# EDGAR Filing Document

**Accession Number:** 0000927971
**File Stem:** 0001839882-25-036381
**Filing Date:** 2025-7
**Character Count:** 72060
**Document Hash:** e1d75a707dc5715da15d2b6627d24021
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001839882-25-036381.hdr.sgml**: 20250702

**ACCESSION NUMBER**: 0001839882-25-036381

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250702

**DATE AS OF CHANGE**: 20250701

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BANK OF MONTREAL /CAN/
- **CENTRAL INDEX KEY:** 0000927971
- **STANDARD INDUSTRIAL CLASSIFICATION:** COMMERCIAL BANKS, NEC [6029]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A6
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** FWP
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-285508
- **FILM NUMBER:** 251097871

**BUSINESS ADDRESS:**
- **STREET 1:** 1 FIRST CANADIAN PLACE
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5X 1A1
- **BUSINESS PHONE:** 000-000-0000

**MAIL ADDRESS:**
- **STREET 1:** 1 FIRST CANADIAN PLACE
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5X 1A1
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BANK OF MONTREAL /CAN/
- **CENTRAL INDEX KEY:** 0000927971
- **STANDARD INDUSTRIAL CLASSIFICATION:** COMMERCIAL BANKS, NEC [6029]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A6
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** FWP

**BUSINESS ADDRESS:**
- **STREET 1:** 1 FIRST CANADIAN PLACE
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5X 1A1
- **BUSINESS PHONE:** 000-000-0000

**MAIL ADDRESS:**
- **STREET 1:** 1 FIRST CANADIAN PLACE
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5X 1A1

Registration Statement No.333-285508<br>Filed Pursuant to Rule 433

Subject to Completion, dated July 1, 2025<br>Pricing Supplement to the Prospectus dated March 25, 2025, <br>the Prospectus Supplement dated March 25, 2025 and the Product Supplement dated March 25, 2025

![](image1.gif)

 **US$ [ ]** <br>**Senior Medium-Term Notes, Series K**<br>**Contingent Risk Absolute Return Buffer Notes due July 19, 2027**<br>**Linked to the Least Performing of the shares of the SPDR<sup>®</sup> Gold Trust and the shares of the iShares<sup>®</sup> Silver Trust**

● The notes are designed for investors who are seeking 150.00% leveraged positive return based on any appreciation in the level of the least performing of the shares of the SPDR<sup>®</sup> Gold Trust and the shares of the iShares<sup>®</sup> Silver Trust (each, a "Reference Asset" and, the least performing, the "Least Performing Reference Asset"), subject to the Maximum Redemption Amount of $1,392.50 per $1,000 in principal amount of the notes (a 39.25% return on the notes). In addition, if the Final Level of the Least Performing Reference Asset is less than its Initial Level but greater than or equal to its Buffer Level (equal to 85.00% of the Initial Level), you will receive a positive return on your notes equal to the percentage by which that price declines up to the Maximum Downside Redemption Amount of $1,150.00 per $1,000 in principal amount of the notes (a 15.00% return on the notes).

● If the Final Level of the Least Performing Reference Asset decreases by more than 15.00% from its Initial Level, investors will lose 1% of the principal amount for each 1% decrease in the level of the Least Performing Reference Asset from its Initial Level to its Final Level in excess of 15.00%. In such a case, you will receive a cash amount at maturity that is less than the principal amount, and may lose up to 85.00% of your principal amount at maturity.

● Investing in the notes is not equivalent to a direct investment in the Reference Assets .

● The notes do not bear interest. The notes will not be listed on any securities exchange.

● All payments on the notes are subject to the credit risk of Bank of Montreal.

● The notes will be issued in minimum denominations of $1,000 and integral multiples of $1,000.

● The CUSIP number of the notes is 06376EQ47.

● Our subsidiary, BMO Capital Markets Corp. ("BMOCM"), is the agent for this offering. See "Supplemental Plan of Distribution (Conflicts of Interest)" below.

