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\n \n \n

Filed Pursuant to Rule 424(b)(2)
\n Registration Statement No. 333-285508

(To Product Supplement No. EQUITY LIRN-1 dated\n August 1,
\n2025, Prospectus Supplement dated March 25, 2025

and Prospectus dated March 25, 2025)

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

1,294,711 Units
\n$10 principal amount per unit
\nCUSIP No. 06368N268

Pricing Date

Settlement Date

Maturity Date

\n October 29, 2026

November 5, 2026

October 26, 2029

$\"\"$

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

Autocallable Leveraged Index Return Notes^®\nLinked to the Russell 2000^® Index

\n\n \n

	§ \n	Maturity\nof approximately three years, if not automatically called prior to maturity \n
	§	Automatic\ncall of the notes at $11.00 per unit if the Observation Level of the Russell 2000^® Index (the “Index”) on\nthe Observation Date is at or above the Starting Value \n

The\nObservation Date will occur approximately one year after the pricing date

If not automatically called on the Observation Date, at maturity:

205% leveraged upside exposure to increases in the Index

1-to-1 downside exposure to decreases in the Index, with up to 100% of your principal at risk

All payments are subject to the credit risk of Bank of Montreal

No periodic interest payments

In addition to the underwriting discount set forth below, the notes include a hedging-related charge of $0.05 per unit. See “Structuring\nthe Notes”

Limited secondary market liquidity, with no exchange listing

The notes are the unsecured obligations of Bank of Montreal. The notes are not insured by the Federal Deposit Insurance Corporation,\nthe Deposit Insurance Fund, the Canada Deposit Insurance Corporation or any other governmental agency.

\n \n \n

The notes are being issued by Bank of Montreal (“BMO”).\nThere are important differences between the notes and a conventional debt security, including different investment risks and certain additional\ncosts. See “Risk Factors” and “Additional Risk Factors” beginning on page TS-7 of this term sheet and “Risk\nFactors” beginning on page PS-6 of product supplement EQUITY LIRN-1.

The estimated initial value of the notes determined by us as of the\npricing date, which we refer to as the initial estimated value, is $9.58 per unit, which is less than the public offering price listed\nbelow. However, as discussed in more detail in this term sheet, the actual value of the notes at any time will reflect many factors and\ncannot be predicted with accuracy.See “Summary” on the following\npage, “Risk Factors” beginning on page TS-7 of this term sheet and “Structuring the Notes” below for additional\ninformation.

The notes are not bail-inable notes and are not subject to conversion\ninto our common shares or the common shares of any of our affiliates under subsection 39.2(2.3) of the Canada Deposit Insurance Corporation\nAct.

_________________________

None of the Securities and Exchange Commission (the “SEC”),\nany state securities commission, or any other regulatory body has approved or disapproved of these notes or determined if this Note Prospectus\n(as defined below) is truthful or complete. Any representation to the contrary is a criminal offense.

_________________________

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

	Per Unit	Total
Public offering price	$ 10.00	$12,947,110.00
Underwriting discount	$ 0.20	$258,942.20
Proceeds, before expenses, to BMO	$ 9.80	$12,688,167.80

The notes:

\n \n \n \n \n

Are Not FDIC Insured

Are Not Bank Guaranteed

May Lose Value

BofA Securities

October 29, 2026

\n \n \n \n \n

Autocallable Leveraged Index Return Notes^®

Linked to the Russell 2000^® Index, due\nOctober 26, 2029

Summary

The Autocallable Leveraged Index Return Notes^®Linked\nto the Russell 2000^® Index, due October 26, 2029 (the “notes”) are our senior unsecured debt securities. The\nnotes are not insured by the Canada Deposit Insurance Corporation or the Federal Deposit Insurance Corporation, or secured by collateral.\nThe notes rank equally with all of our other unsecured senior debt from time to time outstanding. Any payments due on the notes, including\nany repayment of principal, are subject to our credit risk.

The notes will be automatically called if the Observation Level of the\nMarket Measure, which is the Russell 2000^® Index (the “Index”), is greater than or equal to the Call Level\non the Observation Date. If your notes are automatically called, you will receive the Call Amount on the Call Settlement Date, and no\nfurther amounts will be payable on the notes. If your notes are not automatically called, at maturity, the notes provide you a leveraged\nreturn if the Ending Value is greater than the Starting Value. If the Ending Value is equal to the Starting Value, you will receive the\nprincipal amount of your notes. If the Ending Value is less than the Starting Value, you will lose all or a portion of the principal amount\nof your notes. Any payments on the notes will be calculated based on the $10 principal amount per unit and will depend on the performance\nof the Index, subject to our credit risk. See “Terms of the Notes” below.

Our initial estimated value of the notes equals\nthe sum of the values of the following hypothetical components:

a fixed-income debt component with the same tenor as the notes, valued using our internal funding rate\nfor structured notes; and

one or more derivative transactions relating to the economic terms of the notes.

The internal funding rate used in the determination\nof the initial estimated value generally represents a discount from the credit spreads for our conventional fixed-rate debt. The value\nof these derivative transactions is derived from our internal pricing models. These models are based on factors such as the traded market\nprices of comparable derivative instruments and on other inputs, which include volatility, dividend rates, interest rates and other factors.\nAs a result, the initial estimated value of the notes is based on market conditions at the time it is calculated.

The economic terms of the notes (including the Call Amount and Call\nPremium) are based on our internal funding rate described above. Our internal funding rate is typically lower than the rate we would pay\nwhen we issue conventional fixed or floating rate debt securities. This difference in funding rate, as well as the underwriting discount\nand the hedging related charge described below, will reduce the economic terms of the notes to you and the initial estimated value of\nthe notes on the pricing date. Due to these factors, the public offering price you pay to purchase the notes is greater than the initial\nestimated value of the notes.

For more information about the initial estimated\nvalue and the structuring of the notes, see “Risk Factors” and “Structuring the Notes” below.

