# EDGAR Filing Document

**Accession Number:** 0000927971
**File Stem:** 0001214659-26-002695
**Filing Date:** 2026-3
**Character Count:** 59390
**Document Hash:** 9965ab0f5bf960bbaa744df3e7c26164
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001214659-26-002695.hdr.sgml**: 20260302

**ACCESSION NUMBER**: 0001214659-26-002695

**CONFORMED SUBMISSION TYPE**: 424B2

**PUBLIC DOCUMENT COUNT**: 22

**FILED AS OF DATE**: 20260302

**DATE AS OF CHANGE**: 20260302

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BANK OF MONTREAL /CAN/
- **CENTRAL INDEX KEY:** 0000927971
- **STANDARD INDUSTRIAL CLASSIFICATION:** COMMERCIAL BANKS, NEC [6029]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A6
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 424B2
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-285508
- **FILM NUMBER:** 26708475

**BUSINESS ADDRESS:**
- **STREET 1:** 1 FIRST CANADIAN PLACE
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5X 1A1
- **BUSINESS PHONE:** 000-000-0000

**MAIL ADDRESS:**
- **STREET 1:** 1 FIRST CANADIAN PLACE
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5X 1A1

**Filed Pursuant to Rule 424(b)(2)<br> Registration Statement No. 333-285508**<br> **(To Product Supplement No. STOCK LIRN-1 dated February 11, 2026, Prospectus Supplement dated March 25, 2025**<br> **and Prospectus dated March 25, 2025)**<br>

---

| | | |
|:---|:---|:---|
| 699,741 Units<br> $10 principal amount per unit<br> CUSIP No. 063929475 | Pricing Date<br> Settlement Date<br> Maturity Date | February 26, 2026<br> March 5, 2026<br> February 25, 2028 |
| ![](bmologosm.jpg) |  |  |

---

**Capped Leveraged Index Return Notes<sup>®</sup> Linked to a Basket of Four Stocks**

▪ Maturity of approximately 2 years

▪ 2-to-1 upside exposure to increases in the Basket, subject to a capped return of 70.00%

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

▪ The Basket is unequally weighted and is comprised of the common stock of Caterpillar Inc., the ordinary shares of Seagate Technology
Holdings Public Limited Company, the common stock of Constellation Energy Corporation and the common stock of NiSource Inc. (the "Basket
Stocks"). Each of the common stock of Caterpillar Inc. and the ordinary shares of Seagate Technology Holdings Public Limited Company
was given an initial weight of 33.33% and each of the common stock of Constellation Energy Corporation and the common stock of NiSource
Inc. was given an initial weight of 16.67%.

▪ All payments occur at maturity and 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
the 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, the Deposit Insurance Fund, the Canada Deposit Insurance Corporation or any other governmental agency.

**The notes are being issued by Bank of Montreal ("BMO"). There are important differences between the notes and a conventional debt security, including different investment risks and certain additional costs. See "Risk Factors" beginning on page TS-6 of this term sheet and beginning on page PS-6 of product supplement STOCK LIRN-1.**

**The estimated initial value of the notes determined by us as of the pricing date, which we refer to as the initial estimated value, is $9.51 per unit, which is less than the public offering price listed below. However, as discussed in more detail in this term sheet, the actual value of the notes at any time will reflect many factors and cannot be predicted with accuracy.** See "Summary" on the following page, "Risk Factors" beginning on page TS-6 of this term sheet and "Structuring the Notes" below for additional information.

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

**_________________________**

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

**_________________________**

---

| | | |
|:---|:---|:---|
|  | <u>Per Unit</u> | <u>Total</u> |
| Public offering price | $10.00 | $6997410.00 |
| Underwriting discount | $0.20 | $139948.20 |
| Proceeds, before expenses, to BMO | $9.80 | $6857461.80 |

---

**The notes:**

---

| | | |
|:---|:---|:---|
| **Are Not FDIC Insured** | **Are Not Bank Guaranteed** | **May Lose Value** |

---

**BofA Securities**

February 26, 2026

Capped Leveraged Index Return Notes<sup>®</sup> <br> <u>Linked to a Basket of Four Stocks, due February 25, 2028 </u>

Summary

The Capped Leveraged Index Return Notes<sup>®</sup> Linked to a Basket of Four Stocks, due February 25, 2028 (the "notes") are our senior unsecured debt securities. The notes are not insured by the Canada Deposit Insurance Corporation or the Federal Deposit Insurance Corporation, or secured by collateral. The notes rank equally with all of our other unsecured senior debt from time to time outstanding. **Any payments due on the notes, including any repayment of principal, are subject to our credit risk.**

The notes provide you a leveraged return, subject to a cap, if the Ending Value of the Market Measure, which is the basket of four stocks described below, is greater than the Starting Value. If the Ending Value is equal to the Starting Value, you will receive the principal 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 of your notes. Any payments on the notes will be calculated based on the $10 principal amount per unit and will depend on the performance of the Basket, subject to our credit risk. See "Terms of the Notes" below.

