<SEC-DOCUMENT>0001214659-25-016325.txt : 20251112
<SEC-HEADER>0001214659-25-016325.hdr.sgml : 20251112
<ACCEPTANCE-DATETIME>20251112162919
ACCESSION NUMBER:		0001214659-25-016325
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20251112
DATE AS OF CHANGE:		20251112

SUBJECT COMPANY:	

	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:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-285508
		FILM NUMBER:		251473296

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

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

FILED BY:		

	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:		FWP

	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>
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<TYPE>FWP
<SEQUENCE>1
<FILENAME>g1112250fwp.htm
<DESCRIPTION>ARC 5592
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0; text-align: right">Registration Statement No.333-285508<BR STYLE="clear: right">
Filed Pursuant to Rule 433</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0; text-align: center"><FONT STYLE="color: red">Subject to Completion, dated November
12, 2025</FONT><BR STYLE="clear: right">
Pricing Supplement to the Prospectus dated March 25, 2025,<BR STYLE="clear: right">
the Prospectus Supplement dated March 25, 2025 and the Product Supplement dated March 25, 2025</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0; text-align: center"><IMG SRC="bmologosm.jpg" ALT=""></P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0; text-align: center"><B>US$ [ ] </B><BR STYLE="clear: right">
<B>Senior Medium-Term Notes, Series K</B><BR STYLE="clear: right">
<B>Autocallable Barrier Notes with Contingent Coupons due November 17, 2028</B><BR STYLE="clear: right">
<B>Linked to the Least Performing of the shares of SPDR&reg; S&amp;P&reg; Oil &amp; Gas Exploration &amp; Production ETF and the shares
of SPDR&reg; S&amp;P&reg; Bank ETF</B></P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-size: 8pt">The notes are designed for investors who are seeking quarterly contingent periodic interest payments
(as described in more detail below), as well as a return of principal if the closing level of each of the shares of SPDR&reg; S&amp;P&reg;
Oil &amp; Gas Exploration &amp; Production ETF and the shares of S&amp;P Bank ETF SPDR (each, a &quot;Reference Asset&quot; and, collectively,
the &quot;Reference Assets&quot;) on any quarterly Observation Date beginning in February 2026 is greater than 100% of its Initial Level
(the &ldquo;Call Level&rdquo;). Investors should be willing to have their notes automatically 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></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-size: 8pt">The notes will pay a Contingent Coupon on each Contingent Coupon Payment Date at the Contingent Interest
Rate of 3.875% per quarter (approximately 15.50% per annum) if the closing level of each Reference Asset on the applicable quarterly 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></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-size: 8pt">Beginning on February 11, 2026, if on any Observation Date, the closing level of each Reference Asset
is greater than its Call Level, the notes will be automatically redeemed. On the following Contingent Coupon Payment Date (the &ldquo;Call
Settlement Date&quot;), investors will receive their principal amount plus the Contingent Coupon otherwise due. After the notes are redeemed,
investors will not receive any additional payments in respect of the notes.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-size: 8pt">The notes do not guarantee any return of principal at maturity. Instead, if the notes are not automatically
redeemed, 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 &ldquo;Trigger Event&rdquo;), as described
below.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-size: 8pt">If the notes are not automatically redeemed 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 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, together with the final Contingent
Coupon, if payable.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-size: 8pt">Investing in the notes is not equivalent to a direct investment in the Reference Assets.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-size: 8pt">The notes will not be listed on any securities exchange.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-size: 8pt">All payments on the notes are subject to the credit risk of Bank of Montreal.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-size: 8pt">The notes will be issued in minimum denominations of $1,000 and integral multiples of $1,000.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-size: 8pt">Our subsidiary, BMO Capital Markets Corp. (&ldquo;BMOCM&rdquo;), is the agent for this offering. See
&ldquo;Supplemental Plan of Distribution (Conflicts of Interest)&rdquo; below.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-size: 8pt">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 &ldquo;CDIC Act&rdquo;).</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><B>Terms of the Notes:<SUP>1</SUP></B></P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 18%"><FONT STYLE="font-size: 8pt"><B>&nbsp;Pricing Date: </B></FONT></TD>
    <TD STYLE="width: 31%"><FONT STYLE="font-size: 8pt">&nbsp;November 12, 2025 </FONT></TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 17%"><FONT STYLE="font-size: 8pt"><B>&nbsp;Valuation Date: </B></FONT></TD>
    <TD STYLE="width: 29%"><FONT STYLE="font-size: 8pt">&nbsp;November 14, 2028 </FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-size: 8pt"><B>&nbsp;Settlement Date: </B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;November 17, 2025 </FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt"><B>&nbsp;Maturity Date: </B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt"><B>&nbsp;</B>November 17, 2028 </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 7pt Times New Roman; margin: 0pt 0"><SUP>1</SUP>Expected. See &ldquo;Key Terms of the Notes&rdquo; below for additional
details.</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><B>Specific Terms of the Notes:</B></P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 9%; border: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 7pt"><B>Autocallable <BR>
Number</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 7pt"><B>Reference <BR>
Assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 7pt"><B>Ticker <BR>
Symbol</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 7pt"><B>Initial <BR>
Level</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 7pt"><B>Contingent <BR>
Interest Rate</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 7pt"><B>Coupon <BR>
Barrier <BR>
Level</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 7pt"><B>Trigger <BR>
Level</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 7pt"><B>CUSIP</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 7pt"><B>Principal <BR>
Amount</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt"><B>Price to <BR>
Public</B></FONT><SUP>1</SUP></TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt"><B>Agent&rsquo;s <BR>
Commission</B></FONT><SUP>1</SUP></TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt"><B>Proceeds to <BR>
Bank of <BR>
Montreal</B></FONT><SUP>1</SUP></TD></TR>
  <TR>
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 7pt">5592</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;The Shares of SPDR&reg; S&amp;P&reg; Oil &amp; Gas Exploration &amp; Production ETF </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;XOP </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;[ ] </FONT></TD>
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;3.875% per quarter (approximately 15.50% per annum) </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;[ ], 75.00% of its Initial Level </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;[ ], 75.00% of its Initial Level </FONT></TD>
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 7pt">06376FYW3</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 7pt">[ ]</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 7pt">100%</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 7pt Times New Roman; margin: 0pt 0; text-align: center">Up to 2.35%</P>
    <P STYLE="font: 7pt Times New Roman; margin: 0pt 0; text-align: center">[ ]</P></TD>
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 7pt Times New Roman; margin: 0pt 0; text-align: center">At least 97.65%</P>
    <P STYLE="font: 7pt Times New Roman; margin: 0pt 0; text-align: center">[ ]</P></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;The Shares of SPDR&reg; S&amp;P&reg; Bank ETF</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;KBE </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;[ ] </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt">&nbsp;[ ], 75.00% of its Initial Level </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;[ ], 75.00% of its Initial Level </FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0; font: 6pt Times New Roman"><SUP>1</SUP> The total &ldquo;Agent&rsquo;s Commission&rdquo; and &ldquo;Proceeds
to Bank of Montreal&rdquo; to be specified above will reflect the aggregate amounts at the time Bank of Montreal establishes its hedge
positions on or prior to the Pricing Date, which may be variable and fluctuate depending on market conditions at such times. Certain
dealers who purchased 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 between $976.50 and $1,000
per $1,000 in principal amount. We or one of our affiliates may also pay a referral fee to certain dealers in connection with the distribution
of the notes.</P>

