<SEC-DOCUMENT>0001839882-25-067917.txt : 20251126
<SEC-HEADER>0001839882-25-067917.hdr.sgml : 20251126
<ACCEPTANCE-DATETIME>20251126143539
ACCESSION NUMBER:		0001839882-25-067917
CONFORMED SUBMISSION TYPE:	424B2
PUBLIC DOCUMENT COUNT:		12
FILED AS OF DATE:		20251126
DATE AS OF CHANGE:		20251126

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:		251528881

	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>424B2
<SEQUENCE>1
<FILENAME>bmo5502_424b2-39722.htm
<DESCRIPTION>ELN 5502
<TEXT>
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                <P style="margin-bottom: 11.0pt; line-height: 1.15; text-align: right; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Registration</font></FONT><FONT style="font-size: 8.0pt; font-family: Arial, sans-serif; "></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Statement No.333-285508</font><BR><font style='white-space: pre-wrap;'>Filed Pursuant to Rule 424(b)(2) </font></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; text-align: center; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><BR><font style='white-space: pre-wrap;'>Pricing Supplement dated November 24, 2025 to the Prospectus dated March 25, 2025, </font><BR><font style='white-space: pre-wrap;'>the Prospectus Supplement dated March 25, 2025 and the Product Supplement dated March 25, 2025</font></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; text-align: center; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; ">                        <IMG width="203.57pt" height="31.68pt" src="image1.gif" style="width: 203.57pt; height: 31.68pt; ">
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                <P style="margin-bottom: 11.0pt; line-height: 1.15; text-align: center; margin-top: 0; "><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> US$8,000 </font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><BR></FONT><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Senior Medium-Term Notes, Series K</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><BR></FONT><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Callable Barrier Notes with Contingent Coupons due November 30, 2028</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><BR></FONT><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Linked to the Least Performing of the shares of the VanEck<SuP>&#174;</SuP> Junior Gold Miners ETF and the shares of the SPDR<SuP>&#174;</SuP> S&amp;P<SuP>&#174;</SuP> Regional Banking ETF and the shares of the VanEck<SuP>&#174;</SuP> Semiconductor ETF</font></FONT></P>
                <P style="margin-bottom: 1.5pt; line-height: 1.15; margin-top: 0; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-size: 9.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-size: 8.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>The notes are designed for investors who are seeking monthly contingent periodic interest payments (as described in more detail below), as well as a return of principal if the notes are redeemed prior to maturity. Investors should be willing to have their notes redeemed prior to maturity, be willing to forego any potential to participate in the appreciation of the shares of the Reference Assets and be willing to lose some or all of their principal at maturity. </font></FONT></FONT></P>
                <P style="margin-bottom: 1.5pt; line-height: 1.15; margin-top: 1.5pt; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-size: 9.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-size: 8.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>The notes will pay a Contingent Coupon on each Contingent Coupon Payment Date at the Contingent Interest Rate of 1.5625% per month (approximately 18.75% per annum) if the closing level of each of the VanEck<SuP>&#174;</SuP> Junior Gold Miners ETF, the SPDR<SuP>&#174;</SuP> S&amp;P<SuP>&#174;</SuP> Regional Banking ETF, and the VanEck<SuP>&#174;</SuP> Semiconductor ETF (each, a "Reference Asset" and, collectively, the "Reference Assets") on the applicable monthly Observation Date is greater than or equal to its Coupon Barrier Level. However, if the closing level of any Reference Asset is less than its Coupon Barrier Level on an Observation Date, the notes will not pay the Contingent Coupon for that Observation Date. </font></FONT></FONT></P>
                <P style="margin-bottom: 1.5pt; line-height: 1.15; margin-top: 1.5pt; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-size: 9.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-size: 8.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Beginning on May 26, 2026, Bank of Montreal may, in its discretion, elect to call the notes in whole, but not in part, on any Observation Date (an "Issuer Call"). If Bank of Montreal elects to call the notes, investors will receive their principal amount plus any Contingent Coupon otherwise due on the Contingent Coupon Payment Date following the Issuer Call (the "Call Settlement Date"). After the notes are redeemed pursuant to an Issuer Call, investors will not receive any additional payments in respect of the notes. </font></FONT></FONT></P>
                <P style="margin-bottom: 1.5pt; line-height: 1.15; margin-top: 1.5pt; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-size: 9.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-size: 8.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>The notes do not guarantee any return of principal at maturity. Instead, if the notes are not redeemed pursuant to an Issuer Call, the payment at maturity will be based on the Final Level of each Reference Asset and whether the Final Level of any Reference Asset has declined from its Initial Level to below its Trigger Level on the Valuation Date (a &#8220;Trigger Event&#8221;), as described below. </font></FONT></FONT></P>
                <P style="margin-bottom: 1.5pt; line-height: 1.15; margin-top: 1.5pt; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-size: 9.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-size: 8.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>If the notes are not subject to an Issuer Call and a Trigger Event has occurred, investors will lose 1% of the principal amount for each 1% decrease in the level of the Least Performing Reference Asset (as defined below) from its Initial Level to its Final Level. In such a case, you will receive a cash amount at maturity that is less than the principal amount. </font></FONT></FONT></P>
                <P style="margin-bottom: 1.5pt; line-height: 1.15; margin-top: 1.5pt; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-size: 9.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-size: 8.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Investing in the notes is not equivalent to a direct investment in the Reference Assets.</font></FONT></FONT></P>
                <P style="margin-bottom: 1.5pt; line-height: 1.15; margin-top: 1.5pt; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-size: 9.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-size: 8.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>The notes will not be listed on any securities exchange.</font></FONT></FONT></P>
                <P style="margin-bottom: 1.5pt; line-height: 1.15; margin-top: 1.5pt; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-size: 9.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-size: 8.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>All payments on the notes are subject to the credit risk of Bank of Montreal.</font></FONT></FONT></P>
                <P style="margin-bottom: 1.5pt; line-height: 1.15; margin-top: 1.5pt; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-size: 9.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-size: 8.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>The notes will be issued in minimum denominations of $1,000 and integral multiples of $1,000.</font></FONT></FONT></P>
                <P style="margin-bottom: 1.5pt; line-height: 1.15; margin-top: 1.5pt; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-size: 9.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-size: 8.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Our subsidiary, BMO Capital Markets Corp. (&#8220;BMOCM&#8221;), is the agent for this offering. See &#8220;Supplemental Plan of Distribution (Conflicts of Interest)&#8221; below.</font></FONT></FONT></P>
                <P style="margin-bottom: 6.6pt; line-height: 1.15; margin-top: 1.5pt; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-size: 9.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-size: 8.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>The notes will not be 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 (the &#8220;CDIC Act&#8221;).</font></FONT></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Terms of the Notes:</font></FONT></P>
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                            <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-weight: bold; font-size: 8.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'> Pricing Date: </font></FONT></P>
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                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-size: 8.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'> November 24, 2025 </font></FONT></P>
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                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.35; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>&nbsp;</font></FONT></P>
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                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-weight: bold; font-size: 8.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'> Valuation Date: </font></FONT></P>
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                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-size: 8.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'> November 27, 2028 </font></FONT></P>
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                    <TR style="vertical-align: top; min-height: 13.75pt; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-weight: bold; font-size: 8.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'> Settlement Date: </font></FONT></P>
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                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-size: 8.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'> November 28, 2025 </font></FONT></P>
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                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.35; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>&nbsp;</font></FONT></P>
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                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-weight: bold; font-size: 8.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'> Maturity Date: </font></FONT></P>
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                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-weight: bold; font-size: 8.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'> </font></FONT><FONT style="font-size: 8.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>November 30, 2028 </font></FONT></P>
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                <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Specific Terms of the Notes:</font></FONT></P>
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                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; text-align: center; margin-top: 0; "><FONT style="font-weight: bold; font-size: 7.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Callable Number</font></FONT></P>
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                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; text-align: center; margin-top: 0; "><FONT style="font-weight: bold; font-size: 7.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Reference Assets</font></FONT></P>
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                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; text-align: center; margin-top: 0; "><FONT style="font-weight: bold; font-size: 7.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Ticker Symbol</font></FONT></P>
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                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; text-align: center; margin-top: 0; "><FONT style="font-weight: bold; font-size: 7.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Initial Level</font></FONT></P>
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                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; text-align: center; margin-top: 0; "><FONT style="font-weight: bold; font-size: 7.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Contingent Interest Rate</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; text-align: center; margin-top: 0; "><FONT style="font-weight: bold; font-size: 7.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Coupon Barrier Level*</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; text-align: center; margin-top: 0; "><FONT style="font-weight: bold; font-size: 7.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Trigger Level*</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; text-align: center; margin-top: 0; "><FONT style="font-weight: bold; font-size: 7.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>CUSIP</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; text-align: center; margin-top: 0; "><FONT style="font-weight: bold; font-size: 7.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Principal Amount</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-weight: bold; font-size: 7.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Price to Public</font></FONT><FONT style="vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; "><font style='white-space: pre-wrap;'>1</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-weight: bold; font-size: 7.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Agent&#8217;s Commission</font></FONT><FONT style="vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; "><font style='white-space: pre-wrap;'>1</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-right:  0.50pt solid black; border-left:  0.50pt solid black; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-weight: bold; font-size: 7.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Proceeds to Bank of Montreal</font></FONT><FONT style="vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; "><font style='white-space: pre-wrap;'>1</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD rowspan="3" style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; text-align: center; margin-top: 0; "><FONT style="font-size: 7.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>5502</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; text-align: center; margin-top: 0; "><FONT style="font-size: 7.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'> The shares of the VanEck<SuP>&#174;</SuP> Junior Gold Miners ETF</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; text-align: center; margin-top: 0; "><FONT style="font-size: 7.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'> GDXJ </font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; text-align: center; margin-top: 0; "><FONT style="font-size: 7.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'> $99.85 </font></FONT></P>
                        </TD>
                        <TD rowspan="3" style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; text-align: center; margin-top: 0; "><FONT style="font-size: 7.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'> 1.5625% per month (approximately 18.75% per annum) </font></FONT></P>
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; text-align: center; margin-top: 0; "><FONT style="font-size: 7.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>&nbsp;</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; text-align: center; margin-top: 0; "><FONT style="font-size: 7.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'> $69.90, 70.00% of its Initial Level </font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; text-align: center; margin-top: 0; "><FONT style="font-size: 7.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'> $59.91, 60.00% of its Initial Level </font></FONT></P>
                        </TD>
                        <TD rowspan="3" style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; text-align: center; margin-top: 0; "><FONT style="font-size: 7.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>06376FTB5</font></FONT></P>
                        </TD>
                        <TD rowspan="3" style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; text-align: center; margin-top: 0; "><FONT style="font-size: 7.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>$8,000.00</font></FONT></P>
                        </TD>
                        <TD rowspan="3" style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; text-align: center; margin-top: 0; "><FONT style="font-size: 7.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>100%</font></FONT></P>
                        </TD>
                        <TD rowspan="3" style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; text-align: center; margin-top: 0; "><FONT style="font-size: 7.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'> 3.00% </font></FONT></P>
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; text-align: center; margin-top: 0; "><FONT style="font-size: 7.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'> $240.00 </font></FONT></P>
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; text-align: center; margin-top: 0; "><FONT style="font-size: 7.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>&nbsp;</font></FONT></P>
                        </TD>
                        <TD rowspan="3" style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-right:  0.50pt solid black; border-left:  0.50pt solid black; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; text-align: center; margin-top: 0; "><FONT style="font-size: 7.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'> 97.00% </font></FONT></P>
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; text-align: center; margin-top: 0; "><FONT style="font-size: 7.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'> $7,760.00 </font></FONT></P>
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; text-align: center; margin-top: 0; "><FONT style="font-size: 7.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>&nbsp;</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; text-align: center; margin-top: 0; "><FONT style="font-size: 7.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'> The shares of the SPDR<SuP>&#174;</SuP> S&amp;P<SuP>&#174;</SuP> Regional Banking ETF</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; text-align: center; margin-top: 0; "><FONT style="font-size: 7.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'> KRE </font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; text-align: center; margin-top: 0; "><FONT style="font-size: 7.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'> $61.66 </font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; text-align: center; margin-top: 0; "><FONT style="font-size: 7.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'> $43.16, 70.00% of its Initial Level </font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; text-align: center; margin-top: 0; "><FONT style="font-size: 7.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'> $37.00, 60.00% of its Initial Level </font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-bottom:  0.50pt solid black; border-top:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; text-align: center; margin-top: 0; "><FONT style="font-size: 7.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'> The shares of the VanEck<SuP>&#174;</SuP> Semiconductor ETF</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-bottom:  0.50pt solid black; border-top:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; text-align: center; margin-top: 0; "><FONT style="font-size: 7.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'> SMH </font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-bottom:  0.50pt solid black; border-top:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; text-align: center; margin-top: 0; "><FONT style="font-size: 7.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'> $339.12 </font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-bottom:  0.50pt solid black; border-top:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; text-align: center; margin-top: 0; "><FONT style="font-size: 7.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'> $237.38, 70.00% of its Initial Level </font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-bottom:  0.50pt solid black; border-top:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; text-align: center; margin-top: 0; "><FONT style="font-size: 7.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'> $203.47, 60.00% of its Initial Level </font></FONT></P>
                        </TD>
                    </TR>
                </TABLE>
                <P style="margin-bottom: 0.77pt; line-height: 1.15; margin-top: 0; "><FONT style="font-size: 5pt; vertical-align: super; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>1</font></FONT><FONT style="font-size: 6.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'> The total &#8220;Agent&#8217;s Commission&#8221; and &#8220;Proceeds to Bank of Montreal&#8221; specified above reflect the aggregate amounts at the time Bank of Montreal established its hedge positions on or prior to the Pricing Date, which may have been variable and fluctuated depending on market conditions at such times. Certain dealers who purchased the notes for sale to certain fee-based advisory accounts may have foregone some or all of their selling concessions, fees or commissions. The public offering price for investors purchasing the notes in these accounts was between $970.00 and $1,000 per $1,000 in principal amount. </font></FONT></P>