The Basket is comprised of the common stock of Caterpillar Inc., the ordinary shares of Seagate Technology Holdings Public Limited Company, the common stock of Constellation Energy Corporation and the common stock of NiSource Inc. (each a "Basket Stock"). On the pricing date, each of the common stock of Caterpillar Inc. and the ordinary shares of Seagate Technology Holdings Public Limited Company was given an initial weight of 33.33% and each of the common stock of Constellation Energy Corporation and the common stock of NiSource Inc. was given an initial weight of 16.67%.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a fixed-income debt component with the same tenor as the notes, valued using our internal funding rate
for structured notes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· one or more derivative transactions relating to the economic terms of the notes.

The internal funding rate used in the determination of the initial estimated value generally represents a discount from the credit spreads for our conventional fixed-rate debt. The value of these derivative transactions is derived from our internal pricing models. These models are based on factors such as the traded market prices of comparable derivative instruments and on other inputs, which include volatility, dividend rates, interest rates and other factors. As 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 Capped Value) are based on our internal funding rate described above. Our internal funding rate is typically lower than the rate we would pay when we issue conventional fixed or floating rate debt securities. This difference in funding rate, as well as the underwriting discount and the hedging related charge described below, will reduce the economic terms of the notes to you and the initial estimated value of the notes on the pricing date. Due to these factors, the public offering price you pay to purchase the notes is greater than the initial estimated value of the notes.

For more information about the initial estimated value and the structuring of the notes, see "Risk Factors" and "Structuring the Notes" below.

---

| | | |
|:---|:---|:---|
| Terms of the Notes | Terms of the Notes | Redemption Amount Determination |
| &nbsp;&nbsp;**Issuer:** | &nbsp;&nbsp;Bank of Montreal ("BMO") | &nbsp;&nbsp;On the maturity date, you will receive a cash payment per unit determined as follows: |
| &nbsp;&nbsp;**Principal Amount:** | &nbsp;&nbsp;$10.00 per unit | &nbsp;&nbsp;&nbsp; <br>![](p227261424b2_ts2.jpg) |
| &nbsp;&nbsp;**Term:** | &nbsp;&nbsp;Approximately 2 years | &nbsp;&nbsp;&nbsp; <br>![](p227261424b2_ts2.jpg) |
| &nbsp;&nbsp;**Market Measure:** | &nbsp;&nbsp;An unequally weighted basket (the "Basket") of four stocks comprised of the common stock of Caterpillar Inc. (NYSE symbol: "CAT"), the ordinary shares of Seagate Technology Holdings Public Limited Company (NYSE symbol: "STX"), the common stock of Constellation Energy Corporation (NYSE symbol: "CEG") and the common stock of NiSource Inc. (NYSE symbol: "NI") (each, a "Basket Stock" and each such company, an "Underlying Company") | &nbsp;&nbsp;&nbsp; <br>![](p227261424b2_ts2.jpg) |
| &nbsp;&nbsp;**Starting Value:** | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;&nbsp; <br>![](p227261424b2_ts2.jpg) |
| &nbsp;&nbsp;**Ending Value:** | &nbsp;&nbsp;The value of the Basket on the Calculation Day, calculated as specified in "The Basket" below and "Description of the LIRNs—Basket Market Measures" beginning on page PS-30 of product supplement STOCK LIRN-1. The scheduled Calculation Day is subject to postponement in the event of Market Disruption Events, as described beginning on page PS-23 of product supplement STOCK LIRN-1. | &nbsp;&nbsp;&nbsp; <br>![](p227261424b2_ts2.jpg) |
| &nbsp;&nbsp;**Price Multiplier:** | &nbsp;&nbsp;1, for each Basket Stock, subject to adjustment for certain corporate events relating to that Basket Stock, as described beginning on page PS-25 of product supplement STOCK LIRN-1 | &nbsp;&nbsp;&nbsp; <br>![](p227261424b2_ts2.jpg) |
| &nbsp;&nbsp;**Threshold Value:** | &nbsp;&nbsp;100.00 (100.00% of the Starting Value) | &nbsp;&nbsp;&nbsp; <br>![](p227261424b2_ts2.jpg) |
| &nbsp;&nbsp;**Participation Rate:** | &nbsp;&nbsp;200% | &nbsp;&nbsp;&nbsp; <br>![](p227261424b2_ts2.jpg) |
| &nbsp;&nbsp;**Capped Value:** | &nbsp;&nbsp;$17.00 per unit, which represents a return of 70.00% over the principal amount. | &nbsp;&nbsp;&nbsp; <br>![](p227261424b2_ts2.jpg) |
| &nbsp;&nbsp;**Calculation Day:** | &nbsp;&nbsp;February 17, 2028 | &nbsp;&nbsp;&nbsp; <br>![](p227261424b2_ts2.jpg) |
| &nbsp;&nbsp;**Fees and Charges:** | &nbsp;&nbsp;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. | &nbsp;&nbsp;&nbsp; <br>![](p227261424b2_ts2.jpg) |
| &nbsp;&nbsp;**Joint Calculation<br> Agents:**  | &nbsp;&nbsp;BMO Capital Markets Corp. ("BMOCM") and BofA Securities, Inc. ("BofAS"), acting jointly. | &nbsp;&nbsp;&nbsp; <br>![](p227261424b2_ts2.jpg) |

