[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_101":102},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","lo8ewl101p29rrc0lxywxgxar","revision",2,"title","加拿大蒙特利尔银行发行挂钩三大指数的可赎回票据","originalTitle","BANK OF MONTREAL /CAN/ (0000927971) (Filer)","summary","加拿大蒙特利尔银行发行了面值1000万美元的可赎回条件收益票据，挂钩纳斯达克100指数、Russell 2000指数和标普500指数。若指数在观察期内每日收盘价高于票息门槛，投资者可获得11.5%年化票息。若未被提前赎回，到期时若最终指数值低于60%的初始值，投资者可能损失大部分或全部本金。票据无担保，受银行信用风险影响，且无二级市场流动性。","reason","该产品为高风险金融工具，涉及多个指数表现，投资者可能面临本金损失风险。","source",{"_12":92,"_93":94,"_9":95,"_96":42,"_97":98,"_99":100},"links",{"_89":90,"_78":91},"publishedAt","2026-10-06T19:31:17.000Z","discoveredAt","2026-10-06T20:01:23.589Z","timelineAt","category","ai-products","tags",[83,84,85,86,87,88],"stockSymbols",[],"score",64,"selected",true,"channel","news","story",{"_73":74,"_16":75},"x","readingMode","full","author","language","body",{"_64":77,"_78":-5,"_79":80,"_81":82},"outline",[],"relatedStories",[76],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":69,"_70":71,"_72":71},"hasTranslation","bodyLanguage","zh","factId","fdw1z8CAf7zI",{"_73":74,"_16":75},"reportCount",1,"additionalSourceCount",0,"developmentCount","publicId","0f180550-e568-4c22-a9a4-cb152fc86cf4","UBS AG发行多只高风险结构性票据",{"_73":74,"_16":75},"\n \n \n \n

\n\n \n\n

2026年10月5日定价补充文件

\n\n

（对应2025年3月25日发布的

\n\n

基础补充文件 ELN-1，日期为2025年3月25日，

\n\n

2025年3月25日发布的招股说明书补充文件

\n\n

以及2025年3月25日发布的招股说明书）

根据规则 424(b)(2) 提交

注册声明编号 333-285508
\n

10,000,000 加拿大蒙特利尔银行触发可赎回或有收益\n每日观察息票票据

与表现最差的纳斯达克-100指数^®、\n罗素2000^® 指数和标普500^® 指数挂钩，到期日为2030年1月7日

\n \n \n

投资说明

触发可调用或有收益票据（“票据”）是多伦多银行（“发行人”）发行的高级无担保债务证券，与表现最差的纳斯达克-100指数^®、罗素2000^® 指数和标普500^® 指数（各为“标的指数”，合称“标的指数”）挂钩。除非票据已被提前赎回，发行人将按季度向您支付息票（“或有息票”），条件是适用观察期内每个符合条件的交易日上每个标的指数的收盘价均大于或等于其息票障碍值。然而，如果在适用观察期的任何符合条件的交易日上任何标的指数的收盘价小于其息票障碍值，您将不会收到该观察期的任何或有息票。发行人可自行选择在任何可选赎回日赎回票据。如果发行人选择在到期前赎回票据，发行人将向您支付票据的本金金额加上任何应计或有息票，且票据将不再支付任何款项。如果发行人未在到期前赎回票据，且最终标的指数价值（“最终标的指数价值”）上每个标的指数的收盘价均大于或等于其下行阈值，发行人将在到期时偿还本金金额加上任何应计最终或有息票。然而，如果任何标的指数的最终标的指数价值小于其下行阈值，发行人将在到期时向您支付少于本金金额的现金支付（如有），导致票据本金金额的百分比损失等于表现最差的标的指数（“表现最差的标的指数”）的负回报率。在这种情况下，您将完全承担从初始标的指数价值到最终标的指数价值期间表现最差的标的指数的下行风险，并将损失您初始投资的大部分，甚至全部。投资票据涉及重大风险。您可能会损失初始投资的大部分或全部。在票据期限内，您可能收到的或有息票很少或没有。您将承担适用观察期内每个标的指数的市场风险，且任何一个标的指数的价值下跌可能会对您的回报产生负面影响，而不会因其他标的指数的价值较小下跌或任何潜在上涨而得到抵消或缓解。您不会参与任何标的指数的升值，也不会收到任何标的指数所包含证券的任何股息。每个标的指数的最终标的指数价值仅在最终估值日相对于其下行阈值进行观察，且本金有条件偿还功能仅在您持有票据至到期时适用。通常，票据的或有息票利率越高，该票据的损失风险就越大。票据上的任何支付（包括到期时支付的本金金额）均受多伦多银行的信用状况约束。如果多伦多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。

\n \n \n

特点

或有票息：在每个或有票息支付日，如果相关观察期内每个交易日的每个标的资产的收盘价均大于或等于其票息门槛，发行人将向您支付或有票息。然而，如果在相关观察期内任何交易日的任何标的资产的收盘价小于其票息门槛，您将不会在相关或有票息支付日获得任何或有票息。

\n\n

发行人选择赎回：发行人可在任何选择性赎回日选择赎回全部但不能部分赎回该票据。\n如果发行人选择在到期前赎回该票据，发行人将向您支付票据的本金金额加上任何应计的或有票息，之后将不再对该票据进行任何进一步的支付。

下行风险 并在到期时或有本金偿还：\n如果发行人未在到期前赎回该票据，且每个标的资产的最终标的资产价值大于或等于其下行阈值，发行人将在到期时偿还本金金额加上任何应计的最终或有票息。然而，如果任何标的资产的最终标的资产价值小于其下行阈值，发行人将在到期时偿还的本金金额少于本金金额，如果有的话，这将导致您投资的百分比损失等于最差表现标的资产的负标的资产回报。您可能会损失初始投资的大部分或全部。该票据的任何支付，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 \n \n \n \n \n \n

标的资产确定日：	2026年10月2日
交易日：	2026年10月5日
结算日：	2026年10月7日
观察期 / 观察期结束日期¹：	每季度（见PS-7页）
选择性赎回日期¹：	每季度（见PS-7页）
最终估值日¹：	2030年1月3日
到期日¹：	2030年1月7日

可能延期。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要显著地更具风险。发行人并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标的资产的全部下行市场风险。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。如果您不理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。

您应仔细考虑本文档第PS-9页开始的“关键风险考虑因素”以及随附的产品补充文件第PS-5页开始的“风险因素”、招股说明书补充文件第S-2页和招股说明书第9页中描述的风险。与这些风险或其他风险和不确定性相关的事件，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

我们提供与纳斯达克-100指数^®、罗素2000^® 指数和标准普尔500^® 指数中表现最差的指数挂钩的触发可赎回收益凭证。每个相关资产的初始相关资产价值是其在敲定日期的收盘价（如下所述）。每个相关资产的初始相关资产价值不是其在交易日的收盘价。凭证的最低投资金额为1000美元（100张凭证）。

\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

相关资产	附条件 \n票息率	初始相关资产 \n价值	票息障碍*	下行阈值*	CUSIP/ ISIN
纳斯达克-100指数^® (NDX)	11.50% 每年	30,807.93	21,565.55，即其初始相关资产价值的70%	18,484.76，即其初始相关资产价值的60%	06368N334 / US06368N3347
罗素2000^® 指数 (RTY)	2,832.895	1,983.027，即其初始相关资产价值的70%	1,699.737，即其初始相关资产价值的60%
标准普尔500^® 指数 (SPX)	7,722.72	5,405.90，即其初始相关资产价值的70%	4,633.63，即其初始相关资产价值的60%

*四舍五入到小数点后两位，相对于纳斯达克-100指数^®和标准普尔500^®指数，相对于 Russell 2000^® 指数则四舍五入到小数点后三位。

在本定价补充文件的定价日，本票据的估计初始价值为每张票据 9.90 美元。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。详见本定价补充文件中的“票据的估计价值”。

票据是加拿大蒙特利尔银行的无担保债务，因此，票据的所有付款均受加拿大蒙特利尔银行的信用风险影响。如果加拿大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。票据未受到联邦存款保险公司、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。

票据不是可减记的票据，也不受《加拿大存款保险公司法》第 39.2(2.3) 款的约束，不会转换为我们的普通股或我们任何附属公司的普通股。

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附带的产品补充文件、基础补充文件、招股说明书补充文件和招股说明书的准确性或充分性进行审查。与此相反的任何陈述均为刑事犯罪。

\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⁾	汇给加拿大蒙特利尔银行的款项
每张票据	$10.00	$0.10	$9.90
总计	$10,000,000.00	$100,000.00	$9,900,000.00

(1)

BMO Capital Markets Corp.（“BMOCM”），我们的子公司，以及 UBS Financial Services Inc.（“UBS”）是票据的分销代理。有关进一步信息，请参见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价值等于以下假设组成部分价值的总和：

