Bank of Montreal 424B Filings

Bank of Montreal is offering US$9,523,000 of Senior Medium-Term Notes, Series K, structured as Autocallable Barrier Notes with Contingent Coupons due July 5, 2029, linked to the common stock of NVIDIA Corporation. The notes are issued at 100% of principal, with a 2.00% agent’s commission and proceeds to Bank of Montreal of 98.00% of principal.

The notes pay a contingent coupon of 4.8125% per quarter (approximately 19.25% per annum), or $48.125 per $1,000, only if on an Observation Date NVIDIA’s share price is at or above the Coupon Barrier Level of $159.38, which is also the Trigger Level, both set at 75.00% of the Initial Level of $212.50. Beginning September 30, 2026, if NVIDIA’s share price on an Observation Date is above the Call Level of 100.00% of the Initial Level, the notes are automatically redeemed at par plus the applicable contingent coupon.

If the notes are not called, holders receive at maturity $1,000 per $1,000 principal so long as the Final Level is at or above the Trigger Level. If a Trigger Event occurs (Final Level below $159.38), investors are exposed one-for-one to downside in NVIDIA via the formula $1,000 + ($1,000 × Percentage Change), which can result in a substantial loss of principal, up to a total loss. The estimated initial value is $968.06 per $1,000, reflecting dealer costs and hedging, and the notes are unsecured obligations with no FDIC or CDIC insurance.

Bank of Montreal is offering US$1,293,000 of Senior Medium-Term Notes, Series K Autocallable Barrier Notes with Memory Coupons due January 22, 2029, linked to the common stock of Sandisk Corporation. Investors pay 100% of principal, while Bank of Montreal receives 95.75% after a 4.25% agent’s commission.

The notes pay a contingent coupon of 3.0417% per month (if payable), when Sandisk’s closing level on an Observation Date is at or above the coupon barrier of $807.50, equal to 50% of the $1,615.00 Initial Level, with missed coupons potentially recovered under the Memory Coupon Feature. Starting October 19, 2026, the notes are automatically redeemed if the stock closes above the call level of $1,292.00 (80% of the Initial Level), returning principal plus any due coupons.

If not called, and a Trigger Event occurs because the Final Level is below the $807.50 Trigger Level, investors receive Sandisk shares (or cash) equal to the Physical Delivery Amount instead of full principal, exposing them to downside in the stock. The estimated initial value is $918.39 per $1,000 principal, below the issue price, reflecting fees and hedging costs.

Bank of Montreal is offering US$668,000 of Senior Medium-Term Notes, Series K, autocallable barrier notes with memory coupons due July 20, 2029, linked to the common stock of Intel Corporation. The Initial Level is $102.99, with both the Coupon Barrier Level and Trigger Level at $51.50, 50.00% of the Initial Level.

The notes pay a contingent coupon at 5.30% per quarter (approximately 21.20% per annum), or $53.00 per $1,000 principal, only if the Observation Date closing level is at or above the Coupon Barrier Level; unpaid coupons may be recovered later under the Memory Coupon Feature. Starting January 14, 2027, the notes are automatically redeemed if the Reference Asset closes above the Call Level, equal to 100.00% of the Initial Level, returning principal plus any due coupons.

If not called, at maturity investors receive $1,000 per $1,000 principal so long as no Trigger Event occurs. If the Final Level is below the Trigger Level, repayment equals $1,000 + ($1,000 × Percentage Change), which can be substantially less than principal and may be zero. The estimated initial value is $913.60 per $1,000 principal, reflecting structuring and hedging costs.

Bank of Montreal is offering US$5,723,000 of Senior Medium-Term Notes, Series K, structured as Autocallable Barrier Notes with Contingent Coupons due July 5, 2029, linked to the common stock of Amazon.com, Inc.

The notes pay a 3.85% quarterly Contingent Coupon (approximately 15.40% per annum), or $38.50 per $1,000, only if on each Observation Date Amazon’s share price is at or above the Coupon Barrier Level of $191.22, which is 75% of the Initial Level of $254.96. The notes are automatically redeemed if the stock is at or above the Initial Level on an Observation Date, repaying principal plus the due coupon.

If not called and no Trigger Event occurs, investors receive $1,000 per $1,000 note at maturity plus any final coupon. If a Trigger Event occurs (Final Level below $191.22), the maturity payment is $1,000 + ($1,000 × Percentage Change), exposing principal to losses down to zero. The notes are unsecured obligations of Bank of Montreal, sold at 100% of principal with a 2.00% agent’s commission and an estimated initial value of $972.54 per $1,000.

Bank of Montreal is offering US$11,231,000 of Senior Medium‑Term Notes, Series K, Autocallable Barrier Notes with Contingent Coupons due July 20, 2029, linked to the least performing of the S&P 500 Index, NASDAQ‑100 Index and Russell 2000 Index. The notes are unsecured obligations.

The notes pay a contingent coupon of 2.4475% per quarter (about 9.79% per year), or $24.475 per $1,000, only if on each Observation Date all three indices are at or above their respective Coupon Barrier Levels, set at 70% of initial levels (SPX 5,300.68; NDX 20,651.82; RTY 2,083.381). Beginning January 14, 2027, if on an Observation Date all indices are at or above 100% of their initial levels (Call Levels), the notes are automatically redeemed at par plus the applicable coupon.

If not called, at maturity investors receive $1,000 per note provided no Trigger Event occurs. A Trigger Event occurs if, on the Valuation Date, any index finishes below its Trigger Level (also 70% of its initial level). In that case, principal is reduced in line with the percentage decline of the least performing index, down to zero in a worst‑case scenario. The estimated initial value is $972.45 per $1,000, below the issue price.

Bank of Montreal is issuing US$2,161,000 of Senior Medium-Term Notes, Series K, structured as Autocallable Barrier Notes with Contingent Coupons due July 5, 2029, linked to the common stock of PayPal Holdings, Inc. The notes pay a contingent coupon of 4.825% per quarter (about 19.30% per year), or $48.25 per $1,000 in principal, only if on an Observation Date PayPal’s share price is at or above the Coupon Barrier Level of $41.64, which is 75.00% of the Initial Level of $55.52.

