蒙特利尔银行美股招股说明书(2025-01-21版)

Pricing Supplement dated January 16, 2025 to the Prospectus dated May 26, 2022,the Prospectus Supplement dated May 26, 2022 and the Product Supplement dated September22, 2022 US$2,750,000Senior Medium-Term Notes, Series IContingent Risk Absolute Return Buffer Notes due February 23, 2026Linked to the shares of SPDR®S&P 500®ETF Trust ●The notes are designed for investors who are seeking 1-to-1 positive return based on any appreciation inthe level of the shares of SPDR®S&P 500®ETF Trust (the “Reference Asset”) , subject to theMaximum Redemption Amount of $1,092.00 per $1,000 in principal amount of the notes (a 9.20% returnon the notes). In addition, if the Final Level of the Reference Asset is less than the Initial Level butgreater than or equal to the Buffer Level (equal to 85.00% of the Initial Level), you will receive a positivereturn on your notes equal to the percentage by which that price declines up to the Maximum DownsideRedemption Amount of $1,150.00 per $1,000 in principal amount of the notes (a 15.00% return on thenotes). ●If the Reference Asset decreases by more than 15.00% from its Initial Level, investors will lose 1% of theprincipal amount for each 1% decrease in the level of the Reference Asset from its Initial Level to itsFinal Level in excess of 15.00%. In such a case, you will receive a cash amount at maturity that is lessthan the principal amount, and may lose up to 85.00% of your principal amount at maturity. Terms of the Notes: Strike Date: January 15, 2025 1The total “Agent’s Commission” and “Proceeds to Bank of Montreal” specified above reflect the aggregate amounts at the time Bank of Montrealestablished its hedge positions on or prior to the Pricing Date, which may have been variable and fluctuated depending on market conditions atsuch times. Certain dealers who purchased the notes for sale to certain fee-based advisory accounts may have foregone some or all of theirselling concessions, fees or commissions. The public offering price for investors purchasing the notes in these accounts was between $997.50and $1,000 per $1,000 in principal amount. We or one of our affiliates will also pay a referral fee to certain dealers of up to 0.25% of the principalamount in connection with the distribution of the notes. Investing in the notes involves risks, including those described in the “Selected Risk Considerations” section beginning on pageP-5 hereof, the “Additional Risk Factors Relating to the Notes” section beginning on page PS-5 of the product supplement, and the“Risk Factors” section beginning on page S-1 of the prospectus supplement and on page 8 of the prospectus. Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these notes orpassed upon the accuracy of this document, the product supplement, the prospectus supplement or the prospectus. Any representation to thecontrary is a criminal offense. The notes will be our unsecured obligations and will not be savings accounts or deposits that are insured by theUnited States Federal Deposit Insurance Corporation, the Deposit Insurance Fund, the Canada Deposit Insurance Corporation or any othergovernmental agency or instrumentality or other entity. On the date hereof, based on the terms set forth above, the estimated initial value of the notes is $989.16 per $1,000 in principal amount.However, as discussed in more detail below, the actual value of the notes at any time will reflect many factors and cannot be predicted withaccuracy. BMO CAPITAL MARKETS Key Terms of the Notes: ReferenceAsset: The shares of SPDR®S&P 500®ETF Trust (ticker symbol "SPY"). See "The Reference Asset" below for additi UnderlyingIndex: S&P 500®Index. If the Percentage Change is positive and the Percentage Change multiplied by the Upside Leverage Factor is gthe Maximum Return, then the amount that the investors will receive at maturity for each $1,000 in principal amequal the Maximum Redemption Amount. If the Percentage Change is positive and the Percentage Change multiplied by the Upside Leverage Factor is lReturn, then the amount that the investors will receive at maturity for each $1,000 in principal amount of the no $1,000 + [$1,000 x (Percentage Change x Upside Leverage Factor)] If the Percentage Change is less than or equal to zero and the Final Level of the Reference Asset is greater thaBuffer Level, then the amount that the investors will receive at maturity for each $1,000 in principal amount of th $1,000 + ($1,000 × -1 × Percentage Change) In this case, subject to our credit risk, investors will receive a positive return on the notes up to the Maximum DAmount, even though the price of the Reference Asset has declined since the Pricing Date. If the Percentage Change is less than zero and the Final Level of the Reference Asset is less than the Buffer Lthat the investors will receive at maturity for each $1,000 in principal amount of the notes will equal: $1,000 + [$1,000 x (Perce