<P STYLE="font: 6pt Times New Roman; margin: 0pt 0; text-indent: 0.25in"><B><I>Investing in the notes involves risks, including those
described in the &ldquo;Selected Risk Considerations&rdquo; section beginning on page P-5 hereof, the &ldquo;Additional Risk Factors Relating
to the Notes&rdquo; section beginning on page PS-6 of the product supplement, and the &ldquo;Risk Factors&rdquo; section beginning on
page S-1 of the prospectus supplement and on page 8 of the prospectus.</I></B></P>

<P STYLE="font: 6pt Times New Roman; margin: 0pt 0; text-indent: 0.25in"><I>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.</I></P>

<P STYLE="font: 6pt Times New Roman; margin: 0pt 0; text-indent: 0.25in">On the date hereof, based on the terms set forth above, the estimated
initial value of the notes is $969.40 per $1,000 in principal amount. The estimated initial value of the notes on the Pricing Date may
differ from this value but will not be less than $920.00 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.</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center"><B>BMO CAPITAL MARKETS</B></P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><B>Key Terms of the Notes:</B></P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; width: 25%">Reference Assets:</TD>
    <TD STYLE="width: 75%">The shares of SPDR&reg; S&amp;P&reg; Oil &amp; Gas Exploration &amp; Production ETF (ticker symbol &quot;XOP &quot;) and the shares of SPDR&reg; S&amp;P&reg; Bank ETF (ticker symbol &quot;KBE&quot;). See &quot;The Reference Assets&quot; below for additional information.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">Underlying Index:</TD>
    <TD>With respect to SPDR&reg; S&amp;P&reg; Oil &amp; Gas Exploration &amp; Production ETF, the S&amp;P&reg; Oil &amp; Gas Exploration &amp; Production Select Industry&reg; Index and with respect to SPDR&reg; S&amp;P&reg; Bank ETF, the S&amp;P&reg; Banks Select Industry Index.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">Contingent Coupons:</TD>
    <TD>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 automatic redemption feature.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">Contingent Interest Rate:</TD>
    <TD>3.875% per quarter (approximately 15.50% per annum), if payable. Accordingly, each Contingent Coupon, if payable, will equal $38.75 for each $1,000 in principal amount.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">Observation Dates:<SUP>1</SUP></TD>
    <TD>Three trading days prior to each scheduled Contingent Coupon Payment Date.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">Contingent Coupon Payment <BR>
Dates:<SUP>1</SUP></TD>
    <TD>Interest, if payable, will be paid on the 17th day of each February, May, August, and November (or, if such day is not a business day, the next following business day), beginning on February 17, 2026 and ending on the Maturity Date, subject to the automatic redemption feature.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">Automatic Redemption:</TD>
    <TD>Beginning on February 11, 2026, if, on any Observation Date, the closing level of each Reference Asset is greater than its Call Level, the notes will be automatically redeemed. No further amounts will be owed to you under the Notes.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">Payment upon Automatic <BR>
Redemption:</TD>
    <TD>If the notes are automatically redeemed, then, on the Call Settlement Date, investors will receive their principal amount plus the Contingent Coupon otherwise due.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">Call Settlement Date:<SUP>1</SUP></TD>
    <TD>If the notes are automatically redeemed, the Contingent Coupon Payment Date immediately following the relevant Observation Date.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">Payment at Maturity:</TD>
    <TD>
    <P STYLE="font: 9pt Times New Roman; margin: 0pt 0">If the notes are not automatically redeemed, the payment at maturity for the notes
    is based on the performance of the Reference Assets.</P>
    <P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 9pt Times New Roman; margin: 0pt 0">You will receive $1,000 for each $1,000 in principal amount of the note, unless a
    Trigger Event has occurred.</P>
    <P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 9pt Times New Roman; margin: 0pt 0">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:</P>
    <P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 9pt Times New Roman; margin: 0pt 0; text-align: center">$1,000 + ($1,000 x Percentage Change of the Least Performing Reference
    Asset)</P>
    <P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 9pt Times New Roman; margin: 0pt 0; text-align: center"><B>This amount will be less than the principal amount of your
    notes, and may be zero.</B></P>
    <P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 9pt Times New Roman; margin: 0pt 0">You will also receive the final Contingent Coupon, if payable.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">Trigger Event:<SUP>2</SUP></TD>
    <TD>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.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">Least Performing Reference Asset:</TD>
    <TD>The Reference Asset with the lowest Percentage Change.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">Percentage Change:</TD>
    <TD>
    <P STYLE="font: 9pt Times New Roman; margin: 0pt 0">With respect to each Reference Asset, the quotient, expressed as a percentage, of
    the following formula:</P>
    <P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 9pt Times New Roman; margin: 0pt 0; text-align: center"><U>(Final Level - Initial Level)</U><BR STYLE="clear: right">
    Initial Level</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">Initial Level:<SUP>2</SUP></TD>
    <TD>With respect to each Reference Asset, the closing level of that Reference Asset on the Pricing Date.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">Coupon Barrier Level:<SUP>2</SUP></TD>
    <TD>With respect to each Reference Asset, 75.00% of its Initial Level.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">Trigger Level:<SUP>2</SUP></TD>
    <TD>With respect to each Reference Asset, 75.00% of its Initial Level.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">Call Level:<SUP>2</SUP></TD>
    <TD>With respect to each Reference Asset, 100% of its Initial Level.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">Final Level:</TD>
    <TD>With respect to each Reference Asset, the closing level of that Reference Asset on the Valuation Date.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">Pricing Date:<SUP>1</SUP></TD>
    <TD>November 12, 2025</TD></TR>
  </TABLE>
<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; width: 25%">Settlement Date:<SUP>1</SUP></TD>
    <TD STYLE="width: 75%">November 17, 2025</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">Valuation Date:<SUP>1</SUP></TD>
    <TD>November 14, 2028</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">Maturity Date:<SUP>1</SUP></TD>
    <TD>November 17, 2028</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">Physical Delivery Amount:</TD>
    <TD>We will only pay cash on the Maturity Date, and you will have no right to receive any shares of any Reference Asset.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">Calculation Agent:</TD>
    <TD>BMOCM</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">Selling Agent:</TD>
    <TD>BMOCM</TD></TR>
  </TABLE>
<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><SUP>1</SUP> Expected and subject to the occurrence of a market disruption event,
as described in the accompanying product supplement. If we make any change to the expected Pricing Date and Settlement Date, the Contingent
Coupon Payment Dates (and therefore the Observation Dates and potential Call Settlement Dates), the Valuation Date and Maturity Date will
be changed so that the stated term of the notes remains approximately the same.</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><SUP>2</SUP> As determined by the calculation agent and subject to adjustment in certain