Starting September 30, 2026, if on any Observation Date the share price is above the Call Level of 100% of the Initial Level, the notes are automatically redeemed at par plus the applicable coupon. If not called, and PayPal’s Final Level is at or above the Trigger Level of $41.64, investors receive full principal at maturity plus any final contingent coupon. If the Final Level is below the Trigger Level, repayment is reduced by the Percentage Change in the stock and can fall to zero. The notes are unsecured obligations of Bank of Montreal, are not insured by any deposit insurance corporation, and have an estimated initial value of $1,027.62 per $1,000 in principal on the pricing date.

Bank of Montreal is offering US$1,076,000 of Senior Medium-Term Notes, Series K, callable barrier notes with contingent coupons due June 20, 2028. The notes are linked to the least performing of the Nasdaq-100 Technology Sector Index, the Russell 2000 Index and the S&P 500 Index.

The notes pay a 0.9167% monthly contingent coupon (approximately 11.00% per annum) of $9.167 per $1,000, but only if on each observation date all three indices are at or above their coupon barrier levels, set at 70% of initial levels. Principal protection is conditional: if at maturity any index is below its trigger level at 60% of its initial level, repayment is reduced one-for-one with the percentage decline of the worst index, potentially to zero.

Beginning January 14, 2027, Bank of Montreal may call the notes in whole on any observation date, paying principal plus any due coupon. The price to the public is 100% of principal, with an agent’s commission of 0.50% and proceeds to Bank of Montreal of 99.50%. The estimated initial value is $984.46 per $1,000, below the issue price, reflecting structuring and hedging costs. The notes are unsecured obligations and involve significant market and structural risks.

Bank of Montreal is issuing US$575,000 of Senior Medium‑Term Notes, Series K, autocallable barrier notes with contingent coupons due January 19, 2029, linked to the common stock of Cheniere Energy, Inc. (LNG). The notes are priced at 100% of principal, with an agent’s commission of 1.85%, yielding proceeds to Bank of Montreal of 98.15%.

The notes pay a contingent coupon of 2.7875% per quarter (approximately 11.15% per annum) for each $1,000 in principal, or $27.875 per period, only if on each Observation Date the stock’s closing level is at or above the Coupon Barrier Level of $179.08, which is 70% of the Initial Level of $255.83. Beginning January 15, 2027, if the stock closes above the Call Level of 100% of the Initial Level on an Observation Date, the notes are automatically redeemed at par plus any due coupon.

If the notes are not called, at maturity investors receive $1,000 per $1,000 in principal so long as the Final Level is at or above the Trigger Level of $179.08. If a Trigger Event occurs (Final Level below the Trigger Level), investors receive either a Physical Delivery Amount of LNG shares equal to $1,000 divided by the Initial Level, or a cash equivalent, which can result in a significant loss, up to a total loss of principal. The estimated initial value is $979.74 per $1,000, reflecting fees and hedging costs.

Bank of Montreal is offering US$6,033,000 of Senior Medium-Term Notes, Series K, Autocallable Barrier Notes with Memory Coupons due July 20, 2029, linked to the least performing of Apple, Microsoft and Amazon common stock.

The notes pay a contingent coupon of 1.00% per month ($10 per $1,000) only if on each observation date all three stocks are at or above their coupon barrier levels, set at 50.00% of initial levels (AAPL $163.75, MSFT $197.82, AMZN $127.48). Missed coupons may be paid later under the Memory Coupon Feature if the barriers are met on a subsequent date.

Beginning July 15, 2027, if all reference assets are above their initial levels (the call level) on an observation date, the notes are automatically redeemed at par plus any due coupons. If not called, at maturity investors receive $1,000 per note unless a Trigger Event occurs, defined as any final level below its 50% trigger. After a Trigger Event, repayment equals $1,000 plus $1,000 times the percentage change of the least performing stock, exposing investors to full downside to zero. The notes are unsecured obligations of Bank of Montreal, with an estimated initial value of $975.58 per $1,000 on the pricing date.

Bank of Montreal is issuing $358,000 of Senior Medium-Term Notes, Series K, Autocallable Barrier Notes with Contingent Coupons due July 5, 2029, linked to the common stock of Uber Technologies, Inc. The Initial Level is $72.67 per Uber share.

The notes pay a 4.50% contingent coupon per quarter (about 18.00% per year) only when Uber’s closing level on an Observation Date is at or above the Coupon Barrier of $54.50, which is also the Trigger Level at 75.00% of the Initial Level. Starting September 30, 2026, the notes are automatically redeemed if Uber is above the Call Level (100.00% of the Initial Level), returning principal plus the due coupon. If not redeemed and a Trigger Event occurs at maturity (Final Level below $54.50), investors receive $1,000 plus $1,000 times the Percentage Change, which can reduce repayment to zero. The estimated initial value is $974.03 per $1,000 principal, below the $1,000 public price.

Bank of Montreal is issuing $745,000 of Senior Medium-Term Notes, Series K, as Autocallable Barrier Notes with Contingent Coupons due July 20, 2029, linked to the least performing of Amazon.com, Inc. common stock (AMZN) and Alphabet Inc. Class A common stock (GOOGL). The notes pay a 2.5875% quarterly contingent coupon (approximately 10.35% per annum) per $1,000 principal, or $25.875, only if on each Observation Date the closing level of both reference assets is at or above their coupon barrier levels of $152.98 for AMZN and $222.55 for GOOGL, each 60.00% of its initial level.

Beginning January 14, 2027, the notes are subject to automatic redemption if on an Observation Date the closing level of each reference asset is at or above its Call Level of 100% of its initial level, in which case investors receive principal plus the applicable contingent coupon and no further payments. If not called, at maturity investors receive $1,000 per note only if no Trigger Event has occurred; if the final level of any reference asset is below its trigger level (the same 60.00% barrier), repayment is reduced by the percentage decline of the least-performing asset and may be zero. The notes are unsecured obligations of Bank of Montreal, not insured deposits, and the estimated initial value is $925.71 per $1,000 of principal, below the 100% price to the public.

Bank of Montreal is issuing US$417,000 of Senior Medium-Term Notes, Series K, autocallable barrier notes with contingent coupons due July 5, 2029, linked to the Class A common stock of Meta Platforms, Inc. (META). The Initial Level is $681.31.

The notes pay a 5.375% quarterly Contingent Coupon (about 21.50% per annum) of $53.75 per $1,000 only if META’s closing level on an Observation Date is at or above the Coupon Barrier Level of $545.05, which is also the Trigger Level (80% of the Initial Level). From September 30, 2026, if META closes above the Call Level of 100% of the Initial Level on an Observation Date, the notes are automatically redeemed at par plus the applicable coupon.