\n \n \n

Terms of the Notes

\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

Issuer:	Bank of Montreal (“BMO”)	Call Level:	2,859.217 (100% of the Starting Value)
Principal \nAmount:	$10.00 per unit	Call Amount (per \nUnit) and Call \nPremium:	$11.00, representing a Call Premium of 10.00% of the principal amount, if automatically called on the Observation Date
Term:	Approximately three years, if not automatically called on the Observation Date	Call Settlement \nDate:	The fifth business day following the Observation Date, subject to postponement if the Observation Date is postponed, as described on page PS-25 of product supplement EQUITY LIRN-1
Market Measure:	The Russell 2000^® Index (Bloomberg symbol: “RTY”), a price return index	Threshold Value:	2,859.217 (100.00% of the Starting Value)
Starting Value:	2,859.217	Participation \nRate:	205.00%.
Ending Value:	The average of the closing levels of the Market Measure on each calculation day occurring during the Maturity Valuation Period. The scheduled calculation days are subject to postponement in the event of Market Disruption Events, as described on page PS-27 of product supplement EQUITY LIRN-1.	Maturity \nValuation Period:	October 17, 2029, October 18, 2029, October 19, 2029, October 22, 2029 and October 23, 2029
Observation \nLevel:	The closing level of the Market Measure on the Observation Date	Fees and \nCharges:	The underwriting discount of $0.20 per unit listed on the cover page and the hedging related charge of $0.05 per unit described in “Structuring the Notes” below.
Observation \nDate:	November 4, 2027. The scheduled Observation Date is subject to postponement in the event of Market Disruption Events, as described on page PS-25 of product supplement EQUITY LIRN-1.	Joint Calculation \nAgents:	BMO Capital Markets Corp. (“BMOCM”) and BofA Securities, Inc. (“BofAS”), acting jointly.

Autocallable Leveraged Index Return Notes^®

TS-2

Autocallable Leveraged Index Return Notes^®

Linked to the Russell 2000^® Index, due October 26, 2029

Payment Determination

Automatic Call Provision

The notes will be called automatically on the Observation Date if the\nObservation Level on the Observation Date is greater than or equal to the Call Level. If the notes are automatically called, you will\nreceive $10 per unit plus the Call Premium.

$\"\"$

Redemption Amount Determination

If the notes are not automatically called, on the maturity date, you\nwill receive a cash payment per unit determined as follows:

$\"\"$

Autocallable Leveraged Index Return Notes^®

TS-3

Autocallable Leveraged Index Return Notes^®

Linked to the Russell 2000^® Index, due October 26, 2029

The terms and risks of the notes are contained in this term sheet and\nin the following:

Product supplement EQUITY LIRN-1 dated August 1, 2025:
\nhttps://www.sec.gov/Archives/edgar/data/927971/000121465925011343/j729253424b2.htm

Prospectus Supplement and Prospectus dated March 25, 2025:
\nhttps://www.sec.gov/Archives/edgar/data/927971/000119312525062081/d840917d424b5.htm

These documents (together, the “Note Prospectus”) have been\nfiled as part of a registration statement with the SEC, which may, without cost, be accessed on the SEC website as indicated above or\nobtained from Merrill Lynch, Pierce, Fenner & Smith Incorporated (“MLPF&S”) or BofAS by calling toll-free at 1-800-294-1322.\nBefore you invest, you should read the Note Prospectus, including this term sheet, for information about us and this offering. Any prior\nor contemporaneous oral statements and any other written materials you may have received are superseded by the Note Prospectus. Capitalized\nterms used but not defined in this term sheet have the meanings set forth in product supplement EQUITY LIRN-1. When we refer to “we,”\n“us” or “our” in this term sheet, we refer only to Bank of Montreal.

“Leveraged Index Return Notes^®” and “LIRNs^®”\nare the registered service marks of Bank of America Corporation, the parent company of MLPF&S and BofAS.

Investor Considerations

You may wish to consider an investment in the notes if:

You are willing to accept an early exit from your investment and receive a return on your investment capped at the return represented\nby the Call Premium if the Observation Level is greater than or equal to the Call Level.

You anticipate that the notes will be automatically called or that the Index will increase from the Starting Value to the Ending Value.

You are willing to risk a loss of principal and return if the notes are not automatically called and the Index decreases from the\nStarting Value to the Ending Value.

You are willing to forgo the interest payments that are paid on conventional interest bearing debt securities.

You are willing to forgo dividends or other benefits of owning the stocks included in the Index.

You are willing to accept a limited market or no market for sales prior to maturity, and understand that the market prices for the\nnotes, if any, will be affected by various factors, including our actual and perceived creditworthiness, our internal funding rate and\nfees and charges on the notes.

You are willing to assume our credit risk, as issuer of the notes, for all payments under the notes, including the Call Amount or\nthe Redemption Amount, as applicable.

The notes may not be an appropriate investment for you\nif:

You wish to make an investment that cannot be automatically called prior to maturity.

You anticipate that the notes will not be automatically called and that the Index will decrease from the Starting Value to the Ending\nValue or that the Index will not increase sufficiently over the term of the notes to provide you with your desired return.

You seek principal repayment or preservation of capital.

You seek interest payments or other current income on your investment.

You want to receive dividends or other distributions paid on the stocks included in the Index.

You seek an investment for which there will be a liquid secondary market.

You are unwilling or are unable to take market risk on the notes or to take our credit risk as issuer of the notes.

We urge you to consult your investment, legal, tax, accounting, and\nother advisors before you invest in the notes.

Autocallable Leveraged Index Return Notes^®

TS-4

Autocallable Leveraged Index Return Notes^®

Linked to the Russell 2000^® Index, due October 26, 2029

Hypothetical Payout Profile and Examples of Payments\nat Maturity

The graph below shows a payout profile at maturity, which would only\napply if the notes are not automatically called on the Observation Date.

\n \n \n \n

Autocallable Leveraged Index Return Notes^®

\n \n

$\"\"$

\n\n\n

This graph reflects the returns on the notes,\nbased on the Threshold Value of 100% of the Starting Value and the Participation Rate of 205%. The green line reflects the returns on\nthe notes, while the dotted gray line reflects the returns of a direct investment in the stocks included in the Index, excluding dividends.