circumstances. See &quot;General Terms of the Notes &mdash; Anti-dilution Adjustments to a Reference Asset that Is an Equity Security
(Including Any ETF)&quot; and &quot;&mdash; Adjustments to a Reference Asset that Is an ETF&quot; in the product supplement for additional
information.</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><B>Additional Terms of the Notes</B></P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0; text-indent: 0.5in">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. <B>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.</B> 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.</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0; text-indent: 0.5in">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):</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0 0pt 0.25in">Product supplement dated March 25, 2025:<BR STYLE="clear: right">
<A HREF="https://www.sec.gov/Archives/edgar/data/927971/000121465925004743/b324250424b2.htm">https://www.sec.gov/Archives/edgar/data/927971/000121465925004743/b324250424b2.htm</A></P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0 0pt 0.25in">Prospectus supplement dated March 25, 2025 and prospectus dated March 25,
2025:<BR STYLE="clear: right">
<A HREF="https://www.sec.gov/Archives/edgar/data/927971/000119312525062081/d840917d424b5.htm">https://www.sec.gov/Archives/edgar/data/927971/000119312525062081/d840917d424b5.htm</A></P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0; text-indent: 0.5in">Our Central Index Key, or CIK, on the SEC website is 927971. As
used in this document, &quot;we&quot;, &quot;us&quot; or &quot;our&quot; refers to Bank of Montreal.</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0; text-indent: 0.5in">We have filed a registration statement (including a prospectus)
with the SEC for the offering to which this document relates. Before you invest, you should read the prospectus in that registration statement
and the other documents that we have filed with the SEC for more complete information about us and this offering. You may obtain these
documents free of charge by visiting the SEC's website at http://www.sec.gov. Alternatively, we will arrange to send to you the prospectus
(as supplemented by the prospectus supplement and product supplement) if you request it by calling our agent toll-free at 1-877-369-5412.</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><B>Selected Risk Considerations</B></P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0; text-indent: 0.5in">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 &ldquo;Additional
Risk Factors Relating to the Notes&rdquo; section of the product supplement.</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><B>Risks Related to the Structure or Features of the Notes</B></P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>Your investment in the notes may result in a loss. </B> &mdash; The notes do not guarantee any return of principal. If the notes
are not automatically redeemed, 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. <B>Accordingly,
you could lose your entire investment in the notes.</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>You may not receive any Contingent Coupons with respect to your notes.</B> &mdash; 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.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>Your notes are subject to automatic early redemption.</B> &mdash; We will redeem the notes if the closing level of each Reference
Asset on any Observation Date is greater than its Call Level. Following an automatic redemption, you will not receive any additional Contingent
Coupons and may not be able to reinvest your proceeds in an investment with returns that are comparable to the notes. Furthermore, to
the extent you are able to reinvest such proceeds in an investment with a comparable return for a similar level of risk, you may incur
transaction costs such as dealer discounts and hedging costs built into the price of the new notes.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>Your return on the notes is limited to the Contingent Coupons, if any, regardless of any appreciation in the value of any Reference
Asset.</B> &mdash; 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 automatically redeemed, you will not receive a payment greater than the principal amount
plus the applicable Contingent Coupon, even if the Final Level of one or more Reference Assets exceeds its Call Level by a substantial
amount. Accordingly, your maximum return on the applicable notes is limited to the potential return represented by the Contingent Coupons.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>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. </B> - 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.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>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. </B> - 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.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>Your return on the notes may be lower than the return on a conventional debt security of comparable maturity. </B> &mdash; 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.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>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. </B> &mdash; 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. &ldquo;Volatility&rdquo; 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 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.</TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><B>Risks Related to the Reference Assets</B></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>Owning the notes is not the same as owning shares of the Reference Assets or a security directly linked to the Reference Assets.</B>
&mdash; 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.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>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. </B> &mdash; 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.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>No delivery of shares of the Reference Assets. </B> &mdash; 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.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>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. </B> &mdash; 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.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>We have no affiliation with any index sponsor of any Underlying Index and will not be responsible for any index sponsor's actions.</B>
&mdash; 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.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>Adjustments to a Reference Asset could adversely affect the notes. </B> &mdash; 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.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>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. </B> &mdash; The investment advisor of each Reference Asset advises the issuer
of the applicable Reference Asset (each, a &ldquo;Reference Asset Issuer&rdquo; and, collectively, the &ldquo;Reference Asset Issuers&rdquo;)
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.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>The correlation between the performance of a Reference Asset and the performance of the applicable Underlying Index may be imperfect.</B>
&mdash; 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.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>The Reference Assets are subject to management risks. </B> &mdash; The Reference Assets are subject to management risk, which is
the risk that the applicable investment advisor&rsquo;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&rsquo;s
assets in securities not included in the relevant industry or sector but which the applicable investment advisor believes will help the
applicable Reference Asset track the relevant industry or sector.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>You must rely on your own evaluation of the merits of an investment linked to the Reference Assets.</B> &mdash; 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.<BR STYLE="clear: right">
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.</TD></TR></TABLE>