If the notes are not called, at maturity investors receive $1,000 per $1,000 of principal if META’s Final Level is at or above the Trigger Level, plus any final coupon. If the Final Level is below the Trigger Level, the payoff is $1,000 + ($1,000 × Percentage Change), exposing investors to downside similar to direct stock loss and potentially resulting in a zero payment. The estimated initial value is $950.36 per $1,000 of principal, reflecting structuring and hedging costs; price to public is 100% with a 2.00% agent’s commission.

Bank of Montreal is offering $1,018,000 of Senior Medium-Term Notes, Series K, Callable Barrier Notes with Contingent Coupons maturing July 22, 2030. The notes are linked to the least performing of the S&P 500 Index (SPX), Russell 2000 Index (RTY) and Utilities Select Sector SPDR ETF (XLU).

The notes pay a 0.8167% monthly Contingent Coupon (approximately 9.80% per annum), or $8.167 per $1,000, on monthly observation dates only if each reference asset is at or above its coupon barrier (70% of its initial level: SPX 5,300.68; RTY 2,083.381; XLU $31.65). Bank of Montreal may call the notes in whole on any observation date starting July 19, 2027, paying principal plus any due coupon.

If not called, investors receive $1,000 per $1,000 at maturity unless a Trigger Event occurs, defined as any reference asset finishing below its 70% trigger level. In that case, repayment is reduced based on the percentage change of the least performing asset and may be zero. The estimated initial value is $978.44 per $1,000, reflecting hedging costs and dealer compensation, and the notes are unsecured obligations of Bank of Montreal.

Bank of Montreal is issuing $518,000 in Senior Medium-Term Notes, Series K, autocallable barrier notes with contingent coupons due July 5, 2029, linked to the common stock of Microsoft Corporation. The Initial Level is $395.63, with a Coupon Barrier Level and Trigger Level of $316.50, each 80% of the Initial Level.

The notes pay a 4.3125% quarterly contingent coupon (approximately 17.25% per annum), or $43.125 per $1,000, only if on an Observation Date the MSFT closing level is at or above the Coupon Barrier Level, and are subject to automatic redemption at par plus coupon if the Reference Asset is at or above 100% of the Initial Level on an Observation Date from September 30, 2026 onward. If the notes are not called and a Trigger Event occurs (Final Level below the Trigger Level), investors receive $1,000 + ($1,000 × Percentage Change), which can be substantially less than par and may be zero, plus any final contingent coupon if payable.

The notes are unsecured obligations of Bank of Montreal, not insured deposits. The price to the public is 100% of principal, with a 2.00% agent’s commission ($10,360) and proceeds to Bank of Montreal of 98.00% ($507,640). The estimated initial value is $970.44 per $1,000 in principal amount, reflecting internal funding and hedging costs.

Bank of Montreal is offering US$715,000 Senior Medium-Term Notes, Series K, structured as Callable Barrier Notes with Memory Coupons due July 20, 2028, linked to the least performing of Broadcom Inc. (AVGO) and NVIDIA Corporation (NVDA). The notes pay a contingent coupon of 1.9792% per month (approximately 23.75% per annum), or $19.792 per $1,000, only if on an Observation Date each stock closes at or above its coupon barrier (AVGO $276.00, NVDA $148.75, each 70.00% of its initial level), with unpaid coupons potentially recovered later under a Memory Coupon feature.

A Trigger Event occurs if, on July 17, 2028, the final level of any reference stock is below its trigger level (AVGO $236.57, NVDA $127.50, each 60.00% of its initial level). If no Issuer Call occurs and a Trigger Event happens, the maturity payment per $1,000 equals $1,000 plus $1,000 times the percentage change of the least performing stock, which may result in a substantial loss, including zero. Bank of Montreal may call the notes in whole on any Observation Date starting October 15, 2026, paying principal plus any due contingent coupons. The notes are unsecured obligations, with an estimated initial value of $974.43 per $1,000 on the pricing date.

Bank of Montreal is issuing US$6,770,000 of Senior Medium-Term Notes, Series K, structured as Autocallable Barrier Notes with Contingent Coupons linked to the common stock of Micron Technology, Inc. The notes price on July 15, 2026, settle on July 20, 2026 and mature on July 5, 2029, unless automatically redeemed earlier.

The notes pay a 9.40% quarterly contingent coupon (about 37.60% per year), or $94 per $1,000, only if Micron’s share price on an Observation Date is at or above the Coupon Barrier Level of $452.14, which is also the Trigger Level, both set at 50% of the Initial Level of $904.28. If on or after September 30, 2026 Micron closes above 100% of the Initial Level on an Observation Date, the notes are automatically redeemed at par plus the applicable coupon.

If the notes are not called and Micron’s final level is at or above the Trigger Level, investors receive par at maturity plus any final contingent coupon. If the final level is below the Trigger Level, repayment of principal is reduced by the stock’s percentage decline and can fall to zero. The price to the public is 100% of principal, with a 1.83% agent’s commission and 98.17% proceeds to Bank of Montreal. The estimated initial value is $970.69 per $1,000, reflecting structuring and hedging costs.

Bank of Montreal is offering $274,000 of Senior Medium-Term Notes, Series K, Digital Return Barrier Notes due August 20, 2027, linked to the least performing of EEM, EFA and the Russell 2000 Index. Investors receive a 14.70% digital return per $1,000 if the final level of the worst performer is at or above 70.00% of its Initial Level; otherwise, if that asset falls below 70.00%, repayment of principal is reduced 1% for each 1% decline and can fall to zero.

The notes pay no interest, are unsecured and unsubordinated obligations of Bank of Montreal, and are not insured by FDIC, CDIC or similar schemes. They are issued in $1,000 denominations, will not be listed on any exchange, and have an estimated initial value of $980.57 per $1,000 on the pricing date.

Bank of Montreal is issuing US$53,000 of Senior Medium-Term Notes, Series K, Autocallable Barrier Enhanced Return Notes due July 20, 2029, linked to the Class C common stock of Dell Technologies Inc. The notes are unsecured obligations that do not pay interest and will not be listed on any exchange. They may be automatically redeemed on July 20, 2027 if Dell’s share price is above 100.00% of the $412.68 Initial Level, in which case holders receive principal plus a $400 Call Amount per $1,000 note, a return of approximately 40.00% per annum, with no further upside. If held to maturity and not called, positive Dell performance above the Initial Level is multiplied by a 150.00% Upside Leverage Factor. However, if Dell’s Final Level falls below the Barrier Level of $247.61 (60.00% of the Initial Level), principal is reduced 1% for each 1% decline, down to a total loss. The minimum denomination is $1,000, and all payments depend on Bank of Montreal’s credit. The estimated initial value is $864.26 per $1,000, below the 100% price to public, reflecting embedded costs and hedging.

