市场风险，且任何标的资产的价值下跌都可能对您的回报产生负面影响，而不会因其他标的资产价值较小幅度的下跌或任何潜在增值而得到抵消或缓解。每只标的资产的最终标的资产价值仅在最终估值日相对于其下行阈值进行观察，且本金偿还的或有特征仅在您持有票据至到期时适用。通常，票据的赎回收益率越高，该票据的损失风险就越大。您在票据上的潜在回报仅限于票据上支付的任何赎回收益率，且您不会参与任何标的资产的增值，也不会收到任何标的资产所包含证券的任何股息。票据上的任何支付，包括到期时支付的本金金额，均受发行人信用状况的影响。如果蒙特利尔银行未能履行其支付义务，您可能无法收到票据项下应付给您的任何款项，并可能损失全部投资。

PS-8

\n \n \n

选定的风险考量

票据涉及的风险与投资传统债务证券的风险不同。适用于投资票据的一些风险总结如下，但我们敦促您阅读产品补充说明书和招股说明书补充文件中关于票据风险的更详细说明。您应在仔细考虑您的具体情况后，与您的顾问共同评估投资票据的适宜性，再做出投资决定。

与票据相关的总体风险

如果票据未被自动赎回，您将在到期时损失本金金额的很大一部分，甚至可能是全部。

如果在每个观察日，至少一只标的资产的收盘价低于该观察日适用的自动赎回障碍价，则票据将不会被自动赎回。\n如果票据未被自动赎回，这意味着至少一只标的资产的最终价值低于其下行阈值，则到期时的支付金额将少于本金金额，您将完全承担最差表现标的资产价值从其初始价值下跌的风险，并且最差表现标的资产的最终价值每低于其初始价值 1%，您将损失本金金额的 1%。因此，如果票据未被自动赎回，您将在到期时损失每张票据本金金额的很大一部分，甚至可能是全部。即使票据存续期内最差表现标的资产的价值在某些时候大于或等于其初始价值或下行阈值，也会出现这种情况。

如果票据未被自动赎回，您在票据上的回报将为负，因此将低于如果您购买加拿大蒙特利尔银行发行的具有相同到期日的传统计息债务证券，或由具有类似信用评级的其他发行人发行的具有相同到期日的证券所能获得的回报。

票据的潜在回报仅限于回售回报，可能低于对任何底层资产进行直接投资的回报。

票据的潜在回报仅限于适用的回售回报，无论在任何观察日每个底层资产的表现如何。从交易日到适用的观察日，每个底层资产可能比适用的回售回报所代表的百分比显著增长更多，在这种情况下，票据的投资表现将不如一个假设的替代投资，该替代投资基于相应底层资产的表现提供1:1的回报。此外，您不会收到任何底层资产中包含的证券所支付的股息或其他分配的价值。此外，如果票据在较早的观察日被回售，您将获得比在较晚的观察日被回售时更低的回售回报，因此，如果票据在较早的观察日被回售，您将无法获得最高的潜在回售回报。

票据受每个底层资产的全部风险影响，如果任何底层资产表现不佳，即使其他底层资产表现良好，票据将受到负面影响。

您将承担每个底层资产的全部风险。\n如果任何底层资产表现不佳，您将受到负面影响，即使其他底层资产表现良好。票据并未与由底层资产组成的投资组合挂钩，其中一些底层资产的良好表现可能抵消其他底层资产的不佳表现。相反，您将在每个观察日承担每个底层资产的全部风险。此外，如果票据在任何观察日未被回售，您可能在到期时损失大部分甚至全部本金金额的风险，相比投资于与单个底层资产表现挂钩的类似证券，这种风险更大。您不应投资于票据，除非您了解并愿意接受每个底层资产的全部下行风险。

您不会从表现更好的底层资产的表现中获得任何好处。

尽管每个底层资产必须在相关观察日达到或高于其自动回售障碍，以便票据按适用的回售回报自动回售，并且您在到期时不会损失票据本金的一部分，但您不会从表现更好的底层资产的表现中获得任何好处。由于在这种情况下底层资产的表现将被混合，表现更好的底层资产可能抵消其他底层资产的不佳表现，因此票据可能表现不如与底层资产投资组合挂钩的替代投资。

您将面临由于底层资产之间关系产生的风险。

从您的角度来看，如果底层资产之间存在相关性，那么它们的价值会在相似的时间和相似的幅度上增加或减少。通过投资票据，您将承担底层资产可能不会表现出这种关系的风险。底层资产的相关性越低，在票据期限内任何时候都可能有一个底层资产表现不佳。只要有一个底层资产表现不佳，票据就可能表现不佳；表现较好的底层资产的表现与您在票据上的回报无关。无法预测票据期限内底层资产之间的关系。如果底层资产代表不同的股票市场，这些股票市场在票据期限内可能不会表现相似。

PS-9

您将面临再投资风险。

如果您的票据被自动赎回，票据的期限可能会缩短。如果票据在到期前被自动赎回，无法保证您能够以类似回报和类似风险水平进行再投资。

更高的赎回回报和/或更低的下行阈值和/或自动赎回障碍与更大的风险相关。

认股证可能带来比我们对相同期限传统债务证券支付的固定利率更高的认股回报率。\n这些更高的潜在认股回报率与在交易日相比传统债务证券而言，具有更高的预期风险水平，包括认股证可能不会被自动认股的风险，这意味着您可能在到期时损失大部分，甚至全部的本金金额。底层资产的波动性和底层资产之间的相关性是影响这种风险的重要因素。波动性是对底层资产价值每日波动的大小和频率的衡量，通常是在特定时间段内观察到的。波动性可以通过多种方式衡量，包括基于历史数据或基于市场期权价格所暗示的预期数据。相关性是对底层资产价值在相同时间、相同方向和相似幅度上波动的程度的衡量。在交易日，底层资产的预期波动性越高或底层资产之间的预期相关性越低，可能导致更高的认股回报率和/或更低的下行阈值和/或自动认股障碍，但这也意味着在交易日，至少有一个底层资产在每个观察日的收盘价可能低于该观察日适用的自动认股障碍，从而使认股证不会被自动认股，您可能在到期时损失大部分，甚至全部的本金金额。一般来说，相对于我们对传统债务证券支付的固定利率，认股回报率越高，认股证未被自动认股以及您在到期时可能损失大部分甚至全部本金金额的预期风险就越大。另一方面，较低的下行阈值和/或自动认股障碍并不一定表明认股证被认股或在到期时返还本金的可能性更大。