                <P style="margin-bottom: 0.77pt; line-height: 1.15; margin-top: 0; "><FONT style="font-size: 6.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>* Rounded to two decimal places.</font></FONT></P>
                <P style="margin-bottom: 0.77pt; line-height: 1.15; text-indent: 19.8pt; margin-top: 0; "><FONT style="font-weight: bold; font-style: italic; font-size: 6.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Investing in the notes involves risks, including those described in the &#8220;Selected Risk Considerations&#8221; section beginning on page P-5 hereof, the &#8220;Additional Risk Factors Relating to the Notes&#8221; section beginning on page PS-6 of the product supplement, and the &#8220;Risk Factors&#8221; section beginning on page S-1 of the prospectus supplement and on page 8 of the prospectus.</font></FONT></P>
                <P style="margin-bottom: 0.77pt; line-height: 1.15; text-indent: 19.8pt; margin-top: 0; "><FONT style="font-style: italic; font-size: 6.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these notes or passed upon the accuracy of this document, the product supplement, the prospectus supplement or the prospectus. Any representation to the contrary is a criminal offense. The notes will be our unsecured obligations and will not be savings accounts or deposits that are insured by the United States Federal Deposit Insurance Corporation, the Deposit Insurance Fund, the Canada Deposit Insurance Corporation or any other governmental agency or instrumentality or other entity.</font></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; text-indent: 19.8pt; margin-top: 0; "><FONT style="font-size: 6.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>On the date hereof, based on the terms set forth above, the estimated initial value of the notes is $934.24 per $1,000 in principal amount. However, as discussed in more detail below, the actual value of the notes at any time will reflect many factors and cannot be predicted with accuracy.</font></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; text-align: center; margin-top: 0; "><FONT style="font-weight: bold; font-size: 10.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>BMO CAPITAL MARKETS</font></FONT></P>
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            <DIV style="width: 594.00pt; padding: 0 39.60pt 10.00pt 39.60pt; min-height: 39.60pt; position: relative; ">
            </DIV>
        </DIV>
        <DIV style="page-break-after: always; border-bottom: 1pt solid black; ">
            <P></P>
        </DIV>
        <DIV style="margin: auto; width: 673.20pt; padding: 36pt 0; ">
            <DIV style="width: 594.00pt; padding: 39.60pt 39.60pt 0 39.60pt; min-height: 10.00pt; position: relative; ">
            </DIV>
            <DIV style="width: 594.00pt; padding: 10pt 39.60pt 10pt 39.60pt; position: relative; margin-bottom: 20pt; ">
                <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Key Terms of the Notes:</font></FONT></P>
                <TABLE width="633.60pt" style="margin-left: -5.94pt; width: 633.60pt; table-layout: fixed; border-collapse: collapse; ">
                    <TR>
                        <TD width="158.40pt" style="width: 158.40pt; border: 0; margin: 0; padding: 0; height: 0; ">
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                        <TD width="475.20pt" style="width: 475.20pt; border: 0; margin: 0; padding: 0; height: 0; ">
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                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Reference Assets:</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> The shares of the VanEck<SuP>&#174;</SuP> Junior Gold Miners ETF (ticker symbol "GDXJ") and the shares of the SPDR<SuP>&#174;</SuP> S&amp;P<SuP>&#174;</SuP> Regional Banking ETF (ticker symbol "KRE") and the shares of the VanEck<SuP>&#174;</SuP> Semiconductor ETF (ticker symbol "SMH"). See "The Reference Assets" below for additional information.</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Underlying Index:</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>With respect to the VanEck<SuP>&#174;</SuP> Junior Gold Miners ETF, the MVIS<SuP>&#174;</SuP> Global Junior Gold Miners Index, with respect to the SPDR<SuP>&#174;</SuP> S&amp;P<SuP>&#174;</SuP> Regional Banking ETF, the S&amp;P<SuP>&#174;</SuP> Regional Banks Select Industry Index and with respect to the VanEck<SuP>&#174;</SuP> Semiconductor ETF, the MVIS<SuP>&#174;</SuP> US Listed Semiconductor 25 </font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Index</font></FONT><FONT style="font-size: 8.0pt; font-family: Arial, sans-serif; "></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>.</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; width: 36.08pt; display: inline-block; ">&nbsp;</FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> </font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Contingent Coupons:</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>If the closing level of each Reference Asset on an Observation Date is greater than or equal to its Coupon Barrier Level, a Contingent Coupon will be paid on the corresponding Contingent Coupon Payment Date at the Contingent Interest Rate, subject to the Issuer Call feature.</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Contingent Interest Rate:</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>1.5625% per month (approximately 18.75% per annum), if payable. Accordingly, each Contingent Coupon, if payable, will equal $15.625 for each $1,000 in principal amount.</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Observation Dates:</font></FONT><FONT style="vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; "><font style='white-space: pre-wrap;'>1</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Three trading days prior to each scheduled Contingent Coupon Payment Date. </font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Contingent Coupon Payment Dates:</font></FONT><FONT style="vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; "><font style='white-space: pre-wrap;'>1</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Interest, if payable, will be paid on the last business day of each month, beginning on December 31, 2025 and ending on the Maturity Date, subject to the Issuer Call feature.</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Issuer Call:</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Beginning on May 26, 2026, Bank of Montreal may, in its discretion, elect to call the notes in whole, but not in part, on any Observation Date. After the notes are redeemed pursuant to the Issuer Call, investors will not receive any additional payments in respect of the notes. If Bank of Montreal elects to call the notes, the Bank of Montreal will deliver notice to the trustee on or before the applicable Observation Date.</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Payment upon Issuer Call:</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>If Bank of Montreal elects to call the notes, investors will receive their principal amount plus any Contingent Coupon otherwise due on the Call Settlement Date.</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Call Settlement Date:</font></FONT><FONT style="vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; "><font style='white-space: pre-wrap;'>1</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>If Bank of Montreal elects to call the notes, the Contingent Coupon Payment Date immediately following the relevant Observation Date.</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Payment at Maturity:</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>If the notes are not subject to an Issuer Call, the payment at maturity for the notes is based on the performance of the Reference Assets.</font></FONT></P>
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>You will receive $1,000 for each $1,000 in principal amount of the note, unless a Trigger Event has occurred.</font></FONT></P>
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>If a Trigger Event has occurred, you will receive at maturity, for each $1,000 in principal amount of your notes, a cash amount equal to:</font></FONT></P>
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; text-align: center; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>$1,000 + ($1,000 x Percentage Change of the Least Performing Reference Asset)</font></FONT></P>
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; text-align: center; margin-top: 0; "><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>This amount will be less than the principal amount of your notes, and may be zero.</font></FONT></P>
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>You will also receive the final Contingent Coupon, if payable.</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Trigger Event:</font></FONT><FONT style="vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; "><font style='white-space: pre-wrap;'>2</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>A Trigger Event will be deemed to occur if the Final Level of any Reference Asset is less than its Trigger Level on the Valuation Date.</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Least Performing Reference Asset:</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>The Reference Asset with the lowest Percentage Change. </font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Percentage Change:</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>With respect to each Reference Asset, the quotient, expressed as a percentage, of the following formula:</font></FONT></P>
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; text-align: center; margin-top: 0; "><FONT style="text-decoration-style: solid; text-decoration-line: underline; font-family: Arial, sans-serif; font-size: 9.0pt; "><U><font style='white-space: pre-wrap;'>(Final Level - Initial Level)</font></U></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><BR><font style='white-space: pre-wrap;'>Initial Level</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Initial Level:</font></FONT><FONT style="vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; "><font style='white-space: pre-wrap;'>2</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>As set forth on the cover hereof.</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Coupon Barrier Level:</font></FONT><FONT style="vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; "><font style='white-space: pre-wrap;'>2</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>$69. 90 with respect to GDXJ, $43.16 with respect to KRE and $237.38 with respect to SMH, each of which is 70.00% of the respective Initial Level (rounded to two decimal places). </font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Trigger Level:</font></FONT><FONT style="vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; "><font style='white-space: pre-wrap;'>2</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>$59.91 with respect to GDXJ, $37.00 with respect to KRE and $203.47 with respect to SMH, each of which is 60.00% of the respective Initial Level (rounded to two decimal places). </font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Final Level:</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>With respect to each Reference Asset, the closing level of that Reference Asset on the Valuation Date.</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Pricing Date:</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>November 24, 2025</font></FONT></P>
                        </TD>
                    </TR>
                </TABLE>
            </DIV>
            <DIV style="width: 594.00pt; padding: 0 39.60pt 10.00pt 39.60pt; min-height: 39.60pt; position: relative; ">
                <P style="text-align: center; margin-bottom: 0.0pt; line-height: 1.2; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><FONT>2</FONT></FONT></P>
                <P style="margin-bottom: 0.0pt; line-height: 1.2; margin-top: 0; "><FONT style="font-family: Times New Roman, Times, serif; font-size: 8.0pt; ">&nbsp;</FONT></P>
            </DIV>
        </DIV>
        <DIV style="page-break-after: always; border-bottom: 1pt solid black; ">
            <P></P>
        </DIV>
        <DIV style="margin: auto; width: 673.20pt; padding: 36pt 0; ">
            <DIV style="width: 594.00pt; padding: 39.60pt 39.60pt 0 39.60pt; min-height: 10.00pt; position: relative; ">
            </DIV>
            <DIV style="width: 594.00pt; padding: 10pt 39.60pt 10pt 39.60pt; position: relative; margin-bottom: 20pt; ">
                <TABLE width="633.60pt" style="margin-left: -5.94pt; width: 633.60pt; table-layout: fixed; border-collapse: collapse; ">
                    <TR>
                        <TD width="158.40pt" style="width: 158.40pt; border: 0; margin: 0; padding: 0; height: 0; ">
                        </TD>
                        <TD width="475.20pt" style="width: 475.20pt; border: 0; margin: 0; padding: 0; height: 0; ">
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Settlement </font></FONT><FONT style="font-size: 8.0pt; font-family: Arial, sans-serif; "></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Date:</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>November 28, 2025</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Valuation Date:</font></FONT><FONT style="vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; "><font style='white-space: pre-wrap;'>1</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>November 27, 2028</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Maturity Date:</font></FONT><FONT style="vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; "><font style='white-space: pre-wrap;'>1</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>November 30, 2028</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Physical Delivery Amount:</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>We will only pay cash on the Maturity Date, and you will have no right to receive any shares of the Reference Asset.</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Calculation Agent:</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>BMOCM</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Selling Agent:</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>BMOCM</font></FONT></P>
                        </TD>
                    </TR>
                </TABLE>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; "><font style='white-space: pre-wrap;'>1</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Subject to the occurrence of a market disruption event, as described in the accompanying product supplement.</font></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; "><font style='white-space: pre-wrap;'>2</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> As determined by the calculation agent and subject to adjustment in certain circumstances. See "General Terms of the Notes &#8212; Anti-dilution Adjustments to a Reference Asset that is an Equity Security (Including Any ETF)" and "&#8212; Adjustments to a Reference Asset that Is an ETF" in the product supplement for additional information.</font></FONT></P>
            </DIV>
            <DIV style="width: 594.00pt; padding: 0 39.60pt 10.00pt 39.60pt; min-height: 39.60pt; position: relative; ">
                <P style="text-align: center; margin-bottom: 0.0pt; line-height: 1.2; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><FONT>3</FONT></FONT></P>
                <P style="margin-bottom: 0.0pt; line-height: 1.2; margin-top: 0; "><FONT style="font-family: Times New Roman, Times, serif; font-size: 8.0pt; ">&nbsp;</FONT></P>
            </DIV>
        </DIV>
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            <P></P>
        </DIV>
        <DIV style="margin: auto; width: 673.20pt; padding: 36pt 0; ">
            <DIV style="width: 594.00pt; padding: 39.60pt 39.60pt 0 39.60pt; min-height: 10.00pt; position: relative; ">
            </DIV>
            <DIV style="width: 594.00pt; padding: 10pt 39.60pt 10pt 39.60pt; position: relative; margin-bottom: 20pt; ">
                <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Additional Terms of the Notes</font></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; text-indent: 39.6pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>You should read this document together with the product supplement dated March 25, 2025, the prospectus supplement dated March 25, 2025 and the prospectus dated March 25, 2025.</font></FONT><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> This document, together with the documents listed below, contains the terms of the notes and supersedes all other prior or contemporaneous oral statements as well as any other written materials including preliminary or indicative pricing terms, correspondence, trade ideas, structures for implementation, sample structures, fact sheets, brochures or other educational materials of ours or the agent.</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> You should carefully consider, among other things, the matters set forth in Additional Risk Factors Relating to the Notes in the product supplement, as the notes involve risks not associated with conventional debt securities. We urge you to consult your investment, legal, tax, accounting and other advisers before you invest in the notes. </font></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; text-indent: 39.6pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>You may access these documents on the SEC website at www.sec.gov as follows (or if such address has changed, by reviewing our filings for the relevant date on the SEC website): </font></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; padding-left: 19.8pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Product supplement dated March 25, 2025: </font><BR></FONT><A href="https://www.sec.gov/Archives/edgar/data/927971/000121465925004743/b324250424b2.htm" style="word-break: break-all; "><FONT style="color: #0000FF; text-decoration-style: solid; text-decoration-line: underline; font-family: Arial, sans-serif; font-size: 9.0pt; "><U><font style='white-space: pre-wrap;'>https://www.sec.gov/Archives/edgar/data/927971/000121465925004743/b324250424b2.htm</font></U></FONT></A><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> </font></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; padding-left: 19.8pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Prospectus supplement dated March 25, 2025 and prospectus dated March 25, 2025: </font><BR></FONT><A href="https://www.sec.gov/Archives/edgar/data/927971/000119312525062081/d840917d424b5.htm" style="word-break: break-all; "><FONT style="color: #0000FF; text-decoration-style: solid; text-decoration-line: underline; font-family: Arial, sans-serif; font-size: 9.0pt; "><U><font style='white-space: pre-wrap;'>https://www.sec.gov/Archives/edgar/data/927971/000119312525062081/d840917d424b5.htm</font></U></FONT></A><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> </font></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; text-indent: 39.6pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Our Central Index Key, or CIK, on the SEC website is 927971. As used in this document, "we", "us" or "our" refers to Bank of Montreal.</font></FONT></P>
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            <DIV style="width: 594.00pt; padding: 0 39.60pt 10.00pt 39.60pt; min-height: 39.60pt; position: relative; ">
                <P style="text-align: center; margin-bottom: 0.0pt; line-height: 1.2; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><FONT>4</FONT></FONT></P>
                <P style="margin-bottom: 0.0pt; line-height: 1.2; margin-top: 0; "><FONT style="font-family: Times New Roman, Times, serif; font-size: 8.0pt; ">&nbsp;</FONT></P>
            </DIV>
        </DIV>
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            <P></P>
        </DIV>
        <DIV style="margin: auto; width: 673.20pt; padding: 36pt 0; ">
            <DIV style="width: 594.00pt; padding: 39.60pt 39.60pt 0 39.60pt; min-height: 10.00pt; position: relative; ">
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            <DIV style="width: 594.00pt; padding: 10pt 39.60pt 10pt 39.60pt; position: relative; margin-bottom: 20pt; ">
                <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Selected Risk Considerations</font></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; text-indent: 39.6pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>An investment in the notes involves significant risks. Investing in the notes is not equivalent to investing directly in the Reference Assets. These risks are explained in more detail in the &#8220;Additional Risk Factors Relating to the Notes&#8221; section of the product supplement.</font></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Risks Related to the Structure or Features of the Notes</font></FONT></P>
                <P style="margin-bottom: 1.5pt; line-height: 1.15; margin-top: 0; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-size: 9.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Your investment in the notes may result in a loss. </font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> &#8212; The notes do not guarantee any return of principal. If the notes are not subject to an Issuer Call, the payment at maturity will be based on the Final Level of each Reference Asset and whether a Trigger Event has occurred. If the Final Level of any Reference Asset is less than its Trigger Level, a Trigger Event will occur, and you will lose 1% of the principal amount for each 1% that the Final Level of the Least Performing Reference Asset is less than its Initial Level. In such a case, you will receive at maturity a cash payment that is less than the principal amount of the notes and may be zero. </font></FONT><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Accordingly, you could lose your entire investment in the notes.</font></FONT></FONT></P>