Bank of Montreal is offering US$3,750,000 of Senior Medium-Term Notes, Series K, autocallable barrier notes with memory coupons due July 20, 2029, linked to the least performing of the S&P 500, EURO STOXX 50 and Russell 2000 indices. The notes pay a contingent coupon of 2.585% per quarter (approximately 10.34% per annum), but only if on an observation date each index is at or above its coupon barrier, set at 70% of its initial level, and missed coupons can be paid later under a memory feature.

Beginning July 15, 2027, the notes are automatically redeemed if each index closes above its initial level, returning principal plus any due coupons. If not called, and on the valuation date any index is below its 70% trigger level, principal is reduced one-for-one with the percentage loss of the worst index, potentially to zero; otherwise, principal is repaid in full. The price to the public is 100% of principal, with an agent’s commission of 0.60%, and an estimated initial value of $985.57 per $1,000 in principal amount.

Bank of Montreal is issuing US$6,250,000 Senior Medium-Term Notes, Series K, Autocallable Buffer Notes with Memory Coupons due July 20, 2029, linked to the least performing of EOG, SLB and Occidental Petroleum common stock. The notes pay a contingent coupon at 3.5225% per quarter (about 14.09% per year), or $35.225 per $1,000 principal, only when each reference stock closes at or above its coupon barrier.

Principal is protected only by a 25.00% buffer. If the worst-performing stock falls more than 25% below its initial level at maturity, investors lose 1% of principal for each additional 1% decline, up to a 75% loss. Automatic redemption can occur starting July 15, 2027 if all stocks are at or above their initial levels, returning principal plus any due coupons. The price to the public is 100% of principal, with a 0.60% agent commission and issuer proceeds of 99.40%; the estimated initial value is $991.10 per $1,000.

Bank of Montreal is issuing US$524,000 of Senior Medium-Term Notes, Series K, due June 20, 2028, structured as Callable Barrier Notes with Contingent Coupons linked to the least-performing of the S&P 500 Index, NASDAQ-100 Index and Russell 2000 Index.

The notes pay a 0.9333% monthly contingent coupon (approximately 11.20% per annum), but only if on each Observation Date all three indices are at or above their Coupon Barrier Levels, set at 70% of their Initial Levels. Bank of Montreal may, at its discretion, call the notes in whole on any Observation Date beginning July 15, 2027, paying principal plus any due coupon. If the notes are not called and no Trigger Event occurs, investors receive the full principal at maturity plus any final coupon. If a Trigger Event occurs (any index below its 70% Trigger Level on the Valuation Date), the maturity payment is reduced based on the percentage loss of the least-performing index, and can be as low as zero.

The public offering price is 100% of principal, with a 0.375% selling commission and proceeds to Bank of Montreal of 99.625%. The estimated initial value is $987.75 per $1,000 principal, reflecting internal funding and hedging costs. The notes are unsecured obligations, not insured deposits, and involve significant market, credit and structural risks.

Bank of Montreal is offering Senior Medium-Term Notes, Series K, Redeemable Range Accrual Notes linked to the 10-Year CMT Rate, due July 28, 2031, with a principal amount of $1,000 per Note. At maturity, if not earlier redeemed, holders receive $1,000 per Note plus any accrued and unpaid interest.

Interest is variable and for each Interest Period accrues at a per annum rate up to a Maximum Interest Rate of 6.25% to 7.25% (set on the Trade Date), but only for “Accrual Days” when the 10-Year CMT Rate is between a Lower Barrier of 0.00% and an Upper Barrier of 5.50%. If there are no Accrual Days in a period, the interest rate is 0% and no interest is paid; the Notes may pay little or no interest for extended periods.

The Notes are callable at the issuer’s option at 100% of principal plus accrued interest on quarterly Optional Redemption Dates from July 28, 2027 to April 28, 2031. They are unsecured obligations of Bank of Montreal, not insured by any deposit insurer, and will not be listed on any securities exchange.

The estimated initial value is $975.00 per $1,000 Note on the preliminary date and will not be less than $935.00 at pricing, reflecting internal funding and hedging costs. The value and market price can differ significantly from the issue price, and secondary market liquidity is uncertain. There is also uncertainty in U.S. tax treatment, including possible treatment as variable rate or contingent payment debt instruments.

Bank of Montreal is offering Autocallable Strategic Accelerated Redemption Securities® linked to the EURO STOXX 50® Index, at $10 principal per unit as senior unsecured debt. The initial estimated value is expected between $9.20 and $9.58 per unit, below the public offering price.

The notes may be automatically called on scheduled observation dates if the Index level is at or above the Call Level of 100% of the Starting Value, in which case investors receive the principal plus a call premium and the notes terminate. If never called, and the final Index level is at or above the Threshold Value of 85% of the Starting Value, investors receive only the principal at maturity. If the final Index level is below the Threshold Value, repayment is reduced in proportion to the Index decline, so principal losses can be significant.

The notes are not bail-inable, are not principal protected, are not insured by Canadian or U.S. deposit insurers, and depend entirely on BMO’s credit. Investors pay an underwriting discount of $0.20 per unit and a hedging-related charge of $0.05 per unit, which, together with BMO’s internal funding rate, lower the economic value relative to the issue price. The notes are not expected to be listed, and any secondary market making is discretionary.

Bank of Montreal is offering Autocallable Strategic Accelerated Redemption Securities linked to the S&P 500 Index, at $10 principal per unit, maturing in July 2032 unless automatically called earlier. The notes are senior unsecured obligations, not insured by Canadian or U.S. deposit insurers, and all payments are subject to BMO’s credit risk.

The notes are automatically called, and pay a fixed Call Amount, if on any of six annual Observation Dates the S&P 500 closing level is at or above the Starting Value. Indicative Call Amounts range from [$10.65–$10.75] on the first Observation Date up to [$13.90–$14.50] on the final Observation Date. If never called, investors have 1‑to‑1 downside exposure below a Threshold Value set at 100% of the Starting Value, with up to 100% loss of principal possible.

