<SEC-DOCUMENT>0001193125-25-319236.txt : 20251215
<SEC-HEADER>0001193125-25-319236.hdr.sgml : 20251215
<ACCEPTANCE-DATETIME>20251215161724
ACCESSION NUMBER:		0001193125-25-319236
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20251215
FILED AS OF DATE:		20251215
DATE AS OF CHANGE:		20251215

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:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13354
		FILM NUMBER:		251571821

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>d78523d6k.htm
<DESCRIPTION>6-K
<TEXT>
<HTML><HEAD>
<TITLE>6-K</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE" STYLE="line-height:Normal">


<Center><DIV STYLE="width:8.5in" align="left">
<DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:2.00pt solid #000000">&nbsp;
</DIV><DIV STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:2.00pt solid #000000">&nbsp;</DIV> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:18pt; font-family:ARIAL" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="center"><B>Washington, D.C. 20549 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.50pt solid #000000;width:18%">&nbsp;</DIV></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:ARIAL" ALIGN="center"><B>FORM <FONT STYLE="white-space:nowrap">6-K</FONT> </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.50pt solid #000000;width:18%">&nbsp;</DIV></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="center"><B>Report of Foreign Private Issuer </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="center"><B>Pursuant
to Rule <FONT STYLE="white-space:nowrap">13a-16</FONT> or <FONT STYLE="white-space:nowrap">15d-16</FONT> </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="center"><B>of the Securities Exchange Act of
1934 </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>For the month of: December, 2025 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Commission File Number: <FONT STYLE="white-space:nowrap">001-13354</FONT> </B></P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.50pt solid #000000;width:18%">&nbsp;</DIV></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:ARIAL" ALIGN="center"><B>BANK OF MONTREAL </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>(Name of Registrant)
</B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.50pt solid #000000;width:18%">&nbsp;</DIV></center>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="50%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" ALIGN="center"><B>100 King Street West<BR>1 First Canadian Place<BR>Toronto, Ontario<BR>Canada, M5X 1A1<BR>(</B><I>Executive Offices</I><B>)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>129 rue Saint-Jacques<BR>Montreal, Quebec<BR>Canada, H2Y 1L6<BR>(</B><I>Head Office</I><B>)</B></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.50pt solid #000000;width:18%">&nbsp;</DIV></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Indicate by check mark whether the registrant files or will file annual reports under cover of Form <FONT STYLE="white-space:nowrap">20-F</FONT> or Form <FONT
STYLE="white-space:nowrap">40-F:</FONT> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT STYLE="white-space:nowrap">Form&nbsp;20-F&nbsp;</FONT><FONT STYLE="font-family:Times New Roman">&#9744;</FONT>
&#8195;Form <FONT STYLE="white-space:nowrap">40-F&nbsp;</FONT><FONT STYLE="font-family:Times New Roman">&#9746;</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>INCORPORATION BY REFERENCE
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">The information contained in this Form <FONT STYLE="white-space:nowrap">6-K</FONT> and any exhibits hereto shall be deemed filed with the Securities and
Exchange Commission (&#8220;SEC&#8221;) solely for purposes of incorporation by reference into and as part of the following registration statement of the registrant on file with and declared effective by the SEC: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">Registration Statement &#8211; Form <FONT STYLE="white-space:nowrap">F-3</FONT> &#8211; File <FONT
STYLE="white-space:nowrap">No.&nbsp;333-285508</FONT> </P></TD></TR></TABLE>
<P STYLE="font-size:120pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:2.00pt solid #000000">&nbsp;
</DIV><DIV STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:2.00pt solid #000000">&nbsp;</DIV>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
<DIV STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:2.50pt solid #000000">&nbsp;
</DIV><DIV STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>EXHIBIT INDEX </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>