---

Capped Leveraged Index Return Notes<sup>®</sup> TS-2

Capped Leveraged Index Return Notes<sup>®</sup> <br> <u>Linked to a Basket of Four Stocks, due February 25, 2028</u>

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

▪ Product supplement STOCK LIRN-1 dated February 11, 2026:<br> [https://www.sec.gov/Archives/edgar/data/927971/000121465926001513/b211262424b2.htm](https://www.sec.gov/Archives/edgar/data/927971/000121465926001513/b211262424b2.htm)

▪ Prospectus Supplement and Prospectus dated March 25, 2025:<br> [https://www.sec.gov/Archives/edgar/data/927971/000119312525062081/d840917d424b5.htm](https://www.sec.gov/Archives/edgar/data/927971/000119312525062081/d840917d424b5.htm)

These documents (together, the "Note Prospectus") have been filed as part of a registration statement with the SEC, which may, without cost, be accessed on the SEC website as indicated above or obtained from Merrill Lynch, Pierce, Fenner & Smith Incorporated ("MLPF&S") or BofAS by calling toll-free at 1-800-294-1322. Before you invest, you should read the Note Prospectus, including this term sheet, for information about us and this offering. Any prior or contemporaneous oral statements and any other written materials you may have received are superseded by the Note Prospectus. Capitalized terms used but not defined in this term sheet have the meanings set forth in product supplement STOCK LIRN-1. When we refer to "we," "us" or "our" in this term sheet, we refer only to Bank of Montreal.

"Leveraged Index Return Notes<sup>®</sup>" and "LIRNs<sup>®</sup>" are 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 may wish to consider an investment in the notes if:** |
| ▪ | You anticipate that the value of the Basket will increase moderately from the Starting Value to the Ending Value. |
| ▪ | You are willing to risk a loss of principal and return if the value of the Basket decreases from the Starting Value to the Ending Value. |
| ▪ | You accept that the return on the notes will be capped. |
| ▪ | 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 Basket Stocks. |
| ▪ | You are willing to accept a limited market or no market for sales prior to maturity, and understand that the market prices for the notes, if any, will be affected by various factors, including our actual and perceived creditworthiness, our internal funding rate and fees 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 Redemption Amount. |

---

---

| | |
|:---|:---|
| **The notes may not be an appropriate investment for you if:** | **The notes may not be an appropriate investment for you if:** |
| ▪ | You believe that the value of the Basket will decrease from the Starting Value to the Ending Value or that it 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 an uncapped return on your investment. |
| ▪ | You seek interest payments or other current income on your investment. |
| ▪ | You want to receive dividends or other distributions paid on the Basket Stocks. |
| ▪ | 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 other advisors before you invest in the notes.

Capped Leveraged Index Return Notes<sup>®</sup> TS-3

Capped Leveraged Index Return Notes<sup>®</sup> <br> <u>Linked to a Basket of Four Stocks, due February 25, 2028</u>

Hypothetical Payout Profile and Examples of Payments at Maturity

---

| | |
|:---|:---|
| **Capped Leveraged Index Return Notes<sup>®</sup>** <br> ![](p227261424b2_ts4.jpg)  | This graph reflects the returns on the notes, based on the Participation Rate of 200%, the Threshold Value of 100% of the Starting Value and the Capped Value of $17.00 per unit. The green line reflects the returns on the notes, while the dotted gray line reflects the returns of a direct investment in the Basket Stocks, excluding dividends. <br>This graph has been prepared for purposes of illustration only. |

---

The following table and examples are for purposes of illustration only. They are based on **hypothetical** values and show **hypothetical** returns on the notes. They illustrate the calculation of the Redemption Amount and total rate of return based on the Starting Value of 100.00, the Threshold Value of 100.00, the Participation Rate of 200%, the Capped Value of $17.00 per unit and a range of hypothetical Ending Values. **The actual amount you receive and the resulting total rate of return will depend on the actual Ending Value and whether you hold the notes to maturity.** The following examples do not take into account any tax consequences from investing in the notes.

For recent hypothetical historical values of the Basket, see "The Basket" section below. For recent actual prices of the Basket Stocks, see "The Basket Stocks" section below. The Ending Value will not include any income generated by dividends paid on the Basket Stocks, which you would otherwise be entitled to receive if you invested in the Basket Stocks directly. In addition, all payments on the notes are subject to issuer credit risk.