● The notes will not be subject to conversion into our common shares or the common shares of any of our affiliates under subsection 39.2(2.3) of the Canada Deposit Insurance Corporation Act (the "CDIC Act").

**Terms of the Notes:**<sup>1</sup>

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Pricing Date:**  | &nbsp;&nbsp; July 15, 2025  | &nbsp;&nbsp; **Valuation Date:**  | &nbsp;&nbsp; July 14, 2027  |
| &nbsp;&nbsp; **Settlement Date:**  | &nbsp;&nbsp; July 18, 2025  | &nbsp;&nbsp; **Maturity Date:**  | &nbsp;&nbsp; July 19, 2027  |

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<sup>1</sup>Expected. See "Key Terms of the Notes" below for additional details.

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| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Price to Public**<sup>1</sup> | &nbsp;&nbsp; **Agent's Commission**<sup>1</sup> | &nbsp;&nbsp; **Proceeds to Bank of Montreal**<sup>1</sup> |
| &nbsp;&nbsp;&nbsp; Per Note<br> Total | &nbsp;&nbsp;&nbsp; 100%<br> [ ] | &nbsp;&nbsp;&nbsp; 0.80% <br> [ ] | &nbsp;&nbsp;&nbsp; 99.20% <br> [ ]  |

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<sup>1</sup> The total "Agent's Commission" and "Proceeds to Bank of Montreal" to be specified above will reflect the aggregate amounts at the time Bank of Montreal establishes its hedge positions on or prior to the Pricing Date, which may be variable and fluctuate depending on market conditions at such times. Certain dealers who purchased the notes for sale to certain fee-based advisory accounts may forego some or all of their selling concessions, fees or commissions. The public offering price for investors purchasing the notes in these accounts may be between $992.00 and $1,000 per $1,000 in principal amount. We or one of our affiliates may also pay a referral fee to certain dealers 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 page P-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 or passed upon the accuracy of this document, the product supplement, the prospectus supplement or the prospectus. Any representation to the contrary is a criminal offense. The notes will be our unsecured obligations and will not be savings accounts or deposits that are insured by the United States Federal Deposit Insurance Corporation, the Deposit Insurance Fund, the Canada Deposit Insurance Corporation or any other governmental 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 $978.70 per $1,000 in principal amount. The estimated initial value of the notes on the Pricing Date may differ from this value but will not be less than $930.00 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 with accuracy.

