Bank of Montreal has issued $1.96 million in Autocallable Barrier Enhanced Return 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 if not automatically redeemed early. They may be automatically redeemed on December 24, 2025 if the S&P 500 closes above its initial level, paying principal plus approximately 7% per annum.If not redeemed early and the S&P 500 declines over 30% at maturity, investors lose 1% for each 1% index decline below the initial level. The notes do not pay interest. All payments are subject to Bank of Montreal's credit risk.BMOCM is the agent for this offering, receiving a 3.20% commission. The notes' estimated initial value is $948.87 per $1,000 principal amount. They are not listed on any exchange and are subject to certain investment risks.

Bank of Montreal has issued $1.96 million in Autocallable Barrier Enhanced Return 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 if not automatically redeemed early. They may be automatically redeemed on December 24, 2025 if the S&P 500 closes above its initial level, paying principal plus approximately 7% per annum.If not redeemed early and the S&P 500 declines over 30% at maturity, investors lose 1% for each 1% index decline below the initial level. The notes do not pay interest. All payments are subject to Bank of Montreal's credit risk.BMOCM is the agent for this offering, receiving a 3.20% commission. The notes' estimated initial value is $948.87 per $1,000 principal amount. They are not listed on any exchange and are subject to certain investment risks.