                <P style="margin-bottom: 1.5pt; line-height: 1.15; margin-top: 1.5pt; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-size: 9.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>You may not receive any Contingent Coupons with respect to your notes.</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> &#8212; We will not necessarily make periodic interest payments on the notes. If the closing level of any Reference Asset on an Observation Date is less than its Coupon Barrier Level, we will not pay you the Contingent Coupon applicable to that Observation Date. If the closing level of a Reference Asset is less than its Coupon Barrier Level on each of the Observation Dates, we will not pay you any Contingent Coupons during the term of the notes, and you will not receive a positive return on the notes. Generally, this non-payment of any Contingent Coupons will coincide with a greater risk of principal loss on your notes. </font></FONT></FONT></P>
                <P style="margin-bottom: 1.5pt; line-height: 1.15; margin-top: 1.5pt; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-size: 9.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>We may elect to call the notes, and the notes are subject to reinvestment risk.</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> &#8212; We may elect to call the notes at our discretion prior to the Maturity Date. If we elect to call your notes early, you will not receive any additional Contingent Coupons on the notes, and you may not be able to reinvest your proceeds in an investment with returns that are comparable to the notes. Further, our right to call the notes may also adversely impact your ability to sell your notes in the secondary market. It is more likely that we will elect to call the notes prior to maturity when the expected amounts payable on the notes are greater than the amount that would be payable on other instruments issued by us of comparable maturity, terms and credit rating trading in the market. The greater likelihood of us calling the notes in that environment increases the risk that you will not be able to reinvest the proceeds from the called notes in an equivalent investment with similar potential returns. To the extent you are able to reinvest such proceeds in an investment comparable to the notes, you may incur transaction costs such as dealer discounts and hedging costs built into the price of the new securities. We are less likely to call the notes prior to maturity when the expected amounts payable on the notes are less than the amounts that would be payable on other comparable instruments issued by us, which includes when a Reference Asset is performing unfavorably to you. Therefore, the notes are more likely to remain outstanding when the expected amount payable on the notes is less than what would be payable on other comparable instruments and when your risk of not receiving any positive return on your initial investment is relatively higher.</font></FONT></FONT></P>
                <P style="margin-bottom: 1.5pt; line-height: 1.15; margin-top: 1.5pt; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-size: 9.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Your return on the notes is limited to the Contingent Coupons, if any, regardless of any appreciation in the value of any Reference Asset.</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> &#8212; You will not receive a payment at maturity with a value greater than your principal amount plus the final Contingent Coupon, if payable. In addition, if the notes are subject to an Issuer Call, you will not receive a payment greater than the principal amount plus any applicable Contingent Coupon. Accordingly, your maximum return on the applicable notes is limited to the potential return represented by the Contingent Coupons.</font></FONT></FONT></P>
                <P style="margin-bottom: 1.5pt; line-height: 1.15; margin-top: 1.5pt; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-size: 9.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Whether you receive any Contingent Coupons and your payment at maturity may be determined solely by reference to the least performing Reference Asset, even if any other Reference Assets perform better. </font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> - We will only make each Contingent Coupon payment on the notes if the closing level of each Reference Asset on the applicable Observation Date exceeds the applicable Coupon Barrier, even if the values of any other Reference Assets have increased significantly. Similarly, if a Trigger Event occurs with respect to any Reference Asset and the Final Level of any Reference Asset is less than its Initial Level, your payment at maturity will be determined by reference to the performance of the Least Performing Reference Asset. Even if the levels of any other Reference Assets have appreciated in value over the term of the notes, or have experienced a decline that is less than that of the Least Performing Reference Asset, your return at maturity will only be determined by reference to the performance of the Least Performing Reference Asset if a Trigger Event occurs. </font></FONT></FONT></P>
                <P style="margin-bottom: 1.5pt; line-height: 1.15; margin-top: 1.5pt; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-size: 9.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>The payments on the notes will be determined by reference to each Reference Asset individually, not to a basket, and the payments on the notes will be based on the performance of the least performing Reference Asset. </font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> - Whether each Contingent Coupon is payable, and the payment at maturity if a Trigger Event occurs, will be determined only by reference to the performance of the least performing Reference Asset as of the applicable Observation Date and/or Valuation Date, regardless of the performance of any other Reference Assets. The notes are not linked to a weighted basket, in which the risk may be mitigated and diversified among each of the basket components. For example, in the case of notes linked to a weighted basket, the return would depend on the weighted aggregate performance of the basket components reflected as the basket return. As a result, the depreciation of one basket component could be mitigated by the appreciation of the other basket components, as scaled by the weighting of that basket component. However, in the case of the notes, the individual performance of each Reference Asset will not be combined, and the depreciation of one Reference Asset will not be mitigated by any appreciation of any other Reference Assets. Instead, your receipt of Contingent Coupon payments on the notes will depend on the value of each Reference Asset on each Observation Date, and your return at maturity will depend solely on the Final Level of the Least Performing Reference Asset if a Trigger Event occurs. </font></FONT></FONT></P>
                <P style="margin-bottom: 1.5pt; line-height: 1.15; margin-top: 1.5pt; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-size: 9.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Your return on the notes may be lower than the return on a conventional debt security of comparable maturity. </font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> &#8212; The return that you will receive on your notes, which could be negative, may be less than the return you could earn on other investments. The notes do not provide for fixed interest payments and you may not receive any Contingent Coupons over the term of the notes. Even if you do receive one or more Contingent Coupons and your return on the notes is positive, your return may be less than the return you would earn if you bought a conventional senior interest bearing debt security of ours with the same maturity or if you invested directly in the Reference Assets. Your investment may not reflect the full opportunity cost to you when you take into account factors that affect the time value of money.</font></FONT></FONT></P>
                <P style="margin-bottom: 1.5pt; line-height: 1.15; margin-top: 1.5pt; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-size: 9.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>A higher Contingent Interest Rate or lower Trigger Levels or Coupon Barrier Levels may reflect greater expected volatility of the Reference Assets, and greater expected volatility generally indicates an increased risk of loss at maturity. </font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> &#8212; The economic terms for the notes, including the Contingent Interest Rate, Coupon Barrier Levels and Trigger Levels, are based, in part, on the expected volatility of the Reference Assets at the time the terms of the notes are set. &#8220;Volatility&#8221; refers to the frequency and magnitude of changes in the level of a Reference Asset. The greater the expected volatility of the Reference Assets as of the Pricing Date, the greater the expectation is as of that date that the closing level of a Reference Asset could be less than its Coupon Barrier Level on any Observation Date and that a Trigger Event could occur and, as a consequence, indicates an increased risk of not receiving a Contingent Coupon and an increased risk of loss, respectively. All things </font></FONT></FONT></P>
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            <DIV style="width: 594.00pt; padding: 0 39.60pt 10.00pt 39.60pt; min-height: 39.60pt; position: relative; ">
                <P style="text-align: center; margin-bottom: 0.0pt; line-height: 1.2; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><FONT>5</FONT></FONT></P>
                <P style="margin-bottom: 0.0pt; line-height: 1.2; margin-top: 0; "><FONT style="font-family: Times New Roman, Times, serif; font-size: 8.0pt; ">&nbsp;</FONT></P>
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        </DIV>
        <DIV style="margin: auto; width: 673.20pt; padding: 36pt 0; ">
            <DIV style="width: 594.00pt; padding: 39.60pt 39.60pt 0 39.60pt; min-height: 10.00pt; position: relative; ">
            </DIV>
            <DIV style="width: 594.00pt; padding: 10pt 39.60pt 10pt 39.60pt; position: relative; margin-bottom: 20pt; ">
                <P style="margin-bottom: 11.0pt; line-height: 1.15; padding-left: 19.8pt; margin-top: 1.5pt; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>being equal, this greater expected volatility will generally be reflected in a higher Contingent Interest Rate than the yield payable on our conventional debt securities with a similar maturity or on otherwise comparable securities, and/or a lower Trigger Levels and/or Coupon Barrier Levels than those terms on otherwise comparable securities. Therefore, a relatively higher Contingent Interest Rate may indicate an increased risk of loss. Further, relatively lower Trigger Levels and/or Coupon Barriers may not necessarily indicate that the notes have a greater likelihood of a return of principal at maturity and/or paying Contingent Coupons. You should be willing to accept the downside market risk of the Reference Assets and the potential to lose a significant portion or all of your initial investment.</font></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Risks Related to the Reference Assets</font></FONT></P>
                <P style="margin-bottom: 1.5pt; line-height: 1.15; margin-top: 0; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-size: 9.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Owning the notes is not the same as owning shares of the Reference Assets or a security directly linked to the Reference Assets.</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> &#8212; The return on your notes will not reflect the return you would realize if you actually owned shares of the Reference Assets or a security directly linked to the performance of the Reference Assets and held that investment for a similar period. Your notes may trade quite differently from the Reference Assets. Changes in the level of a Reference Asset may not result in comparable changes in the market value of your notes. Even if the levels of the Reference Assets increase during the term of the notes, the market value of the notes prior to maturity may not increase to the same extent. It is also possible for the market value of the notes to decrease while the levels of the Reference Assets increase. In addition, any dividends or other distributions paid on a Reference Asset will not be reflected in the amount payable on the notes.</font></FONT></FONT></P>
                <P style="margin-bottom: 1.5pt; line-height: 1.15; margin-top: 1.5pt; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-size: 9.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>You will not have any shareholder rights and will have no right to receive any shares of the Reference Assets (or any company included in a Reference Asset) at maturity. </font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> &#8212; Investing in your notes will not make you a holder of any shares of the Reference Assets or any securities held by the Reference Assets. Neither you nor any other holder or owner of the notes will have any voting rights, any right to receive dividends or other distributions, or any other rights with respect to the Reference Assets or such underlying securities.</font></FONT></FONT></P>
                <P style="margin-bottom: 1.5pt; line-height: 1.15; margin-top: 1.5pt; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-size: 9.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>No delivery of shares of the Reference Assets. </font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> &#8212; The notes will be payable only in cash. You should not invest in the notes if you seek to have the shares of a Reference Asset delivered to you at maturity.</font></FONT></FONT></P>
                <P style="margin-bottom: 1.5pt; line-height: 1.15; margin-top: 1.5pt; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-size: 9.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Changes that affect an Underlying Index will affect the market value of the notes, whether the notes will be automatically redeemed, and the amount you will receive at maturity. </font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> &#8212; With respect to each Reference Asset, the policies of the applicable index sponsor concerning the calculation of the applicable Underlying Index, additions, deletions or substitutions of the components of the applicable Underlying Index and the manner in which changes affecting those components, such as stock dividends, reorganizations or mergers, may be reflected in the applicable Reference Asset and, therefore, could affect the share price of the Reference Asset, the amounts payable on the notes, whether the notes are automatically redeemed, and the market value of the notes prior to maturity. The amount payable on the notes and their market value could also be affected if the applicable index sponsor changes these policies, for example, by changing the manner in which it calculates the applicable Underlying Index, or if the applicable index sponsor discontinues or suspends the calculation or publication of the applicable Underlying Index.</font></FONT></FONT></P>
                <P style="margin-bottom: 1.5pt; line-height: 1.15; margin-top: 1.5pt; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-size: 9.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>We have no affiliation with any index sponsor of any Underlying Index and will not be responsible for any index sponsor's actions.</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> &#8212; The sponsors of the Underlying Indices are not our affiliates and will not be involved in the offering of the notes in any way. Consequently, we have no control over the actions of any index sponsor , including any actions of the type that would require the calculation agent to adjust the payment to you at maturity. The index sponsors have no obligation of any sort with respect to the notes. Thus, the index sponsors have no obligation to take your interests into consideration for any reason, including in taking any actions that might affect the value of the notes. None of our proceeds from the issuance of the notes will be delivered to any index sponsor of any Underlying Index.</font></FONT></FONT></P>
                <P style="margin-bottom: 1.5pt; line-height: 1.15; margin-top: 1.5pt; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-size: 9.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Adjustments to a Reference Asset could adversely affect the notes. </font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> &#8212; The sponsor and advisor of each Reference Asset is responsible for calculating and maintaining that Reference Asset. The sponsor and advisor of each Reference Asset can add, delete or substitute the stocks comprising that Reference Asset or make other methodological changes that could change the share price of the applicable Reference Asset at any time. If one or more of these events occurs, the calculation of the amount payable at maturity may be adjusted to reflect such event or events. Consequently, any of these actions could adversely affect the amount payable at maturity and/or the market value of the notes.</font></FONT></FONT></P>
                <P style="margin-bottom: 1.5pt; line-height: 1.15; margin-top: 1.5pt; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-size: 9.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>We and our affiliates do not have any affiliation with any applicable investment advisor or any Reference Asset Issuer and are not responsible for their public disclosure of information. </font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> &#8212; The investment advisor of each Reference Asset advises the issuer of the applicable Reference Asset (each, a &#8220;Reference Asset Issuer&#8221; and, collectively, the &#8220;Reference Asset Issuers&#8221;) on various matters, including matters relating to the policies, maintenance and calculation of the applicable Reference Asset. We and our affiliates are not affiliated with the investment advisor of any Reference Asset or any Reference Asset Issuer in any way and have no ability to control or predict their actions, including any errors in or discontinuance of disclosure regarding the methods or policies relating to a Reference Asset. No investment advisor of a Reference Asset nor any Reference Asset Issuer is involved in the offerings of the notes in any way and has no obligation to consider your interests as an owner of the notes in taking any actions relating to a Reference Asset that might affect the value of the notes. Neither we nor any of our affiliates has independently verified the adequacy or accuracy of the information about any investment advisor or any Reference Asset Issuer contained in any public disclosure of information. You, as an investor in the notes, should make your own investigation into the Reference Asset Issuers.</font></FONT></FONT></P>
                <P style="margin-bottom: 1.5pt; line-height: 1.15; margin-top: 1.5pt; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-size: 9.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>The correlation between the performance of a Reference Asset and the performance of the applicable Underlying Index may be imperfect.</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> &#8212; The performance of each Reference Asset is linked principally to the performance of the applicable Underlying Index. However, because of the potential discrepancies identified in more detail in the product supplement, the return on a Reference Asset may correlate imperfectly with the return on the applicable Underlying Index.</font></FONT></FONT></P>
                <P style="margin-bottom: 1.5pt; line-height: 1.15; margin-top: 1.5pt; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-size: 9.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>The Reference Assets are subject to management risks. </font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> &#8212; The Reference Assets are subject to management risk, which is the risk that the applicable investment advisor&#8217;s investment strategy, the implementation of which is subject to a number of constraints, may not produce the intended results. For example, the applicable investment advisor may invest a portion of a Reference Asset Issuer&#8217;s assets in securities not included in the relevant industry or sector but which the applicable investment advisor believes will help applicable the Reference Asset track the relevant industry or sector.</font></FONT></FONT></P>
                <P style="margin-bottom: 1.5pt; line-height: 1.15; margin-top: 1.5pt; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-size: 9.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>You must rely on your own evaluation of the merits of an investment linked to the Reference Assets.</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> &#8212; In the ordinary course of their businesses, our affiliates from time to time may express views on expected movements in the prices of the Reference Assets or the prices of the securities held by the Reference Assets. One or more of our affiliates have published, and in the future may publish, research reports that express views on the Reference Assets or these securities. However, these views are subject to change from time to time. Moreover, other professionals who deal in the markets relating to the Reference Assets at any time may have significantly different views from those of our affiliates. You are encouraged to derive information concerning the Reference Assets from multiple sources, and you should not rely on the views expressed by our affiliates.</font></FONT></FONT></P>