<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="88%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:ARIAL; "><B>Exhibit</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:ARIAL; "><B>Description of Exhibit</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top">5.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Opinion of Sullivan&nbsp;&amp; Cromwell LLP, U.S. counsel to the Bank.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top">5.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Opinion of Osler, Hoskin&nbsp;&amp; Harcourt LLP, Canadian counsel to the Bank.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top">23.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Consent of Sullivan&nbsp;&amp; Cromwell LLP (included in Exhibit 5.1 above).</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top">23.2&#8195;&#8195;&#8195;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Consent of Osler, Hoskin&nbsp;&amp; Harcourt LLP (included in Exhibit 5.2 above).</TD></TR>
</TABLE>
<P STYLE="font-size:30pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:4.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:2.00pt solid #000000">&nbsp;
</DIV><DIV STYLE="line-height:2.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:2.00pt solid #000000">&nbsp;</DIV>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
<DIV STYLE="line-height:2.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:3.00pt solid #000000">&nbsp;
</DIV><DIV STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="51%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">BANK OF MONTREAL</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">By: &#8195;&#8194;<U>/s/ Paras Jhaveri&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;</U></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL">Name: Paras Jhaveri <BR>Title: &#8201;&#8194;Global Head, Capital and Funding</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"><B>Date</B>: December&nbsp;15, 2025</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE>
</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>d78523dex51.htm
<DESCRIPTION>EX-5.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-5.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE" STYLE="line-height:Normal">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="right"><B>Exhibit 5.1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:6pt" ALIGN="center">


<TR>

<TD WIDTH="51%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:6pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g78523dsp4.jpg" ALT="LOGO">
</P> <P STYLE="font-size:8pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL" ALIGN="center">TELEPHONE: <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-212-558-4000</FONT></FONT></FONT><BR>FACSIMILE:
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-212-558-3588</FONT></FONT></FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:ARIAL" ALIGN="center">WWW.SULLCROM.COM</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:15pt; font-family:ARIAL" ALIGN="center"><B>125 Broad Street<BR>New York, New York 10004-2498</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><STRIKE>&#8195;&#8195;&#8195;&#8195;</STRIKE></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6pt; font-family:ARIAL" ALIGN="center">LOS
ANGELES &#149; PALO ALTO &#149; WASHINGTON, D.C.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6pt; font-family:ARIAL" ALIGN="center">BRUSSELS &#149;
FRANKFURT &#149; LONDON &#149; PARIS</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6pt; font-family:ARIAL" ALIGN="center">BEIJING &#149; HONG KONG
&#149; TOKYO</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:6pt; font-family:ARIAL" ALIGN="center">MELBOURNE &#149; SYDNEY</P></TD></TR>
</TABLE> <P STYLE="font-size:48pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:12pt">