一个与票据期限相同的固定收益债务部分，根据我们对结构性票据的内部融资利率进行估值；以及

一个或多个与票据经济条款相关的衍生交易。

在确定初始估计价值时使用的内部资金利率通常代表对我们传统固定利率债务的信用利差的折扣。这些衍生品交易的价值来源于我们的内部定价模型。这些模型基于诸如可比衍生品工具的交易市场价格以及其他输入因素，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是基于计算时的市场状况。

有关票据估计初始价值的更多信息，请参见下方的“主要风险考虑因素”部分。

PS-2

\n \n \n

关于发行人和票据的附加信息

您应将本定价补充文件与产品补充文件编号ELN-1（2025年3月25日）、基础补充文件编号ELN-1（2025年3月25日）、招股说明书补充文件（2025年3月25日）和招股说明书（2025年3月25日）一起阅读，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、招股说明书补充文件或招股说明书中的披露不一致，本定价补充文件中的披露将具有约束力。本文中使用但未定义的某些定义在产品补充文件、招股说明书补充文件或招股说明书中具有规定的含义。

我们在美国证券交易委员会（SEC）网站上的中央索引键（CIK）是927971。在本定价补充文件中，当我们提到“我们”、“我们”或“我们的”时，仅指加拿大丰业银行。

您可以通过美国证券交易委员会（SEC）网站www.sec.gov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，如下所示（或如果该地址已更改，可通过查看我们在SEC网站上相关日期的文件）：

产品补充文件编号ELN-1，2025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-1，2025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，2025年3月25日：

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

PS-3

\n \n \n

投资者适合性

如果您符合以下条件，票据可能适合您：

您完全了解投资票据所固有的风险，包括损失全部投资的风险。

您能够承受重大部分或全部初始投资的损失，并且愿意进行可能承担全部下行市场风险的最低表现基础资产的投资。

您愿意并能够接受在观察期每个合格交易日每个基础资产的个别市场风险，并且了解任何一个基础资产价值的下降不会被其他基础资产的较小下降或任何潜在价值上升所抵消或减轻。

您认为每个基础资产在指定的观察期内每个合格交易日收盘价可能在或高于其票息障碍价，如果任何基础资产未达到该价格，您能够接受在票据期限内收到很少或没有或有票息。

您认为每个标的资产的最终标的资产价值不太可能低于其下行阈值，如果任何标的资产的最终标的资产价值低于其下行阈值，您能够接受损失一部分或全部初始投资。

您理解并接受您将不会参与任何标的资产价值的增值，您的潜在回报仅限于票据上支付的任何或有票息。

您有能力并愿意根据本定价补充文件封面上规定的或有票息率投资于票据。

您能够接受到期前票据价格的波动，这种波动可能与标的资产价值的下行波动相似或更严重。

您不寻求从该投资中获得保证的当前收入，您愿意接受或有收益的风险，并且愿意放弃标的资产中包含的证券所支付的任何股息。

您愿意投资于发行人可能根据其选择提前赎回的票据，并且您愿意持有票据至到期，并接受该票据可能几乎没有或没有二级市场的事实。

您了解并愿意接受与每个标的资产相关的风险。

\n\n\n

您愿意并有能力承担加拿大丰业银行（作为票据发行人）的信用风险，对于票据下的所有付款，您了解如果加拿大丰业银行未能履行其义务，您可能无法获得任何应付金额，包括到期时的本金金额。

如果以下情况存在，该票据可能不适合您：

您不完全了解投资于该票据所固有的风险，包括损失全部投资的风险。

您无法接受损失一部分或全部初始投资，或者您不愿意进行可能承担最差表现标的资产全部下行市场风险的投资。

您不愿意或无法在观察期的每个合格交易日承担每个标的资产的单独市场风险，或者您不了解任何一个标的资产价值的下跌不会被其他标的资产价值的较小下跌或任何潜在上涨所抵消或缓解。

您不认为每个标的资产在指定的观察期的每个合格交易日都可能收于或高于其票息障碍，或者您无法接受在票据期限内可能收到很少或没有或有票息。

您认为至少有一个标的资产在票据期限内将贬值，且其最终标的资产价值很可能低于其下行阈值。

您寻求一种参与标的资产全部增值的投资，其回报不限于票据上支付的任何或有票息。

您无法或不愿意根据本定价补充文件封面上规定的或有票息率投资于票据。

您无法接受到期前票据价格的波动，这种波动可能与标的资产价值的下行波动相似或更严重。

您寻求从投资中获得保证的当前收入，您不愿意承担或有收益的风险，或者您更希望获得标的资产中包含的证券所支付的任何股息。

您无法或不愿持有发行人可能选择提前赎回的票据，或您无法或不愿持有票据至到期，或您寻求一种将有活跃二级市场的投资。

您不理解或不愿接受与每个相关指数相关的风险。

您更倾向于较低风险，因此接受固定收益投资可能较低的回报，这些投资具有可比的期限和信用评级，并按当前市场利率计息。

您不愿意或无法承担作为票据发行人的蒙特利尔银行的信用风险，包括票据下所有付款，包括到期时的本金金额。

上述考虑因素并非详尽无遗。票据是否适合您将取决于您的具体情况，您应在您和您的投资、法律、税务、会计及其他顾问在考虑了您具体情况后，仔细考虑投资票据的适当性后，才做出投资决定。您还应仔细阅读本文中的“主要风险考虑”部分和随附的产品补充文件中的“风险因素”部分，以了解与投资票据相关的风险。有关相关指数的更多信息，请参阅下列标题为“纳斯达克-100指数^®”、“罗素2000^®指数”和“标准普尔500^®指数”的部分。

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 \n \n \n

发行人：	蒙特利尔银行
原始发行价格：	票据本金金额的100%
本金金额：	每张票据10美元
相关指数：	纳斯达克-100指数^®（彭博终端代码：NDX），罗素2000^® 指数（彭博终端代码：RTY）和标准普尔500^® 指数（彭博终端代码：SPX）
期限：	约3.25年，除非发行人提前赎回
发行人可选 \n赎回：	\n 发行人可以选择在任何可选赎回日，全部但不可部分地赎回票据。如果发行人选择在到期前赎回票据，发行人将向您支付票据的本金金额以及在该可选赎回日也属于可变票息支付日的任何应计可变票息，此后票据将不再有任何进一步的支付。 \n \n 如果发行人选择在可选赎回日赎回票据，发行人将在该可选赎回日之前或当天向存管信托公司（“DTC”）发出通知，作为票据的唯一注册持有人。任何票据的赎回均属发行人的选择，不会因任何相关指数的表现而自动发生。 \n \n 如果票据被赎回，它们将在适用的可选赎回日停止流通，且在该日期之后您将不再享有票据下的任何权利。 \n
可变票息：	\n 如果在观察期内的每个符合条件的交易日，每个相关指数的收盘价均大于或等于其票息门槛，发行人将在相关的可变票息支付日向您支付可变票息。 \n \n 如果任何相关资产在观察期内的任何合格交易日的收盘价低于其票息障碍，则适用于该观察期的或有票息将不会累积或支付，发行人也不会在相关或有票息支付日向您支付任何款项。 \n \n 或有票息是基于每季度等额支付的或有票息利率的固定金额。 \n
或有票息 \n利率：	11.50%每年。因此，每个观察期的或有票息金额为每张票据0.2875美元。是否向票据支付或有票息将取决于相关资产的表现。
观察期：	每个观察期将包括至少一个相关资产的预定交易日（如附带的产品补充文件中所定义）的每一天（每如此一天，称为“合格交易日”），从但不包括观察期结束日期到，包括，下一个观察期结束日期；但第一个观察期将包括从但不包括交易日期到，包括，第一个观察期结束日期的每个合格交易日。
观察期 \n结束日期：	\n每季度。详见下文“观察期结束日期/或有票息支付日期/可选赎回日期”。
或有票息 \n支付日期：	\n每季度。详见下文“观察期结束日期/或有票息支付日期/可选赎回日期”。
可选赎回 \n日期：	每季度，从结算日期后大约三个月开始，于2027年1月至2029年10月期间 scheduled 的或有票息支付日期上进行。详见下文“观察期结束日期/或有票息支付日期/可选赎回日期”。
到期时的支付：	\n 如果发行人未在到期前赎回票据，在到期日，您将从发行人处获得每张票据的现金支付，计算方式如下： \n \n · 如果每个相关资产的最终相关资产价值大于或等于其下行阈值，发行人将在到期时以每张票据10美元的本金金额加上在也作为到期日的或有票息支付日应支付的任何或有票息进行偿还。 \n \n · 如果任何相关资产的最终相关资产价值小于其下行阈值，发行人将在到期时以低于本金金额的金额进行偿还，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。因此，每张票据的到期支付将按以下方式计算： \n \n 10美元 + (10美元 × 最差表现相关资产的相关资产回报) \n \n 如果发行人未在到期前赎回票据，并且任何相关资产的最终相关资产价值小于其下行阈值，您的投资将完全暴露于最差表现相关资产的下跌，您将在到期时损失初始投资的很大一部分或全部。 \n
相关资产回报：	\n 就每个相关资产而言： \n \n 最终相关资产价值 – 初始相关资产价值 \n 初始相关资产价值 \n
最差表现 \n相关资产：	相关资产中相关资产回报最低的
初始相关资产价值：	关于每个相关资产，其在行权日的收盘价，如本定价补充文件封面上所述。每个相关资产的初始相关资产价值不是其在交易日的收盘价。
最终相关资产价值：	关于每个相关资产，其在最终估值日的收盘价
收盘价：	关于每个相关资产，收盘价是指附带的产品补充文件中“票据的一般条款—与指数挂钩的票据的特定条款—特定定义”部分中规定的“收盘水平”的含义。
票息障碍：	关于每个相关资产，其初始相关资产价值的70%，如本定价补充文件封面上所述
下行阈值：	关于每个相关资产，其初始相关资产价值的60%，如本定价补充文件封面上所述