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                <P style="text-align: center; margin-bottom: 0.0pt; line-height: 1.2; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><FONT>6</FONT></FONT></P>
                <P style="margin-bottom: 0.0pt; line-height: 1.2; margin-top: 0; "><FONT style="font-family: Times New Roman, Times, serif; font-size: 8.0pt; ">&nbsp;</FONT></P>
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            <DIV style="width: 594.00pt; padding: 10pt 39.60pt 10pt 39.60pt; position: relative; margin-bottom: 20pt; ">
                <P style="margin-bottom: 11.0pt; line-height: 1.15; padding-left: 19.8pt; margin-top: 1.5pt; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Neither the offering of the notes nor any views which our affiliates from time to time may express in the ordinary course of their businesses constitutes a recommendation as to the merits of an investment in the notes.</font></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Risks Related to the SPDR<SuP>&#174;</SuP> S&amp;P<SuP>&#174;</SuP> Regional Banking ETF</font></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-size: 9.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>An investment in the notes is subject to risks associated with concentration in the banking industry. </font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>&#8212; All or substantially all of the equity securities held by the SPDR<SuP>&#174;</SuP> S&amp;P<SuP>&#174;</SuP> Regional Banking ETF are issued by companies in the banking industry. As a result, the stocks that will determine the performance of the SPDR</font></FONT><FONT style="vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; "><font style='white-space: pre-wrap;'><SuP>&#174;</SuP></font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> S&amp;P</font></FONT><FONT style="vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; "><font style='white-space: pre-wrap;'><SuP>&#174;</SuP></font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Regional Banking ETF are concentrated in one sector, and an investment in the notes will be subject to certain risks associated with a direct equity investment in companies in the banking industry. Accordingly, by investing in the notes, you will not benefit from the diversification which could result from an investment linked to companies that operate in multiple sectors.</font><BR><font style='white-space: pre-wrap;'>The stock prices of banking companies may be affected by extensive governmental regulation, which may limit both the amounts and types of loans and other financial commitments banking companies can make, the interest rates and fees they can charge and the amount of capital they must maintain. Profitability is largely dependent on the availability and cost of capital funds and can fluctuate significantly when interest rates change. Credit losses resulting from financial difficulties of borrowers can negatively impact banking companies. Banks may also be subject to severe price competition. Competition among banking companies is high and failure to maintain or increase market share may result in lost market share. In addition, changes in governmental regulation and oversight of financial institutions such as banks and broker-dealers may have an adverse effect on the financial condition of a financial institution and changes in the creditworthiness of financial institutions may adversely affect the values of instruments of issuers in financial industries. These factors could adversely affect the banking industry and could adversely affect the value of the equity securities held by the SPDR<SuP>&#174;</SuP> S&amp;P<SuP>&#174;</SuP> Regional Banking ETF and, therefore, the market price of the SPDR<SuP>&#174;</SuP> S&amp;P<SuP>&#174;</SuP> Regional Banking ETF and the value of the notes.</font></FONT></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Risks Relating to VanEck<SuP>&#174;</SuP> Junior Gold Miners ETF</font></FONT></P>
                <P style="margin-bottom: 1.5pt; line-height: 1.15; margin-top: 0; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-size: 9.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>An investment in the notes is subject to foreign currency exchange rate risk.</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> &#8212; The share price of the VanEck<SuP>&#174;</SuP> Junior Gold Miners ETF will fluctuate based upon their net asset value, which will in turn depend in part upon changes in the value of the currencies in which the stocks held by the VanEck<SuP>&#174;</SuP> Junior Gold Miners ETF are traded. Accordingly, investors in the notes will be exposed to currency exchange rate risk with respect to each of these currencies. An investor&#8217;s net exposure will depend on the extent to which these currencies strengthen or weaken against the U.S. dollar. If the dollar strengthens against these currencies, the net asset value of the VanEck<SuP>&#174;</SuP> Junior Gold Miners ETF will be adversely affected and the price of their shares may decrease. </font></FONT></FONT></P>
                <P style="margin-bottom: 1.5pt; line-height: 1.15; margin-top: 1.5pt; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-size: 9.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>An investment in the notes is subject to risks associated with foreign securities markets. </font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> &#8212; The Underlying Index of the VanEck<SuP>&#174;</SuP> Junior Gold Miners ETF tracks the value of certain foreign equity securities. You should be aware that investments in securities linked to the value of foreign equity securities involve particular risks. The foreign securities markets comprising the Underlying Index of each of the VanEck<SuP>&#174;</SuP> Junior Gold Miners ETF may have less liquidity and may be more volatile than U.S. or other securities markets and market developments may affect foreign markets differently from U.S. or other securities markets. Direct or indirect government intervention to stabilize these foreign securities markets, as well as cross-shareholdings in foreign companies, may affect trading prices and volumes in these markets. Also, there is generally less publicly available information about foreign companies than about those U.S. companies that are subject to the reporting requirements of the U.S. Securities and Exchange Commission, and foreign companies are subject to accounting, auditing and financial reporting standards and requirements that differ from those applicable to U.S. reporting companies. </font><BR><font style='white-space: pre-wrap;'>Prices of securities in foreign countries are subject to political, economic, financial and social factors that apply in those geographical regions. These factors, which could negatively affect those securities markets, include the possibility of recent or future changes in a foreign government&#8217;s economic and fiscal policies, the possible imposition of, or changes in, currency exchange laws or other laws or restrictions applicable to foreign companies or investments in foreign equity securities and the possibility of fluctuations in the rate of exchange between currencies, the possibility of outbreaks of hostility and political instability and the possibility of natural disaster or adverse public health developments in the region. Moreover, foreign economies may differ favorably or unfavorably from the U.S. economy in important respects such as growth of gross national product, rate of inflation, capital reinvestment, resources and self-sufficiency.</font></FONT></FONT></P>
                <P style="margin-bottom: 1.5pt; line-height: 1.15; margin-top: 1.5pt; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-size: 9.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>An investment in the notes is subject to risks associated with emerging markets. </font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> &#8212; The Underlying Index of the VanEck<SuP>&#174;</SuP> Junior Gold Miners ETF consists of stocks issued by companies in countries with emerging markets. Countries with emerging markets may have relatively unstable governments, may present the risks of nationalization of businesses, restrictions on foreign ownership and prohibitions on the repatriation of assets, and may have less protection of property rights than more developed countries. The economies of countries with emerging markets may be based on only a few industries, may be highly vulnerable to changes in local or global trade conditions (due to economic dependence upon commodity prices and international trade), and may suffer from extreme and volatile debt burdens, currency devaluations or inflation rates. Local securities markets may trade a small number of securities and may be unable to respond effectively to increases in trading volume, potentially making prompt liquidation of holdings difficult or impossible at times.</font><BR><font style='white-space: pre-wrap;'>The shares tracked by the Underlying Index of the VanEck<SuP>&#174;</SuP> Junior Gold Miners ETF may be listed on a foreign stock exchange. A foreign stock exchange may impose trading limitations intended to prevent extreme fluctuations in individual security prices and may suspend trading in certain circumstances. These actions could limit variations in the levels of the VanEck<SuP>&#174;</SuP> Junior Gold Miners ETF, as applicable, which could, in turn, adversely affect the value of, and amount payable on, the notes. </font></FONT></FONT></P>
                <P style="margin-bottom: 1.5pt; line-height: 1.15; margin-top: 1.5pt; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-size: 9.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>An investment in the notes is subject to risks associated with concentration in the gold and silver mining industries. </font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> &#8212; All or substantially all of the equity securities held by the VanEck<SuP>&#174;</SuP> Junior Gold Miners ETF are issued by gold or silver mining companies. An investment in the notes will be exposed to risks in the gold and silver mining industries. As a result of being linked to a single industry or sector, the notes may have increased volatility as the share price of the VanEck<SuP>&#174;</SuP> Junior Gold Miners ETF may be more susceptible to adverse factors that affect that industry or sector. Competitive pressures may have a significant effect on the financial condition of companies in these industries. </font><BR><font style='white-space: pre-wrap;'>In addition, these companies are highly dependent on the price of gold or silver, as applicable. These prices fluctuate widely and may be affected by numerous factors. Factors affecting gold prices include economic factors, including, among other things, the structure of and confidence in the global monetary system, expectations of the future rate of inflation, the relative strength of, and confidence in, the U.S. dollar (the currency in which the price of gold is generally quoted), interest rates and gold borrowing and lending rates, and global or regional economic, financial, political, regulatory, judicial or other events. Gold prices may also be affected by industry factors such as industrial and jewelry demand, lending, sales and purchases of gold by the official sector, including central banks and other governmental agencies and multilateral institutions which hold gold, levels of gold production and production costs, and short-term changes in supply and demand </font></FONT></FONT></P>
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                <P style="margin-bottom: 1.5pt; line-height: 1.15; padding-left: 19.8pt; margin-top: 1.5pt; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>because of trading activities in the gold market. Factors affecting silver prices include general economic trends, technical developments, substitution issues and regulation, as well as specific factors including industrial and jewelry demand, expectations with respect to the rate of inflation, the relative strength of the U.S. dollar (the currency in which the price of silver is generally quoted) and other currencies, interest rates, central bank sales, forward sales by producers, global or regional political or economic events, and production costs and disruptions in major silver producing countries. </font></FONT></P>
                <P style="margin-bottom: 1.5pt; line-height: 1.15; margin-top: 1.5pt; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-size: 9.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Relationship to gold and silver bullion. </font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> &#8212; The VanEck<SuP>&#174;</SuP> Junior Gold Miners ETF invests in shares of gold and silver mining companies, but not in gold bullion or silver bullion. The VanEck<SuP>&#174;</SuP> Junior Gold Miners ETF may under- or over-perform gold bullion and/or silver bullion over the term of the notes.</font></FONT></FONT></P>
                <P style="margin-bottom: 1.5pt; line-height: 1.15; margin-top: 1.5pt; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-size: 9.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>An investment in the notes is subject to risks associated with investing in stocks with small- and mid-capitalization companies and early stage mining companies that are in the exploration stage that might not ultimately produce gold or silver. </font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> &#8212; The VanEck<SuP>&#174;</SuP> Junior Gold Miners ETF consists of stocks issued by companies with relatively small market capitalizations. These companies often have greater stock price volatility, lower trading volume and less liquidity than large-capitalization companies. As a result, the share price of the VanEck<SuP>&#174;</SuP> Junior Gold Miners ETF may be more volatile than that of a market measure that does not track solely small- and mid-capitalization stocks. A decrease in the price of gold and/or silver bullion could particularly adversely affect the profitability of small- and medium-capitalization mining companies and their ability to secure financing. Furthermore, companies that are only in the exploration stage are typically unable to adopt specific strategies for controlling the impact of the price of gold.</font></FONT></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; padding-left: 19.8pt; margin-top: 1.5pt; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>The exploration and development of mineral deposits involve significant financial risks over a significant period of time which even a combination of careful evaluation, experience and knowledge may not eliminate. Few properties which are explored are ultimately developed into producing mines. Major expenditures may be required to establish reserves by drilling and to construct mining and processing facilities at a site. In addition, many early stage miners operate at a loss and are dependent on securing equity and/or debt financing, which might be more difficult to secure for an early stage mining company than for a more established counterpart.</font></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Risks Relating to the VanEck<SuP>&#174;</SuP> Semiconductor ETF</font></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-size: 9.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>An investment in the notes is subject to risks associated with the semiconductor production and equipment sector. </font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> &#8212; All or substantially all of the securities held by the VanEck<SuP>&#174;</SuP> Semiconductor ETF are issued by companies whose primary line of business is directly associated with the semiconductor production and equipment sector. As a result, the value of the notes may be subject to greater volatility and be more adversely affected by a single economic, political or regulatory occurrence affecting this sector than a different investment linked to securities of a more broadly diversified group of issuers. As product cycles shorten and manufacturing capacity increases, these companies may become increasingly subject to aggressive pricing, which hampers profitability. Semiconductor companies are vulnerable to wide fluctuations in securities prices due to rapid product obsolescence. Many semiconductor companies may not successfully introduce new products, develop and maintain a loyal customer base or achieve general market acceptance for their products, and failure to do so could have a material adverse effect on their business, results of operations and financial condition. Reduced demand for end-user products, underutilization of manufacturing capacity, and other factors could adversely impact the operating results of companies in the semiconductor production and equipment sector. Semiconductor companies typically face high capital costs and such companies may need additional financing, which may be difficult to obtain. They also may be subject to risks relating to research and development costs and the availability and price of components. Moreover, they may be heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. Some of the companies involved in the semiconductor production and equipment sector are also engaged in other lines of business unrelated to the semiconductor business, and they may experience problems with these lines of business, which could adversely affect their operating results. The international operations of many semiconductor companies expose them to risks associated with instability and changes in economic and political conditions, foreign currency fluctuations, changes in foreign regulations, tariffs and trade disputes, competition from subsidized foreign competitors with lower production costs and other risks inherent to international business. The semiconductor production and equipment sector is highly cyclical, which may cause the operating results of many semiconductor companies to vary significantly. Companies in the semiconductor production and equipment sector also may be subject to competition from new market entrants. The stock prices of companies in the semiconductor production and equipment sector have been and will likely continue to be extremely volatile compared to the overall market. These factors could affect the semiconductor production and equipment sector and could affect the value of the securities held by the VanEck<SuP>&#174;</SuP> Semiconductor ETF and the value of the VanEck<SuP>&#174;</SuP> Semiconductor ETF during the term of the notes, which may adversely affect the value of your Securities.</font></FONT></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>General Risk Factors</font></FONT></P>
                <P style="margin-bottom: 1.5pt; line-height: 1.15; margin-top: 0; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-size: 9.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Your investment is subject to the credit risk of Bank of Montreal.</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> &#8212; Our credit ratings and credit spreads may adversely affect the market value of the notes. Investors are dependent on our ability to pay any amounts due on the notes, and therefore investors are subject to our credit risk and to changes in the market&#8217;s view of our creditworthiness. Any decline in our credit ratings or increase in the credit spreads charged by the market for taking our credit risk is likely to adversely affect the value of the notes.</font></FONT></FONT></P>
                <P style="margin-bottom: 1.5pt; line-height: 1.15; margin-top: 1.5pt; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-size: 9.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Potential conflicts.</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> &#8212; We and our affiliates play a variety of roles in connection with the issuance of the notes, including acting as calculation agent. In performing these duties, the economic interests of the calculation agent and other affiliates of ours are potentially adverse to your interests as an investor in the notes. We or one or more of our affiliates may also engage in trading of shares of the Reference Assets or the securities held by a Reference Asset on a regular basis as part of our general broker-dealer and other businesses, for proprietary accounts, for other accounts under management or to facilitate transactions for our customers. Any of these activities could adversely affect the level of the Reference Assets and, therefore, the market value of, and the payments on, the notes. We or one or more of our affiliates may also issue or underwrite other securities or financial or derivative instruments with returns linked or related to changes in the performance of the Reference Assets. By introducing competing products into the marketplace in this manner, we or one or more of our affiliates could adversely affect the market value of the notes.</font></FONT></FONT></P>
                <P style="margin-bottom: 1.5pt; line-height: 1.15; margin-top: 1.5pt; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-size: 9.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Our initial estimated value of the notes is lower than the price to public.</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> &#8212; Our initial estimated value of the notes is only an estimate, and is based on a number of factors. The price to public of the notes exceeds our initial estimated value, because costs associated with offering, structuring and hedging the notes are included in the price to public, but are not included in the estimated value. These costs include any underwriting discount and selling concessions, the profits that we and our affiliates expect to realize for assuming the risks in hedging our obligations under the notes and the estimated cost of hedging these obligations. </font></FONT></FONT></P>