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<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><B>Risks Relating to SPDR&reg; S&amp;P&reg; Oil &amp; Gas Exploration &amp; Production
ETF</B></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>An investment in the notes is subject to risks associated with concentration in the oil and gas industry.</B> &mdash; All or substantially
all of the equity securities held by the SPDR&reg; S&amp;P&reg; Oil &amp; Gas Exploration &amp; Production ETF are issued by companies
in the oil and gas exploration and production sector. As a result, the stocks that will determine the performance of the SPDR&reg; S&amp;P&reg;
Oil &amp; Gas Exploration &amp; Production 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 oil and gas exploration and production sector. 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. The issuers of the stocks held by the SPDR&reg; S&amp;P&reg; Oil &amp; Gas Exploration &amp; Production ETF develop
and produce, among other things, crude oil and natural gas, and provide, among other things, drilling services and other services related
to oil and gas production and distribution. Stock prices for these types of companies are affected by supply and demand both for their
specific product or service and for oil and gas products in general. The price of oil and gas, exploration and production spending, government
regulation, world events and economic conditions will likewise affect the performance of these companies. Correspondingly, the stocks
of companies in this sector are subject to swift price fluctuations caused by events relating to international politics, energy conservation,
the success of exploration projects and tax and other governmental regulatory policies. Weak demand for the companies&rsquo; products
or services or for oil and gas products and services in general, as well as negative developments in these other areas, would adversely
impact the value of the stocks held by the SPDR&reg; S&amp;P&reg; Oil &amp; Gas Exploration &amp; Production ETF, the market price of
the SPDR&reg; S&amp;P&reg; Oil &amp; Gas Exploration &amp; Production ETF, and the value of the notes.</TD></TR></TABLE>