\n\n\n

This graph has been prepared for purposes\nof illustration only.

The following table and examples are for purposes of illustration only.\nThey are based on hypothetical values and show hypothetical returns on the notes, assuming the notes are not automatically\ncalled on the Observation Date. They illustrate the calculation of the Redemption Amount and total rate of return based on a hypothetical\nStarting Value of 100.00, a hypothetical Threshold Value of 100.00, the Participation Rate of 205.00% and a range of hypothetical Ending\nValues. The actual amount you receive and the resulting total rate of return will depend on the actual Starting Value, Threshold Value\nand Ending Value, whether the notes are automatically called on the Observation Date, and whether you hold the notes to maturity.\nThe following examples do not take into account any tax consequences from investing in the notes.

For recent actual levels of the Index, see “The Index” section\nbelow. The Index is a price return index and as such the Ending Value will not include any income generated by dividends paid on the stocks\nincluded in the Index, which you would otherwise be entitled to receive if you invested in those stocks directly. In addition, all payments\non the notes are subject to issuer credit risk.

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

\n Ending Value	\n Percentage\n Change from the \n Starting Value to the Ending \n Value	\n Redemption\n Amount per \n Unit	\n Total Rate\n of Return on the \n Notes
0.00	-100.00%	$0.0000	-100.000%
50.00	-50.00%	$5.0000	-50.000%
60.00	-40.00%	$6.0000	-40.000%
70.00	-30.00%	$7.0000	-30.000%
80.00	-20.00%	$8.0000	-20.000%
90.00	-10.00%	$9.0000	-10.000%
95.00	-5.00%	$9.5000	-5.000%
97.50	-2.50%	$9.7500	-2.500%
100.00⁽¹⁾⁽²⁾	0.00%	$10.0000	0.000%
102.50	2.50%	$10.5125	5.125%
105.00	5.00%	$11.0250	10.250%
110.00	10.00%	$12.0500	20.500%
120.00	20.00%	$14.1000	41.000%
130.00	30.00%	$16.1500	61.500%
140.00	40.00%	$18.2000	82.000%
150.00	50.00%	$20.2500	102.500%
160.00	60.00%	$22.3000	123.000%

(1)

This is the hypothetical Threshold Value.

(2)

The hypothetical Starting Value of 100.00 used in these examples has been chosen for illustrative purposes only, and does not\nrepresent the actual Starting Value for the Market Measure.

Autocallable Leveraged Index Return Notes^®

TS-5

Autocallable Leveraged Index Return Notes^®

Linked to the Russell 2000^® Index, due October 26, 2029

Redemption Amount Calculation Examples

\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

Example 1
The Ending Value is 50.00, or 50.00% of the Starting Value:
Starting Value: 100.00
Threshold Value: 100.00
Ending Value: 50.00
$\"\"$	= $5.00 Redemption Amount per unit

Example 2
The Ending Value is 110.00, or 110.00% of the Starting Value:
Starting Value: 100.00
Ending Value: 110.00
$\"\"$	= $12.05 Redemption Amount per unit

Autocallable Leveraged Index Return Notes^®

TS-6

Autocallable Leveraged Index Return Notes^®

Linked to the Russell 2000^® Index, due October 26, 2029

Risk Factors

There are important differences between the notes and a conventional\ndebt security. An investment in the notes involves significant risks, including those listed below. You should carefully review the more\ndetailed explanation of risks relating to the notes in the “Risk Factors” sections beginning on page PS-6 of product supplement\nEQUITY LIRN-1, page S-2 of the prospectus supplement, and page 9 of the prospectus identified above. We also urge you to consult your\ninvestment, legal, tax, accounting, and other advisors before you invest in the notes.

Structure-related Risks

If the notes are not automatically called, depending on the performance of the Index as measured shortly before the maturity date,\nyour investment may result in a loss; there is no guaranteed return of principal.

The notes do not pay interest, and any return on the notes may be less than the yield you could earn by owning a conventional fixed\nor floating rate debt security of comparable maturity.

If the notes are automatically called, the positive return on your investment will be limited to the return represented by the Call\nPremium, regardless of the extent of any increase in the value of the Index.

Payments on the notes are subject to our credit risk, and actual or perceived changes in our creditworthiness are expected to affect\nthe value of the notes. If we become insolvent or are unable to pay our obligations, you may lose your entire investment.

Because the notes could be automatically called on the Observation Date, the term of the notes could be shortened, and there is no\nguarantee that you would be able to reinvest the proceeds from an investment in the notes at a comparable return for a similar level of\nrisk in the event the notes are automatically called prior to maturity.

Valuation and Market-related\nRisks

Our initial estimated value of the notes is only an estimate, and is based on a number of factors. The public offering price of the\nnotes may exceed our initial estimated value, because costs associated with offering, structuring and hedging the notes are included in\nthe public offering price, but are not included in the estimated value. These costs will include any underwriting discount and selling\nconcessions and the cost of hedging our obligations under the notes through one or more hedge counterparties (which may be one or more\nof our affiliates or an agent or its affiliates). Such hedging cost includes our or our hedge counterparty’s expected cost of providing\nsuch hedge, as well as the profit we or our hedge counterparty expect to realize in consideration for assuming the risks inherent in providing\nsuch hedge.

To determine the terms of the notes, we use an internal funding rate that represents a discount from the credit spreads for our conventional\nfixed-rate debt. As a result, the terms of the notes are less favorable to you than if we had used a higher funding rate.

Our initial estimated value of the notes is derived using our internal pricing models. This value is based on market conditions and\nother relevant factors, which include volatility of the Index, dividend rates and interest rates. Different pricing models and assumptions,\nincluding those used by the agent, its affiliates or other market participants, could provide values for the notes that are greater than\nor less than our initial estimated value. In addition, market conditions and other relevant factors after the pricing date are expected\nto change, possibly rapidly, and our assumptions may prove to be incorrect. After the pricing date, the value of the notes could change\ndramatically due to changes in market conditions, our creditworthiness, and the other factors discussed in the next risk factor. These\nchanges are likely to impact the price, if any, at which we, BofAS or any of our respective affiliates would be willing to purchase the\nnotes from you in any secondary market transactions. Our initial estimated value does not represent a minimum price at which we, BofAS\nor any of our respective affiliates or any other party would be willing to buy your notes in any secondary market at any time.