附条件的本金偿还仅在到期时或任何自动认股时适用。

您应愿意持有认股证至到期或任何自动认股。如果您能在二级市场提前出售认股证，您可能不得不以相对于初始投资的重大损失价格出售，即使在出售时任何或每个底层资产的价值都高于其下行阈值。

认股证不支付利息。

认股证不会支付任何利息。因此，如果您在认股证期限内寻求现金流收入，不应投资于认股证。

认股证存在信用风险。

认股证是我们自身的债务，而不是任何第三方的直接或间接债务。认股证下任何应付金额受我们信用状况的约束，您无法对任何底层资产中的证券进行追索。因此，我们实际和感知的信用状况可能会影响认股证的价值，如果我们在认股证下的义务出现违约，您可能无法根据认股证条款获得任何应付金额，您可能损失全部投资。

投资票据的美国联邦所得税后果尚不明确。

关于票据的适当美国联邦所得税处理方式，目前没有直接的法律依据，我们计划不会向美国国税局（“IRS”）申请有关票据的裁定。因此，票据的税务处理的许多方面仍存在不确定性，IRS 或法院可能不会同意我们在下文“美国联邦所得税考虑”中描述的处理方式。如果 IRS 成功主张票据的替代处理方式，那么票据的所有权和处置的税务后果，包括美国投资者所确认收入的时间和性质，以及非美国投资者的预提税后果，可能会受到重大且不利的影响。此外，未来的立法、财政部法规或 IRS 指南可能会对票据的美国联邦所得税处理产生不利影响，可能具有追溯效力。

您应仔细审阅本定价补充文件和附带的产品补充文件中标题为“美国联邦所得税考虑”的部分，并咨询您的税务顾问，了解投资票据的美国联邦所得税后果，以及根据任何州、地方或非美国税收管辖区法律产生的税务后果。

如果最终估值日推迟，到期日也将推迟。

如果原定的最终估值日不是预定的交易日，或者计算代理方确定在最终估值日发生了或正在发生市场中断事件，则最终估值日将被推迟。如果发生此类推迟，到期日也将被推迟。详见附带的产品补充文件中的“票据一般条款—市场中断事件的后果；多标的物票据的估值日推迟”和“—支付日期”。

PS-10

与票据的估计价值及任何二级市场相关的风险

根据我们的专有定价模型，票据在交易日的估计价值将低于初始发行价格。

我们对票据的初始估计价值仅为一个估算值，基于多种因素。票据的初始发行价格可能高于我们的初始估计价值，因为与票据的发行、结构和对冲相关的成本包含在初始发行价格中，但未包含在估计价值中。这些成本将包括任何承销折扣和销售让步，以及通过一个或多个对冲交易对手对我们在票据下的义务进行对冲的成本（这可能是一个或多个我们的关联方）。此类对冲成本包括我们或我们的对冲交易对手提供此类对冲的预期成本，以及我们或我们的对冲交易对手为承担此类对冲所涉及的风险而预期获得的利润。

票据的条款并非根据我们传统固定利率债务的信用利差来确定。

为确定票据的条款，我们使用了一个内部资金利率，该利率相对于我们传统固定利率债务的信用利差有所折扣。因此，票据的条款对您来说不如我们使用更高的资金利率时有利。

本票据的估计价值并非我们、BMOCM 或任何其他人在二级市场向您购买票据的价格（如有）的指示。

我们最初对票据的估计价值是使用我们内部的定价模型得出的。该价值基于市场状况和其他相关因素，其中包括 Underliers 的波动性和相关性、股息率和利率。不同的定价模型和假设（包括其他市场参与者使用的模型）可能会得出高于或低于我们最初估计价值的票据价值。此外，交易日后市场状况和其他相关因素预计会发生变化，且可能迅速变化，我们的假设也可能被证明是错误的。交易日后，由于市场状况、我们的信用状况以及下一条风险因素中讨论的其他因素的变化，票据的价值可能会发生剧烈变化。这些变化可能会影响我们、BMOCM 或任何其他方在二级市场交易中愿意从您手中购买票据的价格（如有）。我们最初的估计价值并不代表我们、BMOCM 或任何其他方在任何时候愿意在任何二级市场购买您票据的最低价格。

在票据发行后约 1 个月内，我们或我们的关联方愿意从投资者手中购买票据的价格（如有），以及 BMOCM 可能通过一个或多个金融信息提供商为票据发布的、并可能在任何经纪账户对账单上显示的票据价值，将反映相对于我们当时确定并适用的估计价值的临时上调。这一临时上调代表 (a) 我们或我们的关联方预期在票据期限内实现的套期保值利润和 (b) 与本次发行相关的任何承销折扣和销售让利的部分。该临时上调金额将在 1 个月期间内按直线方式逐渐降至零。

票据到期前的价值将受到众多因素的影响，其中一些因素以复杂的方式相互关联。

票据的支付回报可能由由固定收益债务部分和一个或多个衍生交易组成的假设金融工具组合所复制。因此，影响固定收益债券和衍生工具价值的因素也将影响票据在发行时的条款以及票据到期前的价值。

到期前票据的价值将受各基础资产当时的价值、当时的利率以及许多其他因素的影响，其中一些因素以复杂的方式相互关联。任何单一因素的影响都可能被另一因素的影响所抵消或放大。以下因素（在随附的产品补充文件中有更详细的描述）预计将影响票据的价值：基础资产的表现；利率；基础资产的波动性；基础资产之间的相关性；剩余到期时间；汇率波动性；汇率与 EURO STOXX 50^® 指数之间的相关性；以及基础资产所包含证券的股息收益率。当我们提到票据的“价值”时，我们指的是如果您能在到期日之前在公开市场出售票据，您可能收到的价值。

除了这些因素外，票据的价值还将受我们信用状况的实际或预期变化的影响。您应了解，上述因素之一的影响（例如利率变化）可能会抵消票据价值因另一因素（例如基础资产价值变化）而产生的任何变化的一部分或全部。由于预计有众多因素会影响票据的价值，基础资产价值的变化可能不会导致票据价值发生相应的变化。

票据不会在任何证券交易所上市，我们也不预期票据会形成交易市场。

票据不会在任何证券交易所上市或显示。虽然 BMOCM 和/或其关联公司有意为票据建立二级市场，但它们没有义务这样做。无法保证二级市场会形成。由于我们预期不会有做市商参与票据的二级市场，您可能出售票据的价格很可能取决于 BMOCM 愿意购买您票据的价格。