PS-5

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

计算代理：

BMO Capital Markets Corp.（“BMOCM”）

市场中断
\n事件和
\n推迟
\n条款：

如果在观察期的任何合格交易日（除观察期结束日外）发生市场中断事件或非计划交易日，该相关资产在该合格交易日将被忽略，以确定是否就该观察期支付附带票息。为避免疑义，任何未受市场中断事件或非计划交易日影响的相关资产的任何合格交易日，仍将作为确定是否就该观察期支付附带票息的有效日期，即使该日期不是其他相关资产的计划交易日，或在该日期其他相关资产发生了市场中断事件。

\n \n

每个观察期结束日（包括最终估值日）可能因非计划交易日和市场中断事件的发生而被推迟。此外，如果紧接的观察期结束日被推迟，附带票息支付日、选择性赎回日和到期日（如适用）也将被推迟，并将根据非营业日进行调整。

\n \n

有关观察期结束日、附带票息支付日、选择性赎回日和到期日调整的更多信息，请参见附带产品补充文件中的“票据的一般条款—市场中断事件的后果；估值日的推迟—与多个相关资产挂钩的票据”和“—支付日”。为附带产品补充文件的目的，每个观察期结束日和最终估值日均为“估值日”，每个附带票息支付日、选择性赎回日和到期日均为“支付日”。此外，有关可能导致市场中断事件的情况的信息，请参见附带产品补充文件中的“票据的一般条款—与指数挂钩的票据的特定条款—市场中断事件”。

PS-6

\n \n \n

\n 观察期结束日/附带票息支付日/选择性赎回日

\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

观察期结束日	附带票息支付日 / 选择性赎回 \n日*
2027年1月4日	2027年1月6日
2027年4月2日	2027年4月6日
2027年7月2日	2027年7月7日
2027年10月4日	2027年10月6日
2028年1月3日	2028年1月5日
2028年4月3日	2028年4月5日
2028年7月3日	2028年7月6日
2028年10月2日	2028年10月4日
2029年1月2日	2029年1月4日
2029年4月2日	2029年4月4日
2029年7月2日	2029年7月5日
2029年10月2日	2029年10月4日
2030年1月3日（最终估值日）	2030年1月7日（到期日）

* 每个附条件票息支付日（到期日除外）是一个可选择赎回日。

PS-7

\n \n \n

投资时间表

\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

	敲定日：		每个相关标的的初始标的值将被观察，每个相关标的的票息障碍和下行阈值将被确定。
	$\"\"$
	\n 每季度 \n （可由发行人选择赎回）：		\n 如果在观察期内每个相关标的的收盘价在每个符合条件的交易日均大于或等于其票息障碍，发行人将在相关附条件票息支付日向您支付附条件票息。 \n \n 然而，如果在观察期内任何符合条件的交易日某个相关标的的收盘价低于其票息障碍，相关附条件票息支付日将不会支付附条件票息。 \n \n 此外，发行人可以选择在任何可选择赎回日赎回全部但不能部分赎回该票据。如果发行人选择在到期前赎回该票据，发行人将向您支付该票据的本金金额，加上在该可选择赎回日应支付的任何附条件票息，该可选择赎回日同时也是附条件票息支付日，之后将不再向该票据支付任何款项。 \n
	$\"\"$
	到期日：		\n 如果发行人在到期前未赎回该票据，将在最终估值日观察每个相关标的的最终标的值，并确定每个相关标的的标的回报。 \n \n 如果每个相关标的的最终标的值大于或等于其下行阈值，发行人在到期时将按每张票据10美元的本金金额支付，并加上在同时为到期日的附条件票息支付日应支付的任何附条件票息。此外， \n \n 如果任何相关标的的最终标的值小于其下行阈值，发行人在到期时将按低于本金金额的金额支付，如果有的话，这将导致您投资的百分比损失等于最差表现标的的负标的回报。因此，每张票据在到期时的支付计算方式如下： \n \n 10美元 +（10美元 × 最差表现标的的标的回报） \n \n 如果发行人在到期前未赎回该票据，并且任何相关标的的最终标的值小于其下行阈值，您的投资将完全暴露于最差表现标的的下跌，您可能在到期时损失初始投资的大部分或全部。 \n

投资于票据\n涉及重大风险。在票据期限内，您可能收到很少或没有或有票息。您可能会损失大部分或全部的投资。您将面临每个底层资产的市场风险，其中一个底层资产价值的下跌可能会对您的回报产生负面影响，而不会被其他底层资产价值的较小下跌或任何潜在上涨所抵消或缓解。每个底层资产的最终底层资产价值仅在最终估值日相对于其下行阈值进行观察，并且只有在票据到期时持有票据的情况下，才适用或有本金偿还功能。通常，票据的或有票息率越高，该票据的损失风险就越大。您在票据上的回报潜力仅限于支付的任何或有票息，您不会参与任何底层资产的价值上涨。票据的任何支付，包括到期时的本金金额支付，均受发行人的信用状况影响。如果加拿大丰业银行未能履行其支付义务，您可能无法获得票据项下应得的任何金额，您可能会损失全部投资。

PS-8

\n \n \n

\n\n主要风险考虑因素

票据涉及与传统债务证券投资无关的风险。以下总结了一些适用于票据投资的风险，但我们敦促您仔细阅读随附的产品补充文件和招股说明书补充文件中关于票据风险的更详细说明。在充分考虑您的具体情况并与您的顾问仔细讨论后，您才应做出投资决策。

一般与票据相关的风险

如果发行人在到期前不赎回票据，您可能在到期时损失部分或全部本金。

我们在票据到期时不会向您支付固定金额。如果发行人在到期前不赎回票据，您将在到期时收到的支付金额将等于或低于本金金额，具体取决于最差表现底层资产的最终价值。

如果最差表现底层资产的最终底层资产价值低于其下行阈值，到期时的支付金额将低于本金金额，您将完全承担最差表现底层资产价值从其初始底层资产价值下跌的风险，并且每低于其初始底层资产价值1%，您将损失本金金额的1%。\n因此，如果最差表现底层资产的最终底层资产价值低于其下行阈值，您在到期时可能损失每张票据的大部分甚至全部本金。即使在票据期限内最差表现底层资产的价值高于或等于其初始底层资产价值或其下行阈值，也是如此。

即使最差表现的底层资产的最终底层价值高于其下行阈值，到期时的支付金额也不会超过本金金额（以及任何原本应支付的或有票息），并且考虑到您在票据期限内可能收到的任何或有票息，您在票据上的收益率可能低于如果您购买了加拿大蒙特利尔银行或其他信用评级相似的发行人的传统利息支付债务证券并在相同到期日到期时所获得的收益率。

票据不提供固定利息支付，您可能在某一或多个或有票息支付日无法收到或有票息，甚至在整个票据期限内都无法收到或有票息。

在每个或有票息支付日，如果您在相关观察期内的每个符合条件的交易日的每个底层资产的收盘价均大于或等于其票息障碍，则您将收到或有票息支付。如果在观察期内的任何符合条件的交易日，任何底层资产的收盘价低于其票息障碍，您将不会在相关或有票息支付日收到任何或有票息支付。此外，如果在票据期限内的每个观察期中，任何底层资产在至少一个符合条件的交易日的收盘价低于其票息障碍，您在整个票据期限内将不会收到任何或有票息。

您是否能在或有票息支付日收到或有票息，将取决于相关观察期内每个符合条件的交易日每个底层资产的收盘价。

您在任何或有票息支付日是否收到或有票息，将在相关观察期结束时根据该观察期内每个符合条件的交易日每个底层资产的收盘价确定。因此，如果在观察期内的至少一个符合条件的交易日，任何底层资产的收盘价低于其票息障碍，您将不会就该观察期收到或有票息。即使该观察期内的其他所有符合条件的交易日中每个底层资产的收盘价均大于或等于其票息障碍，这种情况也会发生。