A trading market is not expected to develop for the notes. None of us, MLPF&S, BofAS or any of our respective affiliates is obligated\nto make a market for, or to repurchase, the notes. There is no assurance that any party will be willing to purchase your notes at any\nprice in any secondary market.

Conflict-related Risks

Our business, hedging and trading activities, and those of MLPF&S, BofAS and our respective affiliates (including trading in shares\nof companies included in the Index), and any hedging and trading activities we, MLPF&S, BofAS or our respective affiliates engage\nin for our clients’ accounts, may adversely affect the market value of and return on the notes and may create conflicts of interest\nwith you.

There may be potential conflicts of interest involving the calculation agents, one of which is our affiliate and one of which is BofAS.\nWe have the right to appoint and remove the calculation agents.

Market Measure-related Risks\n

The Index sponsor may adjust the Index in a way that affects its level, and has no obligation to consider your interests.

You will have no rights of a holder of the securities included in the Index, and you will not be entitled to receive securities or\ndividends or other distributions by the issuers of those securities.

Autocallable Leveraged Index Return Notes^®

TS-7

Autocallable Leveraged Index Return Notes^®

Linked to the Russell 2000^® Index, due October 26, 2029

While we, MLPF&S, BofAS or our respective affiliates may from time to time own securities of companies included in the Index,\nwe, MLPF&S, BofAS and our respective affiliates do not control any company included in the Index, and have not verified any disclosure\nmade by any company.

Tax-related Risks

The U.S. federal income tax consequences of an investment in the notes are unclear. There is no direct legal authority regarding the\nproper U.S. federal income tax treatment of the notes and we do not plan to request a ruling from the Internal Revenue Service (the “IRS”)\nwith respect to the notes. Consequently, significant aspects of the tax treatment of the notes are uncertain, and the IRS or a court might\nnot agree with our intended treatment of them, as described in “United States Federal Income Tax Considerations” below. If\nthe IRS were successful in asserting an alternative treatment of the notes, the tax consequences of the ownership and disposition of the\nnotes, including the timing and character of income recognized by U.S. investors, and the withholding tax consequences to non-U.S. investors,\nmight be materially and adversely affected. Moreover, future legislation, Treasury regulations or IRS guidance could adversely affect\nthe U.S. federal income tax treatment of the notes, possibly retroactively.

You should review carefully the sections of this term sheet and the accompanying product supplement entitled “United States\nFederal Income Tax Considerations” and consult your tax advisor regarding the U.S. federal income tax consequences of an investment\nin the notes, as well as tax consequences arising under the laws of any state, local or non-U.S. taxing jurisdiction.

Additional Risk Factors

The notes are subject to small-capitalization companies risk.

The Index tracks securities issued by companies with relatively small\nmarket capitalizations. These companies often have greater stock price volatility, lower trading volume and less liquidity than large-capitalization\ncompanies. As a result, the value of the Index may be more volatile than that of a market measure that does not track solely small-capitalization\nstocks. Stock prices of small-capitalization companies are also generally more vulnerable than those of large-capitalization companies\nto adverse business and economic developments, and the stocks of small-capitalization companies may be thinly traded and may be less attractive\nto many investors if they do not pay dividends. In addition, small-capitalization companies are often less well-established and less stable\nfinancially than large-capitalization companies and may depend on a small number of key personnel, making them more vulnerable to loss\nof personnel. Small-capitalization companies are often subject to less analyst coverage and may be in early, and less predictable, periods\nof their corporate existences. Small-capitalization companies tend to have lower revenues, less diverse product lines, smaller shares\nof their target markets, fewer financial resources and fewer competitive strengths than large-capitalization companies. These companies\nmay also be more susceptible to adverse developments related to their products or services.

Autocallable Leveraged Index Return Notes^®

TS-8

Autocallable Leveraged Index Return Notes^®

Linked to the Russell 2000^® Index, due October 26, 2029

The Index

We obtained all information contained in this term\nsheet regarding the Index, including, without limitation, its make-up, method of calculation and changes in its components, from publicly\navailable information. That information reflects the policies of, and is subject to change by, FTSE Russell (the “Index Sponsor”).\nFTSE Russell is a wholly owned subsidiary of the London Stock Exchange Group plc. The Index Sponsor has no obligation to continue to publish,\nand may discontinue publication of, the Index at any time. The consequences of the Index Sponsor discontinuing publication of the Index\nare discussed in the section entitled “Description of the LIRNs—Discontinuance of an Index” in product supplement EQUITY\nLIRN-1. Neither we nor any agent has independently verified the accuracy or completeness of any information with respect to the Index\nin connection with the offer and sale of the notes.

In addition, information about the Index may be\nobtained from other sources including, but not limited to, the Index Sponsor’s website. We are not incorporating by reference into\nthis term sheet the website or any material it includes. Neither we nor any agent makes any representation that such publicly available\ninformation regarding the Index is accurate or complete.

The Index is calculated and published by FTSE Russell\nand is reported by Bloomberg L.P. under the ticker symbol “RTY.”

General

The Index is a float-adjusted market capitalization-weighted\nindex that measures the price performance of approximately 2,000 U.S. small-cap 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.

The Index is a subset of the Russell 3000E™\nIndex, which includes up to 4,000 of the largest U.S. companies as determined by total market capitalization, with approximately 99% representation\nof the U.S. equity market. The companies included in the Index are the middle 2,000 of the companies that form the Russell 3000E™\nIndex (i.e., those ranking from 1,001 to 3,000 in the Russell 3000E™ Index). The Index represents approximately 5% of the total\nmarket capitalization of the Russell 3000^® Index as of the June 2026 reconstitution.

Bloomberg reports the levels of the Index with\nfewer decimal places of precision than FTSE Russell.

For purposes of this section, the Index is a “Russell\nIndex” and one of the “Russell Indices,” each of which is a subset of the Russell 3000E™ Index.

