Bank of Montreal has issued senior medium-term notes linked to the S&P 500 Index, due January 4, 2028. The auto-callable securities offer leveraged upside participation with contingent downside protection.Key features include a potential 7.40% call premium if automatically called after one year, 125% upside participation if held to maturity with positive index return, and full principal protection if the index declines up to 25%. However, investors face full downside exposure beyond a 25% index decline.The securities do not pay interest and are subject to Bank of Montreal's credit risk. The estimated initial value is $958.71 per $1,000 face amount. Wells Fargo Securities is acting as distribution agent. Investors should carefully consider the complex features and risks before investing.

Bank of Montreal has issued senior medium-term notes linked to the S&P 500 Index, due January 4, 2028. The auto-callable securities offer leveraged upside participation with contingent downside protection.Key features include a potential 7.40% call premium if automatically called after one year, 125% upside participation if held to maturity with positive index return, and full principal protection if the index declines up to 25%. However, investors face full downside exposure beyond a 25% index decline.The securities do not pay interest and are subject to Bank of Montreal's credit risk. The estimated initial value is $958.71 per $1,000 face amount. Wells Fargo Securities is acting as distribution agent. Investors should carefully consider the complex features and risks before investing.