票据会受到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，您也将受到负面影响。

您将承担每个底层资产的全部风险。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组合挂钩，其中某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，您在每个观察期内的每个符合条件的交易日都将承担每个底层资产的全部风险。此外，如果您投资于票据而非与单个底层资产表现挂钩的类似证券，您在票据期限内可能无法收到一个或多个或任何或有票息，以及在到期时可能损失大部分甚至全部本金金额的风险更大。除非您了解并愿意接受每个底层资产的全部下行风险，否则不应投资于票据。

表现更好的相关资产的绩效不会以任何方式使您受益。

尽管在观察期的每个符合条件的交易日，每个相关资产都必须收盘于或高于其相应的票息障碍价，您才能获得附条件票息支付，并且在最终估值日收盘于或高于其相应的下行阈值，您才能在票据到期时获得本金金额，但您不会以任何方式从表现更好的相关资产的绩效中受益。由于在这种情况下相关资产的绩效将被混合，表现更好的相关资产可能会抵消其他相关资产的较差表现，因此票据可能表现不如与相关资产组合相关的其他投资。

PS-9

您将面临相关资产之间关系带来的风险。

从您的角度来看，相关资产之间具有相关性更为有利，这样它们的价值将倾向于在相似的时间和相似的幅度内上涨或下跌。通过投资票据，您承担了相关资产不会表现出这种关系的风险。相关资产之间的相关性越低，在票据期限内任何时候，其中一个相关资产表现不佳的可能性就越大。只要有一个相关资产表现不佳，票据就可能表现不佳；表现更好的相关资产的绩效与您在票据上的回报无关。无法预测票据期限内相关资产之间的关系。如果相关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。

在最终估值日，您将完全承担最差表现相关资产从初始相关资产价值下跌的风险，但不会参与任何相关资产的正向表现。

尽管如果最差表现相关资产的最终相关资产价值低于其下行阈值，您将完全承担其价值下跌的风险，但您不会参与票据期限内任何相关资产价值的上涨。您在票据上的最大可能回报将仅限于您获得的附条件票息之和（如有）。因此，您在票据上的回报可能显著低于您通过其他可以参与任何或每个相关资产价值上涨的投资所获得的回报。

附条件偿还初始投资仅适用于您持有票据至到期的情况。

您应愿意持有票据至到期。如果您能够在二级市场提前出售票据，即使在出售时任何或每个相关资产的价值高于其下行阈值，您可能不得不以相对于初始投资的重大损失出售票据。

更高的附条件票息率和/或更低的票息障碍价和/或下行阈值与更大的风险相关。

Notes 提供了或有票息，其利率高于我们在相同期限的传统债务证券上可能支付的固定利率。如果支付的话，这些更高的或有票息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，包括您可能在一次或多次或任何或有票息支付日无法收到或有票息的风险，以及您可能在到期时损失大部分甚至全部本金金额的风险。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同时、同方向和相似幅度波动的程度的衡量。在交易日，底层资产的预期波动性更高或底层资产之间的预期相关性更低可能导致更高的或有票息利率和/或更低的票息门槛和/或更低的下行阈值，但这也意味着在交易日，至少有一个底层资产的收盘价在一次或多次观察期内的一个或多个合格交易日低于其票息门槛的可能性更大，因此您可能在 Notes 的期限内无法收到一次或多次或任何或有票息，且至少有一个底层资产的收盘价在最终估值日低于其下行阈值，因此您可能在到期时损失大部分甚至全部本金金额。一般来说，或有票息利率相对于我们可能在传统债务证券上支付的固定利率越高，您在 Notes 期限内无法收到一次或多次或任何或有票息以及在到期时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，较低的票息门槛或下行阈值并不一定表明 Notes 有更高的可能性支付或有票息或在到期时返还您的本金。

我们的赎回权可能会限制您获得或有票息的潜力。

我们可能会根据我们的选择，在任何\n选择性赎回日赎回票据。尽管行使赎回权完全取决于我们的单独决定，但我们更可能在每种相关资产从您的角度来看表现良好的时候赎回\n票据——换句话说，如果票据继续流通，您更有可能继续收到附条件票息，并在到期时收到本金金额。因此，我们的赎回权可能会限制您在每种相关资产从您的角度来看表现良好的情况下继续收到附条件票息的潜力。另一方面，如果任何相关资产从您的角度来看表现不佳，我们则不太可能赎回票据——换句话说，在这种情况下您更可能继续持有票据，而您继续收到附条件票息的可能性较低，且在到期时收到本金金额的可能性也较低。

如果我们行使赎回权，票据的期限可能会缩短。我们无法保证您在我们于到期前赎回票据的情况下，能够以类似的风险水平获得可比的回报。

票据受信用风险影响。

票据是我们的一项义务，而不是任何第三方的直接或间接义务。根据票据规定应付的任何金额均受我们的信用状况影响，您无法就任何相关资产中包含的证券要求支付。因此，我们的实际和感知信用状况可能会影响票据的价值，如果我们在票据项下的义务上违约，您可能无法根据票据条款获得任何应付金额，您可能会损失全部投资。

PS-10

投资票据的美国联邦所得税后果尚不明确。

目前没有直接的法律依据说明票据在美国联邦所得税方面的正确处理方式，且票据的税务处理的许多重要方面尚不确定。此外，非美国投资者应注意，我们打算对支付给非美国投资者的票息进行预提，通常预提税率为30%。我们将不会就此类预提支付任何额外金额。您应仔细阅读本文中的“美国联邦所得税考虑”部分，并结合随附的产品补充文件中的“美国联邦所得税考虑”部分进行阅读，并咨询您的税务顾问有关投资票据的美国联邦所得税后果。

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持续发生市场中断事件，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。请参见随附的产品补充文件中的“票据一般条款—市场中断事件的后果；多标的票据的估值日推迟”和“—支付日”。

与票据的预估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，交易日的票据估值将低于原始发行价格。

我们对票据的初步估值仅为估算，基于多种因素。票据的原始发行价格可能高于我们的初步估值，因为与发行、结构设计和对冲票据相关的成本包含在原始发行价格中，但不包含在估值中。这些成本将包括任何承销折扣和销售回扣以及通过一个或多个对冲交易对手对冲我们在票据下的义务的成本（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固有风险而预期实现的利润。

票据的条款并非参考我们常规固定利率债务的信用利差确定。

为确定票据的条款，我们使用一个内部资金利率，该利率代表对我们的常规固定利率债务的信用利差的折扣。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。

票据的估值并非我们、BMOCM或任何其他人在二级市场可能愿意从您处购买票据的价格（如有）的指示。

我们对票据的初步估值是通过我们的内部定价模型得出的。该估值基于市场状况和其他相关因素，包括标的资产的波动率和相关性、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和假设，可能会为票据提供高于或低于我们初步估值的值。此外，交易日后市场状况和其他相关因素预计会发生变化，可能变化迅速，我们的假设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其他在下一个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巨大变化。这些变化很可能会影响我们、BMOCM或任何其他方在任何二级市场交易中愿意从您处购买票据的价格。我们初步的估值并不代表我们在任何时间、任何二级市场中愿意购买您的票据的最低价格。

在票据发行后的大约4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供应商发布的票据价值，以及可能在任何经纪账户对账单上显示的票据价值，将反映出我们对票据的估计价值的临时上调。这种临时上调代表了（a）我们或我们的关联方在票据期限内预期实现的对冲利润的一部分，以及（b）与本次发行相关的任何承销折扣和销售佣金。这种临时上调金额将在4个月期间内以直线方式下降至零。

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。

票据的收益可以通过由固定收益债务部分和一个或多个衍生交易组成的假设性金融工具组合来复制。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的发行条款和到期前的价值。票据到期前的价值将受到每个标的资产当时的市值、当时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。任何一个因素的影响可能会被另一个因素的影响抵消或放大。以下因素（在附带的产品补充文件中有更详细的描述）预计会影响票据的价值：标的资产的表现；利率；标的资产的波动性；标的资产之间的相关性；到期时间；以及包含在标的资产中的证券的股息收益率。当我们提到您的“价值”时，我们指的是如果您能够在到期日前在公开市场上出售票据，您能够获得的价值。

除了这些因素外，票据的价值还将受到我们信用状况的实际或预期变化的影响。您应该理解，上述因素之一（例如利率的变化）的影响可能会抵消部分或全部由于其他因素（例如任何一个或所有标的资产价值的变化）导致的票据价值变化。由于预计众多因素会影响票据的价值，标的资产价值的变化可能不会导致票据价值出现相应的变化。