如果确实存在二级市场，它可能是有限的。因此，如果您决定在到期前出售票据，可能只有有限的买家。这可能会影响您在出售时收到的价格。因此，您应该愿意持有票据直至到期。

PS-11

与基础资产相关的风险

票据是否会被自动赎回以及到期时的付款将取决于基础资产的表现，因此票据面临以下风险，每项风险均在随附的产品补充文件中有更详细的讨论。

投资票据不等同于投资基础资产。 投资票据不等同于投资基础资产。作为票据的投资者，您的回报将不会反映如果您实际拥有并持有每只基础资产所包含的证券一段与票据期限相似的时间，您将获得的回报，因为您不会收到任何股息支付、分配或支付在这些证券上的任何其他款项。作为票据持有人，您将不拥有任何投票权或基础资产所包含证券持有人可能拥有的任何其他权利。

不应将标的资产的历史价值视为票据期限内标的资产未来表现的指标。

影响标的资产的变化可能会对票据的价值、票据是否会被自动赎回以及到期付款产生不利影响。

我们无法控制纳入标的资产的任何非关联公司的行为。

我们及其关联方与任何指数赞助商均无关联，且未独立核实其公开披露的信息。

票据面临与罗素2000^® 指数相关的中小市值公司风险。

罗素2000^® 指数追踪由市值相对较小的公司发行的证券。这些公司通常比大型市值公司具有更高的股价波动性、更低的交易量和更低的流动性。因此，罗素2000^® 指数的价值可能比仅追踪中小市值股票的市场指标更加波动。中小市值公司的股价通常比大型市值公司更容易受到不利商业和经济发展的冲击，如果中小市值公司不支付股息，其股票可能交易清淡，且对许多投资者缺乏吸引力。此外，中小市值公司通常在财务上不如大型市值公司成熟和稳定，可能依赖少数关键人员，使其更容易遭受人员流失的影响。中小市值公司通常受到的分析师覆盖较少，且可能处于其企业生命周期的早期阶段，且具有不可预测性。与大型市值公司相比，中小市值公司往往收入较低、产品线较不多样化、在目标市场中所占份额较小、财务资源较少且竞争优势较少。这些公司也可能更容易受到与其产品或服务相关的不利发展的影响。

票据面临与 EURO STOXX 50^® 指数相关的非美国证券市场风险。

构成 EURO STOXX 50^® 指数的股权证券由非美国公司在非美国证券市场发行。投资与这些非美国股权证券价值挂钩的票据涉及与这些非美国股权证券发行人所在国家的证券市场相关的风险，包括这些市场波动性风险、政府对这些市场的干预风险以及某些国家公司之间的交叉持股风险。此外，与受美国证券交易委员会报告要求约束的美国公司相比，这些司法管辖区的一些公司通常可获得的公开信息较少，且非美国公司通常受到的会计、审计和财务报告标准及要求以及证券交易规则与美国报告公司适用的规则不同。非美国市场的证券价格可能受到这些国家或全球地区（包括政府、经济和财政政策变化以及货币兑换法）的政治、经济、金融和社会因素的影响。

本说明不提供关于 EURO STOXX 50^® 指数与美元及欧元汇率波动的直接敞口。

EURO STOXX 50^® 指数由以欧元计价的非美国证券组成。由于 EURO STOXX 50^® 指数的价值也是以欧元（而非美元）计算的，因此 EURO STOXX 50^® 指数的表现不会因美元与欧元之间的汇率波动而进行调整。此外，任何基于 EURO STOXX 50^® 指数表现确定的票据付款也不会因美元与欧元之间的汇率波动而进行调整。因此，票据持有人不会从欧元相对于美元的任何升值中受益。

如果发生与 EURO STOXX 50^® 指数相关的法律变更事件，计算代理机构可能会加速票据到期日或更改票据条款。

当发生与 EURO STOXX 50^® 指数相关的法律变更事件时，计算代理机构可自行决定加速票据的到期日。加速时应付的任何金额可能远少于若未加速票据本应支付的金额。在此等情况下，您可能会损失部分或全部投资。

如果票据被加速，您在票据上的投资期限将被限制在短于原始期限的期间内。无法保证在票据被加速的情况下，您能够以类似的风险水平获得可比的回报来重新投资票据的收益。

PS-12

如果发生与 EURO STOXX 50^® 指数相关的法律变更事件且计算代理机构未加速票据到期日，则计算代理机构可本着善意并以商业合理的方式，调整任何条款，包括但不限于计算代理机构认为为确保公平结果所必需的 EURO STOXX 50^® 指数或任何与 EURO STOXX 50^® 指数相关的价值。

这些行动可能会对票据的市场价值以及票据应付的任何金额产生不利影响，甚至可能产生重大不利影响。

利益冲突相关风险

我们的经济利益以及任何参与发行的经销商的利益可能与您的利益相悖。

您应了解以下情况，即我们的经济利益以及任何参与票据分销的经销商（我们称为“参与经销商”）的利益，作为票据投资者，可能与您的利益相悖。在从事下述某些活动以及随附产品补充说明书中更详细讨论的活动时，我们的关联方或任何参与经销商或其关联方可能会采取可能对票据价值及您的票据回报产生不利影响的行动，在此过程中，他们没有义务考虑作为票据投资者的您的利益。即使投资者未获得票据的有利投资回报，我们的关联方或任何参与经销商或其关联方仍可能从这些活动中获利。

计算代理是我们关联公司，可能需要做出影响您所获票据回报的酌情判断。BMOCM，即我们的关联公司，将担任票据的计算代理。作为计算代理，BMOCM 将确定任何 Underliers 的价值，并做出任何其他必要决定以计算票据的任何付款。在做出这些决定时，BMOCM 可能需要做出酌情判断，这可能对票据的任何付款产生不利影响。请参阅随附产品补充文件中题为“票据一般条款——与指数挂钩的票据特定条款——市场中断事件”和“——指数的停止或调整”的章节。在做出这些酌情判断时，BMOCM 是我们关联公司这一事实可能导致其拥有与您作为票据投资者的利益相冲突的经济利益，而 BMOCM 作为计算代理的决定可能会对您的票据回报产生不利影响.