---

| | | | |
|:---|:---|:---|:---|
| **Ending Value** | **Percentage Change from the <br> Starting Value to the Ending <br> Value** | **Redemption Amount per <br> Unit** | **Total Rate of Return on the <br> Notes** |
| 0.00 | -100.00% | $0.00 | -100.00% |
| 50.00 | -50.00% | $5.00 | -50.00% |
| 60.00 | -40.00% | $6.00 | -40.00% |
| 70.00 | -30.00% | $7.00 | -30.00% |
| 80.00 | -20.00% | $8.00 | -20.00% |
| 90.00 | -10.00% | $9.00 | -10.00% |
| 95.00 | -5.00% | $9.50 | -5.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.00<sup>(1) (2)</sup> | 0.00% | $10.00 | 0.00% |
| 105.00 | 5.00% | $11.00 | 10.00% |
| 110.00 | 10.00% | $12.00 | 20.00% |
| 120.00 | 20.00% | $14.00 | 40.00% |
| 130.00 | 30.00% | $16.00 | 60.00% |
| 135.00 | 35.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17.00<sup>(3)</sup> | 70.00% |
| 140.00 | 40.00% | $17.00 | 70.00% |
| 150.00 | 50.00% | $17.00 | 70.00% |
| 160.00 | 60.00% | $17.00 | 70.00% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) This is the Threshold Value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Starting Value was set to 100.00 on the pricing date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Redemption Amount per unit cannot exceed the Capped Value.

Capped Leveraged Index Return Notes<sup>®</sup> TS-4

Capped Leveraged Index Return Notes<sup>®</sup> <br> <u>Linked to a Basket of Four Stocks, due February 25, 2028</u>

**Redemption Amount Calculation Examples**

---

| | |
|:---|:---|
| **Example 1** | **Example 1** |
| The Ending Value is 50.00, or 50.00% of the Starting Value: | The Ending Value is 50.00, or 50.00% of the Starting Value: |
| Starting Value: 100.00 | Starting Value: 100.00 |
| Threshold Value: 100.00 | Threshold Value: 100.00 |
| Ending Value: 50.00 | Ending Value: 50.00 |
| ![](p227261424b2_f1.jpg) | **= $5.00** Redemption Amount per unit |
| **Example 2** | **Example 2** |
| The Ending Value is 105.00, or 105.00% of the Starting Value: | The Ending Value is 105.00, or 105.00% of the Starting Value: |
| Starting Value: 100.00 | Starting Value: 100.00 |
| Ending Value: 105.00 | Ending Value: 105.00 |
| &nbsp;&nbsp;![](p227261424b2_f2.jpg) | **= $11.00** Redemption Amount per unit |
| **Example 3** | **Example 3** |
| The Ending Value is 140.00, or 140.00% of the Starting Value: | The Ending Value is 140.00, or 140.00% of the Starting Value: |
| Starting Value: 100.00 | Starting Value: 100.00 |
| Ending Value: 140.00 | Ending Value: 140.00 |
| ![](p227261424b2_f3.jpg) | **= $18.00, however, because the Redemption Amount for the notes cannot exceed the Capped Value, the Redemption Amount will be $17.00 per unit** |

---

Capped Leveraged Index Return Notes<sup>®</sup> TS-5

Capped Leveraged Index Return Notes<sup>®</sup> <br> <u>Linked to a Basket of Four Stocks, due February 25, 2028</u>

Risk Factors

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

**<u>Structure-related Risks</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Depending on the performance of the Basket as measured shortly before the maturity date, your investment may result in a loss; there
is no guaranteed return of principal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ 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
or floating rate debt security of comparable maturity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Any positive return on your investment is limited to the return represented by the Capped Value and may be less than a comparable
investment directly in the Basket Stocks.

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

**<u>Valuation and Market-related Risks</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ 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
notes may exceed our initial estimated value, because costs associated with offering, structuring and hedging the notes are included in
the public offering price, but are not included in the estimated value. These costs will include any underwriting discount and selling
concessions and the cost of hedging our obligations under the notes through one or more hedge counterparties (which may be one or more
of our affiliates or an agent or its affiliates). Such hedging cost includes our or our hedge counterparty's expected cost of providing
such hedge, as well as the profit we or our hedge counterparty expect to realize in consideration for assuming the risks inherent in providing
such hedge.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Our initial estimated value of the notes is derived using our internal pricing models. This value is based on market conditions and
other relevant factors, which include volatility of the Basket Stocks, dividend rates and interest rates. Different pricing models and
assumptions, including those used by the agent, its affiliates or other market participants, could provide values for the notes that are
greater than or less than our initial estimated value. In addition, market conditions and other relevant factors after the pricing date
are expected to change, possibly rapidly, and our assumptions may prove to be incorrect. After the pricing date, the value of the notes
could change dramatically due to changes in market conditions, our creditworthiness, and the other factors discussed in the next risk
factor. These changes are likely to impact the price, if any, at which we, BofAS or any of our respective affiliates would be willing
to purchase the notes from you in any secondary market transactions. Our initial estimated value does not represent a minimum price at
which we, BofAS or any of our respective affiliates or any other party would be willing to buy your notes in any secondary market at any
time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ 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
to 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
price in any secondary market.

**<u>Conflict-related Risks</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Our business, hedging and trading activities, and those of MLPF&S, BofAS and our respective affiliates (including trades in the
Basket Stocks), and any hedging and trading activities we, MLPF&S, BofAS or our respective affiliates engage in for our clients'
accounts, may adversely affect the market value of and return on the notes and may create conflicts of interest with you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ There may be potential conflicts of interest involving the calculation agents, one of which is our affiliate and one of which is BofAS.
We have the right to appoint and remove the calculation agents.