The public offering price is $10.00 per unit, including an underwriting discount of $0.20 and a hedging-related charge of $0.05, for proceeds to BMO of $9.80 per unit before expenses. The initial estimated value is expected between $9.20 and $9.59 per unit, less than the offering price due to BMO’s internal funding rate, underwriting compensation and hedging costs.

Bank of Montreal is offering senior market-linked notes due July 20, 2028, tied to the lowest performer of the Nasdaq-100 Index®, Russell 2000® Index and S&P 500® Index. Each note has a $1,000 face amount and an estimated initial value of $968.11.

The notes pay a quarterly contingent coupon at 9.50% per annum only if, on each calculation day, the lowest-performing index is at or above 70% of its starting value. From July 2027 to April 2028, if the lowest-performing index is at or above its starting value on a calculation day, the notes are automatically called at par plus that coupon.

If not called, at maturity investors receive $1,000 per note only if the worst index is at or above 70% of its starting value; otherwise principal is reduced in full proportion to that index’s decline, with potential loss of all principal. The notes are unsecured, subject to Bank of Montreal’s credit risk, not bail-inable, and not insured by any deposit insurance agency. U.S. and non-U.S. investors face complex tax treatment, including 30% withholding on coupons for many non-U.S. holders.

Bank of Montreal is offering $1,940,000 aggregate principal amount of Senior Medium-Term Notes, Series K, Redeemable Fixed Rate Notes due July 7, 2033. Each Note has a $1,000 principal amount, trades on a July 16, 2026 trade date and issues on July 20, 2026.

The Notes pay fixed interest at 5.00% per annum, calculated on a 30/360 day count basis, with semi-annual payments on January 20 and July 20, starting January 20, 2027. At maturity, unless earlier redeemed, holders receive $1,000 per Note plus accrued and unpaid interest. The Notes are redeemable at the issuer’s option, in whole but not in part, at 100% of principal plus accrued interest on each January 20 and July 20 from January 20, 2028 through January 20, 2033.

The Notes are unsecured obligations of Bank of Montreal and are designated bail-inable notes under the Canada Deposit Insurance Corporation Act, meaning they may be converted into common shares of Bank of Montreal or its affiliates, or varied or extinguished, in a bail-in conversion. They are not insured by Canadian or U.S. deposit insurance schemes and will not be listed on any securities exchange, so liquidity may be limited. The original issue price is $1,000 per Note, including a $12 underwriting discount, resulting in $1,916,720 in proceeds to Bank of Montreal.

Bank of Montreal is offering S&P 500® Index-linked notes that pay no interest and are designed to be held to maturity on November 8, 2028. The total offering is $6,500,000, in denominations of $1,000 per note, with all proceeds going to Bank of Montreal.

The payoff depends on the S&P 500® level on November 6, 2028 versus the initial level of 7,572.40. If the index is at or above the threshold level of 6,436.54 (85% of the initial level), investors receive a fixed threshold settlement amount of $1,209 per $1,000 note. If it is below the threshold, the maturity payment is reduced at about 1.1765% of principal for every 1% the index falls below the threshold, down to a total loss.

The estimated initial value is $997.17 per $1,000 note, reflecting structuring and hedging costs. The notes are unsecured obligations of Bank of Montreal, are not insured, will not be listed on any securities exchange, and involve complex risks including issuer credit risk, limited liquidity, capped upside, and uncertain tax treatment.

Bank of Montreal is issuing unsecured Nasdaq-100 Index® linked notes that do not bear interest and are designed to be held to maturity on October 19, 2027. For each $1,000 note, repayment depends on index performance between July 15, 2026 and October 15, 2027.

If the Nasdaq-100 final level is above the 29,502.60 initial level, investors receive 200% of the index gain, capped at a maximum settlement amount of $1,211 per note. If the index falls by up to 10% (down to the 26,552.34 buffer level), investors receive $1,000. Below the buffer, investors lose about 1.1111% of principal for every 1% decline beyond the 10% buffer, down to total loss at a zero index level.

The notes’ estimated initial value is $985.82 per $1,000, below the $1,000 issue price, reflecting offering and hedging costs. The notes will not be listed on any exchange, may have limited or no secondary market, and all payments are subject to Bank of Montreal’s credit risk. U.S. and Canadian tax treatment is complex and may change.

Bank of Montreal is offering senior Medium-Term Notes, Series K, fixed-rate, redeemable, due July 31, 2030. Each Note has a $1,000 principal amount, pays fixed interest at 5.00% per annum, and is issued at $1,000, with $985 in proceeds to Bank of Montreal per Note after underwriting discount.

Interest is paid annually on July 31, beginning July 31, 2027, using a 30/360 day count. The Notes are redeemable at the issuer’s option, in whole only, at 100% of principal plus accrued interest on semi-annual optional redemption dates each January 31 and July 31 from July 31, 2027 through January 31, 2030.

The Notes are unsecured obligations, not listed on any securities exchange, and are bail-inable notes under the Canada Deposit Insurance Corporation Act, meaning they may be converted into common shares of Bank of Montreal or its affiliates or varied or extinguished in a bail-in conversion, with holders deemed to consent to such treatment. Investors face issuer credit risk, potential illiquidity, call risk, and the impact of underwriting discounts and hedging costs on any resale price.

Bank of Montreal is offering $9,395,800 of Step Down Trigger Autocallable Notes, senior unsecured debt linked to the least performing of the Nasdaq-100 Index, Russell 2000 Index and S&P 500 Index. Each Note has a $10 principal amount and a term of approximately three years, from a Strike Date of July 15, 2026 to a Maturity Date of July 18, 2029, unless called earlier.

The Notes may be automatically called quarterly if on an Observation Date the Closing Value of each index is at or above its Autocall Barrier (initially 100% of its Initial Underlier Value, then 70% at final). In that case, investors receive the Call Price of $10 plus a Call Return based on an annual Call Return Rate of 11.64%, and no further payments. If the Notes are not called and at least one index finishes below its Downside Threshold of 70% of its Initial Underlier Value, repayment is reduced dollar-for-dollar with the negative return of the Least Performing Underlier, down to zero.

The minimum investment is $1,000. The estimated initial value is $9.78 per $10 Note, below the issue price, reflecting structuring and hedging costs. Payments depend entirely on Bank of Montreal’s credit; the Notes pay no interest, are not insured, and will not be listed on an exchange.