<TR>

<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:12pt">
<TD VALIGN="top" ALIGN="center">December&nbsp;15, 2025</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL">Bank of Montreal, </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL">&#8195;100 King Street
West, </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:ARIAL">1 First Canadian Place, </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:ARIAL">&#8195;Toronto,
Ontario, </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:ARIAL">&#8195;&#8195;Canada M5X 1A1. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL">Ladies and Gentlemen:
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:ARIAL">We are acting as counsel to Bank of Montreal, a Canadian chartered bank (the &#8220;Bank&#8221;), in connection with the issuance and delivery of
US$750,000,000 principal amount of the Bank&#8217;s 4.100% Fixed/Floating Rate Senior Notes due 2027 (the &#8220;Notes&#8221;). The Bank filed with the Securities and Exchange Commission, on March&nbsp;3, 2025, a registration statement on Form <FONT
STYLE="white-space:nowrap">F-3</FONT> (File <FONT STYLE="white-space:nowrap">No.&nbsp;333-285508),</FONT> as subsequently amended on March&nbsp;25,&nbsp;2025 (the &#8220;Registration Statement&#8221;), under the Securities Act of 1933 (the
&#8220;Act&#8221;) relating to, among other things, the proposed offer and sale of up to US$75,000,000,000 aggregate amount of securities of the Bank, including the Notes. The Notes are being issued pursuant to the Indenture, dated as of
January&nbsp;25, 2010, as supplemented by the First Supplemental Indenture thereto, dated as of September&nbsp;23,&nbsp;2018, between the Bank and Computershare Trust Company, N.A., as successor to Wells Fargo Bank, National Association, as trustee
(the &#8220;Trustee&#8221;), and the Fifth Supplemental Indenture thereto, dated as of August&nbsp;14, 2025 (collectively, the &#8220;Indenture&#8221;), among the Bank, the Trustee and The Bank of New York Mellon. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:ARIAL">We have examined such corporate records, certificates and other documents, and such questions of United States federal and New York state law, as we
have considered necessary or appropriate for the purposes of this opinion. Upon the basis of such examination, it is our opinion that the Notes constitute valid and legally binding obligations of the Bank, subject to bankruptcy, insolvency,
fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors&#8217; rights and to general equity principles;<I> provided</I>, <I>however</I>, that we express no opinion with respect to
Section&nbsp;301(b) and Section&nbsp;1601(a) of the Indenture (and the corresponding provisions in the Notes), which are governed by the laws of the Province of Ontario and the Federal laws of Canada applicable therein. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:ARIAL">The foregoing opinion is limited to the federal laws of the United States and the laws of the State of
New York, and we are expressing no opinion as to the effect of the laws of any other jurisdiction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:ARIAL">In rendering the foregoing opinion, we are not
passing upon, and assume no responsibility for, any disclosure in the Registration Statement or any related prospectus or other offering material regarding the Bank or the Notes or their offering and sale. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:ARIAL">We have relied as to certain factual matters on information obtained from public officials, officers of the Bank and other sources believed by us to be
responsible, and we have assumed, without independent verification, that the Bank is duly organized, validly existing and in good standing under the laws of Canada, that all corporate action by the Bank related to the Notes was duly authorized as a
matter of Canadian law, that the Indenture has been duly authorized, executed and delivered by the Bank insofar as the laws of Canada are concerned, that the Indenture has been duly authorized, executed and delivered by the Trustee, that the Notes
conform to the specimens thereof examined by us, that the Notes have been duly authenticated by one of the Trustee&#8217;s authorized officers, that the Notes have been delivered against payment as contemplated in the Registration Statement and that
the signatures on all documents examined by us are genuine. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:ARIAL">We hereby consent to the filing of this opinion as an exhibit to a Current Report on
Form <FONT STYLE="white-space:nowrap">6-K</FONT> to be incorporated by reference in the Registration Statement. In giving this consent, we do not thereby admit that we are in the category of persons whose consent is required under Section&nbsp;7 of
the Act. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="30%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:12pt">


<TR>

<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:12pt">
<TD VALIGN="top">Very truly yours,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:12pt">
<TD VALIGN="top">/s/ Sullivan&nbsp;&amp; Cromwell LLP</TD></TR>
</TABLE></DIV>
</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.2
<SEQUENCE>3
<FILENAME>d78523dex52.htm
<DESCRIPTION>EX-5.2
<TEXT>
<HTML><HEAD>
<TITLE>EX-5.2</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE" STYLE="line-height:Normal">


<Center><DIV STYLE="width:8.5in" align="left">
 <DIV STYLE="position:relative;float:left; width:8%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">
 <P STYLE="font-size:28pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="justify">