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<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><B>Risks Relating to SPDR&reg; S&amp;P&reg; Bank ETF</B></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>An investment in the notes is subject to risks associated with concentration in the banking sector. </B>&mdash; All or substantially
all of the equity securities held by the SPDR&reg; S&amp;P&reg; Bank ETF are issued by companies whose primary lines of business are directly
associated with the banking sector. As a result, the stocks that will determine the performance of the SPDR&reg; S&amp;P&reg; Bank 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 sector. 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.</TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0 0pt 0.25in; text-indent: 0in">The performance of bank stocks may be affected by extensive
governmental regulation which may limit both the amounts and types of loans and other financial commitments they can make, and 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 the sector. Banks may also be subject to severe price competition. These factors could affect the banking
industry and could affect the value of the equity securities held by the SPDR&reg; S&amp;P&reg; Bank ETF and the price of the SPDR&reg;
S&amp;P&reg; Bank ETF during the term of the notes, which may adversely affect the value of your notes.</P>

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<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><B>General Risk Factors</B></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>Your investment is subject to the credit risk of Bank of Montreal.</B> &mdash; 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&rsquo;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.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>Potential conflicts.</B> &mdash; 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.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>Our initial estimated value of the notes will be lower than the price to public.</B> &mdash; 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 will exceed 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. The
initial estimated value of the notes may be as low as the amount indicated on the cover page hereof.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>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.</B> &mdash; Our initial estimated value of the notes as of the date hereof is, and our estimated value as determined on the
Pricing Date will be, 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.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>The terms of the notes are not determined by reference to the credit spreads for our conventional fixed-rate debt. </B> &mdash;
To determine the terms of the notes, we will use an internal funding rate that represents a discount from the credit spreads for our conventional
fixed-rate debt. As a result, the terms of the notes are less favorable to you than if we had used a higher funding rate.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>Certain costs are likely to adversely affect the value of the notes.</B> &mdash; 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.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>Lack of liquidity.</B> &mdash; 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.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>Hedging and trading activities.</B> &mdash; 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.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>Many economic and market factors will influence the value of the notes.</B> &mdash; 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.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>Significant aspects of the tax treatment of the notes are uncertain.</B> &mdash; 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.<BR STYLE="clear: right">
The Internal Revenue Service has released a notice that may affect the taxation of holders of &ldquo;prepaid forward contracts&rdquo;
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.<BR STYLE="clear: right">
Please read carefully the section entitled &quot;U.S. Federal Tax Information&quot; herein, the section entitled &quot;Supplemental Tax
Considerations&ndash;Supplemental U.S. Federal Income Tax Considerations&quot; in the accompanying product supplement, the section entitled
&quot;United States Federal Income Taxation&quot; in the accompanying prospectus and the section entitled &quot;Certain Income Tax Consequences&quot;
in the accompanying prospectus supplement. You should consult your tax advisor about your own tax situation.</TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><B>Examples of the Hypothetical Payment at Maturity for a $1,000 Investment in the
Notes</B></P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0; text-indent: 0.5in">The following table illustrates the hypothetical payments on a
note at maturity, assuming that the notes are not automatically redeemed. 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 75.00 for each Reference Asset (75.00% of the hypothetical
Initial Level), a hypothetical Call Level of $100.00 (100.00% of the hypothetical Initial Level), a range of hypothetical Final Levels
and the effect on the payment at maturity.</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0; text-indent: 0.5in">The hypothetical examples shown below are intended to help you
understand the terms of the notes. If the notes are not automatically redeemed, 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 automatically redeemed 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 the applicable Contingent Coupon.</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0; text-indent: 0.5in">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.</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="background-color: #BFBFBF">
    <TD STYLE="white-space: nowrap; width: 34%; border: Black 1pt solid; text-align: center"><B>Hypothetical Final Level of the <BR>
Least Performing Reference Asset</B></TD>
    <TD STYLE="white-space: nowrap; width: 33%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><B>Hypothetical Final Level of the <BR>
Least Performing Reference Asset <BR>
Expressed as a Percentage of its <BR>
Initial Level </B></TD>
    <TD STYLE="white-space: nowrap; width: 33%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><B>Payment at Maturity (Excluding <BR>
Coupons)</B></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">$200.00</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">200.00%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">$1,000.00</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">$180.00</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">180.00%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">$1,000.00</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">$160.00</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">160.00%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">$1,000.00</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">$140.00</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">140.00%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">$1,000.00</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">$120.00</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">120.00%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">$1,000.00</TD></TR>