**BMO CAPITAL MARKETS**

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**Key Terms of the Notes:**

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| | |
|:---|:---|
| &nbsp;&nbsp; Reference Assets: | &nbsp;&nbsp; The shares of the SPDR<sup>®</sup> Gold Trust (ticker symbol "GLD") and the shares of the iShares<sup>®</sup> Silver Trust (ticker symbol "SLV"). See "The Reference Assets" below for additional information.  |
| &nbsp;&nbsp; Payment at Maturity: | &nbsp;&nbsp; If the Percentage Change of the Least Performing Reference Asset is positive and the Percentage Change multiplied by the Upside Leverage Factor is greater than or equal to the Maximum Return, then the amount that investors will receive at maturity for each $1,000 in principal amount of the notes will equal the Maximum Redemption Amount.<br> If the Percentage Change of the Least Performing Reference Asset is positive and the Percentage Change multiplied by the Upside Leverage Factor is less than the Maximum Return, then the amount that the investors will receive at maturity for each $1,000 in principal amount of the notes will equal:<br> $1,000 + [$1,000 x (Percentage Change of the Least Performing Reference Asset x Upside Leverage Factor)]<br> If the Percentage Change of the Least Performing Reference Asset is less than or equal to zero and the Final Level of the Least Performing Reference Asset is greater than or equal to its Buffer Level, then the amount that investors will receive at maturity for each $1,000 in principal amount of the notes will equal: <br> $1,000 + ($1,000 × -1 × Percentage Change of the Least Performing Reference Asset)<br> *In this case, subject to our credit risk, investors will receive a positive return on the notes up to the Maximum Downside Redemption Amount, even though the price of the Least Performing Reference Asset has declined since the Pricing Date.*<br> If the Percentage Change of the Least Performing Reference Asset is less than zero and the Final Level of the Least Performing Reference Asset is less than its Buffer Level, then the amount that the investors will receive at maturity for each $1,000 in principal amount of the notes will equal: <br> $1,000 + [$1,000 x (Percentage Change of the Least Performing Reference Asset + Buffer Percentage)]<br> **In this case, investors will lose 1% of their principal for each 1% that the Final Level of the Least Performing Reference Asset declines from its Initial Level in excess of the Buffer Percentage. You may lose a significant portion of the principal amount of your notes.** |
| &nbsp;&nbsp; Initial Level:<sup>2</sup> | &nbsp;&nbsp; With respect to each Reference Asset, the closing level of that Reference Asset on the Pricing Date. |
| &nbsp;&nbsp; Maximum Return: | &nbsp;&nbsp; 39.25% |
| &nbsp;&nbsp; Maximum Redemption Amount: | &nbsp;&nbsp; If the Percentage Change is positive, the payment at maturity will not exceed the Maximum Redemption Amount of $1,392.50 per $1,000 in principal amount of the notes.  |
| &nbsp;&nbsp; Least Performing Reference Asset: | &nbsp;&nbsp; The Reference Asset with the lowest Percentage Change.  |
| &nbsp;&nbsp; Percentage Change: | &nbsp;&nbsp; With respect to each Reference Asset, the quotient, expressed as a percentage, of the following formula:<br> <u>(Final Level - Initial Level)</u><br>Initial Level |
| &nbsp;&nbsp; Upside Leverage Factor: | &nbsp;&nbsp; 150.00% |
| &nbsp;&nbsp; Buffer Level:<sup>2</sup> | &nbsp;&nbsp; With respect to each Reference Asset, 85.00% of its Initial Level. |
| &nbsp;&nbsp; Buffer Percentage:<sup>2</sup> | &nbsp;&nbsp; 15.00% Accordingly, you will receive the principal amount of your notes at maturity only if the level of the Least Performing Reference Asset does not decrease by more than 15.00% over the term of the notes. If the Final Level of the Least Performing Reference Asset is less than its Buffer Level, you will receive less than the principal amount of your notes at maturity and you could lose up to 85.00% of the principal amount of your notes.  |
| &nbsp;&nbsp; Maximum Downside Redemption Amount: | &nbsp;&nbsp; $1,150.00 per $1,000 in principal amount of the notes. |
| &nbsp;&nbsp; Final Level: | &nbsp;&nbsp; With respect to each Reference Asset, the closing level of that Reference Asset on the Valuation Date. |
| &nbsp;&nbsp; Pricing Date:<sup>1</sup> | &nbsp;&nbsp; July 15, 2025 |
| &nbsp;&nbsp; Settlement Date:<sup>1</sup> | &nbsp;&nbsp; July 18, 2025 |

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| | |
|:---|:---|
| &nbsp;&nbsp; Valuation Date:<sup>1</sup> | &nbsp;&nbsp; July 14, 2027 |
| &nbsp;&nbsp; Maturity Date:<sup>1</sup> | &nbsp;&nbsp; July 19, 2027 |
| &nbsp;&nbsp; Physical Delivery Amount: | &nbsp;&nbsp; We will only pay cash on the Maturity Date, and you will have no right to receive any shares of any Reference Asset.  |
| &nbsp;&nbsp; Calculation Agent: | &nbsp;&nbsp; BMOCM |
| &nbsp;&nbsp; Selling Agent: | &nbsp;&nbsp; BMOCM |

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<sup>1</sup> Expected and subject to the occurrence of a market disruption event, as described in the accompanying product supplement. If we make any change to the expected Pricing Date and Settlement Date, the Valuation Date and Maturity Date will be changed so that the stated term of the notes remains approximately the same.