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                <P style="text-align: center; margin-bottom: 0.0pt; line-height: 1.2; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><FONT>8</FONT></FONT></P>
                <P style="margin-bottom: 0.0pt; line-height: 1.2; margin-top: 0; "><FONT style="font-family: Times New Roman, Times, serif; font-size: 8.0pt; ">&nbsp;</FONT></P>
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                <P style="margin-bottom: 1.5pt; line-height: 1.15; margin-top: 1.5pt; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-size: 9.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Our initial estimated value does not represent any future value of the notes, and may also differ from the estimated value of any other party.</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> &#8212; Our initial estimated value of the notes as of the date hereof is derived using our internal pricing models. This value is based on market conditions and other relevant factors, which include volatility of the Reference Assets, dividend rates and interest rates. Different pricing models and assumptions 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 set forth herein and in the product supplement. These changes are likely to impact the price, if any, at which we or BMOCM 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 or our affiliates would be willing to buy your notes in any secondary market at any time.</font></FONT></FONT></P>
                <P style="margin-bottom: 1.5pt; line-height: 1.15; margin-top: 1.5pt; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-size: 9.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>The terms of the notes were not determined by reference to the credit spreads for our conventional fixed-rate debt. </font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> &#8212; To determine the terms of the notes, we used 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.</font></FONT></FONT></P>
                <P style="margin-bottom: 1.5pt; line-height: 1.15; margin-top: 1.5pt; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-size: 9.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Certain costs are likely to adversely affect the value of the notes.</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> &#8212; Absent any changes in market conditions, any secondary market prices of the notes will likely be lower than the price to public. This is because any secondary market prices will likely take into account our then-current market credit spreads, and because any secondary market prices are likely to exclude all or a portion of any underwriting discount and selling concessions, and the hedging profits and estimated hedging costs that are included in the price to public of the notes and that may be reflected on your account statements. In addition, any such price is also likely to reflect a discount to account for costs associated with establishing or unwinding any related hedge transaction, such as dealer discounts, mark-ups and other transaction costs. As a result, the price, if any, at which BMOCM or any other party may be willing to purchase the notes from you in secondary market transactions, if at all, will likely be lower than the price to public. Any sale that you make prior to the Maturity Date could result in a substantial loss to you.</font></FONT></FONT></P>
                <P style="margin-bottom: 1.5pt; line-height: 1.15; margin-top: 1.5pt; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-size: 9.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Lack of liquidity.</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> &#8212; The notes will not be listed on any securities exchange. BMOCM may offer to purchase the notes in the secondary market, but is not required to do so. Even if there is a secondary market, it may not provide enough liquidity to allow you to trade or sell the notes easily. Because other dealers are not likely to make a secondary market for the notes, the price at which you may be able to trade the notes is likely to depend on the price, if any, at which BMOCM is willing to buy the notes.</font></FONT></FONT></P>
                <P style="margin-bottom: 1.5pt; line-height: 1.15; margin-top: 1.5pt; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-size: 9.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Hedging and trading activities.</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> &#8212; We or any of our affiliates have carried out or may carry out hedging activities related to the notes, including purchasing or selling shares of the Reference Assets or securities held by the Reference Assets, futures or options relating to the Reference Assets or securities held by the Reference Assets or other derivative instruments with returns linked or related to changes in the performance on the Reference Assets or securities held by the Reference Assets. We or our affiliates may also trade in the Reference Assets, such securities, or instruments related to the Reference Assets or such securities from time to time. Any of these hedging or trading activities on or prior to the Pricing Date and during the term of the notes could adversely affect the payments on the notes.</font></FONT></FONT></P>
                <P style="margin-bottom: 1.5pt; line-height: 1.15; margin-top: 1.5pt; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-size: 9.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Many economic and market factors will influence the value of the notes.</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> &#8212; In addition to the levels of the Reference Assets and interest rates on any trading day, the value of the notes will be affected by a number of economic and market factors that may either offset or magnify each other, and which are described in more detail in the product supplement.</font></FONT></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 1.5pt; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-size: 9.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Significant aspects of the tax treatment of the notes are uncertain.</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> &#8212; The tax treatment of the notes is uncertain. We do not plan to request a ruling from the Internal Revenue Service or from any Canadian authorities regarding the tax treatment of the notes, and the Internal Revenue Service or a court may not agree with the tax treatment described herein. </font><BR><font style='white-space: pre-wrap;'>The Internal Revenue Service has released a notice that may affect the taxation of holders of &#8220;prepaid forward contracts&#8221; and similar instruments. According to the notice, the Internal Revenue Service and the U.S. Treasury are actively considering whether the holder of such instruments should be required to accrue ordinary income on a current basis. While it is not clear whether the notes would be viewed as similar to such instruments, it is possible that any future guidance could materially and adversely affect the tax consequences of an investment in the notes, possibly with retroactive effect. </font><BR><font style='white-space: pre-wrap;'>Please read carefully the section entitled "U.S. Federal Tax Information" herein, the section entitled "Supplemental Tax Considerations&#8211;Supplemental U.S. Federal Income Tax Considerations" in the accompanying product supplement, the section entitled "United States Federal Income Taxation" in the accompanying prospectus and the section entitled "Certain Income Tax Consequences" in the accompanying prospectus supplement. You should consult your tax advisor about your own tax situation.</font></FONT></FONT></P>
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                <P style="text-align: center; margin-bottom: 0.0pt; line-height: 1.2; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><FONT>9</FONT></FONT></P>
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                <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Examples of the Hypothetical Payment at Maturity for a $1,000 Investment in the Notes </font></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; text-indent: 39.6pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>The following table illustrates the hypothetical payments on a note at maturity, assuming that the notes are not subject to an Issuer Call. The hypothetical payments are based on a $1,000 investment in the note, a hypothetical Initial Level of $100.00, a hypothetical Trigger Level of $60.00 (60.00% of the hypothetical Initial Level), a range of hypothetical Final Levels and the effect on the payment at maturity . </font></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; text-indent: 39.6pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>The hypothetical examples shown below are intended to help you understand the terms of the notes. If the notes are not subject to an Issuer Call, the actual cash amount that you will receive at maturity will depend upon the Final Level of the Least Performing Reference Asset. If the notes are subject to an Issuer Call prior to maturity, the hypothetical examples below will not be relevant, and you will receive on the applicable Call Settlement Date, for each $1,000 principal amount, the principal amount plus any applicable Contingent Coupon.</font></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; text-indent: 39.6pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>As discussed in more detail above, your total return on the notes will also depend on the number of Contingent Coupon Dates on which the Contingent Coupon is payable. It is possible that the only payments on your notes will be the payment, if any, due at maturity. The payment at maturity will not exceed the principal amount, and may be significantly less.</font></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>&nbsp;</font></FONT></P>
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                        <TD width="158.40pt" style="width: 158.40pt; border: 0; margin: 0; padding: 0; height: 0; ">
                        </TD>
                        <TD width="158.40pt" style="width: 158.40pt; border: 0; margin: 0; padding: 0; height: 0; ">
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; background-color: #BFBFBF; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; text-align: center; margin-top: 0; "><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Hypothetical Final Level of the Least Performing Reference Asset</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; background-color: #BFBFBF; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; text-align: center; margin-top: 0; "><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Hypothetical Final Level of the Least Performing Reference Asset Expressed as a Percentage of its Initial Level </font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-right:  0.50pt solid black; border-left:  0.50pt solid black; background-color: #BFBFBF; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; text-align: center; margin-top: 0; "><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Payment at Maturity (Excluding Coupons)</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; min-height: 16.50pt; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; text-align: center; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>$200.00</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; text-align: center; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>200.00%</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-right:  0.50pt solid black; border-left:  0.50pt solid black; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; text-align: center; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>$1,000.00</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; min-height: 16.50pt; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; text-align: center; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>$180.00</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; text-align: center; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>180.00%</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-right:  0.50pt solid black; border-left:  0.50pt solid black; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; text-align: center; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>$1,000.00</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; min-height: 16.50pt; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; text-align: center; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>$160.00</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; text-align: center; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>160.00%</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-right:  0.50pt solid black; border-left:  0.50pt solid black; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; text-align: center; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>$1,000.00</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; min-height: 16.50pt; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; text-align: center; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>$140.00</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; text-align: center; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>140.00%</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-right:  0.50pt solid black; border-left:  0.50pt solid black; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; text-align: center; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>$1,000.00</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; min-height: 16.50pt; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; text-align: center; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>$120.00</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; text-align: center; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>120.00%</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-right:  0.50pt solid black; border-left:  0.50pt solid black; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; text-align: center; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>$1,000.00</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; min-height: 16.50pt; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; background-color: #BFBFBF; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; text-align: center; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>$100.00</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; background-color: #BFBFBF; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; text-align: center; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>100.00%</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-right:  0.50pt solid black; border-left:  0.50pt solid black; background-color: #BFBFBF; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; text-align: center; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>$1,000.00</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; min-height: 16.50pt; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; text-align: center; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>$90.00</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; text-align: center; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>90.00%</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-right:  0.50pt solid black; border-left:  0.50pt solid black; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; text-align: center; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>$1,000.00</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; min-height: 16.50pt; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; text-align: center; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>$80.00</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; text-align: center; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>80.00%</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-right:  0.50pt solid black; border-left:  0.50pt solid black; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; text-align: center; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>$1,000.00</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; min-height: 16.50pt; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; text-align: center; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>$70.00</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; text-align: center; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>70.00%</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-right:  0.50pt solid black; border-left:  0.50pt solid black; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; text-align: center; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>$1,000.00</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; min-height: 16.50pt; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; background-color: #BFBFBF; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; text-align: center; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>$60.00</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; background-color: #BFBFBF; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; text-align: center; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>60.00%</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-right:  0.50pt solid black; border-left:  0.50pt solid black; background-color: #BFBFBF; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; text-align: center; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>$1,000.00</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; min-height: 16.50pt; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; text-align: center; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>$59.99</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; text-align: center; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>59.99%</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-right:  0.50pt solid black; border-left:  0.50pt solid black; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; text-align: center; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>$599.90</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; min-height: 16.50pt; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; text-align: center; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>$40.00</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; text-align: center; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>40.00%</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-right:  0.50pt solid black; border-left:  0.50pt solid black; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; text-align: center; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>$400.00</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; min-height: 16.50pt; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; text-align: center; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>$20.00</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; text-align: center; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>20.00%</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-right:  0.50pt solid black; border-left:  0.50pt solid black; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; text-align: center; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>$200.00</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; min-height: 16.50pt; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-bottom:  0.50pt solid black; border-top:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; text-align: center; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>$0.00</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-bottom:  0.50pt solid black; border-top:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; text-align: center; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>0.00%</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-bottom:  0.50pt solid black; border-top:  0.50pt solid black; border-right:  0.50pt solid black; border-left:  0.50pt solid black; vertical-align: middle; ">
                            <P style="margin-bottom: 11.0pt; line-height: 1.15; text-align: center; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>$0.00</font></FONT></P>
                        </TD>
                    </TR>
                </TABLE>
            </DIV>
            <DIV style="width: 594.00pt; padding: 0 39.60pt 10.00pt 39.60pt; min-height: 39.60pt; position: relative; ">
                <P style="text-align: center; margin-bottom: 0.0pt; line-height: 1.2; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><FONT>10</FONT></FONT></P>
                <P style="margin-bottom: 0.0pt; line-height: 1.2; margin-top: 0; "><FONT style="font-family: Times New Roman, Times, serif; font-size: 8.0pt; ">&nbsp;</FONT></P>
            </DIV>
        </DIV>
        <DIV style="page-break-after: always; border-bottom: 1pt solid black; ">
            <P></P>
        </DIV>
        <DIV style="margin: auto; width: 673.20pt; padding: 36pt 0; ">
            <DIV style="width: 594.00pt; padding: 39.60pt 39.60pt 0 39.60pt; min-height: 10.00pt; position: relative; ">
            </DIV>
            <DIV style="width: 594.00pt; padding: 10pt 39.60pt 10pt 39.60pt; position: relative; margin-bottom: 20pt; ">
                <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>U.S. Federal Tax Information</font></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; text-indent: 39.6pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>By purchasing the notes, each holder agrees (in the absence of a change in law, an administrative determination or a judicial ruling to the contrary) to treat each note as a pre-paid contingent income-bearing derivative contract for U.S. federal income tax purposes. In the opinion of our counsel, Mayer Brown LLP, it would generally be reasonable to treat the notes as pre-paid contingent income-bearing derivative contracts in respect of the Reference Assets for U.S. federal income tax purposes. However, the U.S. federal income tax consequences of your investment in the notes are uncertain and the Internal Revenue Service could assert that the notes should be taxed in a manner that is different from that described in the preceding sentence. Please see the discussion in the accompanying product supplement under "Supplemental Tax Considerations&#8212;Supplemental U.S. Federal Income Tax Considerations&#8212;Notes Treated as Investment Units Consisting of a Debt Portion and a Put Option, as Pre-Paid Contingent Income-Bearing Derivative Contracts, or as Pre-Paid Derivative Contracts&#8212;Notes Treated as Pre-Paid Contingent Income-Bearing Derivative Contracts," which applies to the notes.</font></FONT></P>