Selection of Stocks Underlying the Russell\nIndices

Reconstitution occurs on the fourth Friday in June\nand the second Friday in December. A full calendar for reconstitution is published each spring, with such reconstitution schedule governed\nby FTSE Russell guidelines. The rank day occurs on the last business day of April for the June reconstitution and the last business day\nof October for the December reconstitution.

The Russell Indices are sub-indices of the Russell\n3000E™ Index. To be eligible for inclusion in the Russell 3000E™ Index and, consequently, a Russell Index, a company must\nmeet the following criteria as of the rank day in April or October.

Initial public offerings (“IPOs”)\nare generally considered for inclusion on a quarterly basis. Fully guaranteed IPOs with an investable market capitalization, determined\nbased on the shares offered in the IPO and the price at market close on the first trading day, of greater than the market adjusted total\nmarket capitalization breakpoint for the Russell Top 500 as of the previous reconstitution may be eligible for fast entry inclusion. Eligible\nfast entry IPOs will be added after the close of the fifth day of trading following the initial listing, provided that fast entry IPOs\nwith an effective addition date that would fall within lock-down period will be implemented in conjunction with the scheduled rebalance.

U.S.\nEquity Market. The company must be determined to be part of the U.S. equity market, meaning that its home country is the United States.\nIf a company incorporates in, has a stated headquarters location in and also trades in the same country (American Depositary Receipts\nand American Depositary Shares are not eligible), the company is assigned to its country of incorporation.

If any of the three criteria do not match, FTSE Russell then defines three Home Country Indicators (“HCIs”):\ncountry of incorporation, country of headquarters and country of the most liquid exchange as defined by two-year average daily dollar\ntrading volume from all exchanges within a country. After the HCIs are defined, the next step in the country assignment involves an analysis\nof assets by location. FTSE Russell cross-compares the primary location of the company’s assets with the three HCIs. If the primary\nlocation of assets matches any of the HCIs, then the company is assigned to its primary asset location.

If there is not enough information to determine a company’s primary location of assets, FTSE Russell\nuses the primary location of the company’s revenue for the same cross-comparison and assigns the company to the appropriate country\nin a similar fashion. FTSE Russell uses an average of two years of assets or revenue data for analysis to reduce potential turnover.

If conclusive country details cannot be derived from assets or revenue, FTSE Russell assigns the company\nto the country in which its headquarters are located unless the country is a Benefit Driven Incorporation (“BDI”) country.\nIf the country in which its headquarters are located is a BDI country, the company is assigned to the country of its most liquid stock\nexchange. The BDI countries are Anguilla, Antigua and Barbuda, Aruba, Bahamas, Barbados, Belize, Bermuda, Bonaire, British Virgin Islands,\nCayman Islands, Channel Islands, Cook Islands, Curacao, Faroe Islands, Gibraltar, Guernsey, Isle of Man, Jersey, Liberia, Marshall Islands,\nPanama, Saba, Sint Eustatius, Sint Maarten and Turks and Caicos Islands.

Autocallable Leveraged Index Return Notes^®

TS-9

Autocallable Leveraged Index Return Notes^®

Linked to the Russell 2000^® Index, due October 26, 2029

If a company is designated as a Chinese “N Share,” it will not be considered for inclusion\nwithin the Russell Indices. An N Share is a company incorporated outside of mainland China that trades on a U.S. exchange. An N Share\nwill have a headquarters or Principal Executive Office or its establishment in mainland China, with the majority of its revenue or assets\nderived from mainland China.

U.S. Eligible Exchange. The following exchanges\nand markets are deemed to be eligible U.S. exchanges: CBOE, NYSE, NYSE American, NYSE Arca, Nasdaq and Texas Stock Exchange (TXSE, subject\nto the commencement of primary corporate listings). Stocks that are not traded on an eligible U.S. exchange (Bulletin Board, Pink Sheet\nand over-the-counter securities, including securities for which prices are displayed on the FINRA Alternative Display Facility) are not\neligible for inclusion.

Minimum Closing Price. A stock must have a\nclose price at or above $1.00 (on its primary exchange), subject to exceptions to reduce turnover.

Minimum Total Market Capitalization. Companies\nwith a total market capitalization less than $30 million are not eligible for inclusion.

Minimum Free Float. Companies with less than\n5% of their shares available in the marketplace are not eligible for inclusion. IPOs eligible for fast entry may be added with less than\n5% free float if locked-up shares expiring within 12 months from the date of index inclusion are expected to increase the float to meet\nthe 5% requirement.

Company Structure. Companies structured in\nthe following ways are not eligible for inclusion: royalty trusts, U.S. limited liability companies, closed-end investment companies,\nbusiness development companies (and other companies that are required to report Acquired Fund Fees and Expenses, as defined by the SEC),\nblank-check companies, special-purpose acquisition companies, limited partnerships, exchange-traded funds, mutual funds and tokenized\nshares.

UBTI. Real estate investment trusts and publicly\ntraded partnerships that generate or have historically generated unrelated business taxable income (“UBTI”) and have\nnot taken steps to block UBTI to equity holders are not eligible for inclusion. Information used to confirm UBTI impact includes the following\npublicly available sources: 10-K, SEC Form S-3, K-1, company annual report, dividend notices or company website.

Security Types. The following types of securities\nare not eligible for inclusion: preferred and convertible preferred stock, redeemable shares, participating preferred stock, warrants,\nrights, depositary receipts, tokenized shares, installment receipts and trust receipts.

Minimum Voting Rights. Companies are required\nto have 5% or greater of the company’s voting rights (aggregated across all of its equity securities, including, where identifiable,\nthose that are not listed or trading) in the hands of unrestricted shareholders. Shares referenced as “non-voting” or that\nprovide legally minimum rights only will be viewed as having no voting power as it relates to the minimum voting rights review. The fast\nentry process allows eligible IPOs to be added with less than 5% voting rights if locked-up shares expiring within 12 months from the\ndate of index inclusion are expected to increase voting rights to meet the 5% requirement.

