Bank of Montreal is offering US$ Senior Medium-Term Notes, Series I Autocallable Buffer Enhanced Return Notes due January 29, 2030, linked to the S&P 500® Index. The notes will be automatically redeemed if the S&P 500 closes above 100% of its initial level on January 30, 2026, paying a 12% per annum return.If not automatically redeemed, at maturity investors receive 1-to-1 upside participation in S&P 500 gains. Investors are protected against the first 10% of index declines, but lose 1% for every 1% decline beyond 10%, up to a maximum loss of 90%. The notes do not pay interest and are subject to Bank of Montreal's credit risk.BMO Capital Markets Corp. is the agent for this offering. The notes will not be listed on any exchange and may have limited liquidity. The estimated initial value is $982.80 per $1,000 principal amount, which is less than the public offering price.

Bank of Montreal is offering US$ Senior Medium-Term Notes, Series I Autocallable Buffer Enhanced Return Notes due January 29, 2030, linked to the S&P 500® Index. The notes will be automatically redeemed if the S&P 500 closes above 100% of its initial level on January 30, 2026, paying a 12% per annum return.If not automatically redeemed, at maturity investors receive 1-to-1 upside participation in S&P 500 gains. Investors are protected against the first 10% of index declines, but lose 1% for every 1% decline beyond 10%, up to a maximum loss of 90%. The notes do not pay interest and are subject to Bank of Montreal's credit risk.BMO Capital Markets Corp. is the agent for this offering. The notes will not be listed on any exchange and may have limited liquidity. The estimated initial value is $982.80 per $1,000 principal amount, which is less than the public offering price.