            </DIV>
            <DIV style="width: 594.00pt; padding: 0 39.60pt 10.00pt 39.60pt; min-height: 39.60pt; position: relative; ">
                <P style="text-align: center; margin-bottom: 0.0pt; line-height: 1.2; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><FONT>11</FONT></FONT></P>
                <P style="margin-bottom: 0.0pt; line-height: 1.2; margin-top: 0; "><FONT style="font-family: Times New Roman, Times, serif; font-size: 8.0pt; ">&nbsp;</FONT></P>
            </DIV>
        </DIV>
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            <P></P>
        </DIV>
        <DIV style="margin: auto; width: 673.20pt; padding: 36pt 0; ">
            <DIV style="width: 594.00pt; padding: 39.60pt 39.60pt 0 39.60pt; min-height: 10.00pt; position: relative; ">
            </DIV>
            <DIV style="width: 594.00pt; padding: 10pt 39.60pt 10pt 39.60pt; position: relative; margin-bottom: 20pt; ">
                <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Supplemental Plan of Distribution (Conflicts of Interest)</font></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; width: 39.93pt; display: inline-block; ">&nbsp;</FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>BMOCM</font></FONT><FONT style="font-size: 8.0pt; font-family: Arial, sans-serif; "></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> will purchase the notes from us at a purchase price reflecting the commission set forth on the cover hereof. BMOCM has informed us that, as part of its distribution of the notes, it will reoffer the notes to other dealers who will sell them. Each such dealer, or each additional dealer engaged by a dealer to whom BMOCM reoffers the notes, will receive a commission from BMOCM, which will not exceed the commission set forth on the cover page. &#160; </font></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; width: 39.93pt; display: inline-block; ">&nbsp;</FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Certain</font></FONT><FONT style="font-size: 8.0pt; font-family: Arial, sans-serif; "></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> dealers who purchase the notes for sale to certain fee-based advisory accounts may forego some or all of their selling concessions, fees or commissions. The public offering price for investors purchasing the notes in these accounts may be less than 100% of the principal amount, as set forth on the cover page of this document. Investors that hold their notes in these accounts may be charged fees by the investment advisor or manager of that account based on the amount of assets held in those accounts, including the notes.&#160; </font></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> We will deliver the notes 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, as amended (the &#8220;Exchange Act&#8221;), 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 issue date will be required to specify alternative settlement arrangements to prevent a failed settlement.&#160; </font></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; width: 39.93pt; display: inline-block; ">&nbsp;</FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>We</font></FONT><FONT style="font-size: 8.0pt; font-family: Arial, sans-serif; "></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> own, directly or indirectly, all of the outstanding equity securities of BMOCM, the agent for this offering. In accordance with FINRA Rule 5121, BMOCM may not make sales in this offering to any of its discretionary accounts without the prior written approval of the customer.&#160; </font></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; width: 39.93pt; display: inline-block; ">&nbsp;</FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>You</font></FONT><FONT style="font-size: 8.0pt; font-family: Arial, sans-serif; "></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> should not construe the offering of the notes as a recommendation of the merits of acquiring an investment linked to the Reference Assets or as to the suitability of an investment in the notes.&#160; </font></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; width: 39.93pt; display: inline-block; ">&nbsp;</FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>BMOCM</font></FONT><FONT style="font-size: 8.0pt; font-family: Arial, sans-serif; "></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> may, but is not obligated to, make a market in the notes. BMOCM will determine any secondary market prices that it is prepared to offer in its sole discretion.&#160; </font></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> We may use this pricing supplement in the initial sale of the notes. In addition, BMOCM or another of our affiliates may use this pricing supplement in market-making transactions in any notes after their initial sale. Unless BMOCM or we inform you otherwise in the confirmation of sale, this pricing supplement is being used by BMOCM in a market-making transaction. </font></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; width: 39.93pt; display: inline-block; ">&nbsp;</FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>For</font></FONT><FONT style="font-size: 8.0pt; font-family: Arial, sans-serif; "></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> a period of approximately three months following issuance of the notes, the price, if any, at which we or our affiliates would be willing to buy the notes from investors, and the value that BMOCM may also publish for the notes through one or more financial information vendors and which could be indicated for the notes on any brokerage account statements, will reflect a temporary upward adjustment from our estimated value of the notes that would otherwise be determined and applicable at that time. This temporary upward adjustment represents a portion of (a) the hedging profit that we or our affiliates expect to realize over the term of the notes and (b) any underwriting discount and the selling concessions paid in connection with this offering. The amount of this temporary upward adjustment will decline to zero on a straight-line basis over the three-month period.&#160; </font></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; text-indent: 39.6pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> The notes and the related offer to purchase notes and sale of notes under the terms and conditions provided herein do not constitute a public offering in any non-U.S. jurisdiction, and are being made available only to individually identified investors pursuant to a private offering as permitted in the relevant jurisdiction. The notes are not, and will not be, registered with any securities exchange or registry located outside of the United States and have not been registered with any non-U.S. securities or banking regulatory authority. The contents of this document have not been reviewed or approved by any non-U.S. securities or banking regulatory authority. Any person who wishes to acquire the notes from outside the United States should seek the advice or legal counsel as to the relevant requirements to acquire these notes. </font></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; text-indent: 39.6pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> </font></FONT><FONT style="font-style: italic; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>British Virgin Islands.</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> The notes have not been, and will not be, registered under the laws and regulations of the British Virgin Islands, nor has any regulatory authority in the British Virgin Islands passed comment upon or approved the accuracy or adequacy of this document. This pricing supplement and the related documents shall not constitute an offer, invitation or solicitation to any member of the public in the British Virgin Islands for the purposes of the Securities and Investment Business Act, 2010, of the British Virgin Islands. </font></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; text-indent: 39.6pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> </font></FONT><FONT style="font-style: italic; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Cayman Islands.</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Pursuant to the Companies Law (as amended) of the Cayman Islands, no invitation may be made to the public in the Cayman Islands to subscribe for the notes by or on behalf of the issuer unless at the time of such invitation the issuer is listed on the Cayman Islands Stock Exchange. The issuer is not presently listed on the Cayman Islands Stock Exchange and, accordingly, no invitation to the public in the Cayman Islands is to be made by the issuer (or by any dealer on its behalf). No such invitation is made to the public in the Cayman Islands hereby. </font></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; text-indent: 39.6pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> </font></FONT><FONT style="font-style: italic; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Dominican Republic.</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Nothing in this pricing supplement constitutes an offer of securities for sale in the Dominican Republic. The notes have not been, and will not be, registered with the Superintendence of Securities Market of the Dominican Republic (Superintendencia del Mercado de Valores), under Dominican Securities Market Law No. 249-17 (&#8220;Securities Law 249-17&#8221;), and the notes may not be offered or sold within the Dominican Republic or to, or for the account or benefit of, Dominican persons (as defined under Securities Law 249-17 and its regulations). Failure to comply with these directives may result in a violation of Securities Law 249-17 and its regulations. </font></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; text-indent: 39.6pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> </font></FONT><FONT style="font-style: italic; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Israel.</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> This pricing supplement is intended solely for investors listed in the First Supplement of the Israeli Securities Law of 1968, as amended. A prospectus has not been prepared or filed, and will not be prepared or filed, in Israel relating to the notes offered hereunder. The notes cannot be resold in Israel other than to investors listed in the First Supplement of the Israeli Securities Law of 1968, as amended. </font></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; text-indent: 39.6pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> No action will be taken in Israel that would permit an offering of the notes or the distribution of any offering document or any other material to the public in Israel. In particular, no offering document or other material has been reviewed or approved by the Israel Securities Authority. Any material provided to an offeree in Israel may not be reproduced or used for any other purpose, nor be furnished to any other person other than those to whom copies have been provided directly by us or the selling agents. </font></FONT></P>
            </DIV>
            <DIV style="width: 594.00pt; padding: 0 39.60pt 10.00pt 39.60pt; min-height: 39.60pt; position: relative; ">
                <P style="text-align: center; margin-bottom: 0.0pt; line-height: 1.2; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><FONT>12</FONT></FONT></P>
                <P style="margin-bottom: 0.0pt; line-height: 1.2; margin-top: 0; "><FONT style="font-family: Times New Roman, Times, serif; font-size: 8.0pt; ">&nbsp;</FONT></P>
            </DIV>
        </DIV>
        <DIV style="page-break-after: always; border-bottom: 1pt solid black; ">
            <P></P>
        </DIV>
        <DIV style="margin: auto; width: 673.20pt; padding: 36pt 0; ">
            <DIV style="width: 594.00pt; padding: 39.60pt 39.60pt 0 39.60pt; min-height: 10.00pt; position: relative; ">
            </DIV>
            <DIV style="width: 594.00pt; padding: 10pt 39.60pt 10pt 39.60pt; position: relative; margin-bottom: 20pt; ">
                <P style="margin-bottom: 11.0pt; line-height: 1.15; text-indent: 39.6pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Nothing in this pricing supplement or any other offering material relating to the notes, should be considered as the rendering of a recommendation or advice, including investment advice or investment marketing under the Law For Regulation of Investment Advice, Investment Marketing and Investment Portfolio Management, 1995, to purchase any note. The purchase of any note will be based on an investor&#8217;s own understanding, for the investor&#8217;s own benefit and for the investor&#8217;s own account and not with the aim or intention of distributing or offering to other parties. In purchasing the notes, each investor declares that it has the knowledge, expertise and experience in financial and business matters so as to be capable of evaluating the risks and merits of an investment in the notes, without relying on any of the materials provided. </font></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; text-indent: 39.6pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> </font></FONT><FONT style="font-style: italic; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Mexico.</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> The notes have not been registered with the National Registry of Securities maintained by the Mexican National Banking and Securities Commission and may not be offered or sold publicly in Mexico. This pricing supplement and the related documents may not be publicly distributed in Mexico. The notes may only be offered in a private offering pursuant to Article 8 of the Securities Market Law. </font></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; text-indent: 39.6pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> </font></FONT><FONT style="font-style: italic; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Switzerland.</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> This pricing supplement is not intended to constitute an offer or solicitation to purchase or invest in any notes. Neither this pricing supplement nor any other offering or marketing material relating to the notes constitutes a prospectus compliant with the requirements of articles 35 et seq. of the Swiss Financial Services Act ("FinSA")) for a public offering of the notes in Switzerland and no such prospectus has been or will be prepared for or in connection with the offering of the notes in Switzerland. </font></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; text-indent: 39.6pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Neither this pricing supplement nor any other offering or marketing material relating to the notes has been or will be filed with or approved by a Swiss review body (Pr&#252;fstelle). No application has been or is intended to be made to admit the notes to trading on any trading venue (SIX Swiss Exchange or on any other exchange or any multilateral trading facility) in Switzerland. Neither this pricing supplement nor any other offering or marketing material relating to the notes may be publicly distributed or otherwise made publicly available in Switzerland. </font></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; text-indent: 39.6pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> The notes may not be publicly offered, directly or indirectly, in Switzerland within the meaning of FinSA except (i) in any circumstances falling within the exemptions to prepare a prospectus listed in article 36 para. 1 FinSA or (ii) where such offer does not qualify as a public offer in Switzerland, provided always that no offer of notes shall require the Issuer or any offeror to publish a prospectus pursuant to article 35 FinSA in respect to such offer and that such offer shall comply with the additional restrictions set out below (if applicable). The Issuer has not authorised and does not authorise any offer of notes which would require the Issuer or any offeror to publish a prospectus pursuant to article 35 FinSA in respect of such offer. For purposes of this provision "public offer" shall have the meaning as such term is understood pursuant to article 3 lit. g and h FinSA and the Swiss Financial Services Ordinance ("FinSO"). </font></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; text-indent: 39.6pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> The notes do not constitute participations in a collective investment scheme within the meaning of the Swiss Collective Investment Schemes Act. They are not subject to the approval of, or supervision by, the Swiss Financial Market Supervisory Authority ("FINMA"), and investors in the notes will not benefit from protection under CISA or supervision by FINMA. </font></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; text-indent: 39.6pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Prohibition of Offer to Private Clients in Switzerland - No Key Information Document pursuant to article 58 FinSA (Basisinformationsblatt f&#252;r Finanzinstrumente) or equivalent document under foreign law pursuant to article 59 para. 2 FinSA has been or will be prepared in relation to the notes. Therefore, the following additional restriction applies: Notes qualifying as "debt securities with a derivative character" pursuant to article 86 para. 2 FinSO may not be offered within the meaning of article 58 para. 1 FinSA, and neither this pricing supplement nor any other offering or marketing material relating to such notes may be made available, to any retail client (Privatkunde) within the meaning of FinSA in Switzerland. </font></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; text-indent: 39.6pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> The notes may also be sold in the following jurisdictions, provided, in each case, any sales are made in accordance with all applicable laws in such jurisdiction: </font></FONT></P>
                <P style="margin-bottom: 1.5pt; line-height: 1.15; margin-top: 0; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-size: 9.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Barbados</font></FONT></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 1.5pt; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-size: 9.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Bermuda</font></FONT></FONT></P>
            </DIV>
            <DIV style="width: 594.00pt; padding: 0 39.60pt 10.00pt 39.60pt; min-height: 39.60pt; position: relative; ">
                <P style="text-align: center; margin-bottom: 0.0pt; line-height: 1.2; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><FONT>13</FONT></FONT></P>
                <P style="margin-bottom: 0.0pt; line-height: 1.2; margin-top: 0; "><FONT style="font-family: Times New Roman, Times, serif; font-size: 8.0pt; ">&nbsp;</FONT></P>
            </DIV>
        </DIV>
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            <P></P>
        </DIV>
        <DIV style="margin: auto; width: 673.20pt; padding: 36pt 0; ">
            <DIV style="width: 594.00pt; padding: 39.60pt 39.60pt 0 39.60pt; min-height: 10.00pt; position: relative; ">
            </DIV>
            <DIV style="width: 594.00pt; padding: 10pt 39.60pt 10pt 39.60pt; position: relative; margin-bottom: 20pt; ">
                <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Additional Information Relating to the Estimated Initial Value of the Notes</font></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; width: 39.93pt; display: inline-block; ">&nbsp;</FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Our</font></FONT><FONT style="font-size: 8.0pt; font-family: Arial, sans-serif; "></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> estimated initial value of the notes on the date hereof that is set forth on the cover hereof, equals the sum of the values of the following hypothetical components:</font></FONT></P>
                <P style="margin-bottom: 1.5pt; line-height: 1.15; margin-top: 0; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-size: 9.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>a fixed-income debt component with the same tenor as the notes, valued using our internal funding rate for structured notes; and&#160;</font></FONT></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 1.5pt; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-size: 9.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>one or more derivative transactions relating to the economic terms of the notes.&#160;</font></FONT></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; width: 39.93pt; display: inline-block; ">&nbsp;</FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>The</font></FONT><FONT style="font-size: 8.0pt; font-family: Arial, sans-serif; "></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> 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 estimated initial value of the notes on the Pricing Date was determined based on the market conditions on the Pricing Date.&#160;</font></FONT></P>
            </DIV>
            <DIV style="width: 594.00pt; padding: 0 39.60pt 10.00pt 39.60pt; min-height: 39.60pt; position: relative; ">
                <P style="text-align: center; margin-bottom: 0.0pt; line-height: 1.2; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><FONT>14</FONT></FONT></P>
