Bank of Montreal has issued $1.05 billion in Contingent Risk Absolute Return Buffer Notes due January 3, 2028, linked to the S&P 500 Index. The notes offer 1-to-1 positive return based on S&P 500 appreciation, capped at 31.80%. If the index declines up to 20%, investors receive a positive return equal to the percentage decline, capped at 20%.For index declines exceeding 20%, investors lose 1% of principal for each 1% decline beyond 20%, with potential losses up to 80% of principal. The notes do not pay interest and are not listed on any exchange. BMOCM is the agent for this offering, with a 0.60% commission.The estimated initial value of the notes is $975.68 per $1,000 principal amount. All payments are subject to Bank of Montreal's credit risk. The notes will not be subject to conversion into common shares under the Canada Deposit Insurance Corporation Act.

Bank of Montreal has issued $1.05 billion in Contingent Risk Absolute Return Buffer Notes due January 3, 2028, linked to the S&P 500 Index. The notes offer 1-to-1 positive return based on S&P 500 appreciation, capped at 31.80%. If the index declines up to 20%, investors receive a positive return equal to the percentage decline, capped at 20%.For index declines exceeding 20%, investors lose 1% of principal for each 1% decline beyond 20%, with potential losses up to 80% of principal. The notes do not pay interest and are not listed on any exchange. BMOCM is the agent for this offering, with a 0.60% commission.The estimated initial value of the notes is $975.68 per $1,000 principal amount. All payments are subject to Bank of Montreal's credit risk. The notes will not be subject to conversion into common shares under the Canada Deposit Insurance Corporation Act.