PS-11

票据不会在任何证券交易所上市，我们预计也不会形成票据的交易市场。

这些票据不会在任何证券交易所上市或展示。尽管BMOCM及其附属公司有意在票据方面建立二级市场，但它们没有义务这样做。无法保证会形成二级市场。由于我们预计不会有做市商参与票据的二级市场，您可能能够出售票据的价格很可能取决于BMOCM愿意购买您的票据的价格。如果存在二级市场，它可能是有限的。因此，如果您决定在到期前出售票据，可能买家数量有限。这可能会影响您在出售时获得的价格。因此，您应愿意持有票据至到期。

与标的资产相关的风险

票据的任何支付都将取决于标的资产的表现，因此票据会受到以下风险的影响，这些风险将在随附的产品补充文件中更详细地讨论。

投资票据与投资标的资产不同。投资票据并不等同于投资标的资产。作为票据的投资者，您的回报不会反映您如果实际拥有并持有每个标的资产中包含的证券，在与票据期限相似的期间内可能实现的回报，因为您不会收到这些证券的任何股息支付、分配或其他支付。作为票据的持有者，您不会拥有任何投票权或其他权利，这些权利是标的资产中包含的证券的持有者所拥有的。

标的资产的历史价值不应被视为标的资产在票据期限内未来表现的指标。

影响标的资产的变动可能会对票据的价值以及票据的任何支付产生不利影响。

我们无法控制任何与标的资产中包含的证券有关的非关联公司的行为。

我们及我们的附属公司与任何指数赞助商没有关联，并且未独立验证其公开披露的信息。

票据涉及与纳斯达克-100指数^®相关的非美国证券的风险。

由于构成纳斯达克-100指数^® 的一些权益证券由非美国发行人发行，投资票据涉及与这些发行人所在国家相关的风险。非美国公司的证券价格可能受到这些国家或全球地区内政治、经济、金融和社会因素的影响，包括政府变化、经济和财政政策以及货币兑换法律的变化。

纳斯达克-100指数^® 最近经历了重大方法论变更，因此纳斯达克-100指数^® 的表现可能与按照其先前方法论的表现不同。

Nasdaq, Inc. 最近对其纳斯达克-100 指数^® 的方法进行了重大更改，自 2026 年 5 月 1 日起生效。这些更改包括，但不限于，用于成分股选择和加权的市值确定方式的更改，为某些大型公司引入了加快的“快速进入”流程，取消了最低自由流通股要求，并引入了用于确定低流通股证券权重的股份数量上限。更新后的方法还规定，在 3 月、6 月和 9 月进行季度审查，在此期间某些成分股可能会被移除并替换，某些额外的公司可能会被加入而无需相应地移除其他公司，这可能导致纳斯达克-100 指数^® 的成分股数量暂时超过 100 个。

在评估包含在本定价补充中的纳斯达克-100 指数^® 的历史表现时，您应记住，在实施这些方法更改之前，纳斯达克-100 指数^® 的历史表现反映了其先前方法下的表现。如果在所显示的历史期间已实施更新后的方法，纳斯达克-100 指数^® 的历史表现可能会有显著不同。

我们无法预测这些方法更改对纳斯达克-100 指数^® 表现的影响。这些更改可能导致纳斯达克-100 指数^® 包含不同的成分股或以不同的方式对成分股进行加权，并可能改变成分股更改的时间或情况，与之前方法下可能发生的情况不同。这些更改可能会对纳斯达克-100 指数^® 的表现产生不利影响，从而影响您对票据的回报。

PS-12

票据受与罗素 2000^® 指数相关的中小盘公司风险的影响。

道琼斯小盘2000^® 指数跟踪由市场资本化相对较小的公司发行的证券。这些公司通常具有更高的股价波动性、更低的交易量和更少的流动性，相较于大市值公司。因此，道琼斯小盘2000^® 指数的价值可能比不只跟踪小市值股票的市场指标更具波动性。小市值公司的股价通常也比大市值公司的股价更容易受到不利的商业和经济发展的冲击，如果这些公司不支付股息，它们的股票可能交易量稀少，对许多投资者来说吸引力较低。此外，小市值公司通常不如大市值公司那样稳固和财务稳定，可能依赖于少数关键人员，这使它们更容易因人员流失而受到损害。小市值公司受到的分析师关注较少，可能处于公司生命周期的早期，且更不可预测的阶段。与大市值公司相比，小市值公司往往收入更低、产品线更少、目标市场的份额更小、财务资源更少、竞争实力也更弱。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。

利益冲突相关风险

我们的经济利益以及任何参与此次发行的交易商的利益可能与您的利益相冲突。

您应了解以下方式：我们及任何参与证券分销的交易商的经济利益，我们将其称为“参与交易商”，可能与您作为证券投资者的利益相冲突。在进行以下所述的某些活动，并在随附的产品补充文件中更详细地讨论时，我们的关联方或任何参与交易商或其关联方可能会采取可能对证券的价值和您的回报产生不利影响的行动，在此过程中，他们没有义务考虑您作为证券投资者的利益。我们的关联方或任何参与交易商或其关联方可能从这些活动中获利，即使投资者没有从证券中获得有利的投资回报。

We will exercise our rights under the Notes\nwithout taking your interests into account. We may, at our option, redeem the Notes on any Optional Redemption Date. Any redemption\nof the Notes will be at our option and will not automatically occur based on the performance of any Underlier. As described under “Selected\nRisk Considerations—Our Redemption Right May Limit Your Potential To Receive Contingent Coupons” above, we are more likely\nto redeem the Notes at a time when it would otherwise be advantageous for you to continue to hold the Notes, and we are less likely to\nredeem the Notes at a time when it would otherwise be advantageous to you for us to exercise our redemption right.

The calculation agent is our affiliate\nand may be required to make discretionary judgments that affect the return you receive on the Notes. BMOCM, which is our affiliate,\nwill be the calculation agent for the Notes. As calculation agent, BMOCM will determine any values of the Underliers and make any other\ndeterminations necessary to calculate any payments on the Notes. In making these determinations, BMOCM may be required to make discretionary\njudgments that may adversely affect any payments on the Notes. See the sections entitled “General Terms of the Notes—Certain\nTerms for Notes Linked to an Index—Market Disruption Events” and “—Discontinuation of, or Adjustments to, an Index”\nin the accompanying product supplement. In making these discretionary judgments, the fact that BMOCM is our affiliate may cause it to\nhave economic interests that are adverse to your interests as an investor in the Notes, and BMOCM’s determinations as calculation\nagent may adversely affect your return on the Notes.

The estimated value of the Notes was calculated\nby us and is therefore not an independent third-party valuation.

Research reports by our affiliates or any\nparticipating dealer or its affiliates may be inconsistent with an investment in the Notes and may adversely affect the values of the\nUnderliers.

Business activities of our affiliates or\nany participating dealer or its affiliates with the companies whose securities are included in the Underliers may adversely affect the\nvalues of the Underliers.

Hedging activities by our affiliates or\nany participating dealer or its affiliates may adversely affect the values of the Underliers.

Trading activities by our affiliates or\nany participating dealer or its affiliates may adversely affect the values of the Underliers.

A participating dealer or its affiliates\nmay realize hedging profits projected by its proprietary pricing models in addition to any selling concession and/or fee, creating a further\nincentive for the participating dealer to sell the Notes to you.

PS-13

\n \n \n

\nHypothetical Examples

Hypothetical terms only. Actual terms may vary.\nSee the cover page for actual offering terms.

The examples below illustrate the payment upon redemption or at maturity\nfor a $10 Principal Amount Note on a hypothetical offering of Notes under various scenarios, with the assumptions set forth in the table\nbelow. The terms used for purposes of these hypothetical examples do not represent the actual Contingent Coupon Rate, Contingent Coupon,\nInitial Underlier Values, Coupon Barriers or Downside Thresholds. The hypothetical Initial Underlier Value of 100.00 for each Underlier\nhas been chosen for illustrative purposes only and does not represent the actual Initial Underlier Value for any Underlier. The actual\nContingent Coupon Rate is set forth under “Terms of the Notes” above. The actual Initial Underlier Values, Coupon Barriers\nand Downside Thresholds are set forth on the cover page. For actual historical data of the Underliers, see the historical information\nset forth herein. These examples are for purposes of illustration only and the values used in the examples may have been rounded for ease\nof analysis. In these examples, we refer to the Nasdaq-100 Index^®, the Russell 2000^® Index and the S&P\n500^® Index as the “NDX Index,” the “RTY Index” and the “SPX Index,” respectively.

\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

Term:	Approximately 3.25 years (unless redeemed earlier)
Hypothetical Contingent Coupon Rate:	5.00% per annum (or 1.25% per quarter)
Hypothetical Contingent Coupon:	$0.125 per quarter
Hypothetical Initial Underlier Value:	For each Underlier, 100.00
Hypothetical Coupon Barrier:	For each Underlier, 90.00 (90% of its hypothetical Initial Underlier Value)
Hypothetical Downside Threshold:	For each Underlier, 80.00 (80% of its hypothetical Initial Underlier Value)
Observation Periods/Observation Period End-Dates:	Quarterly
Optional Redemption Dates:	Quarterly

The “total return” as used in this pricing supplement\nis the number, expressed as a percentage, that results from comparing the total payments per Note over the term of the Notes to the purchase\nprice of $10 per Note.