<IMG SRC="g78523dsp6.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Arial" ALIGN="justify">&#8195;&#8195;&#8195;
</P></DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:89%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Arial" ALIGN="right"><B>Exhibit 5.2 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Arial" ALIGN="justify">December&nbsp;15, 2025 </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Arial" ALIGN="justify">Bank of Montreal </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Arial" ALIGN="justify">1 First Canadian Place </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Arial" ALIGN="justify">18th Floor </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Arial" ALIGN="justify">Toronto, ON M5X 1A1 </P> <P STYLE="margin-top:34pt; margin-bottom:0pt; font-size:12pt; font-family:Arial" ALIGN="justify">Dear Sirs/Mesdames: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Arial"><B>Bank of Montreal &#8211; US$750,000,000 4.100% Fixed/Floating Rate Senior Notes due 2027 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Arial" ALIGN="justify">We have acted as Canadian counsel to Bank of Montreal (the &#8220;<B>Bank</B>&#8221;) in connection with the issue and sale today (the
&#8220;<B>Offering</B>&#8221;) by the Bank of US$750,000,000 aggregate principal amount of the Bank&#8217;s 4.100% Fixed/Floating Rate Senior Notes due 2027 (the &#8220;<B>Notes</B>&#8221;), constituting part of the Senior Medium-Term Notes, Series
J of the Bank, pursuant to the distribution agreement dated March&nbsp;25, 2025 (the &#8220;<B>Distribution Agreement</B>&#8221;) between the Bank and BMO Capital Markets Corp., the terms agreement dated December&nbsp;9, 2025 (the &#8220;<B>Terms
Agreement</B>&#8221;) between the Bank and BMO Capital Markets Corp., and the Senior Indenture dated as of January&nbsp;25, 2010 between the Bank and Computershare Trust Company, N.A., as successor to Wells Fargo Bank, National Association, as
trustee (the &#8220;<B>Trustee</B>&#8221;), as supplemented by (i)&nbsp;the First Supplemental Indenture thereto dated as of September&nbsp;23, 2018 between the Bank and the Trustee and (ii)&nbsp;the Fifth Supplemental Indenture thereto, dated as of
August&nbsp;14, 2025, among the Bank, the Trustee and The Bank of New York Mellon (collectively, the &#8220;<B>Indenture</B>&#8221;). Capitalized terms used herein and not otherwise defined herein have the meanings ascribed to such terms in the
Terms Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Arial" ALIGN="justify">We have examined copies, certified or otherwise authenticated to our satisfaction, of the following: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="49" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Arial; " ALIGN="justify">the Distribution Agreement; </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="49" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Arial; " ALIGN="justify">the Terms Agreement; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="49" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Arial; " ALIGN="justify">the Indenture; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="49" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Arial; " ALIGN="justify">the registration statement of the Bank on Form <FONT STYLE="white-space:nowrap">F-3</FONT> dated March&nbsp;3, 2025
and Amendment No.&nbsp;1 thereto dated March&nbsp;25, 2025 (collectively, the &#8220;<B>Registration Statement</B>&#8221;); and
</P></TD></TR></TABLE></div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="right">


<IMG SRC="g78523osler.jpg" ALT="LOGO">
&#8195;&#8195;&#8195; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Arial" ALIGN="right"> Page
 2
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<DIV STYLE="position:relative;float:left; width:8%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial" ALIGN="justify">&#8195;&#8195;&#8195;
</P></DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:89%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="49" VALIGN="top" ALIGN="left">(v)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Arial; " ALIGN="justify">the prospectus of the Bank dated March&nbsp;25, 2025 included in the Registration Statement (the &#8220;<B>Basic
Prospectus</B>&#8221;) as supplemented by the prospectus supplement dated March&nbsp;25, 2025 specifically relating to the Bank&#8217;s Senior Medium-Term Notes, Series J and Senior Medium-Term Notes, Series K (the &#8220;<B>Prospectus
Supplement</B>&#8221;) and the pricing supplement dated December&nbsp;9, 2025 (the &#8220;<B>Pricing Supplement</B>&#8221;, and together with the Basic Prospectus and the Prospectus Supplement, the &#8220;<B>Prospectus</B>&#8221;).
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Arial" ALIGN="justify">We understand that the Registration Statement and the Prospectus were filed with the United States Securities and Exchange
Commission in connection with the Notes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Arial" ALIGN="justify">For the purposes of our opinion below, we have examined such statutes, public and corporate records,
certificates and other documents, and considered such questions of law, as we have considered relevant and necessary as a basis for the opinions hereinafter set forth. In such examination we have assumed the genuineness of all signatures and the
authenticity of all documents submitted to us as certified, conformed, photostatic or electronic copies. For the purposes of the opinions expressed herein, we have, without independent investigation or verification, assumed that each of the
Distribution Agreement, the Terms Agreement and the Indenture has been duly authorized, executed and delivered by, and constitutes or will constitute, as the case may be, a legal, valid and binding obligation of, each party thereto other than the
Bank. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Arial" ALIGN="justify">In giving this opinion, we express no opinion as to any laws other than the laws, at the date hereof, of the Province of Ontario and the
federal laws of Canada applicable therein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Arial" ALIGN="justify">With respect to the continuing existence of the Bank as a Schedule I bank under the <I>Bank Act
</I>(Canada) referred to in paragraph 1 below, we have relied, without independent investigation or verification, exclusively upon a Certificate of Confirmation dated December&nbsp;12, 2025 issued by the Office of the Superintendent of Financial
Institutions, which certificate we assume is accurate as of the date hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Arial" ALIGN="justify">Based and relying upon the foregoing and subject to the qualifications
set forth herein, we are of the opinion that: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="49" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Arial; " ALIGN="justify">The Bank validly exists as a Schedule I bank under the <I>Bank Act</I> (Canada) and has the corporate power to own,
lease and operate its properties, to conduct its business as described in the Prospectus, to create, issue and sell the Notes and to execute, deliver and perform its obligations under the Indenture. </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="49" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Arial; " ALIGN="justify">The creation, issuance, sale and delivery of the Notes have been duly authorized by the Bank and the Notes have been,
to the extent issuance, execution and delivery are matters governed by the laws of the Province of Ontario and the federal laws of Canada applicable therein, duly issued, executed and delivered by the Bank.
</P></TD></TR></TABLE></div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="right">