Bank of Montreal is offering senior unsecured equity-linked notes with a $1,000 face amount per security, linked to the worst-performing of Micron Technology and NVIDIA common stock, maturing on August 2, 2029. The original offering price is $1,000, while the estimated initial value is $968.40 per security on the preliminary date and will not be less than $920.00 at pricing. Wells Fargo Securities acts as agent, receiving an up-to-$23.25 discount per security, leaving $976.75 in proceeds to Bank of Montreal.

Holders may receive monthly contingent coupons at a rate of at least 29.34% per annum if the lowest-performing stock on each observation date stays at or above its coupon threshold, set at 50% of its starting value, with a memory feature for missed coupons. The notes are auto-callable from October 2026 to June 2029 if the worst stock is at or above its starting value. If not called, principal is protected only if the worst stock’s final value is at or above its 50% downside threshold; otherwise repayment equals $1,000 times that stock’s performance factor, exposing investors to losses greater than 50% and potentially a total loss. The notes do not participate in any upside of either stock, are not insured by U.S. or Canadian deposit insurers, and all payments depend on Bank of Montreal’s credit.

Bank of Montreal is issuing $2,500,000 of Senior Medium-Term Notes, Series K Redeemable Fixed Rate Notes, due July 17, 2031. Each note has a $1,000 principal amount and pays fixed interest of 5.10% per annum, with semi-annual payments on January 17 and July 17, starting January 17, 2027.

The notes are redeemable at the bank’s option, in whole but not in part, at 100% of principal plus accrued interest on each January 17 and July 17 from July 17, 2027 through January 17, 2031. At maturity, unless earlier redeemed or subject to bail-in, holders receive $1,000 per note plus accrued interest.

The notes are unsecured, not insured by FDIC or CDIC, and are bail-inable under the Canada Deposit Insurance Corporation Act, meaning they can be converted into common shares or varied or extinguished in a resolution scenario. They will not be listed on any securities exchange, and secondary market liquidity may be limited. The original issue price is $1,000 per note, including a $5.30 underwriting discount, resulting in aggregate net proceeds of $2,488,700 to Bank of Montreal.

Bank of Montreal is offering senior unsecured Step Down Trigger Autocallable Notes linked to the least performing of the Nasdaq‑100 Index, Russell 2000 Index and S&P 500 Index, each with a $10 Principal Amount and an approximately three-year term to July 18, 2029.

Quarterly Observation Dates begin after 12 months. If on any Observation Date each index is at or above its Autocall Barrier (initial level until maturity, then its 70% Downside Threshold), the notes are automatically called and pay $10 + ($10 × Call Return), where Call Return is based on an 11.64% per annum Call Return Rate, capped by the schedule. No further payments or index upside, and no dividends, are received.

If the notes are never called and at least one index finishes below its Downside Threshold, the maturity payment equals $10 + ($10 × Underlier Return of the Least Performing Underlier), giving full downside exposure and possibly a total loss of principal. The estimated initial value is $9.81 per Note (not less than $9.50 at pricing), versus a $10.00 issue price. The notes pay no interest, are not insured or bail‑inable, will not be listed, and all payments depend on Bank of Montreal’s credit.

Bank of Montreal is offering US$1,679,000 of Senior Medium‑Term Notes, Series K Autocallable Barrier Notes with Contingent Coupons due August 17, 2027, linked to the common stock of ConocoPhillips (COP). The notes are unsecured obligations of Bank of Montreal and are not insured by any deposit insurance agency.

The notes pay a contingent monthly coupon of 0.9333% (approximately 11.20% per annum), or $9.333 per $1,000, only when COP’s closing level on an observation date is at or above the coupon barrier of $81.67, which is 73.00% of the initial level of $111.87. Beginning January 13, 2027, if COP closes above the call level equal to 100% of the initial level on an observation date, the notes are automatically redeemed for principal plus the applicable coupon.

If the notes are not called, principal is fully returned at maturity only if COP’s final level is at or above the trigger level of $81.67. If the final level is below the trigger, investors receive shares of COP (or cash) equal in value to the Physical Delivery Amount, exposing them to further downside and potentially a total loss. The price to the public is 100% of principal; the agent’s commission is 2.15%, and the issuer’s proceeds are 97.85%. The estimated initial value is $973.13 per $1,000 note, reflecting hedging and issuance costs.

Bank of Montreal is offering US$320,000 of Senior Medium-Term Notes, Series K, autocallable barrier notes with memory coupons due July 19, 2027, linked to the Class A common stock of Palantir Technologies Inc. The notes pay a contingent coupon of 2.0417% per month (approximately 24.50% per year), or $20.417 per $1,000, on monthly dates if Palantir’s share price is at or above the coupon barrier of $93.60, which is 70.00% of the $133.72 initial level; missed coupons may be paid later under the memory feature.

Beginning October 14, 2026, if on an observation date Palantir’s share price is above the 100.00% call level, the notes are automatically redeemed at par plus any due coupons. If not called, investors receive $1,000 per $1,000 note at maturity unless a Trigger Event occurs, defined as a final level below the $93.60 trigger (70.00% of the initial level). After a Trigger Event, principal is reduced based on the percentage change in the stock and can be zero. The notes are unsecured obligations of Bank of Montreal, and their estimated initial value is $960.32 per $1,000, below the price to public.

Bank of Montreal is offering US$4,995,000 of Senior Medium-Term Notes, Series K Autocallable Buffer Notes with Contingent Coupons due August 17, 2027, linked to the common stock of General Mills, Inc. (GIS). The notes are priced at 100% of principal, with an estimated initial value of $984.14 per $1,000.

Holders of each $1,000 note may receive monthly contingent coupons of 0.60% (about 7.20% per year, or $6) if GIS closes at or above the coupon barrier of $27.35, which is 75.00% of the initial level of $36.46. Starting with the January 13, 2027 observation date, if GIS closes above the initial level (the call level), the notes are automatically redeemed at par plus any due coupon.

If not called, principal is protected by a 25.00% buffer. If the final GIS level is at or above $27.35, investors receive $1,000 per note plus any final coupon. If it is below $27.35, investors receive either shares or cash worth less than principal and could lose up to 75.00% of their investment. The notes are unsecured obligations of Bank of Montreal and involve complex tax treatment and distribution arrangements.