票据的估计价值由我们计算，因此并非独立的第三方估值。

我们关联公司或任何参与交易商或其关联公司的研究报告可能与投资票据不一致，并可能对 Underliers 的价值产生不利影响。

我们关联公司或任何参与交易商或其关联公司与 Underliers 所包含证券的公司之间的商业活动，可能对 Underliers 的价值产生不利影响。

我们关联公司或任何参与交易商或其关联公司的对冲活动，可能对 Underliers 的价值产生不利影响。

我们关联公司或任何参与交易商或其关联公司的交易活动，可能对 Underliers 的价值产生不利影响。

参与交易商或其关联公司可能实现其专有定价模型所预测的对冲利润，外加任何销售让利和/或费用，从而进一步激励参与交易商向您销售票据。

PS-13

\n \n \n

假设示例

仅为假设条款。实际条款可能有所不同。\n请参阅封面页了解实际发行条款。

下方的示例说明了在自动赎回或到期时，针对假设发行的票据，本金金额为 10 美元的票据的付款情况，假设条件如下表所示。这些假设示例所使用的条款不代表实际的初始 Underliers 价值、自动赎回障碍、赎回回报率或下行阈值。为说明目的，每个 Underliers 的假设初始 Underliers 价值 100.00 已被选定，并不代表任何 Underliers 的实际初始 Underliers 价值。实际的初始 Underliers 价值、自动赎回障碍、赎回回报率和下行阈值列于封面页和上方的“票据条款”下。有关 Underliers 的实际历史数据，请参阅此处列出的历史信息。这些示例仅用于说明目的，示例中使用的数值可能为了便于分析而进行了四舍五入。在这些示例中，我们将 Russell 2000^® 指数、S&P 500^® 指数和 EURO STOXX 50^® 指数分别称为“RTY 指数”、“SPX 指数”和“SX5E 指数”。

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

假设初始 Underliers 价值：	对于每个 Underliers，100.00
假设下行阈值：	对于每个标的，90.00（其假设初始标的价值的 90%）
假设提前赎回障碍：	关于每个估值日（最终估值日之前），对于每个标的，100.00（其假设初始标的价值的 100%）；关于最终估值日，对于每个标的，其假设下行阈值
假设提前赎回回报率：	每年 5.00%
估值日：	每季度（一年后开始）
期限：	大约 3 年

示例 1 – 注\n在首个估值日自动赎回

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日期

收盘价

支付（每份票据）

首个估值日

RTY 指数：110.00

\n \n

SPX 指数：115.00

\n \n

SX5E 指数：120.00

每个标的的收盘价均不低于其适用的提前赎回障碍；票据自动赎回；发行人在相关的提前赎回结算日支付适用于首个估值日的提前赎回价格。

\n \n \n \n \n \n \n \n \n

提前赎回价格（每份票据）：		$10.50
总回报：		5.00%

由于\n首个估值日每个标的的收盘价均不低于适用于该\n估值日的提前赎回障碍，票据在该估值日自动赎回。发行人将在相关的提前赎回结算日支付每份票据 10.50 美元的提前赎回价格，使票据总回报达到 5.00%。票据下不再欠付您任何款项。

如本示例所示，票据上的任何正回报\n均不会超过适用于相关估值日的提前赎回回报，无论任何标的的价值如何升值，这可能非常显著。

PS-14

示例\n2 – 票据在最终估值日自动赎回

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

日期	收盘价	支付（每份票据）
首个估值日	\n RTY 指数：120.00 \n \n SPX 指数：90.00 \n \n SX5E 指数：105.00 \n	至少一个标的的收盘价低于其适用的提前赎回障碍；票据未自动赎回
第二个估值日	\n RTY 指数：115.00 \n \n SPX 指数：95.00 \n \n SX5E 指数：110.00 \n	至少一个标的的收盘价低于其适用的提前赎回障碍；票据未自动赎回
第三个估值日	\n RTY 指数：110.00 \n \n SPX 指数：95.00 \n \n SX5E 指数：115.00 \n	至少一个标的的收盘价低于其适用的提前赎回障碍；票据未自动赎回
第四至第八个估值日	各不相同（至少一个标的低于其适用的提前赎回障碍）	至少一个标的的收盘价低于其适用的提前赎回障碍；票据未自动赎回
第九个估值日（最终估值日）	\n RTY 指数：95.00 \n \n SPX 指数：105.00 \n \n SX5E 指数：110.00 \n	每个标的的最终标的价值均不低于其下行阈值；票据自动赎回；发行人在到期日支付适用于最终估值日的提前赎回价格。

\n \n \n \n \n \n \n \n \n

提前赎回价格（每份票据）：		$11.50
总回报：		15.00%

In this example, the Notes are not automatically\ncalled prior to the Final Valuation Date because, on each Observation Date preceding the Final Valuation Date, the Closing Value of at\nleast one Underlier is less than its Autocall Barrier applicable to that Observation Date.

However, because the Final Underlier Value of each\nUnderlier is greater than or equal to its Autocall Barrier applicable to the Final Valuation Date (which equals its Downside Threshold),\nthe Notes are automatically called on the Final Valuation Date. The Issuer will pay you on the Maturity Date a Call Price of $11.50 per\nNote for a total return of 15.00% on the Notes.

PS-15

Example 3 – Notes Are NOT Automatically Called

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Date	Closing Value	Payment (per Note)
First Observation Date	\n RTY Index: 75.00 \n \n SPX Index: 105.00 \n \n SX5E Index: 110.00 \n	Closing Value of at least one Underlier below its applicable Autocall Barrier; Notes NOT automatically called
Second Observation Date	\n RTY Index: 80.00 \n \n SPX Index: 115.00 \n \n SX5E Index: 120.00 \n	Closing Value of at least one Underlier below its applicable Autocall Barrier; Notes NOT automatically called
Third Observation Date	\n RTY Index: 85.00 \n \n SPX Index: 95.00 \n \n SX5E Index: 110.00 \n	Closing Value of at least one Underlier below its applicable Autocall Barrier; Notes NOT automatically called
Fourth to Eighth Observation Dates	Various (at least one Underlier below its applicable Autocall Barrier)	Closing Value of at least one Underlier below its applicable Autocall Barrier; Notes NOT automatically called
Ninth Observation Date (the Final Valuation Date)	\n RTY Index: 125.00 \n \n SPX Index: 110.00 \n \n SX5E Index: 50.00 \n	Final Underlier Value of at least one Underlier below its applicable Autocall Barrier on the Final Valuation Date, which is equal to its Downside Threshold; Notes NOT automatically called. The Issuer will repay less than the Principal Amount at maturity, if anything, resulting in a percentage loss on your investment equal to the negative Underlier Return of the Least Performing Underlier.

