Bank of Montreal is offering US$ Senior Medium-Term Notes, Series I Buffer Enhanced Return Notes due February 04, 2030, linked to the S&P 500® Index. The notes provide 1-to-1 positive return based on S&P 500 appreciation, with 15% downside protection. Investors may lose up to 85% of principal if the index falls more than 15%.The notes will be issued in $1,000 denominations with a CUSIP of 06376CP91. BMO Capital Markets Corp. is the agent. The estimated initial value is $972.30 per $1,000 principal amount, but will not be less than $925.00. The notes do not bear interest and will not be listed on any securities exchange.The offering highlights potential risks, including loss of principal, lower returns compared to direct index investment, and credit risk of Bank of Montreal. The tax treatment is uncertain. Investors are advised to carefully consider the risks before investing.

Bank of Montreal is offering US$ Senior Medium-Term Notes, Series I Buffer Enhanced Return Notes due February 04, 2030, linked to the S&P 500® Index. The notes provide 1-to-1 positive return based on S&P 500 appreciation, with 15% downside protection. Investors may lose up to 85% of principal if the index falls more than 15%.The notes will be issued in $1,000 denominations with a CUSIP of 06376CP91. BMO Capital Markets Corp. is the agent. The estimated initial value is $972.30 per $1,000 principal amount, but will not be less than $925.00. The notes do not bear interest and will not be listed on any securities exchange.The offering highlights potential risks, including loss of principal, lower returns compared to direct index investment, and credit risk of Bank of Montreal. The tax treatment is uncertain. Investors are advised to carefully consider the risks before investing.