<IMG SRC="g78523osler.jpg" ALT="LOGO">
&#8195;&#8195;&#8195; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Arial" ALIGN="right"> Page
 3
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<DIV STYLE="position:relative;float:left; width:8%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial" ALIGN="justify">&#8195;&#8195;&#8195;
</P></DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:89%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="49" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Arial; " ALIGN="justify">The Indenture has been duly authorized, executed and, to the extent delivery is a matter governed by the laws of the
Province of Ontario and the federal laws of Canada applicable therein, delivered by the Bank and, with respect to the provisions thereof governed by the laws of the Province of Ontario and the federal laws of Canada applicable therein, constitutes a
legal, valid and binding obligation of the Bank enforceable in accordance with its terms. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="49" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Arial; " ALIGN="justify">The execution and delivery by the Bank of, and the performance by the Bank of its obligations under, the Notes and the
Indenture do not contravene any existing provision of applicable law or result in a breach (whether after notice or lapse of time or both) of any of the terms, conditions or provisions of the <I>Bank Act </I>(Canada) or the <FONT
STYLE="white-space:nowrap">by-laws</FONT> of the Bank. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Arial" ALIGN="justify">The opinion set forth in paragraph 3 above as to the enforceability of the
Indenture is subject to the qualifications that: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="49" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Arial; " ALIGN="justify">enforceability may be limited by the <I>Canada Deposit Insurance Corporation Act </I>(Canada), the <I><FONT
STYLE="white-space:nowrap">Winding-up</FONT> and Restructuring Act</I> (Canada) and bankruptcy, insolvency, reorganization, receivership, preference, moratorium, arrangement or <FONT STYLE="white-space:nowrap">winding-up</FONT> laws or other similar
laws affecting the enforcement of creditors&#8217; rights generally; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="49" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Arial; " ALIGN="justify">enforceability 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; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="49" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Arial; " ALIGN="justify">pursuant to the <I>Currency Act</I> (Canada), a judgment by a Canadian court must be awarded in Canadian currency and
such judgment may be based on a rate of exchange in existence on a day other than the day of payment; and </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="49" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Arial; " ALIGN="justify">enforceability will be subject to the limitations contained in the <I>Limitations Act, 2002</I> (Ontario), and we
express 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. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Arial" ALIGN="justify">This opinion is rendered solely in connection with the transactions covered hereby, is limited to the matters stated herein, and no opinions may be
implied or inferred beyond matters expressly stated herein. </P></div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="right">


<IMG SRC="g78523osler.jpg" ALT="LOGO">
&#8195;&#8195;&#8195; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Arial" ALIGN="right"> Page
 4
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<DIV STYLE="position:relative;float:left; width:8%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial" ALIGN="justify">&#8195;&#8195;&#8195;
</P></DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:89%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Arial" ALIGN="justify">We hereby consent to the filing of this opinion as an exhibit to a Current Report on Form <FONT
STYLE="white-space:nowrap">6-K</FONT> to be incorporated by reference in the Registration Statement. In giving this consent, we do not thereby admit that we are in the category of persons whose consent is required under Section&nbsp;7 of the United
States Securities Act of 1933. </P> <P STYLE="margin-top:36pt; margin-bottom:0pt; font-size:12pt; font-family:Arial" ALIGN="justify">Yours truly, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Arial">/s/ Osler,
Hoskin&nbsp;&amp; Harcourt LLP </P></div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>