<sup>2</sup>As determined by the calculation agent and subject to adjustment in certain circumstances. See "General Terms of the Notes — Anti-dilution Adjustments to a Reference Asset that is an Equity Security (Including Any ETF)" and "— Adjustments to an ETF" in the product supplement for additional information.

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**Payoff Example**

The following table shows the hypothetical payout profile of an investment in the notes based on various hypothetical Final Levels (and the corresponding Percentage Change) of the Least Performing Reference Asset, reflecting the 150.00% Upside Leverage Factor, the Maximum Return of 39.25%, the Buffer Level of 85.00% of its Initial Level and the Maximum Downside Redemption Amount of $1,150.00. Please see "Examples of the Hypothetical Payment at Maturity for a $1,000 Investment in the Notes" below for more detailed examples.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Hypothetical Percentage Change of the Least Performing Reference Asset**  | &nbsp;&nbsp; **Participation in Percentage Change**  | &nbsp;&nbsp; **Hypothetical Return of the Notes**  |
| &nbsp;&nbsp; **29.50%**<br>**26.17%** | &nbsp;&nbsp; **150% Upside Exposure, subject to the Maximum Return** | &nbsp;&nbsp; **39.25%**<br>**39.25%** |
| &nbsp;&nbsp; **18.00%**<br>**9.00%** | &nbsp;&nbsp; **150% Upside Exposure** | &nbsp;&nbsp; **27.00%**<br>**13.50%** |
| &nbsp;&nbsp; **-10%**<br>**-15%** | &nbsp;&nbsp; **If the Final Level is greater than or equal to its Buffer Level, a positive absolute return subject to the Maximum Downside Redemption Amount** | &nbsp;&nbsp; **10%**<br>**15%** |
| &nbsp;&nbsp; **-25%**<br>**-35%** | &nbsp;&nbsp; **1x Loss Beyond Buffer Level** | &nbsp;&nbsp; **-10%**<br>**-20%** |

---

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**Additional Terms of the Notes**

You should read this document together with the product supplement dated March 25, 2025, the prospectus supplement dated March 25, 2025 and the prospectus dated March 25, 2025. **This document, together with the documents listed below, contains the terms of the notes and supersedes all other prior or contemporaneous oral statements as well as any other written materials including preliminary or indicative pricing terms, correspondence, trade ideas, structures for implementation, sample structures, fact sheets, brochures or other educational materials of ours or the agent.** You should carefully consider, among other things, the matters set forth in Additional Risk Factors Relating to the Notes in the product supplement, as the notes involve risks not associated with conventional debt securities. We urge you to consult your investment, legal, tax, accounting and other advisers before you invest in the notes.

You may access these documents on the SEC website at www.sec.gov as follows (or if such address has changed, by reviewing our filings for the relevant date on the SEC website):

Product supplement dated March 25, 2025: <br>[<u>https://www.sec.gov/Archives/edgar/data/927971/000121465925004741/g324250424b2.htm</u>](https://www.sec.gov/Archives/edgar/data/927971/000121465925004741/g324250424b2.htm)

Prospectus supplement dated March 25, 2025 and prospectus dated March 25, 2025: <br>[<u>https://www.sec.gov/Archives/edgar/data/927971/000119312525062081/d840917d424b5.htm</u>](https://www.sec.gov/Archives/edgar/data/927971/000119312525062081/d840917d424b5.htm)

Our Central Index Key, or CIK, on the SEC website is 927971. As used in this document, "we", "us" or "our" refers to Bank of Montreal.

We have filed a registration statement (including a prospectus) with the SEC for the offering to which this document relates. Before you invest, you should read the prospectus in that registration statement and the other documents that we have filed with the SEC for more complete information about us and this offering. You may obtain these documents free of charge by visiting the SEC's website at http://www.sec.gov. Alternatively, we will arrange to send to you the prospectus (as supplemented by the prospectus supplement and product supplement) if you request it by calling our agent toll-free at 1-877-369-5412.