Multiple Share Classes. If an eligible company\ntrades under multiple share classes, each share class is reviewed independently for eligibility for inclusion. Share classes in addition\nto the primary share class must meet the following minimum size, liquidity and float requirements to be eligible: (i) total market cap\nmust be larger than $30 million; (ii) average daily dollar trading value must exceed that of the global median; and (iii) 5% or greater\nof the shares must be available in the marketplace.

Securities of eligible companies are included in\nRussell Indices based on total market capitalization. Total market capitalization is determined by multiplying total outstanding shares\nby the market price (generally, the last price traded on the primary exchange of the share class with the highest two-year trading volume,\nsubject to exceptions) as of the rank day in April or October (except that IPOs are generally considered for inclusion on a quarterly\nbasis). Common stock, non-restricted exchangeable shares and partnership units/membership interests (but not operating partnership units\nof umbrella partnership real estate investment trusts) are used to calculate a company’s total market capitalization. If multiple\nshare classes of common stock exist, they are combined to determine total shares outstanding; however, in cases where the common stock\nshare classes act independently of each other (e.g., tracking stocks), each class is considered for inclusion separately. For merger and\nspin-off transactions that are effective between rank day and the business day immediately before the index lock-down takes effect ahead\nof the reconstitution, the market capitalizations of the impacted securities are recalculated and membership is re-evaluated as of the\neffective date of the corporate action.

The 4,000 securities with the greatest total market\ncapitalization become members of the Russell 3000E™ Index. All remaining Russell Indices are a subset of the Russell 3000E™\nIndex. Market capitalization breakpoints for the Russell Indices are determined by the breaks between the rankings of companies (based\non descending total market capitalization). Market capitalization breakpoints for the Index are determined by the break between the companies\nranked #1,001 through #3,000. New members are assigned on the basis of the breakpoints. To avoid unnecessary turnover at reconstitution,\nexisting members of the Russell 3000^® Index are reviewed to determine whether they fall within a predefined band around\nthe market capitalization breakpoints (+2.5% around the #1,000 breakpoint and +0.5% around the #2,000 breakpoint, with no band at #3,000\nor #4,000).

After membership is determined, a security’s\nshares are adjusted to include only those shares available to the public (“free float”). The purpose of this adjustment\nis to exclude from market calculations the capitalization that is not available for purchase and is not part of the investable opportunity\nset. Stocks in the Russell Indices are weighted by their available (also called float-adjusted) market capitalization. Adjustments to\nshares are reviewed at reconstitution, during quarterly update cycles and for corporate actions such as mergers.

Autocallable Leveraged Index Return Notes^®

TS-10

Autocallable Leveraged Index Return Notes^®

Linked to the Russell 2000^® Index, due October 26, 2029

During the June reconstitution, free float is fully\nreviewed, determined and applied, while during the December reconstitution, free float is updated only for material changes, consistent\nwith the quarterly review process.

Corporate Actions and Events Affecting the\nRussell Indices

FTSE Russell applies corporate actions to the Russell\nIndices on a daily basis. FTSE Russell applies the following methodology guidelines, among others, when adjusting the applicable Russell\nIndex in response to corporate actions:

“No Replacement” Rule. Securities\nthat leave the relevant Russell Index for any reason (e.g., mergers, acquisitions or other similar corporate activity) are not replaced.\nThus, the number of securities in the relevant Russell Index over a year will fluctuate according to corporate activity.

Statement of Principles and Adjustments for Specific\nCorporate Events. FTSE Russell has stated as general principles that (i) the treatment of corporate events should reflect how such\nevents are likely to be dealt with in investment portfolios to maintain the portfolio structure in line with the index objective and intended\nuse of the index and (ii) the implementation of index changes should aim to minimize the trading activity required by investors to replicate\nthe index performance. No assurance can be provided that corporate actions and events will be treated by FTSE Russell in a manner consistent\nwith its statement of general principles.

In addition, FTSE Russell has established\nguidance for the treatment of corporate actions and events, including, but not limited to, dividends, capital repayments, companies converting\nto a REIT structure, share buybacks, rights issues, mergers, acquisitions, tender offers, split-offs, spin-offs, bankruptcies, insolvencies,\nliquidations and trading suspensions. However, because of the complexities involved in some cases, those guidelines are not definitive\nrules that will determine FTSE Russell’s actions in all circumstances. FTSE Russell reserves the right to determine the most appropriate\nmethod of implementation for any corporate event which is not covered by those guidelines or which is of a complex nature.

Changes to Shares Outstanding and Free Float. Each Russell Index will be reviewed quarterly for\nupdates to shares outstanding and to free floats used within the calculation of each Russell Index. In March and September, shares outstanding\nwill be updated to reflect cumulative changes greater than 1%, and free float will be updated to reflect cumulative changes greater than\nthree percentage points, except that, for constituents with a free float of 15% or less, free float will be updated to reflect cumulative\nchanges greater than one percentage point. In December, shares outstanding will be updated regardless of size, but free float updates\nwill be implemented subject to the applicable three-percentage-point buffer. In June, shares outstanding and free float will be updated\nregardless of size. Shares and free float updates can be triggered in some cases by certain events, such as some primary or secondary\nofferings.

Autocallable Leveraged Index Return Notes^®

TS-11

Autocallable Leveraged Index Return Notes^®

Linked to the Russell 2000^® Index, due October 26, 2029

The following graph shows the daily historical performance of\nthe Index in the period from January 1, 2016 through the pricing date. We obtained this historical data from Bloomberg Finance L.P. We\nhave not independently verified the accuracy or completeness of the information obtained from Bloomberg Finance L.P. On the pricing date,\nthe closing level of the Index was 2,859.217.

Historical Performance of the Index

$\"\"$

This historical data on the Index is not necessarily indicative\nof the future performance of the Index or what the value of the notes may be. Any historical upward or downward trend in the level of\nthe Index during any period set forth above is not an indication that the level of the Index is more or less likely to increase or decrease\nat any time over the term of the notes.

Before investing in the notes, you should consult publicly available\nsources for the levels of the Index.