  <TR STYLE="background-color: #BFBFBF">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">$100.00</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">100.00%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">$1,000.00</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">$90.00</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">90.00%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">$1,000.00</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">$80.00</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">80.00%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">$1,000.00</TD></TR>
  <TR STYLE="background-color: #BFBFBF">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">$75.00</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">75.00%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">$1,000.00</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">$74.99</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">74.99%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">$749.90</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">$60.00</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">60.00%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">$600.00</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">$40.00</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">40.00%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">$400.00</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">$20.00</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">20.00%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">$200.00</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">$0.00</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">0.00%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">$0.00</TD></TR>
  </TABLE>
<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><B>U.S. Federal Tax Information</B></P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0; text-indent: 0.5in">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 &quot;Supplemental Tax Considerations&mdash;Supplemental U.S. Federal
Income Tax Considerations&mdash;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&mdash;Notes Treated as Pre-Paid Contingent Income-Bearing Derivative
Contracts,&quot; which applies to the notes.</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><B>Supplemental Plan of Distribution (Conflicts of Interest)</B></P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0; text-indent: 0.5in">BMOCM 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. We or one of our affiliates
may also pay a referral fee to certain dealers in connection with the distribution of the notes.</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0; text-indent: 0.5in">Certain 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.</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0; text-indent: 0.5in">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 &ldquo;Exchange Act&rdquo;),
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.</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0; text-indent: 0.5in">We 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.</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0; text-indent: 0.5in">We reserve the right to withdraw, cancel or modify the offering
of the notes and to reject orders in whole or in part. You may cancel any order for the notes prior to its acceptance.</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0; text-indent: 0.5in">You 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.</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0; text-indent: 0.5in">BMOCM 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.</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">We may use the final pricing supplement relating to the notes in the initial sale
of the notes. In addition, BMOCM or another of our affiliates may use the final 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, the final pricing supplement is being
used by BMOCM in a market-making transaction.</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0; text-indent: 0.5in">For 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.</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0; text-indent: 0.5in">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.</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0; text-indent: 0.5in"><I>British Virgin Islands.</I> 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.</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0; text-indent: 0.5in"><I>Cayman Islands.</I> 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.</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0; text-indent: 0.5in"><I>Dominican Republic.</I> 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
(&ldquo;Securities Law 249-17&rdquo;), 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.</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0; text-indent: 0.5in"><I>Israel.</I> 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.</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0; text-indent: 0.5in">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.</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0; text-indent: 0.5in">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&rsquo;s own understanding, for the investor&rsquo;s own benefit and for
the investor&rsquo;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.</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0; text-indent: 0.5in"><I>Mexico.</I> 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.</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0; text-indent: 0.5in"><I>Switzerland.</I> 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 (&quot;FinSA&quot;)) 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.</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0; text-indent: 0.5in">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&uuml;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.</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0; text-indent: 0.5in">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 &quot;public offer&quot; shall have the meaning as such term is understood pursuant to article 3
lit. g and h FinSA and the Swiss Financial Services Ordinance (&quot;FinSO&quot;).</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0; text-indent: 0.5in">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 (&quot;FINMA&quot;), and investors in the notes will not benefit from protection under
CISA or supervision by FINMA.</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0; text-indent: 0.5in">Prohibition of Offer to Private Clients in Switzerland - No Key
Information Document pursuant to article 58 FinSA (Basisinformationsblatt f&uuml;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 &quot;debt securities with a derivative character&quot; 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.</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0; text-indent: 0.5in">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:</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Barbados</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Bermuda</TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><B>Additional Information Relating to the Estimated Initial Value of the Notes</B></P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0; text-indent: 0.5in">Our estimated initial value of the notes on the date hereof, and
that will be set forth on the cover page of the final pricing supplement relating to the notes, equals the sum of the values of the following
hypothetical components:</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>a fixed-income debt component with the same tenor as the notes, valued using our internal funding rate for structured notes; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>one or more derivative transactions relating to the economic terms of the notes.</TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0; text-indent: 0.5in">The internal funding rate used in the determination of the initial