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**Selected Risk Considerations**

An investment in the notes involves significant risks. Investing in the notes is not equivalent to investing directly in the Reference Assets. These risks are explained in more detail in the "Additional Risk Factors Relating to the Notes" section of the product supplement.

**Risks Related to the Structure or Features of the Notes**

● **Your investment in the notes may result in a loss.** — The notes do not guarantee any return of principal. If the Final Level of the Least Performing Reference Asset is less than its Buffer Level, you will lose 1% of the principal amount for each 1% that the Final Level of the Least Performing Reference Asset is less than its Initial Level in excess of the Buffer Percentage. In such a case, you will receive at maturity a cash payment that is less than the principal amount of the notes and may be significantly less than the principal amount of your notes. **Accordingly, you could lose up to 85.00% of the principal amount of your notes.**

● **Your participation in any positive performance of the Reference Assets is limited to the Maximum Redemption Amount, regardless of any appreciation in the levels of the Reference Assets.** — If the Least Performing Reference Asset performs positively over the term of the notes, the return on your notes will not be greater than the Maximum Redemption Amount. This will be the case even if the Percentage Change of the Least Performing Reference Asset multiplied by the Upside Leverage Factor exceeds the Maximum Return.

● **Your participation in any negative performance of the Reference Assets is limited by the Maximum Downside Redemption Amount.** — If the Least Performing Reference Asset performs negatively over the term of the notes, your payment at maturity will not exceed the Maximum Downside Redemption Amount and may be negative if the Final Level of the Least Performing Reference Asset is less than its Buffer Level. If the Final Level of the Least Performing Reference Asset is less than its Initial Level, you will only receive a positive return on the notes if the Final Level of the Least Performing Reference Asset is greater than or equal to its Buffer Level.

● **Your return on the notes will be determined solely by reference to the Least Performing Reference Asset, even if any other Reference Assets perform better.** - Your payment at maturity will be determined by reference to the performance of the Least Performing Reference Asset. Even if the levels of any other Reference Assets have performed more favorably, your return at maturity will only be determined by reference to the performance of the Least Performing Reference Asset.

● **The payments on the notes will be determined by reference to each Reference Asset individually, not to a basket, and the payments on the notes will be based on the performance of the Least Performing Reference Asset.** — The notes are not linked to a weighted basket, in which the risk may be mitigated and diversified among each of the basket components. For example, in the case of notes linked to a weighted basket, the return would depend on the weighted aggregate performance of the basket components reflected as the basket return. As a result, a decrease of the level of one basket component could be mitigated by the increase of the level of the other basket components, as scaled by the weighting of that basket component. However, in the case of the notes, the individual performance of each Reference Asset will not be combined, and the performance of one Reference Asset will not be mitigated by any positive performance of any other Reference Assets. Instead, your return at maturity will depend solely on the Final Level of the Least Performing Reference Asset.

● **Your return on the notes may be lower than the return on a conventional debt security of comparable maturity.** — The return that you will receive on your notes, which could be negative, may be less than the return you could earn on other investments. The notes do not provide for interest payments and the payment you receive at maturity, if any, may be less than the principal amount of the notes. Even if your return on the notes is positive, your return may be less than the return you would earn if you bought a conventional senior interest bearing debt security of ours with the same maturity or if you invested directly in the Reference Assets. Your investment may not reflect the full opportunity cost to you when you take into account factors that affect the time value of money.

**Risks Related to the Reference Assets**

● **Owning the notes is not the same as owning shares of the Reference Assets or a security directly linked to the Reference Assets.** — The return on your notes will not reflect the return you would realize if you actually owned shares of the Reference Assets or a security directly linked to the performance of the Reference Assets and held that investment for a similar period. Your notes may trade quite differently from the Reference Assets. Changes in the level of a Reference Asset may not result in comparable changes in the market value of your notes. Even if the levels of the Reference Assets increase during the term of the notes, the market value of the notes prior to maturity may not increase to the same extent. It is also possible for the market value of the notes to decrease while the levels of the Reference Assets increase. In addition, any dividends or other distributions paid on a Reference Asset will not be reflected in the amount payable on the notes.