</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>g78523dsp4.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g78523dsp4.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  ," @," @,# P,$ P,$!0@%!00$
M!0H'!P8(# H,# L*"PL-#A(0#0X1#@L+$!80$1,4%145# \7&!84&!(4%13_
MVP!# 0,$! 4$!0D%!0D4#0L-%!04%!04%!04%!04%!04%!04%!04%!04%!04
M%!04%!04%!04%!04%!04%!04%!04%!3_P  1"  5 3L# 1$  A$! Q$!_\0
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M\3?"/]IWP/H=YKGA?X\6_CS5[6)ID\.Z]X3L[>VOF SY2R0LKQD] <^F2.M
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(GO0!+0!__]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>g78523dsp6.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g78523dsp6.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  ," @," @,# P,$ P,$!0@%!00$
M!0H'!P8(# H,# L*"PL-#A(0#0X1#@L+$!80$1,4%145# \7&!84&!(4%13_
MVP!# 0,$! 4$!0D%!0D4#0L-%!04%!04%!04%!04%!04%!04%!04%!04%!04
M%!04%!04%!04%!04%!04%!04%!04%!3_P  1" "P "H# 1$  A$! Q$!_\0
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M[QAHNNV\2Q#1--FTW3;-479;K,Z-*X;[Q)$:* 3@#=C[QH [.@ H * "@ H
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K\#:_K6L:/'-;76M327.H)YF8[B9Y7E\UEQ]\>8R!NNP*IR%7 !U] '__V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>g78523osler.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g78523osler.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  ," @," @,# P,$ P,$!0@%!00$
M!0H'!P8(# H,# L*"PL-#A(0#0X1#@L+$!80$1,4%145# \7&!84&!(4%13_
MVP!# 0,$! 4$!0D%!0D4#0L-%!04%!04%!04%!04%!04%!04%!04%!04%!04
M%!04%!04%!04%!04%!04%!04%!04%!3_P  1"  H '8# 1$  A$! Q$!_\0
M'P   04! 0$! 0$           $" P0%!@<("0H+_\0 M1   @$# P($ P4%
M! 0   %] 0(#  01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T? D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0 'P$  P$! 0$!
M 0$! 0        $" P0%!@<("0H+_\0 M1$  @$"! 0#! <%! 0  0)W  $"
M Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O 58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H # ,!  (1 Q$ /P#].?&7C+1O
M 'AN^U[7[Z/3M*LTWS3R=O0 =22> !R343G&G%RD]#>A0J8BHJ5)7;/,?"WC
M'XB_&;3UUC08;+P!X6N1NL;K5K4WFHW<?\,OD[U2)6'3<6)X/0US1G5K+FC[
MJ\]SU*U#"8*7LZK=2:W2=HKRO9M_@0^)=(^./@ZT?4=!\3:+X\\KYWTG4]+%
MC+(HZB.2)\;O3=BE)8B&L6I>5K%4IY;6?)5@Z?FG=?--%SX$?M+Z%\:GO-*>
MTG\.^+M/++?:%?'$J%3ABAP-P!X/ ([CN70Q,:WN[270C,,KJX&TT^:#VDCU
MG4M3L]&L9KV_NH+&SA7?+<7,@CCC'JS$@ ?6NMM)79X\8RFU&*NV<EIWQM^'
M^K7:VUIXUT&:X<X2,:A$"Y_V<MS^%8JO2D[*2^\[9X#%P7-*E)+T9O:]XQT#
MPM#;S:SK>G:3#<$B&2^NHX5D(&3M+$9X(Z5I*<8_$['-3HU:K:IQ;MV5R[I6
MKV.NZ?#?Z;>V^H6,P)BN;659(W )!*LI(/((X]*I-25T1.$J<G&:LUW'ZAJ%
MKI-E->7MS%9VD"EY9YW"1QJ.I9CP![FAM)78HQE-J,5=LY4_&?X?J!GQSX;&
M?75K?_XNLO;4_P"9?>=?U+%?\^I?<QT/QB\!7$B1Q>-O#LLCL%54U6 EB3@
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:B.-Y7DV#T!8D@>@Z"FHJ*LB9SE4ES2W/_]D!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