estimated value generally represents a discount from the credit spreads for our conventional fixed-rate debt. The value of these derivative
transactions is derived from our internal pricing models. These models are based on factors such as the traded market prices of comparable
derivative instruments and on other inputs, which include volatility, dividend rates, interest rates and other factors. As a result, the
estimated initial value of the notes on the Pricing Date will be determined based on the market conditions on the Pricing Date.</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><B>The Reference Assets</B></P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0; text-indent: 0.5in">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.</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0; text-indent: 0.5in">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&rsquo;s website at http://www.sec.gov.</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0; text-indent: 0.5in">We encourage you to review recent levels of the Reference Assets
prior to making an investment decision with respect to the notes.</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><B>SPDR&reg; S&amp;P&reg; Oil &amp; Gas Exploration &amp; Production ETF (&ldquo;XOP&rdquo;)</B></P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0; text-indent: 0.5in">The SPDR&reg; S&amp;P&reg; Oil &amp; Gas Exploration &amp; Production
ETF is an investment portfolio maintained and managed by SSgA Funds Management, Inc. (&ldquo;SSFM&rdquo;). The SPDR&reg; Series Trust
is a registered investment company that consists of numerous separate investment portfolios, including the SPDR&reg; S&amp;P&reg; Oil
&amp; Gas Exploration &amp; Production ETF. The SPDR&reg; S&amp;P&reg; Oil &amp; Gas Exploration &amp; Production ETF seeks to provide
investment results that correspond generally to the price and yield performance, before fees and expenses, of the S&amp;P&reg; Oil &amp;
Gas Exploration &amp; Production Select Industry Index. Information about the SPDR&reg; S&amp;P&reg; Oil &amp; Gas Exploration &amp; Production
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&reg; S&amp;P&reg; Oil &amp; Gas Exploration &amp; Production ETF are listed on the NYSE Arca under ticker symbol &quot;XOP.&quot;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0; text-indent: 0.5in">The S&amp;P&reg; Oil &amp; Gas Exploration &amp; Production Select
Industry Index</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0; text-indent: 0.5in">All information in this document regarding the S&amp;P&reg; Oil
&amp; Gas Exploration &amp; Production 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 (&ldquo;S&amp;P&rdquo;), 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&reg; Oil &amp; Gas Exploration &amp; Production 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&reg; Oil &amp; Gas Exploration &amp; Production Select Industry Index.</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0; text-indent: 0.5in">The S&amp;P&reg; Oil &amp; Gas Exploration &amp; Production Select
Industry Index is a modified equal-weighted index that is designed to measure the performance of the oil and gas exploration and production
sub-industry portion of the S&amp;P Total Market Index (&ldquo;S&amp;P TMI&rdquo;). 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 or Cboe EDGX.</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0; text-indent: 0.5in">Eligible Constituents</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0; text-indent: 0.5in">In addition to being included in the S&amp;P TMI and one of the
relevant Global Industry Classification Standard (&ldquo;GICS&rdquo;) sub-industries, a stock must meet market capitalization and liquidity
requirements to be included in S&amp;P&reg; Oil &amp; Gas Exploration &amp; Production Select Industry Index. Specifically, companies
must satisfy the following combined size and liquidity criteria:</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0; text-indent: 0.5in">&bull;&#9;have a float-adjusted market capitalization greater
than or equal to $500 million with a float-adjusted liquidity ratio (defined by dollar value traded over the previous 12 months divided
by the float-adjusted market capitalization as of the index rebalancing reference date) greater than or equal to 90% or have a float-adjusted
market capitalization greater than or equal to $400 million with a float-adjusted liquidity ratio (as defined above) greater than or equal
to 150%; and</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0; text-indent: 0.5in">&bull;&#9;are U.S. based companies.</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0; text-indent: 0.5in">To evaluate liquidity, the dollar value traded for initial public
offerings or spin-offs that do not have 12 months of trading history is annualized. The market capitalization threshold may be relaxed
to ensure that there are at least 22 stocks in the S&amp;P TMI as of the rebalancing effective date. Existing S&amp;P TMI constituents
are removed at the quarterly rebalancing effective date if either their float-adjusted market capitalization falls below $300 million
or their float-adjusted liquidity ratio falls below 50%. The market capitalization threshold and the liquidity threshold are each reviewed
from time to time based on market conditions. The S&amp;P TMI rebalances and reconstitutes quarterly on the third Friday of the quarter
ending month. The reference date for additions and deletions is after the close of the last trading date of the previous month.</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0; text-indent: 0.5in">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&reg; Oil &amp; Gas Exploration &amp; Production
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&reg; Oil &amp; Gas Exploration &amp; Production Select Industry Index.</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0; text-indent: 0.5in">Calculation of the S&amp;P&reg; Oil &amp; Gas Exploration &amp;
Production Select Industry Index</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0; text-indent: 0.5in">The S&amp;P&reg; Oil &amp; Gas Exploration &amp; Production Select
Industry Index is calculated by a divisor methodology and uses an adjusted equal-weighting methodology to weight constituent companies.</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0; text-indent: 0.5in">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.</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0; text-indent: 0.5in">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.</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0; text-indent: 0.5in">Companies are added between rebalancings only if a deletion in
the S&amp;P&reg; Oil &amp; Gas Exploration &amp; Production 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&reg;
Oil &amp; Gas Exploration &amp; Production Select Industry Index will be the weight that the deleted company had before being removed.
In the case of mergers involving at least one index constituent, the merged company will remain in the S&amp;P&reg; Oil &amp; Gas Exploration
&amp; Production 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&reg;
Oil &amp; Gas Exploration &amp; Production Select Industry Index will follow the S&amp;P TMI&rsquo;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&rsquo;s when-issued price, the S&amp;P&reg; Oil