Capped Leveraged Index Return Notes<sup>®</sup> TS-6

Capped Leveraged Index Return Notes<sup>®</sup> <br> <u>Linked to a Basket of Four Stocks, due February 25, 2028</u>

**<u>Market Measure-related Risks</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The Underlying Companies will have no obligations relating to the notes, and none of us, MLPF&S or BofAS will perform any due
diligence procedures with respect to any Underlying Company in connection with this offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Increases in the prices of one or more of the Basket Stocks may be offset by decreases in the prices of one or more of the other Basket
Stocks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Because the Basket Stocks are unequally weighted, increases in the prices of the lower-weighted Basket Stocks may be offset by even
small decreases in the prices of the more heavily weighted Basket Stocks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ You will have no rights of a holder of the Basket Stocks, and you will not be entitled to receive shares of the Basket Stocks or dividends
or other distributions by the Underlying Companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ While we, MLPF&S, BofAS or our respective affiliates may from time to time own securities of the Underlying Companies, we, MLPF&S,
BofAS and our respective affiliates do not control any Underlying Company, and have not verified any disclosures made by any Underlying
Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The Redemption Amount will not be adjusted for all corporate events that could affect a Basket Stock. See "Description of the
LIRNs—Anti-Dilution Adjustments" in product supplement STOCK LIRN-1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Your return on the notes may be affected by factors affecting the international securities markets with respect to the ordinary shares
of Seagate Technology Holdings Public Limited Company.

**<u>Tax-related Risks</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The U.S. federal income tax consequences of an investment in the notes are unclear. There is no direct legal authority regarding the
proper 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")
with respect to the notes. Consequently, significant aspects of the tax treatment of the notes are uncertain, and the IRS or a court might
not agree with our intended treatment of them, as described in "United States Federal Income Tax Considerations" below. If
the IRS were successful in asserting an alternative treatment of the notes, the tax consequences of the ownership and disposition of the
notes, including the timing and character of income recognized by U.S. investors, and the withholding tax consequences to non-U.S. investors,
might be materially and adversely affected. Moreover, future legislation, Treasury regulations or IRS guidance could adversely affect
the U.S. federal income tax treatment of the notes, possibly retroactively.

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

Capped Leveraged Index Return Notes<sup>®</sup> TS-7

Capped Leveraged Index Return Notes<sup>®</sup> <br> <u>Linked to a Basket of Four Stocks, due February 25, 2028</u>

The Basket

The Basket is designed to allow investors to participate in the percentage changes in the prices of the Basket Stocks from the Starting Value to the Ending Value of the Basket. The Basket Stocks are described in the section "The Basket Stocks" below. Each Basket Stock was assigned an initial weight on the pricing date, as set forth in the table below.

For more information on the calculation of the value of the Basket, please see the section entitled "Description of the LIRNs—Basket Market Measures" beginning on page PS-30 of product supplement STOCK LIRN-1.

On the pricing date, for each Basket Stock, the Initial Component Weight, the Closing Market Price, the Component Ratio and the initial contribution to the Basket value were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Basket Stock** | **Bloomberg <br> Symbol** | **Initial <br> Component <br> Weight** | **Closing Market <br> Price<sup>(1)</sup>** | **Component Ratio<sup>(2)</sup>** | **Initial Basket <br> Value <br> Contribution** |
| **Caterpillar Inc.** | **CAT** | **33.33%** | **$752.93** | **0.04426706** | **33.33** |
| **Seagate Technology Holdings Public Limited Company** | **STX** | **33.33%** | **$409.67** | **0.08135817** | **33.33** |
| **Constellation Energy Corporation** | **CEG** | **16.67%** | **$323.56** | **0.05152058** | **16.67** |
| **NiSource Inc.** | **NI** | **16.67%** | **$46.70** | **0.35695931** | **16.67** |
|  |  |  |  | **Starting Value** | **100.00** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) These were the Closing Market Prices of the Basket Stocks on the pricing date.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Each Component Ratio equals the Initial Component Weight of the relevant Basket Stock (as a percentage) multiplied by 100, and then
divided by the Closing Market Price of that Basket Stock on the pricing date and rounded to eight decimal places.

The calculation agent will calculate the Ending Value of the Basket by summing the products of the Closing Market Price of each Basket Stock on the Calculation Day (multiplied by its Price Multiplier on that day) and the Component Ratio for that Basket Stock. The Price Multiplier for each Basket Stock will initially be 1, and is subject to adjustment as described in product supplement STOCK LIRN-1. If a Market Disruption Event occurs with respect to a Basket Stock on the scheduled Calculation Day, the Closing Market Price of that Basket Stock will be determined as more fully described in the section entitled "Description of the LIRNs—Basket Market Measures—Observation Level or Ending Value of the Basket" beginning on page PS-31 of product supplement STOCK LIRN-1.