\n \n \n \n \n \n \n \n \n

Payment at Maturity (per Note):		$5.00
Total Return:		-50.00%

In addition, the Notes are not automatically called\non the Final Valuation Date because the Final Underlier Value of at least one Underlier is less than its Autocall Barrier applicable to\nthat Observation Date (which equals its Downside Threshold). Because the Final Underlier Value of the Least Performing Underlier is less\nthan its Downside Threshold, the payment at maturity per Note will be calculated as follows:

$10 + ($10 × Underlier Return of the Least\nPerforming Underlier)

Step 1: Calculate the Underlier Return of each Underlier:

Underlier Return of the RTY Index:

\n \n \n \n \n \n \n \n \n

Final Underlier Value – Initial Underlier Value	=	125.00 – 100.00	= 25.00%
Initial Underlier Value	100.00

Underlier Return of the SPX Index:

\n \n \n \n \n \n \n \n \n

Final Underlier Value – Initial Underlier Value	=	110.00 – 100.00	= 10.00%
Initial Underlier Value	100.00

Underlier Return of the SX5E Index:

\n \n \n \n \n \n \n \n \n

Final Underlier Value – Initial Underlier Value	=	50.00 – 100.00	= -50.00%
Initial Underlier Value	100.00

Step 2: Determine the Least Performing Underlier. The SX5E Index\nis the Underlier with the lowest Underlier Return and is, therefore, the Least Performing Underlier.

Step 3: Calculate the Payment at Maturity:

$10 + ($10 × Underlier Return of the Least\nPerforming Underlier)

$10 + ($10 × -50.00%) = $5.00

If the Notes are not automatically called, which\nmeans that the Final Underlier Value of at least one Underlier is less than its Autocall Barrier applicable to the Final Valuation Date\n(which equals its Downside Threshold), the Issuer will repay less than the Principal Amount at maturity, if anything, resulting in a percentage\nloss on your investment equal to the negative Underlier Return of the Least Performing Underlier. In this case, you will have full downside\nexposure to the Least Performing Underlier from its Initial Underlier Value to its Final Underlier Value, and will lose a significant\nportion, and possibly all, of your investment.

PS-16

\n \n \n

The Russell 2000^® Index

The Russell 2000^®Index measures\nthe capitalization-weighted price performance of 2,000 U.S. small-capitalization stocks listed on eligible U.S. exchanges and is designed\nto track the performance of the small-capitalization segment of the U.S. equity market. For more information about the Russell 2000^®Index,\nsee “Description of Indices—The Russell Indices” in the accompanying underlying supplement.

Historical Information

We obtained the closing levels of the Russell 2000^®Index\nin the graph below from Bloomberg Finance L.P. (“Bloomberg”), without independent verification.

The following graph sets forth daily closing levels\nof the Russell 2000^®Index for the period from January 4, 2021 to October 7, 2026. The closing level on October 7,\n2026 was 2,793.204. The historical performance of the Russell 2000^®Index should not be taken as an indication of\nits future performance during the term of the Notes.

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PS-17

\n \n \n

The S&P 500^® Index

The S&P 500^® Index consists\nof stocks of 500 companies selected to provide a performance benchmark for the U.S. equity markets. For more information about the S&P\n500^® Index, see “Description of Indices—The S&P U.S. Indices” in the accompanying underlying supplement.

Historical Information

We obtained the closing levels of the S&P 500^®\nIndex in the graph below from Bloomberg, without independent verification.

The following graph sets forth daily closing levels\nof the S&P 500^® Index for the period from January 4, 2021 to October 7, 2026. The closing level on October 7, 2026\nwas 7,801.77. The historical performance of the S&P 500^® Index should not be taken as an indication of its future performance\nduring the term of the Notes.

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PS-18

\n \n \n

The EURO STOXX 50^® Index

The EURO STOXX 50^® Index is\na free-float market capitalization-weighted index composed of 50 of the largest stocks in terms of free float market capitalization traded\non major Eurozone exchanges. For more information about the EURO STOXX 50^® Index, see “Description of Indices—The\nSTOXX Benchmark Indices” in the accompanying underlying supplement.

Historical Information

We obtained the closing levels of the EURO STOXX\n50^® Index in the graph below from Bloomberg, without independent verification.

The following graph sets forth daily closing levels\nof the EURO STOXX 50^® Index for the period from January 4, 2021 to October 7, 2026. The closing level on October 7,\n2026 was 6,180.29. The historical performance of the EURO STOXX 50^® Index should not be taken as an indication of\nits future performance during the term of the Notes.

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PS-19

\n \n \n

Correlation of the Underliers

The following\ngraph sets forth the historical performances of the Russell 2000^® Index, the S&P 500^® Index and the\nEURO STOXX 50^® Index from January 4, 2021 through October 7, 2026, based on the daily closing levels of the Underliers.\nFor comparison purposes, each Underlier has been normalized to have a closing level of 100.00 on January 4, 2021 by dividing the closing\nlevel of that Underlier on each day by the closing level of that Underlier on January 4, 2021 and multiplying by 100.00.

We obtained\nthe closing levels used to determine the normalized closing levels set forth below from Bloomberg, without independent verification. The\nhistorical performance of the Underliers should not be taken as an indication of their future performance during the term of the Notes.

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PAST PERFORMANCE AND CORRELATION OF THE UNDERLIERS\nARE NOT INDICATIVE OF FUTURE PERFORMANCE OR CORRELATION.

The correlation of a pair of Underliers represents\na statistical measurement of the degree to which the returns of those Underliers were similar to each other over a given period in terms\nof timing and direction. The correlation between a pair of Underliers is scaled from 1.0 to -1.0, with 1.0 indicating perfect positive\ncorrelation (i.e., the value of both Underliers are increasing together or decreasing together and the ratio of their returns has been\nconstant), 0 indicating no correlation (i.e., there is no statistical relationship between the returns of that pair of Underliers) and\n-1.0 indicating perfect negative correlation (i.e., as the value of one Underlier increases, the value of the other Underlier decreases\nand the ratio of their returns has been constant).

The closer the relationship of the returns of a\npair of Underliers over a given period, the more positively correlated those Underliers are. The graph above illustrates the historical\nperformance of each Underlier relative to each other over the time period shown and provides an indication of how close the relative performance\nof each Underlier has historically been to each other. However, the graph does not provide a precise measurement of the correlation of\nthe Underliers. Moreover, any historical correlation of the Underliers is not indicative of the degree of correlation of the Underliers,\nif any, that will be experienced over the term of the Notes.

The lower (or more negative) the correlation between\nthe Underliers, the less likely it is that the Underliers will move in the same direction at the same time and, therefore, the greater\nthe potential for one of the Underliers on any Observation Date to close below its Autocall Barrier applicable to that Observation Date.\nThis is because the less positively correlated the Underliers are, the greater the likelihood that at least one of the Underliers will\ndecrease in value. However, even if the Underliers have a higher positive correlation, one or more of the Underliers on each Observation\nDate might close below its Autocall Barrier applicable to that Observation Date, as the Underliers may decrease in value together.

