Bank of Montreal has issued $994,000 in Contingent Risk Absolute Return Buffer Notes due December 27, 2027, linked to the S&P 500 Index. The notes offer 1-to-1 positive return based on S&P 500 appreciation, capped at 26.50%, and positive return up to 15% if the index declines up to 15%. Investors face 1% principal loss for each 1% index decline beyond 15%, with maximum loss of 85%.The notes were priced at 100% of principal amount, with BMOCM receiving a 2.4258% commission. They will not be listed on any exchange. The notes are subject to Bank of Montreal's credit risk and will not be subject to conversion under the CDIC Act. The estimated initial value is $946.00 per $1,000 principal amount.S&P Dow Jones Indices LLC licenses the S&P 500 Index but does not sponsor, endorse or promote the notes. The notes involve risks including potential loss of principal and limited upside participation. Investors should carefully consider the terms and risks before investing.

Bank of Montreal has issued $994,000 in Contingent Risk Absolute Return Buffer Notes due December 27, 2027, linked to the S&P 500 Index. The notes offer 1-to-1 positive return based on S&P 500 appreciation, capped at 26.50%, and positive return up to 15% if the index declines up to 15%. Investors face 1% principal loss for each 1% index decline beyond 15%, with maximum loss of 85%.The notes were priced at 100% of principal amount, with BMOCM receiving a 2.4258% commission. They will not be listed on any exchange. The notes are subject to Bank of Montreal's credit risk and will not be subject to conversion under the CDIC Act. The estimated initial value is $946.00 per $1,000 principal amount.S&P Dow Jones Indices LLC licenses the S&P 500 Index but does not sponsor, endorse or promote the notes. The notes involve risks including potential loss of principal and limited upside participation. Investors should carefully consider the terms and risks before investing.