Example 1 — The Issuer Redeems the Notes on the First Optional\nRedemption Date

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

Observation Period

Lowest Closing
\nValue During
\nObservation
\nPeriod

Payment (per Note)

First Observation Period

NDX Index: 95.00

\n \n

RTY Index: 90.00

\n \n

SPX Index: 105.00

Issuer elects to redeem the Notes.

\n \n

Closing Value of each Underlier at or above its\n Coupon Barrier on each eligible trading day during first Observation Period; Issuer pays Principal Amount plus Contingent Coupon\n of $0.125 on related Optional Redemption Date that is also a Contingent Coupon Payment Date.

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

Total Payments (per Note):	Payment on Contingent Coupon Payment Date:	$10.125 ($10.00 + $0.125)
	Total:	$10.125
	Total Return:	1.25%

The Issuer redeems the Notes on the first Optional\nRedemption Date. The Closing Value of each Underlier is greater than or equal to its Coupon Barrier on each eligible trading day during\nthe first Observation Period. Therefore, the Notes are redeemed on the first Optional Redemption Date and the Issuer will pay you $10.125\nper Note, which is equal to the Principal Amount plus the Contingent Coupon otherwise due on such Optional Redemption Date that\nis also a Contingent Coupon Payment Date. No further amounts will be owed to you under the Notes. Accordingly, the Issuer will have paid\na total of $10.125 per Note for a total return of 1.25% on the Notes.

PS-14

Example 2 — The Issuer Does NOT Redeem the Notes Prior To Maturity\nand the Final Underlier Value of Each Underlier Is At or Above Its Downside Threshold and a Contingent Coupon Is Paid on the Maturity\nDate

\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

Observation Period	Lowest Closing \nValue During \nObservation \nPeriod	Final \nUnderlier \nValue	Payment (per Note)
First Observation Period	\n NDX Index: 125.00 \n \n RTY Index: 115.00 \n \n SPX Index: 105.00 \n	N/A	\n Issuer DOES NOT elect to redeem the Notes. \n \n Closing Value of each Underlier at or above its\n Coupon Barrier on each eligible trading day during first Observation Period; Issuer pays Contingent Coupon of $0.125 on the related Contingent\n Coupon Payment Date. \n
Second Observation Period	\n NDX Index: 90.00 \n \n RTY Index: 105.00 \n \n SPX Index: 95.00 \n	N/A	\n Issuer does NOT elect to redeem the Notes. \n \n Closing Value of each Underlier at or above its\n Coupon Barrier on each eligible trading day during second Observation Period; Issuer pays Contingent Coupon of $0.125 on the related Contingent\n Coupon Payment Date. \n
Third Observation Period	\n NDX Index: 90.00 \n \n RTY Index: 105.00 \n \n SPX Index: 70.00 \n	N/A	\n Issuer DOES NOT elect to redeem the Notes. \n \n Closing Value of SPX Index below its Coupon Barrier\n on at least one eligible trading day during third Observation Period; Issuer DOES NOT pay Contingent Coupon on the related Contingent\n Coupon Payment Date. \n
Fourth to Twelfth Observation Periods	Various (at least one Underlier below Coupon Barrier)	N/A	\n Issuer DOES NOT elect to redeem the Notes. \n \n Closing Value of at least one Underlier below its\n Coupon Barrier on at least one eligible trading day during each of the fourth to twelfth Observation Periods; Issuer DOES NOT pay Contingent\n Coupon on any of the related Contingent Coupon Payment Dates. \n
Thirteenth Observation Period (the Final Observation Period ending on the Final Valuation Date)	\n NDX Index: 105.00 \n \n RTY Index: 110.00 \n \n SPX Index: 95.00 \n	\n NDX Index: 120.00 \n \n RTY Index: 115.00 \n \n SPX Index: 105.00 \n	\n Notes NOT redeemable. \n \n Closing Value of each Underlier at or above its\n Coupon Barrier on each eligible trading day during thirteenth Observation Period. Final Underlier Value of each Underlier at or above\n its Downside Threshold; Issuer pays Principal Amount plus Contingent Coupon of $0.125 on Maturity Date. \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

Total Payments (per Note):	Payment at Maturity:	$10.125 ($10.00 + $0.125)
	Prior Contingent Coupons:	$0.25 ($0.125 × 2)
	Total:	$10.375
	Total Return:	3.75%

In this example, the Issuer does not exercise its\nredemption right and the Notes remain outstanding until maturity. Because the Final Underlier Value of each Underlier is greater than\nor equal to its Downside Threshold and the Closing Value of each Underlier is greater than or equal to its Coupon Barrier on each eligible\ntrading day during the final Observation Period, the Issuer will pay you on the Maturity Date $10.125 per Note, which is equal to the\nPrincipal Amount plus the Contingent Coupon due on the Contingent Coupon Payment Date that is also the Maturity Date.

In addition, because the Closing Value of each\nUnderlier was greater than or equal to its Coupon Barrier on each eligible trading day during the first and second Observation Periods,\nthe Issuer will pay the Contingent Coupon of $0.125 on each of the related Contingent Coupon Payment Dates. However, because the Closing\nValue of at least one Underlier was less than its Coupon Barrier on at least one eligible trading day during the third through twelfth\nObservation Periods, the Issuer will not pay any Contingent Coupon on the Contingent Coupon Payment Dates following those Observation\nPeriods. Accordingly, the Issuer will have paid a total of $10.375 per Note for a total return of 3.75% on the Notes.

PS-15

Example 3 — The Issuer Does NOT Redeem the Notes Prior To Maturity\nand the Final Underlier Value of Each Underlier Is At or Above Its Downside Threshold but No Contingent Coupon Is Paid on the Maturity\nDate

\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

Observation Period	Lowest Closing \nValue During \nObservation \nPeriod	Final \nUnderlier \nValue	Payment (per Note)
First Observation Period	\n NDX Index: 110.00 \n \n RTY Index: 115.00 \n \n SPX Index: 120.00 \n	N/A	\n Issuer DOES NOT elect to redeem the Notes. \n \n Closing Value of each Underlier at or above its\n Coupon Barrier on each eligible trading day during first Observation Period; Issuer pays Contingent Coupon of $0.125 on the related Contingent\n Coupon Payment Date. \n
Second Observation Period	\n NDX Index: 95.00 \n \n RTY Index: 100.00 \n \n SPX Index: 90.00 \n	N/A	\n Issuer does NOT elect to redeem the Notes. \n \n Closing Value of each Underlier at or above its\n Coupon Barrier on each eligible trading day during second Observation Period; Issuer pays Contingent Coupon of $0.125 on the related Contingent\n Coupon Payment Date. \n
Third Observation Period	\n NDX Index: 65.00 \n \n RTY Index: 110.00 \n \n SPX Index: 95.00 \n	N/A	\n Issuer DOES NOT elect to redeem the Notes. \n \n Closing Value of NDX Index below its Coupon Barrier\n on at least one eligible trading day during third Observation Period; Issuer DOES NOT pay Contingent Coupon on the related Contingent\n Coupon Payment Date. \n
Fourth to Twelfth Observation Periods	Various (at least one Underlier below Coupon Barrier)	N/A	\n Issuer DOES NOT elect to redeem the Notes. \n \n Closing Value of at least one Underlier below its\n Coupon Barrier on at least one eligible trading day during each of the fourth to twelfth Observation Periods; Issuer DOES NOT pay Contingent\n Coupon on any of the related Contingent Coupon Payment Dates. \n
Thirteenth Observation Period (the Final Observation Period ending on the Final Valuation Date)	\n NDX Index: 105.00 \n \n RTY Index: 95.00 \n \n SPX Index: 85.00 \n	\n NDX Index: 110.00 \n \n RTY Index: 115.00 \n \n SPX Index: 125.00 \n	\n Notes NOT redeemable. \n \n Closing Value of SPX Index below its Coupon Barrier\n on at least one eligible trading day during thirteenth Observation Period. Final Underlier Value of each Underlier at or above its Downside\n Threshold; Issuer pays Principal Amount but DOES NOT pay Contingent Coupon on Maturity Date. \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

Total Payments (per Note):	Payment at Maturity:	$10.00
	Prior Contingent Coupons:	$0.25 ($0.125 × 2)
	Total:	$10.25
	Total Return:	2.50%

In this example, the Issuer does not exercise its\nredemption right and the Notes remain outstanding until maturity. Because the Final Underlier Value of each Underlier is greater than\nor equal to its Downside Threshold, the Issuer will pay you the Principal Amount. However, because the Closing Value of at least one Underlier\nis below its Coupon Barrier on at least one eligible trading day during the final Observation Period, the Issuer will not pay any Contingent\nCoupon on the Contingent Coupon Payment Date that is also the Maturity Date. On the Maturity Date, the Issuer will pay you $10.00 per\nNote.