Bank of Montreal is offering $1,576,000 of Senior Medium-Term Notes, Series K Callable Barrier Notes with Contingent Coupons due July 17, 2030. The notes are unsecured obligations linked to the NASDAQ-100, Russell 2000 and Dow Jones Industrial Average.

Investors may receive monthly contingent coupons of 0.8375% (approximately 10.05% per year), paying $8.375 per $1,000, only if on each observation date all three indices close at or above their coupon barriers, set at 70% of their initial levels. Beginning July 14, 2027, Bank of Montreal can, at its discretion, redeem the notes in full on any observation date for principal plus any due coupon.

If not called, principal is repaid at maturity only if no Trigger Event occurs. A Trigger Event happens when the final level of any index is below 60% of its initial level; in that case, repayment is reduced in line with the loss of the worst-performing index and can fall to zero. The estimated initial value is $983.02 per $1,000, below the $1,000 issue price, reflecting the issuer’s internal funding rate and derivative pricing. The notes are not insured by any deposit insurance corporation.

Bank of Montreal is offering Senior Medium-Term Notes, Series K, Redeemable Fixed Rate Notes due July 31, 2031, with a principal amount of $1,000 per Note. The Notes pay fixed interest at 5.15% per annum, with semi-annual payments on January 31 and July 31, starting January 31, 2027.

The Notes are callable at Bank of Montreal’s option, in whole but not in part, at 100% of principal plus accrued interest on each January 31 and July 31 from July 31, 2027 through January 31, 2031. They are unsecured obligations, not insured by any government agency, and subject to Bank of Montreal’s credit risk. As bail-inable notes, they may be converted into common shares or varied or extinguished under the Canadian CDIC Act. The Notes will not be listed on any securities exchange, and per-note economics include a $15.00 underwriting discount and $985.00 in proceeds to Bank of Montreal. For U.S. tax purposes, counsel expects the Notes to be treated as debt instruments issued without original issue discount.

Bank of Montreal is offering senior medium-term notes at an original offering price of $1,000 per security, linked to the lowest performing of three State Street sector SPDR ETFs (Energy, Technology and Health Care). The notes pay a contingent coupon at a rate of at least 10.53% per annum, but only for months when the lowest performing ETF closes at or above 65% of its starting value; otherwise no coupon is paid.

The notes are auto-callable monthly from January 2027 to June 2031 if the lowest ETF is at or above its starting value, returning the $1,000 face amount plus a final coupon. If held to maturity and not called, investors receive $1,000 only if the lowest ETF on the final date is at or above its 65% downside threshold; below that, principal is reduced in full proportion to that ETF’s loss, with more than 35% and up to 100% of principal at risk. The estimated initial value is $962 per security (not less than $912), below the issue price due to selling costs and hedging. The notes are unsecured, subject to Bank of Montreal credit risk, may have limited or no secondary market, and involve complex U.S. and Canadian tax treatment.

Bank of Montreal is offering US$9,692,000 of Senior Medium-Term Notes, Series K Digital Return Barrier Notes due August 16, 2027, linked to the least performing of the S&P 500 Index and the Russell 2000 Index. These unsecured notes pay no interest and are not listed on any exchange.

At maturity, investors receive US$1,092.30 per US$1,000 (a 9.23% Digital Return) if the Final Level of the Least Performing Reference Asset is at least 65.00% of its Initial Level. If it finishes below 65.00%, repayment equals US$1,000 plus US$1,000 times the Percentage Change, producing a 1% principal loss for each 1% index decline, down to a total loss. Initial Levels are 7,515.34 for SPX and 2,953.166 for RTY, with corresponding Barrier and Digital Barrier Levels at 65.00% of those values. The estimated initial value is US$994.61 per US$1,000, versus a 100% issue price, reflecting offering, structuring and hedging costs and an issuer funding rate.

Bank of Montreal is issuing US$256,000 of Senior Medium‑Term Notes, Series K, digital return barrier notes due October 1, 2027, linked to the least performing of the S&P 500® Index and the Russell 2000® Index. The notes offer an 11.60% Digital Return at maturity per $1,000 principal if the final level of the least performing index is at or above 70.00% of its initial level.

If that index finishes below the 70.00% Barrier Level, repayment equals $1,000 plus $1,000 times its percentage change, so each 1% drop beyond the barrier causes a 1% loss, up to total loss of principal. The notes pay no periodic interest, are unsecured, unsubordinated obligations subject to Bank of Montreal’s credit risk, and will not be listed on an exchange, so secondary-market liquidity may be limited. The price to public is 100% of principal, including a 0.50% selling commission, while the estimated initial value is $992.54 per $1,000, reflecting offering costs and hedging.

Bank of Montreal is offering US$533,000 of Senior Medium-Term Notes, Series K, Digital Return Barrier Notes due October 1, 2027, linked to the least performing of the S&P 500 Index (SPX) and Russell 2000 Index (RTY).

For each $1,000 note, investors receive their principal plus a 9.81% Digital Return if the final level of the worst-performing index is at least 70.00% of its initial level. If that index falls below 70.00% of its initial level, repayment is reduced 1% for each 1% decline, down to a potential 100% loss of principal.

The notes pay no periodic interest, are unsecured obligations of Bank of Montreal, and are not insured by any deposit insurance corporation. The estimated initial value is $977.59 per $1,000. Notes are issued in $1,000 denominations, will not be listed on an exchange, and all payments depend on Bank of Montreal’s credit. BMO Capital Markets Corp. acts as calculation agent and selling agent, receiving a 2.00% commission, leaving 98.00% of proceeds to the issuer.

Bank of Montreal is issuing US$9,380,000 of senior medium‑term Autocallable Barrier Notes with Memory Coupons due October 18, 2027, linked to the least performing of the S&P 500® Index, NASDAQ‑100 Index® and Russell 2000® Index.

The notes pay a contingent coupon of 1.1125% per month (US$11.125 per US$1,000) only if each index is at or above its coupon barrier (70% of its initial level) on the relevant observation date; missed coupons can be paid later under the Memory Coupon Feature. From January 13, 2027, the notes are automatically redeemed if all three indices are at or above their initial levels, returning principal plus any due coupons. If not called, principal is protected at maturity unless a Trigger Event occurs (any index closes below 65% of its initial level during the monitoring period) and the least‑performing index finishes below its initial level, in which case repayment is reduced in line with that index’s percentage loss and may be zero. The notes are issued at 100% of principal, with a 0.25% agent’s commission and 99.75% proceeds to Bank of Montreal; the estimated initial value is US$990.45 per US$1,000.