                <P style="margin-bottom: 0.0pt; line-height: 1.2; margin-top: 0; "><FONT style="font-family: Times New Roman, Times, serif; font-size: 8.0pt; ">&nbsp;</FONT></P>
            </DIV>
        </DIV>
        <DIV style="page-break-after: always; border-bottom: 1pt solid black; ">
            <P></P>
        </DIV>
        <DIV style="margin: auto; width: 673.20pt; padding: 36pt 0; ">
            <DIV style="width: 594.00pt; padding: 39.60pt 39.60pt 0 39.60pt; min-height: 10.00pt; position: relative; ">
            </DIV>
            <DIV style="width: 594.00pt; padding: 10pt 39.60pt 10pt 39.60pt; position: relative; margin-bottom: 20pt; ">
                <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>The Reference Assets</font></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; text-indent: 39.6pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>We have derived the following information from publicly available documents. We have not independently verified the accuracy or completeness of the following information. We are not affiliated with any Reference Asset Issuer and the Reference Asset Issuers will have no obligations with respect to the notes. This document relates only to the notes and does not relate to the shares of the Reference Assets or any securities included in any Underlying Index. Neither we nor any of our affiliates participates in the preparation of the publicly available documents described below. Neither we nor any of our affiliates has made any due diligence inquiry with respect to the Reference Assets in connection with the offering of the notes. There can be no assurance that all events occurring prior to the date hereof, including events that would affect the accuracy or completeness of the publicly available documents described below and that would affect the trading price of the shares of the Reference Assets, have been or will be publicly disclosed. Subsequent disclosure of any events or the disclosure of or failure to disclose material future events concerning the Reference Assets could affect the price of the shares of the Reference Assets on each Observation Date and on the Valuation Date, and therefore could affect the payments on the notes.</font></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; text-indent: 39.6pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>The selection of a Reference Asset is not a recommendation to buy or sell the shares of that Reference Asset. Neither we nor any of our affiliates make any representation to you as to the performance of the shares of the Reference Assets. Information provided to or filed with the SEC under the Exchange Act and the Investment Company Act of 1940 relating to the Reference Assets may be obtained through the SEC&#8217;s website at </font></FONT><FONT><FONT style="color: #0000FF; text-decoration-style: solid; text-decoration-line: underline; font-family: Arial, sans-serif; font-size: 9.0pt; "><U><font style='white-space: pre-wrap;'>http://www.sec.gov</font></U></FONT></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>.</font></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; text-indent: 39.6pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>We encourage you to review recent levels of the Reference Assets prior to making an investment decision with respect to the notes.</font></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>The VanEck<SuP>&#174;</SuP> Junior Gold Miners ETF (&#8220;GDXJ&#8221;)</font></FONT></P>
                <P style="margin-top: 6.6pt; margin-bottom: 6.6pt; line-height: 1.2; text-indent: 39.6pt; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>The VanEck<SuP>&#174;</SuP> Junior Gold Miners ETF is an investment portfolio maintained, managed and advised by Van Eck Associates Corporation. The VanEck<SuP>&#174;</SuP> Junior Gold Miners ETF is classified as a &#8220;non-diversified&#8221; fund under the Investment Company Act of 1940. The VanEck<SuP>&#174;</SuP> Junior Gold Miners ETF seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MVIS<SuP>&#174;</SuP> Global Junior Gold Miners Index. Information about the VanEck<SuP>&#174;</SuP> Junior Gold Miners ETF filed with the SEC can be found by reference to its SEC file numbers: 333-123257 and 811-10325 or its CIK Code: 0001137360. Shares of the VanEck<SuP>&#174;</SuP> Junior Gold Miners ETF are listed on the NYSE Arca under ticker symbol &#8220;GDXJ.&#8221;</font></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; text-indent: 39.6pt; margin-top: 0; "><FONT style="font-weight: bold; font-style: italic; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>The MVIS<SuP>&#174;</SuP> Global Junior Gold Miners Index</font></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; text-indent: 39.6pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>All information in this document regarding the MVIS<SuP>&#174;</SuP> Global Junior Gold Miners Index, including, without limitation, its make-up, method of calculation and changes in its components, is derived from publicly available information. Such information reflects the policies of, and is subject to change by, MV Index Solutions (&#8220;MVIS<SuP>&#174;</SuP>&#8221;). Neither we nor any of our affiliates has undertaken any independent review or due diligence of such information. The MVIS<SuP>&#174;</SuP> Global Junior Gold Miners Index is maintained and published by MVIS<SuP>&#174;</SuP>. MVIS<SuP>&#174;</SuP> has no obligation to continue to publish, and may discontinue the publication of, the MVIS<SuP>&#174;</SuP> Global Junior Gold Miners Index.</font></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; text-indent: 39.6pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>The MVIS<SuP>&#174;</SuP> Global Junior Gold Miners Index tracks the performance of gold and silver mining companies. The MVIS<SuP>&#174;</SuP> Global Junior Gold Miners Index includes all small-cap companies of the segment that generate at least 50% of their revenues from gold or silver mining, companies with properties that have the potential to generate at least 50% of their revenues from gold and silver when developed, or companies that primarily invest in gold or silver.</font></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; text-indent: 39.6pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>In addition, stocks included in the MVIS<SuP>&#174;</SuP> Global Junior Gold Miners Index must meet size and liquidity requirements: the full market capitalization has to exceed US$150 million, the three months average-daily-trading volume must be higher than US$1.0 million and the stocks must have traded at least 250,000 shares per month over the last six months.</font></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; text-indent: 39.6pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>The MVIS<SuP>&#174;</SuP> Global Junior Gold Miners Index is reviewed on a quarterly basis to ensure that 100% of the free-float market capitalization of the investable small-cap universe with at least 25 companies.</font></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; text-indent: 39.6pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>At the time of the quarterly rebalance, the component security quantities will be modified to conform to the following asset diversification requirements:</font></FONT></P>
                <P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right"><FONT STYLE="font-family: Arial, sans-serif; font-size: 9pt">(1)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, sans-serif; font-size: 9pt">Companies are valued by full
market capitalization (all secondary lines are grouped). All companies (and not securities) are sorted by full market capitalization
in descending order.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right"><FONT STYLE="font-family: Arial, sans-serif; font-size: 9pt">(2)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, sans-serif; font-size: 9pt">Companies covering the top 60%
of the full market capitalization are excluded. Only companies ranking between 60% and 98% qualify for the selection. However, existing
components ranking between 55% and 60% or 98% and 99% also qualify for the selection.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right"><FONT STYLE="font-family: Arial, sans-serif; font-size: 9pt">(3)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, sans-serif; font-size: 9pt">All companies which qualified
in step 2 are now viewed as securities (companies with secondary lines are ungrouped and treated separately). Only securities that meet
all requirements of the investable index universe are added to the index.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right"><FONT STYLE="font-family: Arial, sans-serif; font-size: 9pt">(4)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, sans-serif; font-size: 9pt">In case the number of eligible
companies is below 25, additional companies are added by MVIS<SUP>&#174;</SUP>&#8217;s decision until the number of stocks equals 25.</FONT></TD>
</TR></TABLE>


                <P style="margin-bottom: 11.0pt; line-height: 1.15; text-indent: 39.6pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Companies determined to be &#8220;silver&#8221; stocks must not constitute more than 20% of the index. If at the quarterly review, the aggregated weighting of all silver stocks represents more than 20% of the index, a sector-weighting cap factor is applied. This sector-weighting cap factor is calculated to ensure that the aggregated weighting of all gold stocks will not be less than 80% and the aggregated weighting of all silver stocks is capped at 20%.</font></FONT></P>
            </DIV>
            <DIV style="width: 594.00pt; padding: 0 39.60pt 10.00pt 39.60pt; min-height: 39.60pt; position: relative; ">
                <P style="text-align: center; margin-bottom: 0.0pt; line-height: 1.2; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><FONT>15</FONT></FONT></P>
                <P style="margin-bottom: 0.0pt; line-height: 1.2; margin-top: 0; "><FONT style="font-family: Times New Roman, Times, serif; font-size: 8.0pt; ">&nbsp;</FONT></P>
            </DIV>
        </DIV>
        <DIV style="page-break-after: always; border-bottom: 1pt solid black; ">
            <P></P>
        </DIV>
        <DIV style="margin: auto; width: 673.20pt; padding: 36pt 0; ">
            <DIV style="width: 594.00pt; padding: 39.60pt 39.60pt 0 39.60pt; min-height: 10.00pt; position: relative; ">
            </DIV>
            <DIV style="width: 594.00pt; padding: 10pt 39.60pt 10pt 39.60pt; position: relative; margin-bottom: 20pt; ">
                <P style="margin-bottom: 11.0pt; line-height: 1.15; text-indent: 39.6pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>For all corporate events that result in a stock removal from the index, the removed stock will be replaced with the highest ranked non-component on the most recent selection list immediately only if the number of components in the index would drop below 20. The replacement stock will be added at the same weight as the removed stock. Only if the number of components drops below its minimum due to a merger of two or more index components, the replacement stock will be added with its uncapped free-float market capitalization weight. In all other cases, i.e. there is no replacement, the additional weight resulting from the removal will be redistributed proportionately across all other index constituents.</font></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>The SPDR<SuP>&#174;</SuP> S&amp;P<SuP>&#174;</SuP> Regional Banking ETF (&#8220;KRE&#8221;)</font></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; text-indent: 39.6pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>The SPDR<SuP>&#174;</SuP> S&amp;P<SuP>&#174;</SuP> Regional Banking ETF is an investment portfolio maintained and managed by SSGA Funds Management, Inc. The SPDR<SuP>&#174;</SuP> Series Trust is a registered investment company that consists of numerous separate investment portfolios, including the SPDR<SuP>&#174;</SuP> S&amp;P<SuP>&#174;</SuP> Regional Banking ETF. The SPDR<SuP>&#174;</SuP> S&amp;P<SuP>&#174;</SuP> Regional Banking ETF seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the S&amp;P<SuP>&#174;</SuP> Regional Banks Select Industry Index. Information about the SPDR<SuP>&#174;</SuP> S&amp;P<SuP>&#174;</SuP> Regional Banking ETF filed with the SEC can be found by reference to its SEC file numbers: 333-57793 and 811-08839 or its CIK Code: 0001064642. Shares of the SPDR<SuP>&#174;</SuP> S&amp;P<SuP>&#174;</SuP> Regional Banking ETF are listed on the NYSE Arca under ticker symbol &#8220;KRE.&#8221;</font></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>The S&amp;P<SuP>&#174;</SuP> Regional Banks Select Industry Index</font></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; text-indent: 39.6pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>All information in this document regarding the S&amp;P<SuP>&#174;</SuP> Regional Banks Select Industry Index, including, without limitation, its make-up, method of calculation and changes in its components, is derived from publicly available information. Such information reflects the policies of, and is subject to change by, S&amp;P Dow Jones Indices LLC ("S&amp;P"), a division of S&amp;P Global. Neither we nor any of our affiliates has undertaken any independent review or due diligence of such information. The S&amp;P<SuP>&#174;</SuP> Regional Banks Select Industry Index is maintained and published by S&amp;P. S&amp;P has no obligation to continue to publish, and may discontinue the publication of, the S&amp;P<SuP>&#174;</SuP> Regional Banks Select Industry Index.</font></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; text-indent: 39.6pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>The S&amp;P<SuP>&#174;</SuP> Regional Banks Select Industry Index is a modified equal-weighted index that is designed to measure the performance of the banking sub-industry portion of the S&amp;P Total Market Index ("S&amp;P TMI"). The S&amp;P TMI includes all U.S. common equities listed on the New York Stock Exchange, NYSE Arca, NYSE American, Nasdaq Global Select Market, Nasdaq Select Market, Nasdaq Capital Market, Cboe BZX, Cboe BYX, Cboe EDGA, Cboe EDGX or Investors Exchange (IEX).</font></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; text-indent: 39.6pt; margin-top: 0; "><FONT style="font-style: italic; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Eligible Constituents</font></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; text-indent: 39.6pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>In addition to being included in the S&amp;P TMI and one of the relevant Global Industry Classification Standard ("GICS") sub-industries, a stock must meet market capitalization and liquidity requirements to be included in the S&amp;P</font></FONT><FONT style="vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; "><font style='white-space: pre-wrap;'><SuP>&#174;</SuP></font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Regional Banks Select Industry Index. Specifically, companies must satisfy one of the three following combined size and liquidity criteria:</font></FONT></P>
                <P style="margin-bottom: 1.5pt; line-height: 1.15; margin-top: 0; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-size: 9.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>float-adjusted market capitalization above $500 million and float-adjusted liquidity ratio above 90%;</font></FONT></FONT></P>
                <P style="margin-bottom: 1.5pt; line-height: 1.15; margin-top: 1.5pt; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-size: 9.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>float-adjusted market capitalization above $400 million and float-adjusted liquidity ratio above 150%; or</font></FONT></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 1.5pt; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-size: 9.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>for current constituents only, float adjusted market capitalization above US$300 million and float-adjusted liquidity ratio greater than or equal to 50%.</font></FONT></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; text-indent: 39.6pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>All U.S. companies satisfying these requirements are included in the S&amp;P<SuP>&#174;</SuP> Regional Banks Select Industry Index. The total number of companies in the S&amp;P</font></FONT><FONT style="vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; "><font style='white-space: pre-wrap;'><SuP>&#174;</SuP></font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Regional Banks Select Industry Index should be at least 35. If there are fewer than 35 stocks, stocks from a supplementary list of highly correlated sub-industries that meet the market capitalization and liquidity thresholds above are included in order of their float-adjusted market capitalization to reach 35 constituents. Minimum market capitalization requirements may be relaxed to ensure there are at least 22 companies in the S&amp;P</font></FONT><FONT style="vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; "><font style='white-space: pre-wrap;'><SuP>&#174;</SuP></font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Regional Banks Select Industry Index as of each rebalancing effective date.</font></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; text-indent: 39.6pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>At the discretion of S&amp;P, constituents with shareholder ownership restrictions defined in company bylaws may be deemed ineligible for inclusion in the S&amp;P<SuP>&#174;</SuP> Regional Banks Select Industry Index. Ownership restrictions preventing entities from replicating the index weight of a company may be excluded from the eligible universe or removed from the S&amp;P<SuP>&#174;</SuP> Regional Banks Select Industry Index.</font></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; text-indent: 39.6pt; margin-top: 0; "><FONT style="font-style: italic; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Eligible Constituents</font></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; text-indent: 39.6pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>The S&amp;P<SuP>&#174;</SuP> Regional Banks Select Industry Index is calculated by a divisor methodology and uses an adjusted equal-weighting methodology to weight constituent companies.</font></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; text-indent: 39.6pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>The initial divisor is set to have a base index value of 1000 on December 17, 1999. The index value is simply the index market value divided by the index divisor, and, in order to maintain index continuity, the divisor is adjusted at each rebalancing and for certain corporate actions. All index divisor adjustments are made after the close of trading based on closing prices.</font></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; text-indent: 39.6pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>The weight for each constituent is subject to a hard cap of 4.5% as well as a liquidity cap, where the excess weight is distributed proportionately among the remaining index constituents. As stock prices move, the weights will shift and the modified weights will change, thus requiring rebalancing from time to time to re-establish the proper weighting. Index membership is reviewed quarterly, and rebalancings occur after the closing on the third Friday of the quarter ending month. The reference date for additions and deletions is after the closing of the last trading date of the previous month. At each quarterly rebalancing, companies are initially equally-weighted using closing prices as of the second Friday of the last month of the quarter. The liquidity cap is then applied, followed by the hard cap of 4.5%. Applying the caps and redistributing the excess weight among the remaining index constituents is an iterative process, and as a result, the redistribution of excess weight following the application of the hard cap may cause a stock to exceed the weight limit imposed by the liquidity cap. In such cases, no further adjustments will be made.</font></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; text-indent: 39.6pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Companies are added between rebalancings only if a deletion in the S&amp;P<SuP>&#174;</SuP> Regional Banks Select Industry Index causes the number of constituents in the index to fall below 22. In those cases, each company deletion is accompanied by a company addition. The weight of the new company in the S&amp;P<SuP>&#174;</SuP> Regional Banks Select Industry Index will be the weight that the deleted company had before being removed. In the case of </font></FONT></P>
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                <P style="text-align: center; margin-bottom: 0.0pt; line-height: 1.2; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><FONT>16</FONT></FONT></P>
                <P style="margin-bottom: 0.0pt; line-height: 1.2; margin-top: 0; "><FONT style="font-family: Times New Roman, Times, serif; font-size: 8.0pt; ">&nbsp;</FONT></P>