In addition, because the Closing Value of each\nUnderlier was greater than or equal to its Coupon Barrier on each eligible trading day during the first and second Observation Periods,\nthe Issuer will pay the Contingent Coupon of $0.125 on each of the related Contingent Coupon Payment Dates. However, because the Closing\nValue of at least one Underlier was less than its Coupon Barrier on at least one eligible trading day during the third through twelfth\nObservation Periods, the Issuer will not pay any Contingent Coupon on the Contingent Coupon Payment Dates following those Observation\nPeriods. Accordingly, the Issuer will have paid a total of $10.25 per Note for a total return of 2.50% on the Notes.

PS-16

Example 4 — The Issuer Does NOT Redeem\nthe Notes Prior To Maturity and the Final Underlier Value of At Least One Underlier Is Below its Downside Threshold

\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

Observation Period	Lowest Closing \nValue During \nObservation \nPeriod	Final \nUnderlier \nValue	Payment (per Note)
First Observation Period	\n NDX Index: 60.00 \n \n RTY Index: 70.00 \n \n SPX Index: 85.00 \n	N/A	\n Issuer does NOT elect to redeem the Notes. \n \n Closing Value of each Underlier on at least one\n eligible trading day during first Observation Period below its Coupon Barrier; Issuer DOES NOT pay Contingent Coupon on the related Contingent\n Coupon Payment Date. \n
Second Observation Period	\n NDX Index: 105.00 \n \n RTY Index: 90.00 \n \n SPX Index: 65.00 \n	N/A	\n Issuer does NOT elect to redeem the Notes. \n \n Closing Value of SPX Index below its Coupon Barrier\n on at least one eligible trading day during second Observation Period; Issuer DOES NOT pay Contingent Coupon on the related Contingent\n Coupon Payment Date. \n
Third Observation Period	\n NDX Index: 40.00 \n \n RTY Index: 70.00 \n \n SPX Index: 65.00 \n	N/A	\n Issuer does NOT elect to redeem the Notes. \n \n Closing Value of each Underlier below its Coupon\n Barrier on at least one eligible trading day during third Observation Period; Issuer DOES NOT pay Contingent Coupon on the related Contingent\n Coupon Payment Date. \n
Fourth to Twelfth Observation Periods	Various (at least one Underlier below Coupon Barrier)	N/A	\n Issuer does NOT elect to redeem the Notes. \n \n Closing Value of at least one Underlier below its\n Coupon Barrier on at least one eligible trading day during each of the fourth to twelfth Observation Periods; Issuer DOES NOT pay Contingent\n Coupon on any of the related Contingent Coupon Payment Dates. \n
Thirteenth Observation Period (the Final Observation Period ending on the Final Valuation Date)	\n NDX Index: 50.00 \n \n RTY Index:105.00 \n \n SPX Index: 110.00 \n	\n NDX Index: 50.00 \n \n RTY Index: \n \n 125.00 \n \n SPX Index: 115.00 \n	\n Notes NOT redeemable. \n \n Closing Value of NDX Index below its Coupon Barrier\n and its Downside Threshold; Issuer DOES NOT pay Contingent Coupon on Maturity Date; Issuer repays less than the Principal Amount resulting\n 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 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Total Payments (per Note):	Payment at Maturity:	$5.00
	Prior Contingent Coupons:	$0.00
	Total:	$5.00
	Total Return:	-50.00%

In this example, the Issuer does not exercise its\nredemption right and the Notes remain outstanding until maturity. Because the Final Underlier Value of at least one Underlier is less\nthan its Downside Threshold on the Final Valuation Date, at maturity, the Issuer will pay you a total of $5.00 per Note,\nfor a total return of -50.00% on the Notes, 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 NDX 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

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	=	115.00 – 100.00	= 15.00%
Initial Underlier Value	100.00

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

PS-17

Step 3: Calculate the Payment at Maturity:

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

$10 + ($10 × -50.00%) = $5.00

In addition, because the Closing Value of at least one Underlier is\nless than its Coupon Barrier on at least one eligible trading day during each Observation Period, the Issuer will not pay any Contingent\nCoupons over the term of the Notes.

PS-18

\n \n \n

\n\nThe Nasdaq-100 Index^®

The Nasdaq-100 Index^® is a\nmodified market capitalization-weighted index that is designed to measure the performance of 100 of the largest non-financial companies\nlisted on The Nasdaq Stock Market. For more information about the Nasdaq-100 Index^®, see “Description of Indices—The\nNasdaq-100 Index^®” in the accompanying underlying supplement.

Nasdaq, Inc. (“Nasdaq”), the\nindex sponsor of the Nasdaq-100 Index^®, recently implemented several changes to the methodology of the Nasdaq-100 Index^®,\nincluding changes to how market capitalization is determined for purposes of constituent selection and weighting, the introduction of\nan expedited “Fast Entry” process for certain large companies, the removal of the minimum free float requirement and the introduction\nof a cap on the share count used to determine the weight of low-float securities. These changes became effective on May 1, 2026 (with\ncertain constituent and rebalancing adjustments first implemented during the June 2026 quarterly review). The information set forth below\nsupersedes the information regarding the Nasdaq-100 Index^® included in the accompanying underlying supplement to the\nextent inconsistent. Information about the Nasdaq-100 Index^® may be obtained from other sources including, but not\nlimited to, the Nasdaq-100 Index^® sponsor’s website. We are not incorporating by reference into this pricing\nsupplement the website or any material it includes. Neither we nor any agent makes any representation that such publicly available information\nregarding the Nasdaq-100 Index^® is accurate or complete.

For purposes of constituent selection, Nasdaq now\nuses “Full Market Capitalization.” For direct (non-ADR) listings and companies represented by a Primary ADR, Full Market Capitalization\nincludes both listed and unlisted shares; for companies represented by a Non-Primary ADR, Full Market Capitalization is based on the value\nof the listed depositary shares only, and foreign-listed underlying shares and unlisted shares are excluded. For purposes of determining\nconstituent weights, Nasdaq now uses “Modified Market Capitalization,” which takes into account only eligible listed share\nclasses and disregards foreign-listed and unlisted shares. In addition, there is no longer a minimum free float requirement for inclusion\nin the Nasdaq-100 Index^®, although, for purposes of determining Modified Market Capitalization, each low-float security’s\nshare count is limited to the lesser of (i) its reported Total Shares Outstanding (“TSO”), or listed ADR shares in\nthe case of an ADR, and (ii) three times the number of its free-floating shares or free-floating ADR shares, as applicable. Other than\nas a direct result of corporate actions, the Nasdaq-100 Index^® also no longer implements ad-hoc intra-quarter adjustments\nto a security’s TSO between scheduled rebalancing events.

The updated methodology also permits certain large\ncompanies to be added to the Nasdaq-100 Index^® on an expedited basis through a “Fast Entry” process if\ntheir Full Market Capitalization ranks within the top 40 current index constituents and they satisfy the applicable eligibility criteria.\nA Fast Entry inclusion will not require the removal of another security and may temporarily increase the number of constituents of the\nNasdaq-100 Index^® above 100. In addition, the updated methodology provides for quarterly reviews in March, June and\nSeptember, under which Index Shares are adjusted for changes in TSO, Index Shares of low-float securities are adjusted to reflect changes\nin float, constituents ranked by Full Market Capitalization outside the top 125 will be removed and, if necessary, replaced, and certain\nadditional companies whose Full Market Capitalization ranks within the top 40 of current index constituents may be added without requiring\na corresponding removal. Securities added to the Nasdaq-100 Index^® between annual reconstitutions, including through\nFast Entry, as intra-quarter replacements or as part of a March, June or September rebalance, will have their initial weights determined\nusing a linear interpolation process based on Modified Market Capitalization ranking.

PS-19

Historical Information

We obtained the closing levels of the Nasdaq-100\nIndex^®in the graph below from Bloomberg Finance L.P. (“Bloomberg”), without independent verification.

The following graph sets forth daily closing levels\nof the Nasdaq-100 Index^®for the period from January 4, 2021 to October 2, 2026. The closing level on October 2, 2026 was\n30,807.93. The historical performance of the Nasdaq-100 Index^®should not be taken as an indication of its future performance\nduring the term of the Notes. When evaluating the historical performance of the Nasdaq-100 Index^® provided below, you\nshould bear in mind that the historical performance of the Nasdaq-100 Index^® prior to May 1, 2026 reflects the performance\nof the Nasdaq-100 Index^® under its prior methodology. The historical performance of the Nasdaq-100 Index^®\nmight have been meaningfully different had the updated methodology been in effect during the historical period shown. See “Selected\nRisk Considerations—The Nasdaq-100 Index^® Has Recently Undergone Significant Methodology Changes And, As A Result,\nThe Nasdaq-100 Index^® May Perform Differently Than It Would Have Performed Under Its Prior Methodology” in this pricing\nsupplement.