&amp; Gas Exploration &amp; Production Select Industry Index will also treat the spin-off in the same way. A company is deleted from S&amp;P&reg;
Oil &amp; Gas Exploration &amp; Production Select Industry Index if the S&amp;P TMI drops the company. If a company&rsquo;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&reg; Oil &amp; Gas Exploration &amp; Production Select Industry Index at the next rebalancing.</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><B>The S&amp;P Select Industry Indices (&ldquo;KBE&rdquo;)</B></P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 9pt Times New Roman; margin: 0pt 0"><FONT STYLE="font-weight: normal">Eligibility Criteria</FONT></P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><I>Index Eligibility</I>. To be eligible for inclusion in the applicable Select Industry
Index, companies must be in the S&amp;P TMI and must be included in the relevant GICS industry. In addition to the above, companies must
satisfy one of the following size and liquidity criteria:</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify">Be a current constituent, have a float-adjusted market capitalization greater than or equal to US$ 300
million, and have a float-adjusted liquidity ratio greater than or equal to 50%;</TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify">Have a float-adjusted market capitalization greater than or equal to US$ 500 million and a float-adjusted
liquidity ratio greater than or equal to 90%;</TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify">Have a float-adjusted market capitalization greater than or equal to US$ 400 million and a float-adjusted
liquidity ratio greater than or equal to 150%; or</TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4.</TD><TD STYLE="text-align: justify">Some of the S&amp;P Select Industry Indices have different market capitalization and float-adjusted liquidity
ratio requirements. Bank Select Industry Indices have a float-adjusted market cap above US $2 billion and float-adjusted liquidity ratio
above 100%.</TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0; text-align: justify">All U.S. companies satisfying these requirements are included
in the underlying index. The total number of companies in the underlying index should be at least 35. In the event that fewer than 35
stocks are selected for each index using the eligible primary stocks, certain indices will select stocks for inclusion from a supplementary
list of highly correlated sub-industries (supplementary stocks). Supplementary stocks are selected by the following process:</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify">All eligible primary stocks are added to the index.</TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify">If there are 35 or more eligible primary stocks, then any supplementary stocks currently in the index
are deleted.</TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify">If after step 1 there are less than 35 eligible primary stocks, then supplementary stocks meeting the
relevant market capitalization and liquidity thresholds are added in order of their float-adjusted market capitalization from largest
to smallest until the minimum constituent count of 35 stocks is met.</TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4.</TD><TD STYLE="text-align: justify">A buffer is applied in step 3 such that a supplementary stock being added must have a float-adjusted market
capitalization greater than 1.2 times (or 20% higher than) the supplementary stock it is replacing. This buffer is evaluated on each supplementary
stock addition relative to the current supplementary stock it is replacing. For example, the largest non-index supplementary stock by
float-adjusted market capitalization is evaluated against the smallest supplementary index constituent, the second largest non-index supplementary
stock is evaluated against the second smallest supplementary index constituent, etc. This process is repeated until no supplementary additions
exceed the buffer.</TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0; text-align: justify">Additionally, minimum float-adjusted market capitalization requirements
may be relaxed for all indices to ensure that there are at least 22 stocks in each index as of each rebalancing effective date.</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0; text-align: justify"><I>Liquidity</I>. The liquidity measurement used is float-adjusted
liquidity ratio, defined as dollar value traded over the previous 12-months divided by the float-adjusted market capitalization as of
the rebalancing reference date.</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0; text-align: justify">The length of time to evaluate liquidity is reduced to the available
trading period for IPOs or spin-offs that do not have 12 months of trading history. In these cases, the dollar value traded available
as of the rebalancing reference date is annualized.</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0; text-align: justify"><I>Takeover Restrictions</I>. At the discretion of S&amp;P, constituents
with shareholder ownership restrictions defined in company bylaws may be deemed ineligible for inclusion in the index. Ownership restrictions
preventing entities from replicating the index weight of a stock may be excluded from the eligible universe or removed from the index.
S&amp;P Dow Jones Indices will provide up to five days advance notification of a deletion between rebalancings due to ownership restrictions.</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 9pt Times New Roman; margin: 0pt 0"><FONT STYLE="font-weight: normal">Index Maintenance</FONT></P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0; text-align: justify"><I>Rebalancing</I>. Index membership is reviewed quarterly. 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. Closing prices as of the second Friday of the last month of the quarter are used for setting
index weights.</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0; text-align: justify"><I>Additions</I>. Stocks are added between rebalancings only
if a deletion in the index causes the stock count to fall below 22. In those cases, each stock deletion is accompanied with a stock addition.
The new stock will be added to the index at the weight of the deleted stock. In the case of spin-offs, the S&amp;P Select Industry Indices
will follow the S&amp;P TMI&rsquo;s treatment of the action.</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0; text-align: justify"><I>Deletions</I>. A stock is deleted from an S&amp;P Select Industry
Index if the S&amp;P TMI drops the stock. If a stock deletion causes the number of stocks in the relevant index to fall below 22, each
stock deletion is accompanied with a corresponding stock addition. In the case of mergers involving two index constituents, the merged
entity will remain in the index provided that it meets all general eligibility requirements. The merged entity will be added to the index
at the weight of the stock deemed to be the surviving stock in the transaction (i.e. the surviving stock will not experience a weight
change and its subsequent weight will not be equal to that of the pre-merger weight of the merged entities).</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0; text-align: justify">In case of GICS changes, where a stock does not belong to a qualifying
sub-industry after the classification change, it is removed from the relevant index at the next rebalancing.</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></P>

<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2px solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

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