Although the correlation of the Underliers’\nperformance may change over the term of the Notes, the Call Return Rate is determined, in part, based on the correlation of the Underliers’\nperformance calculated using our internal models at the time when the terms of the Notes are finalized. A higher Call Return Rate is generally\nassociated with lower correlation of the Underliers, which reflects a greater potential for a loss on your investment at maturity. The\ncorrelation referenced in setting the terms of the Notes is calculated using our internal models and is not derived from the returns of\nthe Underliers over the period set forth above. In addition, other factors and inputs other than correlation may impact how the terms\nof the Notes are set and the performance of the Notes.

PS-20

\n \n \n

Summary of Canadian Federal Income Tax Consequences

For a\ndiscussion of the material Canadian federal income tax consequences relating to an investment in the Notes, see the section entitled “Canadian\nFederal Income Tax Consequences” in the accompanying product supplement. Notwithstanding anything to the contrary in the accompanying\nproduct supplement, the Canadian tax consequences discussed in the accompanying product supplement do not take into account the proposed\namendments to the “hybrid mismatch arrangement” rules in the Tax Act released for consultation on July 23, 2026.

PS-21

\n \n \n

United States Federal Income Tax Considerations

Although\nthere is uncertainty regarding the U.S. federal income tax consequences of an investment in the Notes due to the lack of governing authority,\nin the opinion of our counsel Davis Polk & Wardwell LLP, under current law, and based on current market conditions, it is reasonable\nto treat a Note as a single financial contract that is an “open transaction” for U.S. federal income tax purposes. Assuming\nthis treatment of the Notes is respected, the tax consequences are as outlined in the discussion under “United States Federal Income\nTax Considerations—Tax Consequences to U.S. Holders—Notes Treated as Open Transactions” in the accompanying product\nsupplement.

We do not plan to request a ruling from the Internal\nRevenue Service (the “IRS”) regarding the treatment of the Notes. If the IRS were successful in asserting an alternative\ntreatment of the Notes, the tax consequences of the ownership and disposition of the Notes, including the timing and character of income\nrecognized by U.S. investors, and the withholding tax consequences to non-U.S. investors, might be materially and adversely affected.\nFor example, under one alternative characterization the Notes may be treated as contingent payment debt instruments, which among other\nthings would require U.S. investors to accrue income periodically based on a “comparable yield” and generally would require\nnon-U.S. investors to certify their non-U.S. status on an IRS Form W-8 to avoid a 30% (or a lower treaty rate) U.S. withholding tax. In\naddition, the U.S. Treasury Department and the IRS have requested comments on various issues regarding the U.S. federal income tax treatment\nof “prepaid forward contracts” and similar financial instruments and have indicated that such transactions may be the subject\nof future regulations or other guidance. Furthermore, members of Congress have proposed legislative changes to the tax treatment of derivative\ncontracts. Any legislation, Treasury regulations or other guidance promulgated after consideration of these issues could materially and\nadversely affect the tax consequences of an investment in the Notes, possibly with retroactive effect.

As discussed in the accompanying product supplement,\nSection 871(m) of the Code and the Treasury regulations thereunder (“Section 871(m)”) generally impose a 30% (or lower\ntreaty rate) withholding tax on “dividend equivalents” paid or deemed paid to non-U.S. investors with respect to certain financial\ninstruments linked to equities that could pay U.S.-source dividends for U.S. federal income tax purposes (“underlying securities”),\nas defined under the applicable Treasury regulations, or indices that include underlying securities. Section 871(m) generally applies\nto financial instruments that substantially replicate the economic performance of one or more underlying securities, as determined based\non tests set forth in the applicable Treasury regulations. Pursuant to an IRS notice, Section 871(m) will not apply to securities issued\nbefore January 1, 2029 that do not have a delta of one with respect to any underlying security. Based on our determination that the Notes\ndo not have a delta of one with respect to any underlying security, the Notes should not be subject to Section 871(m). Our determination\nis not binding on the IRS, and the IRS may disagree with this determination. Section 871(m) is complex and its application may depend\non a non-U.S. investor’s particular circumstances, including whether the non-U.S. investor enters into other transactions with respect\nto an underlying security. If withholding is required, we will not be required to pay any additional amounts with respect to the amounts\nso withheld. Non-U.S. investors should consult their tax advisors regarding the potential application of Section 871(m) to the Notes.

Both U.S. and non-U.S. investors considering an\ninvestment in the Notes should read the discussion under “United States Federal Income Tax Considerations” in the accompanying\nproduct supplement and consult their tax advisors regarding all aspects of the U.S. federal income tax consequences of an investment in\nthe Notes, including possible alternative treatments, and any tax consequences arising under the laws of any state, local or non-U.S.\ntaxing jurisdiction.

PS-22

\n \n \n

Supplemental Plan of Distribution

BMOCM, our subsidiary, and UBS are the agents for\nthe distribution of the Notes and will purchase the Notes at the Original Issue Price specified on the cover page of this pricing supplement.\nUBS has advised us that all sales of the Notes will be made to certain fee-based advisory accounts for which UBS is an investment advisor\nat the Original Issue Price and UBS will not receive a sales commission.

We expect to hedge our obligations through one\nor more hedge counterparties (which may be one or more of our affiliates). BMOCM or another affiliate of ours expects to realize hedging\nprofits projected by its proprietary pricing models to the extent it assumes the risks inherent in hedging our obligations under the Notes.

Although BMOCM and/or its affiliates intend to\nmake a secondary market in relation to the Notes, they are not obligated to do so. BMOCM will determine any secondary market prices that\nit is prepared to offer in its sole discretion.

For a period of approximately 1 month following\nissuance of the Notes, the price, if any, at which we or our affiliates would be willing to buy the Notes from investors, and the value\nthat BMOCM may also publish for the Notes through one or more financial information vendors and which could be indicated for the Notes\non any brokerage account statements, will reflect a temporary upward adjustment from our estimated value of the Notes that would otherwise\nbe determined and applicable at that time. This temporary upward adjustment represents a portion of (a) the hedging profit that we or\nour affiliates expect to realize over the term of the Notes and (b) any underwriting discount and selling concessions paid in connection\nwith this offering. The amount of this temporary upward adjustment will decline to zero on a straight-line basis over the 1-month period.

We may use this pricing supplement in the initial\nsale of the Notes. In addition, BMOCM or another of our affiliates may use this pricing supplement in market-making transactions in any\nNotes after their initial sale. Unless BMOCM or we inform you otherwise in the confirmation of sale, this pricing supplement is being\nused by BMOCM in a market-making transaction.