Capped Leveraged Index Return Notes<sup>®</sup> TS-8

Capped Leveraged Index Return Notes<sup>®</sup> <br> <u>Linked to a Basket of Four Stocks, due February 25, 2028</u>

***While actual historical information on the Basket did not exist before the pricing date, the following graph sets forth the hypothetical historical daily performance of the Basket from January 19, 2022 through the pricing date. The graph is based upon actual daily historical prices of the Basket Stocks, hypothetical Component Ratios based on the closing prices of the Basket Stocks as of January 19, 2022, and a Basket value of 100.00 as of that date. This hypothetical historical data on the Basket is not necessarily indicative of the future performance of the Basket or what the value of the notes may be. Any hypothetical historical upward or downward trend in the value of the Basket during any period set forth below is not an indication that the value of the Basket is more or less likely to increase or decrease at any time over the term of the notes.***

**Hypothetical Historical Performance of the Basket**

![](p227261424b2_ts9.jpg)

Capped Leveraged Index Return Notes<sup>®</sup> TS-9

Capped Leveraged Index Return Notes<sup>®</sup> <br> <u>Linked to a Basket of Four Stocks, due February 25, 2028</u>

The Basket Stocks

Each Basket Stock is registered under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Companies with securities registered under the Exchange Act are required to file financial and other information specified by the SEC periodically. Information provided to or filed with the SEC by each Basket Stock can be located on a website maintained by the SEC at https://www.sec.gov by reference to that Basket Stock's SEC file number or its CIK Code provided below. Information from outside sources is not incorporated by reference in, and should not be considered part of, this term sheet. Neither we nor any agent has independently verified the accuracy or completeness of the information contained in outside sources.

This term sheet relates only to the notes and does not relate to the Basket Stocks or to any other securities of the Underlying Companies. None of us, MLPF&S, BofAS or any of our respective affiliates has participated or will participate in the preparation of the Underlying Companies' publicly available documents. None of us, MLPF&S, BofAS or any of our respective affiliates has made any due diligence inquiry with respect to the Underlying Companies in connection with the offering of the notes. None of us, MLPF&S, BofAS or any of our respective affiliates makes any representation that the publicly available documents or any other publicly available information regarding the Underlying Companies are accurate or complete. Furthermore, there can be no assurance that all events occurring prior to the date of this term sheet, including events that would affect the accuracy or completeness of these publicly available documents that would affect the trading price of the Basket Stocks, have been or will be publicly disclosed. Subsequent disclosure of any events or the disclosure of or failure to disclose material future events concerning an Underlying Company could affect the price of the applicable Basket Stock and therefore could affect your return on the notes. The selection of the Basket Stocks is not a recommendation to buy or sell the Basket Stocks.

Before investing in the notes, you should consult publicly available sources for the prices of the Basket Stocks.

Capped Leveraged Index Return Notes<sup>®</sup> TS-10

Capped Leveraged Index Return Notes<sup>®</sup> <br> <u>Linked to a Basket of Four Stocks, due February 25, 2028</u>

**Caterpillar, Inc.**

According to publicly available information, Caterpillar, Inc. manufactures construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives.

Caterpillar, Inc.'s SEC file number is 001-00768 and its CIK Code is 0000018230. The common stock of Caterpillar, Inc. is listed on the New York Stock Exchange under the symbol "CAT."

***The following graph shows the daily historical performance of the common stock of Caterpillar, Inc. on its primary exchange in the period from January 4, 2016 through the pricing date. We obtained this historical data from Bloomberg Finance L.P. We have not independently verified the accuracy or completeness of the information obtained from Bloomberg Finance L.P. On the pricing date, the Closing Market Price of the common stock of Caterpillar, Inc. was $752.93. The graph below may have been adjusted to reflect certain corporate actions, such as stock splits and reverse stock splits.***

**Historical Performance of the Common Stock of Caterpillar, Inc.**![](p227261424b2_ts11.jpg)

***This historical data on this Basket Stock is not necessarily indicative of the future performance of this Basket Stock or what the value of the notes may be. Any historical upward or downward trend in the price per share of this Basket Stock during any period set forth above is not an indication that the price per share of this Basket Stock is more or less likely to increase or decrease at any time over the term of the notes.***

Capped Leveraged Index Return Notes<sup>®</sup> TS-11

Capped Leveraged Index Return Notes<sup>®</sup> <br> <u>Linked to a Basket of Four Stocks, due February 25, 2028</u>

**Seagate Technology Holdings Public Limited Company**

According to publicly available information, Seagate Technology Holdings Public Limited Company, an Irish company, is a provider of data storage technology products.

Seagate Technology Holdings Public Limited Company's SEC file number is 001-31560 and its CIK Code is 0000093751. The ordinary shares of Seagate Technology Holdings Public Limited Company is listed on The Nasdaq Global Select Market under the symbol "STX."