License Agreement

We and FTSE Russell have entered into a non-exclusive license agreement\nproviding for the license to us, and certain of our affiliates, in exchange for a fee, of the right to use indices owned and published\nby FTSE Russell in connection with certain securities, including the notes. The license agreement provides or is expected to provide that\nthe following language must be stated in this term sheet.

FTSE Russell does not guarantee the accuracy and/or the completeness\nof the Index or any data included in the Index and has no liability for any errors, omissions, or interruptions in the Index. FTSE Russell\nmakes no warranty, express or implied, as to results to be obtained by the calculation agent, holders of the notes, or any other person\nor entity from the use of the Index or any data included in the Index in connection with the rights licensed under the license agreement\ndescribed in this term sheet or for any other use. FTSE Russell makes no express or implied warranties, and hereby expressly disclaims\nall warranties of merchantability or fitness for a particular purpose with respect to the Index or any data included in the Index. Without\nlimiting any of the above information, in no event will FTSE Russell have any liability for any special, punitive, indirect or consequential\ndamages, including lost profits, even if notified of the possibility of these damages.

The notes are not sponsored, endorsed, sold or promoted by FTSE Russell.\nFTSE Russell makes no representation or warranty, express or implied, to the owners of the notes or any member of the public regarding\nthe advisability of investing in securities generally or in the notes particularly or the ability of the Index to track general stock\nmarket performance or a segment of the same. FTSE Russell’s publication of the Index in no way suggests or implies an opinion by\nFTSE Russell as to the advisability of investment in any or all of the stocks upon which the Index is based. FTSE Russell’s only\nrelationship to us is the licensing of certain trademarks and trade names of FTSE Russell and of the Index, which are determined, composed\nand calculated by FTSE Russell without regard to us or the notes. FTSE Russell is not responsible for and has not reviewed the notes nor\nany associated literature or publications and FTSE Russell makes no representation or warranty express or implied as to their accuracy\nor completeness, or otherwise. FTSE Russell reserves the right, at any time and without notice, to alter, amend, terminate or in any way\nchange the Index. FTSE Russell has no obligation or liability in connection with the administration, marketing or trading of the notes.

“Russell 2000^®” and “Russell 3000^®”\nare registered trademarks of FTSE Russell in the U.S. and other countries.

Autocallable Leveraged Index Return Notes^®

TS-12

Autocallable Leveraged Index Return Notes^®

Linked to the Russell 2000^® Index, due October 26, 2029

Supplement to the Plan of Distribution

Under our distribution agreement with BofAS, BofAS will purchase the\nnotes from us as principal at the public offering price indicated on the cover of this term sheet, less the indicated underwriting discount.

BofAS has informed us of the information in the following paragraph.\nMLPF&S will purchase the notes from BofAS for resale, and will receive a selling concession in connection with the sale of the notes\nin an amount up to the full amount of underwriting discount set forth on the cover of this term sheet.

We will pay a fee to LFT Securities, LLC for providing certain electronic\nplatform services with respect to this offering, which reduces the economic terms of the notes to you. An affiliate of BofAS has an ownership\ninterest in LFT Securities, LLC.

We may deliver the notes against payment therefor in New York, New York\non a date that is greater than one business day following the pricing date. Under Rule 15c6-1 of the Securities Exchange Act of 1934,\ntrades in the secondary market generally are required to settle in one business day, unless the parties to any such trade expressly agree\notherwise. Accordingly, purchasers who wish to trade the notes more than one business day prior to the original issue date will be required\nto specify alternative settlement arrangements to prevent a failed settlement.

The notes will not be listed on any securities exchange. In the original\noffering of the notes, the notes will be sold in minimum investment amounts of 100 units. If you place an order to purchase the notes,\nyou are consenting to MLPF&S and/or one of its affiliates acting as a principal in effecting the transaction for your account.

BofAS has advised us that MLPF&S and BofAS may repurchase and resell\nthe notes, with repurchases and resales being made at prices related to then-prevailing market prices or at negotiated prices determined\nby reference to their pricing models at their discretion, and these prices will include MLPF&S’s and BofAS’s trading commissions\nand mark-ups or mark-downs. MLPF&S and BofAS may act as principal or agent in these market-making transactions; however, neither is\nobligated to engage in any such transactions. BofAS has advised us that at MLPF&S’s and BofAS’s discretion, for a short,\nundetermined initial period after the issuance of the notes, MLPF&S and BofAS may offer to buy the notes in the secondary market at\na price that may exceed the initial estimated value of the notes. Any price offered by MLPF&S or BofAS for the notes is expected to\nbe based on then-prevailing market conditions and other considerations, including the performance of the Index and the remaining term\nof the notes. However, none of us, MLPF&S, BofAS or any of our respective affiliates is obligated to purchase your notes at any price\nor at any time, and we cannot assure you that we, MLPF&S, BofAS or any of our respective affiliates will purchase your notes at a\nprice that equals or exceeds the initial estimated value of the notes.

BofAS has informed us that, as of the date of this term sheet, it expects\nthat if you hold your notes in a BofAS account, the value of the notes shown on your account statement will be based on BofAS’s\nestimate of the value of the notes if BofAS or another of its affiliates were to make a market in the notes, which it is not obligated\nto do. That estimate will be based upon the price that BofAS may pay for the notes in light of then-prevailing market conditions and other\nconsiderations, as mentioned above, and will include transaction costs. At certain times, this price may be higher than or lower than\nthe initial estimated value of the notes.

The distribution of the Note Prospectus in connection with these offers\nor sales will be solely for the purpose of providing investors with the description of the terms of the notes that was made available\nto investors in connection with their initial offering. Secondary market investors should not, and will not be authorized to, rely on\nthe Note Prospectus for information regarding BMO or for any purpose other than that described in the immediately preceding sentence.