See “Supplemental Plan of Distribution”\nin the accompanying product supplement, “Supplemental Plan of Distribution (Conflicts of Interest)” in the accompanying prospectus\nsupplement and “Plan of Distribution (Conflicts of Interest)” in the accompanying prospectus for more information.

Approved Jurisdictions:

In accordance with and subject to an agent accession\nagreement between the Issuer and UBS, UBS will not offer, sell or deliver the Notes in any jurisdiction other than the United States and\nthe following jurisdictions: Argentina, Barbados, Belize, Bermuda, Bolivia, Brazil, British Virgin Islands, Cayman Islands, Chile, Colombia,\nCosta Rica, Dominican Republic, Ecuador, European Economic Area, Guatemala, Honduras, Hong Kong, Israel, Mexico, Panama, Paraguay, Peru\nand Uruguay.

UBS will comply with the non-U.S. selling restrictions\napplicable to the above jurisdictions set forth below and in the accompanying product supplement:

Notice to Prospective Investors in Argentina

The Notes are not and will not be marketed in Argentina\nby means of a public offering, as such term is defined under Section 2 of Law Number 26,831, as amended. No application has been or will\nbe made with the Argentine Comisión Nacional de Valores, the Argentine securities governmental authority, to offer the Notes in\nArgentina. The contents of this pricing supplement and the related product supplement, any accompanying underlying supplement, the prospectus\nsupplement and the prospectus have not been reviewed by the Argentine Comisión Nacional de Valores.

Notice to Prospective Investors in Brazil

The Notes have not been, and will not be issued\nnor publicly placed, distributed, offered or negotiated in the Brazilian capital markets and, as a result, have not been and will not\nbe registered with the Comissão de Valores Mobiliáros (“CVM”). Any public offering or distribution, as\ndefined under Brazilian laws and regulations, of the Notes in Brazil is not legal without prior registration under Law 6,385/76, and CVM\napplicable regulation. Documents relating to the offering of the Notes, as well as information contained therein, may not be supplied\nto the public in Brazil (as the offering of the Notes is not a public offering of securities in Brazil), nor be used in connection with\nany offer for subscription or sale of the Notes to the public in Brazil. Persons wishing to offer or acquire the Notes within Brazil should\nconsult with their own counsel as to the applicability of registration requirements or any exemption therefrom.

Notice to Prospective Investors in Chile

Neither the Issuer nor the Notes have been registered\nwith the Comisión Para el Mercado Financiero pursuant to Law No. 18.045, the Ley de Mercado de Valores and regulations thereunder,\nso they cannot be publicly offered in Chile. This pricing supplement (and the related product supplement, any accompanying underlying\nsupplement, the prospectus supplement and the prospectus) do not constitute an offer of, or an invitation to subscribe for or purchase,\nthe Notes in the republic of Chile, other than to individually identified buyers pursuant to a private offering within the meaning of\nArticle 4 of the Ley de Mercado de Valores (an offer that is not addressed to the public at large or to a certain sector or specific group\nof the public).

PS-23

Notice to Prospective Investors in the Dominican\nRepublic

Nothing in this pricing supplement constitutes\nan offer of securities for sale in the Dominican Republic. The Notes have not been, and will not be, registered with the Superintendence\nof Securities Market of the Dominican Republic (Superintendencia del Mercado de Valores), under Dominican Securities Market Law No. 249-17\n(“Securities Law 249-17”), and the Notes may not be offered or sold within the Dominican Republic or to, or for the\naccount or benefit of, Dominican persons (as defined under Securities Law 249-17 and its regulations). Failure to comply with these directives\nmay result in a violation of Securities Law 249-17 and its regulations.

Prohibition of Sales to European Economic Area\nRetail Investors

The Notes will not be offered, sold or otherwise\nmade available to any retail investor in the European Economic Area (“EEA”). For these purposes, the expression “offer”\nincludes the communication in any form and by any means of sufficient information on the terms of the offer and the Notes to be offered\nso as to enable an investor to decide to purchase or subscribe the Notes, and a “retail investor” means a person who\nis one (or more) of: (a) a retail client, as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, “MiFID\nII”); or (b) a customer, within the meaning of Directive (EU) 2016/97, as amended, where that customer would not qualify as\na professional client as defined in point (10) of Article 4(1) of MiFID II; or (c) not a qualified investor as defined in Regulation (EU)\n(2017/1129) (the “Prospectus Regulation”). Consequently, no key information document required by Regulation (EU) No 1286/2014\n(as amended, the “PRIIPs Regulation”) for offering or selling the Notes or otherwise making them available to retail\ninvestors in the EEA has been prepared, and therefore, offering or selling the Notes or otherwise making them available to any retail\ninvestor in the EEA may be unlawful under the PRIIPs Regulation.

Notice to Prospective Investors in Hong Kong

WARNING: The contents of this document have not\nbeen reviewed by any regulatory authority in Hong Kong. You are advised to exercise caution in relation to the offer. If you are in any\ndoubt about any of the contents of this document, you should obtain independent professional advice. Please note that (1) the Notes may\nnot be offered or sold in Hong Kong by means of this document or any other document other than: (i) to “professional investors”\nwithin the meaning of Part 1 of Schedule 1 to the Securities and Futures Ordinance of Hong Kong (Cap. 571) (SFO) and any rules made thereunder;\nor (ii) in other circumstances which do not result in the document being a “prospectus” as defined in the Companies (Winding\nUp and Miscellaneous Provisions) Ordinance of Hong Kong (Cap. 32) (“CWUMPO”) or which do not constitute an offer or\ninvitation to the public for the purposes of the CWUMPO or the SFO, and (2) no person shall issue, or possess for the purposes of issue,\nwhether in Hong Kong or elsewhere, any advertisement, invitation or document relating to the Notes which is directed at, or the contents\nof which are likely to be assessed or read by, the public in Hong Kong (except if permitted to do so under the securities laws of Hong\nKong) other than with respect to the Notes which are or are intended to be disposed of only to persons outside Hong Kong or only to such\n“professional investors” (as set out above).

Notice to Prospective Investors in Panama

The Notes have not been and will not be registered\nwith the Superintendency of Securities Market of the Republic of Panama under Decree Law N°1 of July 8, 1999 (the “Panamanian\nSecurities Act”) and may not be publicly offered or sold within Panama, except in certain limited transactions exempt from the\nregistration requirements of the Panamanian Securities Act, including the private placement rule based on number 2 of Article 83 of Law\nDecree 1 of July 8, 1999 (or number 2 of Article 129 of the Unified Text of Law Decree 1 of July 8, 1999). The Notes do not benefit from\nthe tax incentives provided by the Panamanian Securities Act and are not subject to regulation or supervision by the Superintendency of\nSecurities Market of the Republic of Panama.

