蒙特利尔银行美股招股说明书(2025-01-27版)

The information in this preliminary pricing supplement is not complete and may be changed. This preliminary pricing supplement andthe accompanying product supplement, underlying supplement, prospectus supplement and prospectus are not an offer to sell thesesecurities and we are not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted. Subject To Completion, dated January 27, 2025PRICING SUPPLEMENT dated January, 2025(To Product Supplement No. WF1 dated November 25, 2024,Prospectus Supplement dated May 26, 2022and Prospectus dated May 26, 2022) Filed Pursuant to Rule 424(b)(2)Registration Statement No. 333-264388 Bank of Montreal MarketLinked Securities—Auto-Callable with Contingent Coupon andContingent Downside Principal at Risk Securities Linked to the Common Stock of Starbucks Corporation due February 3, 2028Linked to the common stock of Starbucks Corporation (the “Underlier”) nUnlike ordinary debt securities, the securities do not provide for fixed payments of interest, do not repay a fixed amount of principal at statedmaturity and are subject to potential automatic call prior to stated maturity upon the terms described below. Whether the securities pay acontingent coupon, whether the securities are automatically called prior to stated maturity and, if they are not automatically called, whether youreceive the face amount of your securities at stated maturity, will depend, in each case, on the closing value of the Underlier on the relevantcalculation daynContingent Coupon.The securities will pay a contingent coupon on a quarterly basis until the earlier of stated maturity or automatic call if, and only if, the closing value of the Underlier on the calculation day for that quarter is greater than or equal to the coupon threshold value. However, ifthe closing value of the Underlier on a calculation day is less than the coupon threshold value, you will not receive any contingent coupon for therelevant quarter. If the closing value of the Underlier is less than the coupon threshold value on every calculation day, you will not receive anycontingent coupons throughout the entire term of the securities. The coupon threshold value is equal to 80% of the starting value. The contingentcoupon rate will be determined on the pricing date and will be at least 10.50% per annumAutomatic Call.If the closing value of the Underlier on any of the quarterly calculation days scheduled to occur from April 2025 to October n2027, inclusive, is greater than or equal to the starting value, the securities will be automatically called for the face amount plus a final contingentcoupon paymentnPotential Loss of Principal.If the securities are not automatically called prior to stated maturity, you will receive the face amount at stated maturity if, and only if, the closing value of the Underlier on the final calculation day is greater than or equal to the downside threshold value. Ifthe closing value of the Underlier on the final calculation day is less than the downside threshold value, you will lose more than 20%, and possiblyall, of the face amount of your securities. The downside threshold value is equal to 80% of the starting valueIf the securities are not automatically called prior to stated maturity, you will have full downside exposure to the Underlier from the starting value nif the closing value on the final calculation day is less than the downside threshold value, but you will not participate in any appreciation of theUnderlier and will not receive any dividends on the UnderlierAll payments on the securities are subject to our credit risk, and you will have no ability to pursue the Underlier for payment; if Bank of Montreal ndefaults on its obligations, you could lose some or all of your investmentnNo exchange listing; designed to be held to maturity or automatic call On the date of this preliminary pricing supplement, the estimated initial value of the securities is $970.60 per security. The estimated initial value of thesecurities at pricing may differ from this value but will not be less than $920.00 per security. However, as discussed in more detail in this pricing supplement,the actual value of the securities at any time will reflect many factors and cannot be predicted with accuracy. See “Estimated Value of the Securities” in thispricing supplement.The securities have complex features and investing in the securities involves risks not associated with an investment in conventional debt securities. See “Selected Risk Considerations” beginning on page PRS- 10 herein and “Risk Factors” beginning on page PS-5 of the accompanying product supplement,page S-2 of the prospectus supplement and page 8 of the prospectus.The securities are the unsecured obligations of Bank of Montreal, and, accordingly, all payments on the securities are subject to the credit risk of Bank of Montreal. If Bank of Montreal defaults on its obligations, you could lose some or all of your