Autocallable Leveraged Index Return Notes^®

TS-13

Autocallable Leveraged Index Return Notes^®

Linked to the Russell 2000^® Index, due October 26, 2029

Structuring the Notes

The notes are our debt securities, the return on which is linked to\nthe performance of the Index. As is the case for all of our debt securities, including our market-linked notes, the economic terms of\nthe notes reflect our actual or perceived creditworthiness at the time of pricing. In addition, because market-linked notes result in\nincreased operational, funding and liability management costs to us, we typically borrow the funds under these notes at a rate that is\nmore favorable to us than the rate which we refer to as our internal funding rate, which is the rate that we might pay for a conventional\nfixed or floating rate debt security. This generally relatively lower internal funding rate, which is reflected in the economic terms\nof the notes, along with costs associated with offering, structuring and hedging the notes, results in the initial estimated value of\nthe notes on the pricing date being less than the public offering price.

At maturity, we are required to pay the Redemption Amount to holders\nof the notes, which will be calculated based on the $10 per unit principal amount and will depend on the performance of the Index. In\norder to meet these payment obligations, at the time we issue the notes, we expect to enter into certain hedging arrangements (which may\ninclude call options, put options or other derivatives) with BofAS or one of its affiliates. The terms of these hedging arrangements are\ndetermined by seeking bids from market participants, which may include MLPF&S, BofAS and/or one of their or our respective affiliates,\nand take into account a number of factors, including our creditworthiness, interest rate movements, the volatility of the Index, the tenor\nof the notes and the tenor of the hedging arrangements. The economic terms of the notes and their initial estimated value depend in part\non the terms of these hedging arrangements.

BofAS has advised us that the hedging arrangements will include a hedging\nrelated charge of approximately $0.05 per unit, reflecting an estimated profit to be credited to BofAS from these transactions. Since\nhedging entails risk and may be influenced by unpredictable market forces, additional profits and losses from these hedging arrangements\nmay be realized by our affiliates, MLPF&S, BofAS or any other hedge providers. Any profit in connection with such hedging activity\nwill be in addition to any other compensation that the agent, and their or our respective affiliates receive for the sale of notes, which\ncreates an additional incentive to sell the notes to you.

For further information, see “Risk Factors—Valuation- and\nMarket-related Risks” beginning on page PS-8 and “Use of Proceeds and Hedging” on page PS-22 of product supplement EQUITY\nLIRN-1.

Autocallable Leveraged Index Return Notes^®

TS-14

Autocallable Leveraged Index Return Notes^®

Linked to the Russell 2000^® Index, due October 26, 2029

Summary of Canadian Federal Income Tax Consequences

For a discussion of the material Canadian federal income tax consequences\nrelating to an investment in the notes, please see the section entitled “Canadian Federal Income Tax Summary” in the product\nsupplement EQUITY LIRN-1. Notwithstanding anything to the contrary in the accompanying product supplement, the Canadian tax consequences\ndiscussed in the accompanying product supplement do not take into account the proposed amendments to the “hybrid mismatch arrangement”\nrules in the Tax Act released for consultation on July 23, 2026.

United States Federal Income Tax Considerations

Although there is uncertainty regarding the U.S. federal income tax\nconsequences of an investment in the notes due to the lack of governing authority, in the opinion of our counsel Davis Polk & Wardwell\nLLP, under current law, and based on current market conditions, it is reasonable to treat a note as a single financial contract that is\nan “open transaction” for U.S. federal income tax purposes. Assuming this treatment of the notes is respected, the tax consequences\nare as outlined in the discussion under “United States Federal Income Tax Considerations—Tax Consequences to U.S. Holders—LIRNs\nTreated as Open Transactions” in the accompanying product supplement.

We do not plan to request a ruling from the Internal Revenue Service\n(the “IRS”) regarding the treatment of the notes. If the IRS were successful in asserting an alternative treatment of the\nnotes, the tax consequences of the ownership and disposition of the notes, including the timing and character of income recognized by\nU.S. investors, and the withholding tax consequences to non-U.S. investors, might be materially and adversely affected. For example, under\none alternative characterization the notes may be treated as contingent payment debt instruments, which would require U.S. investors to\naccrue income periodically based on a “comparable yield” and generally would require non-U.S. investors to certify their non-U.S.\nstatus on an IRS Form W-8 to avoid a 30% (or a lower treaty rate) U.S. withholding tax. In addition, the U.S. Treasury Department and\nthe IRS have requested comments on various issues regarding the U.S. federal income tax treatment of “prepaid forward contracts”\nand similar financial instruments and have indicated that such transactions may be the subject of future regulations or other guidance.\nFurthermore, members of Congress have proposed legislative changes to the tax treatment of derivative contracts. Any legislation, Treasury\nregulations or other guidance promulgated after consideration of these issues could materially and adversely affect the tax consequences\nof an investment in the notes, possibly with retroactive effect.

As discussed in the accompanying product supplement, Section 871(m)\nof the 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 defined\nunder the applicable Treasury regulations, or indices that include underlying securities. Section 871(m) generally applies to financial\ninstruments that substantially replicate the economic performance of one or more underlying securities, as determined based on tests set\nforth in the applicable Treasury regulations. Pursuant to an IRS notice, Section 871(m) will not apply to notes issued before January\n1, 2029 that do not have a delta of one with respect to any underlying security. Based on our determination that the notes do not have\na delta of one with respect to any underlying security, the notes should not be subject to Section 871(m). Our determination is not binding\non the IRS, and the IRS may disagree with this determination. Section 871(m) is complex and its application may depend on a non-U.S. investor’s\nparticular circumstances, including whether the non-U.S. investor enters into other transactions with respect to an underlying security.\nIf withholding is required, we will not be required to pay any additional amounts with respect to the amounts so withheld. Non-U.S. investors\nshould 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 investment in the notes\nshould read the discussion under “United States Federal Income Tax Considerations” in the accompanying product supplement\nand consult their tax advisors regarding all aspects of the U.S. federal income and estate tax consequences of an investment in the notes,\nincluding possible alternative treatments, and any tax consequences arising under the laws of any state, local or non-U.S. taxing jurisdiction.

Autocallable Leveraged Index Return Notes^®

TS-15

Autocallable Leveraged Index Return Notes^®

Linked to the Russell 2000^® Index, due October 26, 2029

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 trustees’ 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.

\n \n \n \n

Autocallable Leveraged Index Return Notes^®

TS-16

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