Notice to Prospective Investors in Paraguay

The sale of the Notes qualifies as a private placement pursuant to Law\nNo. 5810/17 “Stock Market”. The Notes must not be offered or sold to the public in Paraguay, except under circumstances which\ndo not constitute a public offering in accordance with Paraguayan regulations. The Notes are not and will not be registered before the\nParaguayan securities supervisory body Comisión Nacional de Valores (“CNV”) or the Paraguayan private stock\nexchange Bolsa de Valores y Productos de Asunción (“BVPASA”). The issuer is also not registered before the CNV\nor the BVPASA.

In no case may securities not registered before the CNV be offered to\nthe general public via mass media such as press, radio, television, or internet when such media are publicly accessible in the Republic\nof Paraguay, regardless of the location from where they are issued.

The privately placed Notes are not registered with\nthe National Securities Commission, and therefore do not have tax benefits and are not negotiable through the BVPASA. Privately placed\nsecurities may have less liquidity, making it difficult to sell such securities in the secondary market, which could also affect the sale\nprice. Private securities of issuers not registered before the CNV may not have periodic financial information or audited financial statements,\nwhich could generate greater risk to the investor due to the asymmetry of information. It is the responsibility of the investor to ascertain\nand assess the risk assumed in the acquisition of the Notes.

PS-24

Notice to Prospective Investors in Peru

The Notes have not been and will not be registered\nwith the Capital Markets Public Registry of the Capital Markets Superintendence (“SMV”) nor the Lima Stock Exchange\nRegistry (“RBVL”) for their public offering in Peru under the Peruvian Capital Markets Law (Law No. 861/ Supreme Decree\nNo. 093-2002) and the decrees and regulations thereunder. Consequently, the Notes may not be offered or sold, directly or indirectly,\nnor may this pricing supplement or the related product supplement, any accompanying underlying supplement, the prospectus supplement,\nthe prospectus or any other material relating to the Notes be distributed or caused to be distributed in Peru to the general public. The\nNotes may only be offered in a private offering under Peruvian regulation and without using mass marketing, which is defined as a marketing\nstrategy utilizing mass distribution and mass media to offer, negotiate or distribute securities to the whole market. Mass media includes\nnewspapers, magazines, radio, television, mail, meetings, social networks, Internet servers located in Peru, and other media or technology\nplatforms.

Notice to Prospective Investors in Uruguay

The sale of the Notes qualifies as a private placement\npursuant to section 2 of Uruguayan law 18,627. The Notes must not be offered or sold to the public in Uruguay, except in circumstances\nwhich do not constitute a public offering or distribution under Uruguayan laws and regulations. The Notes are not and will not be registered\nwith the Financial Services Superintendency of the Central Bank of Uruguay.

PS-25

\n \n \n

Validity of the\nNotes

In the opinion of Osler, Hoskin & Harcourt\nLLP, the issue and sale of the Notes has been duly authorized by all necessary corporate action of the Bank of Montreal in conformity\nwith the indenture, and when this pricing supplement has been attached to, and duly notated on, the master note that represents the Notes,\nthe Notes will have been validly executed, authenticated, issued and delivered, to the extent that validity of the Notes is a matter governed\nby the laws of the Province of Ontario and the federal laws of Canada applicable therein and will be valid obligations of the Bank of\nMontreal, subject to the following limitations (i) the enforceability of the indenture may be limited by the Canada Deposit Insurance\nCorporation Act (Canada), the Winding-up and Restructuring Act (Canada) and bankruptcy, insolvency, reorganization, receivership, moratorium,\narrangement or winding-up laws or other similar laws affecting the enforcement of creditors’ rights generally; (ii) the enforceability\nof the indenture may be limited by equitable principles, including the principle that equitable remedies such as specific performance\nand injunction may only be granted in the discretion of a court of competent jurisdiction; (iii) pursuant to the Currency Act (Canada)\na judgment by a Canadian court must be awarded in Canadian currency and that such judgment may be based on a rate of exchange in existence\non a day other than the day of payment; and (iv) the enforceability of the indenture will be subject to the limitations contained in the\nLimitations Act, 2002 (Ontario), and such counsel expresses no opinion as to whether a court may find any provision of the indenture to\nbe unenforceable as an attempt to vary or exclude a limitation period under that Act. This opinion is given as of the date hereof and\nis limited to the laws of the Provinces of Ontario and the federal laws of Canada applicable therein. In addition, this opinion is subject\nto certain assumptions about (i) the trustee’s authorization, execution and delivery of the indenture, (ii) the genuineness of signatures\nand (iii) certain other matters, all as stated in the letter of such counsel dated March 25, 2025, which has been filed as Exhibit 5.3\nto Bank of Montreal’s Form 6-K filed with the SEC and dated March 25, 2025.

In the opinion of Davis Polk & Wardwell LLP,\nas special United States products counsel to the Bank of Montreal, when the Notes offered by this pricing supplement have been issued\nby the Bank of Montreal pursuant to the indenture, the trustee has made the appropriate entries or notations to the master global note\nthat represents such Notes (the “master note”), and such Notes have been delivered against payment as contemplated herein,\nsuch Notes will be valid and binding obligations of the Bank of Montreal, enforceable in accordance with their terms, subject to applicable\nbankruptcy, insolvency and similar laws affecting creditors’ rights generally, concepts of reasonableness and equitable principles\nof general applicability (including, without limitation, concepts of good faith, fair dealing and the lack of bad faith) and possible\njudicial or regulatory actions or applications giving effect to governmental actions or foreign laws affecting creditors’ rights, provided that\nsuch counsel expresses no opinion as to (i) the enforceability of any waiver of rights under any usury or stay law; or (ii) the effect\nof fraudulent conveyance, fraudulent transfer or similar provision of applicable law on the conclusions expressed above. This opinion\nis given as of the date hereof and is limited to the laws of the State of New York. Insofar as the foregoing opinion involves matters\ngoverned by the laws of the Provinces of Ontario and Québec and the federal laws of Canada, you have received, and we understand\nthat you are relying upon, the opinion of Osler, Hoskin & Harcourt LLP, Canadian counsel for the Bank of Montreal, set forth above.\nIn addition, this opinion is subject to customary assumptions about the trustee’s authorization, execution and delivery of the indenture\nand the authentication of the master note and the validity, binding nature and enforceability of the indenture with respect to the trustee,\nall as stated in the opinion of Davis Polk & Wardwell LLP dated March 25, 2025, which has been filed as an exhibit to Bank of Montreal’s\nreport on Form 6-K filed with the SEC on March 25, 2025.

PS-26

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