Capped Notes with Absolute Return Buffer Linked to an International Equity Index Basket
Issuer	Bank of Montreal (“BMO”). References on this page to “we,” “us” or “our” mean BMO.
Principal Amount	$10.00 per unit
Term	Approximately 2 years
Market Measure	An unequally weighted basket (the “Basket”) comprised of the EURO STOXX 50^® Index (Bloomberg symbol: “SX5E”) (initial weight: 40.00%), the FTSE^® 100 Index ( Bloomberg symbol: “UKX”) (initial weight: 20.00%), the Nikkei Stock Average Index ( Bloomberg symbol: “NKY”) (initial weight: 20.00%), the Swiss Market Index ( Bloomberg symbol: “SMI”) (initial weight: 7.50%), the S&P^®/ASX 200 Index ( Bloomberg symbol: “AS51”) (initial weight: 7.50%) and the FTSE^® China 50 Index ( Bloomberg symbol: “XIN0I”) (initial weight: 5.00%) (each a “Basket Component”)
Payout Profile at Maturity	· [101% to 121%] upside exposure to increases in the Market Measure, subject to the Capped Value · A positive return equal to the absolute value of the percentage decline in the level of the Market Measure only if the Market Measure does not decline by more than 10.00% (e.g., if the negative return of the Market Measure is -5%, you will receive a positive return of +5%) · 1-to-1 downside exposure to decreases in the Market Measure beyond a 10.00% decline, with up to 90.00% of your principal at risk
Threshold Value	90% of the Starting Value
Capped Value	$12.50 per unit, a return of 25.00% over the principal amount
Participation Rate	[101.00% to 121.00%], to be determined on the pricing date
Preliminary Offering Documents	https://www.sec.gov/Archives/edgar/data/927971/000121465926011317/y831262424b2.htm
Exchange Listing	No

You should read the relevant Preliminary Offering Documents before you invest. Click on the Preliminary Offering Documents hyperlink above or call your Financial Advisor for a hard copy.

Risk Factors

Please see the Preliminary Offering Documents for a description of certain risks related to this investment, including, but not limited to, the following:

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

The notes do not pay interest, and any return on the notes may be less than the yield you could earn by owning a conventional fixed or floating rate debt security of comparable maturity.

Any positive return on the notes is limited. The notes provide for a positive return if the level of the Market Measure increases or does not decrease by more than 10.00%. However, any positive return on the notes based on the appreciation of the Market Measure will be limited to the return represented by the Capped Value. In addition, the absolute value return feature applies only if the Ending Value is less than the Starting Value but greater than or equal to the Threshold Value. Because the Threshold Value is 90.00% of the Starting Value, any positive return due to the depreciation of the Market Measure will be limited to 10.00%. Any decline in the Ending Value from the Starting Value by more than 10.00% will result in a loss, rather than a positive return, on the notes.

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.

The initial estimated value of the notes on the pricing date, based on our proprietary pricing models, will be less than the public offering price because costs associated with offering, structuring and hedging the notes are included in the public offering price, but are not included in the initial estimated value.

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.

The initial estimated value of the notes is not an indication of the price, if any, at which we, BofAS or any of our respective affiliates or any other person may be willing to buy the notes from you in the secondary market (if any).

A trading market is not expected to develop for the notes.

Our business, hedging and trading activities, and those of MLPF&S, BofAS and our respective affiliates (including trading in shares of companies included in the Basket Components), 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.

There may be potential conflicts of interest involving the calculation agents, one of which is our affiliate and one of which is BofAS.

The index sponsor of a Basket Component may adjust such Basket Component in a way that affects the level of such Basket Component, and has no obligation to consider your interests.

Increases in the values of one or more of the Basket Components may be offset by decreases in the values of one or more of the other Basket Components.

Because the Basket Components are unequally weighted, increases in the values of the lower-weighted Basket Components may be offset by even small decreases in the values of the more heavily weighted Basket Components.

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

While we, MLPF&S, BofAS or our respective affiliates may from time to time own securities of companies included in the Basket Components, we, MLPF&S, BofAS and our respective affiliates do not control any company included in the Basket Components, and have not verified any disclosures made by any company.

Your return on the notes may be affected by factors affecting the international securities markets, specifically changes in the countries represented by the Basket Components. In addition, you will not obtain the benefit of any increase in the value of the currencies in which the securities included in the Basket Components trade against the U.S. dollar, which you would have received if you had owned the securities included in the Basket Components during the term of your notes, although the value of the Basket may be adversely affected by general exchange rate movements in the market.

The U.S. federal income tax consequences of an investment in the notes are unclear.

The notes are subject to risks relating to emerging markets with respect to the FTSE^® China 50 Index.

Final terms will be set on the pricing date within the given range for the specified Market-Linked Investment. Please see the Preliminary Offering Documents for complete product disclosure, including related risks and tax disclosure.

The graph above and the table below reflect the hypothetical return on the notes, based on the terms contained in the table to the left (using the mid-point for any range(s)). The graph and the table have been prepared for purposes of illustration only and do not take into account any tax consequences from investing in the notes.

Hypothetical Percentage Change from the Starting Value to the Ending Value	Hypothetical Redemption Amount per Unit⁽¹⁾	Hypothetical Total Rate of Return on the Notes
-100.00%	$1.000	-90.00%
-50.00%	$6.000	-40.00%
-40.00%	$7.000	-30.00%
-30.00%	$8.000	-20.00%
-20.00%	$9.000	-10.00%
-10.01%	$9.999	-0.01%
-10.00%⁽¹⁾	$11.000⁽²⁾	10.00%
-5.00%	$10.500	5.00%
0.00%	$10.000	0.00%
5.00%	$10.555	5.55%
10.00%	$11.110	11.10%
20.00%	$12.220	22.20%
22.53%	$12.500⁽³⁾	25.00%
30.00%	$12.500	25.00%
40.00%	$12.500	25.00%
50.00%	$12.500	25.00%
60.00%	$12.500	25.00%

(1)

The Redemption Amount per unit is based on the hypothetical Participation Rate.

(2)

This hypothetical percentage change corresponds to the Threshold Value.

(3)

Any positive return based on the depreciation of the Market Measure is limited by the Threshold Value.

(4)

Any positive return based on the appreciation of the Market Measure cannot exceed the return represented by the Capped Value.

BMO has filed a registration statement (including a product supplement, a prospectus supplement and a prospectus) with the SEC for the offering to which this document relates. Before you invest, you should read those documents, and the other documents that BMO has filed with the SEC, for more complete information about BMO and this offering. You may get these documents without cost by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, BMO, any agent, or any dealer participating in this offering will arrange to send you these documents if you so request by calling toll-free 1-800-294-1322.