Bank of Montreal is offering US$3,973,000 of Senior Medium-Term Notes, Series K, Capped Buffer Enhanced Return Notes due July 16, 2029, linked to the Russell 2000 Index. The notes provide 200.00% leveraged upside on index gains, subject to a Maximum Return of 43.40% and a Maximum Redemption Amount of $1,434.00 per $1,000 in principal.

The structure includes a 15.00% downside buffer; if the index falls more than 15% from the Initial Level of 2,953.166, principal is reduced 1% for each additional 1% decline, for a potential loss of up to 85.00%. The notes pay no interest, are unsecured senior obligations of Bank of Montreal, and are not insured or listed on any exchange. Pricing is 100% of principal with a 0.10% agent’s commission, and the estimated initial value is $991.50 per $1,000, reflecting offering, structuring and hedging costs. Returns depend on the Russell 2000’s performance, and investors are exposed to small-cap equity volatility, Bank of Montreal’s credit risk, limited liquidity and uncertain tax treatment.

Bank of Montreal is issuing US$3,368,000 of Senior Medium-Term Notes, Series K Autocallable Barrier Notes with Memory Coupons due July 16, 2029, linked to the least performing of the S&P 500 Index, Russell 2000 Index and Dow Jones Industrial Average.

The notes offer a 4.40% contingent coupon per semiannual period (approximately 8.80% per annum), paying $44 per $1,000 only when each index closes at or above its coupon barrier (80% of its initial level), with a Memory Coupon Feature that can pay previously missed coupons on later qualifying dates. Beginning in January 2027, if on an observation date all three indexes are above their initial levels, the notes are automatically redeemed at par plus any due coupons.

If not called, principal repayment depends on the worst-performing index. If the final level of any index is below its trigger level (70% of its initial level), repayment is reduced one-for-one with the decline of the least performing index and can fall to zero; otherwise, investors receive full principal back plus any due coupons. The notes are unsecured obligations of Bank of Montreal, not insured by deposit protection schemes. The estimated initial value is $970.92 per $1,000, below the issue price, reflecting structuring and hedging costs. For U.S. tax purposes, BMO and its counsel indicate it is generally reasonable to treat the notes as pre-paid contingent income-bearing derivative contracts, though tax outcomes are described as uncertain.

Bank of Montreal is offering US$2,756,000 of Senior Medium-Term Notes, Series K Autocallable Barrier Notes with Memory Coupons due July 18, 2028, linked to the least performing of SPDR S&P 500 ETF (SPY), iShares Russell 2000 ETF (IWM) and Invesco QQQ Trust, Series 1 (QQQ).

The notes pay contingent coupons of 2.50% per quarter (approximately 10.00% per year) only if on an observation date all three ETFs close at or above their coupon barrier levels, set at 65.00% of initial levels; missed coupons can be paid later under a memory feature. Beginning October 12, 2026, if on any observation date each ETF is above its 100% call level, the notes are automatically redeemed for principal plus any due coupons.

If not called, at maturity investors receive full principal per note only if no Trigger Event occurs, meaning the final level of each ETF is at or above its 65.00% trigger level. If any ETF finishes below its trigger, investors receive either shares or cash linked to that worst performer; this amount is less than principal and can fall to zero. The notes are unsecured obligations of Bank of Montreal and are not insured deposits. The price to public is 100% of principal, with a 1.00% selling commission and issuer proceeds of 99%; the issuer’s estimated initial value is US$986.31 per US$1,000, reflecting embedded costs and hedging.

Bank of Montreal is offering $1,376,000.00 of Senior Medium-Term Notes, Series K equity-linked securities tied to the common stock of Rocket Lab Corporation. Each security has a $1,000 face amount and an estimated initial value of $954.86, below the original offering price.

The notes pay a monthly contingent coupon at 20.65% per annum only if Rocket Lab’s closing value on the related calculation day is at or above the coupon threshold of $41.675 (50% of the $83.35 starting value), with a memory feature for previously missed coupons. From October 2026 to June 2028, if the stock closes at or above the call threshold of $58.345 (70% of the starting value) on any calculation day, the notes are automatically called at par plus the final and any unpaid coupons.

If not called, at maturity on July 18, 2028 investors receive $1,000 per security only if the ending value is at or above the downside threshold of $41.675; otherwise, repayment equals $1,000 multiplied by the performance factor of the stock, resulting in more than 50% and possibly all principal loss. The notes are unsecured obligations of Bank of Montreal, not insured by any government agency, will not be listed on an exchange, and their value and liquidity may be materially affected by market factors and the issuer’s creditworthiness.

Bank of Montreal describes Autocallable Strategic Accelerated Redemption Securities, senior unsecured notes linked to one or more equity indices or exchange-traded funds. The securities pay no interest, are issued in $10 units, and all payments depend on Bank of Montreal’s credit.

The notes may be automatically called on scheduled Observation Dates if the Market Measure is at or above a preset Call Level, returning principal plus a Call Premium. If not called and the Ending Value is below a Threshold Value (which may be 100% of the Starting Value), investors face 1-to-1 downside exposure and can lose some or all principal.

The disclosure highlights principal-at-risk structure, potential illiquidity and limited secondary trading, conflicts from issuer and dealer hedging and calculation-agent roles, complex U.S. tax treatment including possible Section 871(m) withholding for non-U.S. holders, and that investors have no ownership, dividend, or voting rights in the underlying indices or funds.

Bank of Montreal is offering unsecured S&P 500® Index-linked notes with a $1,000 principal amount per note and a term expected to be 13–15 months. The notes pay no interest and are designed to be held to maturity, with no listing on any securities exchange.

At maturity, investors receive a fixed threshold settlement amount, expected between $1,088.60 and $1,104.00 per $1,000 note, if the S&P 500 final level is at least 90.00% of its initial level. If it is below 90.00%, investors lose about 1.1111% of principal for every 1% the index falls below that threshold, down to total loss at a 0 final level.

The estimated initial value is expected between $957.90 and $987.90 per $1,000, less than the $1,000 issue price due to offering and hedging costs. Upside is capped by the threshold settlement amount, so the notes underperform direct index exposure in strong markets. All payments are subject to Bank of Montreal’s credit risk, and U.S. and non-U.S. tax treatment is described as uncertain.