***The following graph shows the daily historical performance of the ordinary shares of Seagate Technology Holdings Public Limited Company on its primary exchange in the period from January 4, 2016 through the pricing date. We obtained this historical data from Bloomberg Finance L.P. We have not independently verified the accuracy or completeness of the information obtained from Bloomberg Finance L.P. On the pricing date, the Closing Market Price of the ordinary shares of Seagate Technology Holdings Public Limited Company was $409.67. The graph below may have been adjusted to reflect certain corporate actions, such as stock splits and reverse stock splits.***

<br> **Historical Performance of the Ordinary Shares of Seagate Technology Holdings Public Limited Company**![](p227261424b2_ts12.jpg)

  ****

***This historical data on this Basket Stock is not necessarily indicative of the future performance of this Basket Stock or what the value of the notes may be. Any historical upward or downward trend in the price per share of this Basket Stock during any period set forth above is not an indication that the price per share of this Basket Stock is more or less likely to increase or decrease at any time over the term of the notes.***

Capped Leveraged Index Return Notes<sup>®</sup> TS-12

Capped Leveraged Index Return Notes<sup>®</sup> <br> <u>Linked to a Basket of Four Stocks, due February 25, 2028</u>

**Constellation Energy Corporation**

According to publicly available information, Constellation Energy Corporation is a producer of emissions-free energy and an energy supplier to businesses, homes and public sector customers in the United States.

Constellation Energy Corporation's SEC file number is 001-41137 and its CIK Code is 0001868275. The common stock of Constellation Energy Corporation is listed on The Nasdaq Stock Market LLC under the symbol "CEG."

***The following graph shows the daily historical performance of the common stock of Constellation Energy Corporation on its primary exchange in the period from January 19, 2022 through the pricing date. The common stock of Constellation Energy Corporation began trading on The Nasdaq Stock Market LLC on January 19, 2022 and therefore has limited performance history. We obtained this historical data from Bloomberg Finance L.P. We have not independently verified the accuracy or completeness of the information obtained from Bloomberg Finance L.P. On the pricing date, the Closing Market Price of the common stock of Constellation Energy Corporation was $323.56. The graph below may have been adjusted to reflect certain corporate actions, such as stock splits and reverse stock splits.***

**Historical Performance of the Common Stock of Constellation Energy Corporation**

![](p227261424b2_ts13.jpg)

***This historical data on this Basket Stock is not necessarily indicative of the future performance of this Basket Stock or what the value of the notes may be. Any historical upward or downward trend in the price per share of this Basket Stock during any period set forth above is not an indication that the price per share of this Basket Stock is more or less likely to increase or decrease at any time over the term of the notes.***

Capped Leveraged Index Return Notes<sup>®</sup> TS-13

Capped Leveraged Index Return Notes<sup>®</sup> <br> <u>Linked to a Basket of Four Stocks, due February 25, 2028</u>

**NiSource Inc.**

According to publicly available information, NiSource Inc. is an energy holding company.

NiSource Inc.'s SEC file number is 001-16189 and its CIK Code is 0001111711. The common stock of NiSource Inc. is listed on the New York Stock Exchange under the symbol "NI."

***The following graph shows the daily historical performance of the common stock of NiSource Inc. on its primary exchange in the period from January 4, 2016 through the pricing date. We obtained this historical data from Bloomberg Finance L.P. We have not independently verified the accuracy or completeness of the information obtained from Bloomberg Finance L.P. On the pricing date, the Closing Market Price of the common stock of NiSource Inc. was $46.70. The graph below may have been adjusted to reflect certain corporate actions, such as stock splits and reverse stock splits.***

**Historical Performance of the Common Stock of NiSource Inc.**

![](p227261424b2_ts14.jpg)

***This historical data on this Basket Stock is not necessarily indicative of the future performance of this Basket Stock or what the value of the notes may be. Any historical upward or downward trend in the price per share of this Basket Stock during any period set forth above is not an indication that the price per share of this Basket Stock is more or less likely to increase or decrease at any time over the term of the notes.***

Capped Leveraged Index Return Notes<sup>®</sup> TS-14

Capped Leveraged Index Return Notes<sup>®</sup> <br> <u>Linked to a Basket of Four Stocks, due February 25, 2028</u>

Supplement to the Plan of Distribution

Under our distribution agreement with BofAS, BofAS will purchase the notes 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. MLPF&S will purchase the notes from BofAS for resale, and will receive a selling concession in connection with the sale of the notes in 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 platform services with respect to this offering, which reduces the economic terms of the notes to you. An affiliate of BofAS has an ownership interest in LFT Securities, LLC.

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

The notes will not be listed on any securities exchange. In the original offering of the notes, the notes will be sold in minimum investment amounts of 100 units. If you place an order to purchase the notes, you 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 the notes, with repurchases and resales being made at prices related to then-prevailing market prices or at negotiated prices determined by reference to their pricing models at their discretion, and these prices will include MLPF&S's and BofAS's trading commissions and mark-ups or mark-downs. MLPF&S and BofAS may act as principal or agent in these market-making transactions; however, neither is obligated to engage in any such transactions. BofAS has advised us that at MLPF&S's and BofAS's discretion, for a short, undetermined initial period after the issuance of the notes, MLPF&S and BofAS may offer to buy the notes in the secondary market at a 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 be based on then-prevailing market conditions and other considerations, including the performance of the Basket and the remaining term of the notes. However, none of us, MLPF&S, BofAS or any of our respective affiliates is obligated to purchase your notes at any price or 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 price 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 that 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 estimate 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 to 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 considerations, as mentioned above, and will include transaction costs. At certain times, this price may be higher than or lower than the initial estimated value of the notes.