● **You will not have any shareholder rights and will have no right to receive any shares of the Reference Assets at maturity.** — Investing in your notes will not make you a holder of any shares of the Reference Assets. Neither you nor any other holder or owner of the notes will have any voting rights, any right to receive dividends or other distributions, or any other rights with respect to the Reference Assets.

● **No delivery of shares of the Reference Assets.** — The notes will be payable only in cash. You should not invest in the notes if you seek to have the shares of a Reference Asset delivered to you at maturity.

● **Adjustments to a Reference Asset could adversely affect the notes.** — The sponsor and advisor of each Reference Asset is responsible for calculating and maintaining that Reference Asset. The sponsor and advisor of each Reference Asset can make methodological changes that could change the share price of the applicable Reference Asset at any time. If one or more of these events occurs, the calculation of the amount payable at maturity may be adjusted to reflect such event or events. Consequently, any of these actions could adversely affect the amount payable at maturity and/or the market value of the notes.

● **We and our affiliates do not have any affiliation with any applicable investment advisor or any Reference Asset Issuer and are not responsible for their public disclosure of information.** — The investment advisor of each Reference Asset advises the issuer of the applicable Reference Asset (each, a "Reference Asset Issuer" and, collectively, the "Reference Asset Issuers") on various matters, including matters relating to the policies, maintenance and calculation of the applicable Reference Asset. We and our affiliates are not affiliated with the investment advisor of any Reference Asset or any Reference Asset Issuer in any way and have no ability to control or predict their actions, including any errors in or discontinuance of disclosure regarding the methods or policies relating to a Reference Asset. No investment advisor of a Reference Asset nor any Reference Asset Issuer is involved in the offerings of the notes in any way and has no obligation to consider your interests as an owner of the notes in taking any actions relating to a Reference Asset that might affect the value of the notes. Neither we nor any of our affiliates has independently verified the adequacy or accuracy of the information about any investment advisor or any Reference

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Asset Issuer contained in any public disclosure of information. You, as an investor in the notes, should make your own investigation into the Reference Asset Issuers.

● **The Reference Assets are subject to management risks.** — The Reference Assets are subject to management risk, which is the risk that the applicable investment advisor's investment strategy, the implementation of which is subject to a number of constraints, may not produce the intended results.

● **You must rely on your own evaluation of the merits of an investment linked to the Reference Assets.** — In the ordinary course of their businesses, our affiliates from time to time may express views on expected movements in the prices of the Reference Assets or the prices of the holdings of the Reference Assets. One or more of our affiliates have published, and in the future may publish, research reports that express views on the Reference Assets or these holdings. However, these views are subject to change from time to time. Moreover, other professionals who deal in the markets relating to the Reference Assets at any time may have significantly different views from those of our affiliates. You are encouraged to derive information concerning the Reference Assets from multiple sources, and you should not rely on the views expressed by our affiliates.<br>Neither the offering of the notes nor any views which our affiliates from time to time may express in the ordinary course of their businesses constitutes a recommendation as to the merits of an investment in the notes.