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                <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>mergers involving at least one index constituent, the merged company will remain in the S&amp;P<SuP>&#174;</SuP> Regional Banks Select Industry Index if it meets all of the eligibility requirements. The merged company will retain the weight the pre-merger company had as a constituent. If both companies involved in a merger are index constituents prior to the merger, the merged company will be added at the weight of the company deemed to be the acquirer in the merger. In the case of spin-offs, the S&amp;P<SuP>&#174;</SuP> Regional Banks Select Industry Index will follow the S&amp;P TMI&#8217;s treatment of the action. If the S&amp;P TMI treats the pre- and post-spun company as a deletion/addition action, using the stock&#8217;s when-issued price, the S&amp;P<SuP>&#174;</SuP> Regional Banks Select Industry Index will also treat the spin-off in the same way. A company is deleted from S&amp;P<SuP>&#174;</SuP> Regional Banks Select Industry Index if the S&amp;P TMI drops the company. If a company&#8217;s GICS classification changes so that the company no longer belongs to one of the applicable qualifying sub-industries after the classification change, the company is removed from the S&amp;P<SuP>&#174;</SuP> Regional Banks Select Industry Index at the next rebalancing.</font></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>The VanEck<SuP>&#174;</SuP> Semiconductor ETF (&#8220;SMH&#8221;)</font></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; text-indent: 39.6pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>The VanEck<SuP>&#174;</SuP> Semiconductor ETF seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the MVIS<SuP>&#174;</SuP> US Listed Semiconductor 25 Index. Information about the VanEck<SuP>&#174;</SuP> Semiconductor ETF</font></FONT><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> </font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>filed with the SEC can be found by reference to its SEC file numbers: 333-123257 and 811-10325 or its CIK Code: 0001137360. Shares of the VanEck<SuP>&#174;</SuP> Semiconductor ETF are listed on the NYSE Arca under ticker symbol &#8220;SMH.&#8221;</font></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; text-indent: 39.6pt; margin-top: 0; "><FONT style="font-weight: bold; font-style: italic; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>The MVIS<SuP>&#174;</SuP> US Listed Semiconductor 25 Index</font></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; text-indent: 39.6pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>The MVIS<SuP>&#174;</SuP> US Listed Semiconductor 25 Index is designed to track the performance of the largest and most liquid U.S.-listed companies that derive at least 50% (25% for current components) of their revenues from semiconductors. This includes companies engaged primarily in the production of semiconductors and semiconductor equipment. The MVIS<SuP>&#174;</SuP> US Listed Semiconductor 25 Index was launched on August 12, 2011 with a base index value of 1,000 as of September 29, 2000. The MVIS<SuP>&#174;</SuP> US Listed Semiconductor 25 Index is reported by Bloomberg L.P. under the ticker symbol &#8220;MVSMH.&#8221;</font></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; text-indent: 39.6pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>All information contained in this document regarding the MVIS<SuP>&#174;</SuP> US Listed Semiconductor 25 Index, including, without limitation, its make-up, method of calculation and changes in its components, is derived from publicly available information. This information reflects the policies of, and is subject to change by, MarketVector Indexes GmbH (&#8220;MVIS&#8221;). The MVIS<SuP>&#174;</SuP> US Listed Semiconductor 25 Index was developed by MVIS and is maintained and published by MVIS. The MVIS<SuP>&#174;</SuP> US Listed Semiconductor 25 Index is calculated by Solactive AG. MVIS has no obligation to continue to publish, and may discontinue publication of, the MVIS<SuP>&#174;</SuP> US Listed Semiconductor 25 Index.</font></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; text-indent: 39.6pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Only companies with a free float (or shares available to foreign investors) of 5% or more for existing index components or 10% or more for new components are eligible for inclusion in the MVIS<SuP>&#174;</SuP> US Listed Semiconductor 25 Index. In addition, stocks that are currently not in the MVIS<SuP>&#174;</SuP> US Listed Semiconductor 25 Index must meet the following size and liquidity requirements: </font></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; margin-left: 59.40pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-size: 9.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>a full market capitalization exceeding US$150 million; </font></FONT></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; margin-left: 59.40pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-size: 9.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>a three-month average-daily-trading volume of at least US$1 million at the current review and also at the previous two reviews; and</font></FONT></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; margin-left: 59.40pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-size: 9.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>at least 250,000 shares traded per month over the last six months at the current review and also at the previous two reviews. </font></FONT></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; text-indent: 39.6pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>For stocks already in the MVIS<SuP>&#174;</SuP> US Listed Semiconductor 25 Index the following applies: </font></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; margin-left: 59.40pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-size: 9.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>a full market capitalization exceeding US$75 million; </font></FONT></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; margin-left: 59.40pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-size: 9.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>a three-month average-daily-trading volume of at least US$0.2 million in at least two of the latest three quarters (current review and also at the previous two reviews); and </font></FONT></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; margin-left: 59.40pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-size: 9.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>a three-month average-daily-trading volume of at least US$0.6 million at current review or at one of the previous two reviews; or at least 200,000 shares traded per month over the last six months at the current review or at one of the previous two reviews. </font></FONT></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; text-indent: 39.6pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>In case the number of investable stocks drops below the minimum component number for the MVIS<SuP>&#174;</SuP> US Listed Semiconductor 25 Index, additional companies are flagged eligible by MVIS&#8217;s decision until the number of eligible stocks equals the minimum component count. </font></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; text-indent: 39.6pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Only one share line of each company is eligible. In case more than one share line fulfills the above size and liquidity rules, only the largest share line by free float market capitalization is eligible. MVIS can, in exceptional cases (e.g., significantly higher liquidity), decide for a different share line. </font></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; text-indent: 19.8pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>In case the free float market capitalization of a non-component share line: </font></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; margin-left: 59.40pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-size: 9.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>exceeds the free float market capitalization of a share line of the same company which is an index component by at least 25%; and </font></FONT></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; margin-left: 59.40pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-size: 9.0pt; ">&#9679;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>fulfills all size and liquidity eligibility criteria for non-components, </font></FONT></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; text-indent: 39.6pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>the current component share line will be replaced by the larger one. MVIS can, in exceptional cases (e.g., significantly higher liquidity), decide to keep the current share line instead.</font></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; text-indent: 39.6pt; margin-top: 0; "><FONT style="font-weight: bold; font-style: italic; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>The MVIS<SuP>&#174;</SuP> US Listed Semiconductor 25 Index Constituent Selection </font></FONT></P>
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                <P style="text-align: center; margin-bottom: 0.0pt; line-height: 1.2; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><FONT>17</FONT></FONT></P>
                <P style="margin-bottom: 0.0pt; line-height: 1.2; margin-top: 0; "><FONT style="font-family: Times New Roman, Times, serif; font-size: 8.0pt; ">&nbsp;</FONT></P>
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        <DIV style="margin: auto; width: 673.20pt; padding: 36pt 0; ">
            <DIV style="width: 594.00pt; padding: 39.60pt 39.60pt 0 39.60pt; min-height: 10.00pt; position: relative; ">
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            <DIV style="width: 594.00pt; padding: 10pt 39.60pt 10pt 39.60pt; position: relative; margin-bottom: 20pt; ">
                <P style="margin-bottom: 11.0pt; line-height: 1.15; text-indent: 39.6pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>The MVIS<SuP>&#174;</SuP> US Listed Semiconductor 25 Index is reviewed on a semi-annual basis in March and September. The target coverage is 25 companies from the investable universe that are U.S. exchange-listed companies that derive at least 50% (25% for current components) of their revenues from semiconductors. The constituents of the MVIS<SuP>&#174;</SuP> US Listed Semiconductor 25 Index are selected using the following procedure: </font></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; margin-left: 79.20pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-family: Arial, sans-serif; font-size: 9.0pt; ">1)</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>The largest 50 stocks (by full market capitalization) from the investable universe that are U.S. exchange-listed companies that derive at least 50% (25% for current components) of their revenues from the relevant sector or sectors for that MVIS US Listed 25 Index qualify. </font></FONT></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; margin-left: 79.20pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-family: Arial, sans-serif; font-size: 9.0pt; ">2)</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>The 50 stocks are ranked in two different ways &#8212; by free float market capitalization in descending order (the largest company receives rank &#8220;1&#8221;) and then by three-month average-daily trading volume in descending order (the most liquid company receives rank &#8220;1&#8221;). These two ranks are added up. </font></FONT></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; margin-left: 79.20pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-family: Arial, sans-serif; font-size: 9.0pt; ">3)</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>The 50 stocks are then ranked by the sum of their two ranks in Step 2 in ascending order. If two companies have the same sum of ranks, the larger company is placed on top. </font></FONT></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; margin-left: 118.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-family: Arial, sans-serif; font-size: 9.0pt; ">a.</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Initially, the highest ranked 25 companies made up the relevant MVIS US Listed 25 Index. </font></FONT></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; margin-left: 118.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; font-family: Arial, sans-serif; font-size: 9.0pt; ">b.</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>On-going, a 10-40 buffer is applied: the highest ranked 10 companies qualify. The remaining 15 companies are selected from the highest ranked remaining current index components ranked between 11 and 40. If the number of selected companies is still below 25, then the highest ranked remaining stocks are selected until 25 companies have been selected. </font></FONT></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; text-indent: 39.6pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>In addition to the periodic reviews, The MVIS<SuP>&#174;</SuP> US Listed Semiconductor 25 Index is continually reviewed for corporate events (e.g., mergers, takeovers, spin-offs, delistings and bankruptcies) that affect the index components.</font></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>&nbsp;</font></FONT></P>
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                <P style="text-align: center; margin-bottom: 0.0pt; line-height: 1.2; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><FONT>18</FONT></FONT></P>
                <P style="margin-bottom: 0.0pt; line-height: 1.2; margin-top: 0; "><FONT style="font-family: Times New Roman, Times, serif; font-size: 8.0pt; ">&nbsp;</FONT></P>
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                <P style="margin-bottom: 11.0pt; line-height: 1.15; margin-top: 0; "><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Validity of the Notes</font></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; text-indent: 39.6pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>In the opinion of Osler, Hoskin &amp; Harcourt LLP, the issue and sale of the notes has been duly authorized by all necessary corporate action of the Bank in conformity with the Senior 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 and issued and, to the extent validity of the notes is a matter governed by the laws of the Province of Ontario, or the laws of Canada applicable therein, and will be valid obligations of the Bank, subject to the following limitations (i) the enforceability of the Senior 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&#8217; rights generally; (ii) the enforceability of the Senior 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 Senior 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 Senior Debt 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 thereto. In addition, this opinion is subject to customary assumptions about the trustee&#8217;s authorization, execution and delivery of the Indenture and the genuineness of signatures and certain factual 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&#8217;s Form 6-K filed with the SEC and dated March 25, 2025.</font></FONT></P>
                <P style="margin-bottom: 11.0pt; line-height: 1.15; text-indent: 39.6pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>In the opinion of Mayer Brown LLP, when this pricing supplement has been attached to, and duly notated on, the master note that represents the notes, and the notes have been issued and sold as contemplated herein, the notes will be valid, binding and enforceable obligations of Bank of Montreal, entitled to the benefits of the Senior Indenture, subject to applicable bankruptcy, insolvency and similar laws affecting creditors&#8217; 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). This opinion is given as of the date hereof and is limited to the laws of the State of New York. Insofar as this opinion involves matters governed by the laws of the Province of Ontario, or the laws of Canada applicable therein, Mayer Brown LLP has assumed, without independent inquiry or investigation, the validity of the matters opined on by Osler, Hoskin &amp; Harcourt LLP, Canadian legal counsel for the issuer, in its opinion expressed above. This opinion is subject to customary assumptions about the trustee&#8217;s authorization, execution and delivery of the Senior Indenture and the genuineness of signatures and to such counsel&#8217;s reliance on the Bank of Montreal and other sources as to certain factual matters, all as stated in the legal opinion of Mayer Brown LLP dated March 25, 2025, which has been filed with the SEC as an exhibit to a report on Form 6-K by the Bank of Montreal on March 25, 2025.</font></FONT></P>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: times new roman; font-size: 12pt"><b>EX-FILING FEES</b></span></p>



<p style="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><b>CALCULATION OF FILING FEE TABLES</b></p>

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<p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-top: 18pt; margin-bottom: 6pt"><b>Narrative Disclosure</b></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 6pt 0 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The maximum aggregate offering price of the securities to which the prospectus relates is $</span><span id="xdx_901_effd--NrrtvMaxAggtOfferingPric_c20251126__20251126_zozBwoQZysu4" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ffd:NrrtvMaxAggtOfferingPric" contextRef="AsOf2025-11-26" id="Fact000011" format="ixt:numdotdecimal" decimals="0" unitRef="USD">8,000</ix:nonFraction></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">. </span><span id="xdx_90A_effd--NrrtvDsclsr_c20251126__20251126_zTcdvurZDVV7" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="AsOf2025-11-26" escape="true" id="Fact000012" name="ffd:NrrtvDsclsr">The prospectus is a final prospectus for the related offering.</ix:nonNumeric></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 6pt 0 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<title></title>
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<span style="display: none;">v3.25.3</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Submission<br></strong></div></th>
<th class="th"><div>Nov. 26, 2025</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_SubmissionLineItems', window );"><strong>Submission [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Central Index Key</a></td>
<td class="text">0000927971<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Registrant Name</a></td>
<td class="text">BANK OF MONTREAL /CAN/<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_RegnFileNb', window );">Registration File Number</a></td>
<td class="text">333-285508<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FormTp', window );">Form Type</a></td>
<td class="text">F-3<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_SubmissnTp', window );">Submission Type</a></td>
<td class="text">424B2<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeExhibitTp', window );">Fee Exhibit Type</a></td>
<td class="text">EX-FILING FEES<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingTableNa', window );">Offering Table N/A</a></td>
<td class="text">N/A<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetTableNa', window );">Offset Table N/A</a></td>
<td class="text">N/A<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_CombinedProspectusTableNa', window );">Combined Prospectus Table N/A</a></td>
<td class="text">N/A<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_CombinedProspectusTableNa">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_CombinedProspectusTableNa</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:naItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FeeExhibitTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FeeExhibitTp</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:feeExhibitTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FormTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FormTp</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingTableNa">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingTableNa</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:naItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OffsetTableNa">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OffsetTableNa</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:naItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_RegnFileNb">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_RegnFileNb</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_SubmissionLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_SubmissionLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_SubmissnTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_SubmissnTp</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.25.3</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Fees Summary<br></strong></div></th>
<th class="th">
<div>Nov. 26, 2025 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeesSummaryLineItems', window );"><strong>Fees Summary [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_NrrtvDsclsr', window );">Narrative Disclosure</a></td>
<td class="text">The prospectus is a final prospectus for the related offering.<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_NrrtvMaxAggtOfferingPric', window );">Narrative - Max Aggregate Offering Price</a></td>
<td class="nump">$ 8,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FnlPrspctsFlg', window );">Final Prospectus</a></td>
<td class="text">true<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FeesSummaryLineItems">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FeesSummaryLineItems</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FnlPrspctsFlg">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FnlPrspctsFlg</td>
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<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_NrrtvDsclsr">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_NrrtvDsclsr</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
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<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
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<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_NrrtvMaxAggtOfferingPric">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_NrrtvMaxAggtOfferingPric</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
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<td>ffd:nonNegative100TMonetary2ItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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