The distribution of the Note Prospectus in connection with these offers or sales will be solely for the purpose of providing investors with the description of the terms of the notes that was made available to investors in connection with their initial offering. Secondary market investors should not, and will not be authorized to, rely on the Note Prospectus for information regarding BMO or for any purpose other than that described in the immediately preceding sentence.

Capped Leveraged Index Return Notes<sup>®</sup> TS-15

Capped Leveraged Index Return Notes<sup>®</sup> <br> <u>Linked to a Basket of Four Stocks, due February 25, 2028</u>

Structuring the Notes

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

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

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

For further information, see "Risk Factors—Valuation- and Market-related Risks" beginning on page PS-8 and "Use of Proceeds and Hedging" on page PS-18 of product supplement STOCK LIRN-1.

Capped Leveraged Index Return Notes<sup>®</sup> TS-16

Capped Leveraged Index Return Notes<sup>®</sup> <br> <u>Linked to a Basket of Four Stocks, due February 25, 2028</u>

Summary of Canadian Federal Income Tax Consequences

For a discussion of the material Canadian federal income tax consequences relating to an investment in the notes, please see the section entitled "Canadian Federal Income Tax Summary" in the product supplement STOCK LIRN-1.

United States Federal Income Tax Considerations

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

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

As discussed in the accompanying product supplement, Section 871(m) of the Code and the Treasury regulations thereunder ("Section 871(m)") generally impose a 30% (or lower treaty rate) withholding tax on "dividend equivalents" paid or deemed paid to non-U.S. investors with respect to certain financial instruments linked to equities that could pay U.S.-source dividends for U.S. federal income tax purposes ("underlying securities"), as defined under the applicable Treasury regulations, or indices that include underlying securities. Section 871(m) generally applies to financial instruments that substantially replicate the economic performance of one or more underlying securities, as determined based on tests set forth in the applicable Treasury regulations. Pursuant to an IRS notice, Section 871(m) will not apply to notes issued before January 1, 2027 that do not have a delta of one with respect to any underlying security. Based on our determination that the notes do not have a delta of one with respect to any underlying security, the notes should not be subject to Section 871(m). Our determination is not binding on 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 particular circumstances, including whether the non-U.S. investor enters into other transactions with respect to an underlying security. If withholding is required, we will not be required to pay any additional amounts with respect to the amounts so withheld. Non-U.S. investors should consult their tax advisors regarding the potential application of Section 871(m) to the notes.

Both U.S. and non-U.S. investors considering an investment in the notes should read the discussion under "United States Federal Income Tax Considerations" in the accompanying product supplement and consult their tax advisors regarding all aspects of the U.S. federal income and estate tax consequences of an investment in the notes, including possible alternative treatments, and any tax consequences arising under the laws of any state, local or non-U.S. taxing jurisdiction.

Capped Leveraged Index Return Notes<sup>®</sup> TS-17

Capped Leveraged Index Return Notes<sup>®</sup> <br> <u>Linked to a Basket of Four Stocks, due February 25, 2028</u>

Validity of the Notes

In the opinion of Osler, Hoskin & Harcourt LLP, the issue and sale of the notes has been duly authorized by all necessary corporate action of the Bank of Montreal in conformity with the indenture, and when this pricing supplement has been attached to, and duly notated on, the master note that represents the notes, the notes will have been validly executed, authenticated, issued and delivered, to the extent that validity of the notes is a matter governed by the laws of the Province of Ontario and the federal laws of Canada applicable therein and will be valid obligations of the Bank of Montreal, subject to the following limitations (i) the enforceability of the indenture may be limited by the Canada Deposit Insurance Corporation Act (Canada), the Winding-up and Restructuring Act (Canada) and bankruptcy, insolvency, reorganization, receivership, moratorium, arrangement or winding-up laws or other similar laws affecting the enforcement of creditors' rights generally; (ii) the enforceability of the indenture may be limited by equitable principles, including the principle that equitable remedies such as specific performance and injunction may only be granted in the discretion of a court of competent jurisdiction; (iii) pursuant to the Currency Act (Canada) a 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 on a day other than the day of payment; and (iv) the enforceability of the indenture will be subject to the limitations contained in the Limitations Act, 2002 (Ontario), and such counsel expresses no opinion as to whether a court may find any provision of the indenture to be unenforceable as an attempt to vary or exclude a limitation period under that Act. This opinion is given as of the date hereof and is limited to the laws of the Provinces of Ontario and the federal laws of Canada applicable therein. In addition, this opinion is subject to certain assumptions about (i) the trustees' authorization, execution and delivery of the indenture, (ii) the genuineness of signatures and (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 to Bank of Montreal's Form 6-K filed with the SEC and dated March 25, 2025.

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

Capped Leveraged Index Return Notes<sup>®</sup> TS-18

## Ex-Filing

?xml version='1.0' encoding='ASCII'? Filing Fee Exhibit

**Ex-Filing Fees**

**CALCULATION OF FILING FEE TABLES**

**F-3**

**BANK OF MONTREAL /CAN/**

**Narrative Disclosure**

The maximum aggregate offering price of the securities to which the prospectus relates is $6,997,410.00. The prospectus is a final prospectus for the related offering.

&nbsp;&nbsp;&nbsp;&nbsp;