$\"\"$

PS-20

\n \n \n

\n\nThe 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, 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 2, 2026. The closing level on October 2,\n2026 was 2,832.895. 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.

$\"\"$

PS-21

\n \n \n

\n\nThe 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 2, 2026. The closing level on October 2, 2026\nwas 7,722.72. 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.

$\"\"$

PS-22

\n \n \n

\n\nCorrelation of the Underliers

The following\ngraph sets forth the historical performances of the Nasdaq-100 Index^®, the Russell 2000^®Index and the S&P\n500^® Index from January 4, 2021 through October 2, 2026, based on the daily\nclosing levels of the Underliers. For comparison purposes, each Underlier has been normalized to have a closing level of 100.00 on January\n4, 2021 by dividing the closing level of that Underlier on each day by the closing level of that Underlier on January 4, 2021 and multiplying\nby 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.\n

$\"\"$

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.

PS-23

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 to close below its Coupon Barrier on any eligible trading day during an Observation Period or\nbelow its Downside Threshold on the Final Valuation Date. This is because the less positively correlated the Underliers are, the greater\nthe likelihood that at least one of the Underliers will decrease in value. However, even if the Underliers have a higher positive correlation,\none or more of the Underliers might close below its Coupon Barrier on any eligible trading day during an Observation Period or below its\nDownside Threshold on the Final Valuation 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 Contingent Coupon Rate is determined, in part, based on the correlation of the\nUnderliers’ performance calculated using our internal models at the time when the terms of the Notes are finalized. A higher Contingent\nCoupon Rate is generally associated with lower correlation of the Underliers, which reflects a greater potential for missed Contingent\nCoupons and for a loss of principal at maturity. The correlation referenced in setting the terms of the Notes is calculated using our\ninternal models and is not derived from the returns of the Underliers over the period set forth above. In addition, other factors and\ninputs other than correlation may impact how the terms of the Notes are set and the performance of the Notes.

PS-24

\n \n \n

Summary of Canadian Federal Income Tax Consequences

For a discussion of the material Canadian federal\nincome tax consequences relating to an investment in the Notes, see the section entitled “Canadian Federal Income Tax Consequences”\nin the accompanying product supplement. Notwithstanding anything to the contrary in the accompanying product supplement, the Canadian\ntax consequences discussed in the accompanying product supplement do not take into account the proposed amendments to the “hybrid\nmismatch arrangement” rules in the Tax Act released for consultation on July 23, 2026.

PS-25

\n \n \n

United States Federal Income Tax Considerations

Although there is uncertainty regarding the U.S. federal income tax consequences\nof an investment in the Notes due to the lack of governing authority, in the opinion of our counsel Davis Polk & Wardwell LLP, under\ncurrent law, and based on current market conditions, it is reasonable to treat a Note as a single prepaid financial contract with associated\ncoupons for U.S. federal income tax purposes. Assuming this treatment of the Notes is respected, the tax consequences are as outlined\nin the discussion under “United States Federal Income Tax Considerations—Tax Consequences to U.S. Holders—Notes Treated\nas Prepaid Financial Contracts with Associated Coupons” in the accompanying product supplement.

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, might be materially and adversely affected. The U.S. Treasury Department and the IRS have requested comments\non various issues regarding the U.S. federal income tax treatment of “prepaid forward contracts” and similar financial instruments\nand have indicated that such transactions may be the subject of future regulations or other guidance. Furthermore, members of Congress\nhave proposed legislative changes to the tax treatment of derivative contracts. Any legislation, Treasury regulations or other guidance\npromulgated after consideration of these issues could materially and adversely affect the tax consequences of an investment in the Notes,\npossibly with retroactive effect.

Non-U.S. Holders. Notwithstanding anything\nto the contrary in the accompanying product supplement, we currently intend to treat any coupon payments on the Notes as income from sources\nwithout the United States, and insofar as we have responsibility as a withholding agent, we do not intend to treat any coupon payments\nto non-U.S. investors as subject to U.S. withholding tax (subject to the discussion below regarding Section 871(m)). However, non-U.S.\ninvestors should in any event expect to be required to provide appropriate IRS Forms W-8 or other documentation in order to establish\nan exemption from backup withholding, as described under “United States Federal Income Tax Considerations—Information Reporting\nand Backup Withholding” in the accompanying product supplement. If any withholding is required, we will not be required to pay any\nadditional amounts with respect to amounts withheld.

As discussed in the accompanying product supplement, Section 871(m) of\nthe Code and the Treasury regulations thereunder (“Section 871(m)”) generally impose a 30% (or lower treaty rate) withholding\ntax on “dividend equivalents” paid or deemed paid to non-U.S. investors with respect to certain financial instruments linked\nto equities that could pay U.S.-source dividends for U.S. federal income tax purposes (“underlying securities”), as\ndefined under the applicable Treasury regulations, or indices that include underlying securities. Section 871(m) generally applies to\nfinancial 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 your particular circumstances, including whether you enter into other transactions with respect to an underlying security. You should\nconsult your tax advisor regarding the potential application of Section 871(m) to the Notes.

If withholding is required, we will not be required\nto pay any additional amounts with respect to the amounts so withheld.

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 and estate tax consequences of an investment\nin the Notes, including possible alternative treatments, and any tax consequences arising under the laws of any state, local or non-U.S.\ntaxing jurisdiction.

PS-26

\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 less the underwriting discount specified on the\ncover page of this pricing supplement. UBS may sell all or part of the Notes that it purchases from us to investors at the Original Issue\nPrice, or to its affiliates at the Original Issue Price less a concession not in excess of the underwriting discount.

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 4 months 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 4-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” in the accompanying\nproduct supplement, “Supplemental Plan of Distribution (Conflicts of Interest)” in the accompanying prospectus supplement\nand “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-27

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-28

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 S-31 offering or distribution under Uruguayan laws and regulations. The Notes are not and will not be\nregistered with the Financial Services Superintendency of the Central Bank of Uruguay.

PS-29

\n \n \n

Validity of the Notes

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\nherein, such Notes will be valid and binding obligations of the Bank of Montreal, enforceable in accordance with their terms, subject\nto applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally, concepts of reasonableness and equitable\nprinciples of general applicability (including, without limitation, concepts of good faith, fair dealing and the lack of bad faith) and\npossible judicial or regulatory actions or applications giving effect to governmental actions or foreign laws affecting creditors’\nrights, provided that such counsel expresses no opinion as to (i) the enforceability of any waiver of rights under any\nusury or stay law; or (ii) the effect of fraudulent conveyance, fraudulent transfer or similar provision of applicable law on the conclusions\nexpressed above. This opinion is given as of the date hereof and is limited to the laws of the State of New York. Insofar as the foregoing\nopinion involves matters governed by the laws of the Provinces of Ontario and Québec and the federal laws of Canada, you have received,\nand we understand that you are relying upon, the opinion of Osler, Hoskin & Harcourt LLP, Canadian counsel for the Bank of Montreal,\nset forth above. In addition, this opinion is subject to customary assumptions about the trustee’s authorization, execution and\ndelivery of the indenture and the authentication of the master note and the validity, binding nature and enforceability of the indenture\nwith respect to the trustee, all as stated in the opinion of Davis Polk & Wardwell LLP dated March 25, 2025, which has been filed\nas an exhibit to Bank of Montreal’s report on Form 6-K filed with the SEC on March 25, 2025.

PS-30

","original","zhKind","translation","complete",false,"公司与财报","金融","宏观与美联储","政策与监管","其他","行业与主题","aihot","/items/lo8ewl101p29rrc0lxywxgxar","https://www.sec.gov/Archives/edgar/data/927971/000121465926012585/0001214659-26-012585-index.htm","rss-sec-xbrl","name","SEC · EDGAR 财务披露","rss","firstParty","iconUrl","/api/img-proxy?u=https%3A%2F%2Fwww.sec.gov%2Fthemes%2Fcustom%2Fuswds_sec%2Fassets%2Fimg%2Ffavicons%2Fapple-touch-icon.png&mode=avatar&exp=1791504000&sig=503fb7d170765eee","iconSrcSet","/api/img-proxy?u=https%3A%2F%2Fwww.sec.gov%2Fthemes%2Fcustom%2Fuswds_sec%2Fassets%2Fimg%2Ffavicons%2Fapple-touch-icon.png&mode=avatar-48&exp=1791504000&sig=bd7a734cec863d9b 48w, /api/img-proxy?u=https%3A%2F%2Fwww.sec.gov%2Fthemes%2Fcustom%2Fuswds_sec%2Fassets%2Fimg%2Ffavicons%2Fapple-touch-icon.png&mode=avatar-96&exp=1791504000&sig=e5a5cfd96e0c1fd2 96w","changelogVersion","2026-10-01T08:00"]