● **Neither the iShares<sup>®</sup> Silver Trust or the SPDR<sup>®</sup> Gold Trust is an investment company or a commodity pool and will not be subject to regulation under the Investment Company Act of 1940, as amended, or the Commodity Exchange Act, as amended.** — Neither the iShares<sup>®</sup> Silver Trust or the SPDR<sup>®</sup> Gold Trust is registered as an investment company for purposes of U.S. federal securities laws, and are not subject to regulation by the SEC as an investment company. Similarly, the iShares<sup>®</sup> Silver Trust and SPDR<sup>®</sup> Gold Trust do not hold or trade in commodity futures contracts or any other instruments regulated by the U.S. Commodity Exchange Act (the "CEA"), as administered by the U.S. Commodity Futures Trading Commission (the "CFTC"), are not commodity pools for purposes of the CEA, and neither the sponsors nor the trustees of the iShares<sup>®</sup> Silver Trust or SPDR<sup>®</sup> Gold Trust are commodity pool operators with respect to the iShares<sup>®</sup> Silver Trust or SPDR<sup>®</sup> Gold Trust. Consequently, investors in the iShares<sup>®</sup> Silver Trust or SPDR<sup>®</sup> Gold Trust or investments linked to the iShares<sup>®</sup> Silver Trust or SPDR<sup>®</sup> Gold Trust will not benefit from any regulatory protections afforded to persons who invest in regulated investment companies or commodity pools or any of the disclosures required to published by registered commodity pool operators.

● **Single commodity prices tend to be more volatile than, and may not correlate with, the prices of commodities generally.** — iShares<sup>®</sup> Silver Trust is linked exclusively to the price of silver and not to a diverse basket of commodities or a broad-based commodity index. Similarly, the SPDR<sup>®</sup> Gold Trust is linked exclusively to the price of gold and not to a diverse basket of commodities or a broad-based commodity index. The price of silver or gold may not correlate with, and may diverge significantly from, the prices of commodities generally. Because the notes are linked to the iShares<sup>®</sup> Silver Trust and the SPDR<sup>®</sup> Gold Trust, which reflect the performance of the price of a single commodity, they carry greater risk and may be more volatile than a security linked to the prices of multiple commodities or a broad-based commodity index. The price of silver or gold may be, and has recently been, highly volatile, and we can give you no assurance that such volatility will lessen.

● **The iShares<sup>®</sup> Silver Trust, and therefore an investment in the notes, is subject to risks associated with silver.** — The iShares<sup>®</sup> Silver Trust seeks to reflect generally the performance of the price of silver, less the iShares<sup>®</sup> Silver Trust' expenses and liabilities. The price of silver is primarily affected by global demand for and supply of silver. Silver prices can fluctuate widely and may be affected by numerous factors. These include general economic trends, technical developments, substitution issues and regulation, as well as specific factors including industrial and jewelry demand, expectations with respect to the rate of inflation, the relative strength of the U.S. dollar (as the currency in which the price of silver is generally quoted) and other currencies, interest rates, central bank sales, forward sales by producers, global or regional political or economic events and production costs and disruptions in major silver-producing countries, such as Mexico, China and Peru. The demand for and supply of silver affect silver prices, but not necessarily in the same manner as supply and demand affect the prices of other commodities. The supply of silver consists of a combination of new mine production and existing stocks of bullion and fabricated silver held by governments, public and private financial institutions, industrial organizations and private individuals. In addition, the price of silver has on occasion been subject to very rapid short-term changes due to speculative activities. From time to time, above-ground inventories of silver may also influence the market. The major end-uses for silver include industrial applications, jewelry and silverware. It is not possible to predict the aggregate effect of any or all of these factors.

● **The SPDR<sup>®</sup> Gold Trust, and therefore an investment in the notes, is subject to risks associated with gold.** — The investment objective of the SPDR<sup>®</sup> Gold Trust is to reflect the performance of the price of gold bullion, less the SPDR<sup>®</sup> Gold Trust's expenses. The price of gold to which the return on the securities is linked is the afternoon London gold price per troy ounce of gold for delivery in London through a member of the LBMA authorized to effect such delivery. The market for gold bullion is global, and gold prices are subject to volatile price movements over short periods of time. Specific factors affecting the price of gold include economic factors, such as, among other things, the structure of and confidence in the global monetary system, expectations of the future rate of inflation, the relative strength of, and confidence in, the U.S. dollar (as the currency in which the price of gold is generally quoted), interest rates and gold borrowing and lending rates, and global or regional economic, financial, political, regulatory, judicial or other events, as well as wars and political and civil upheavals. Gold prices may also be affected by industry factors such as industrial and jewelry demand, lending, sales and purchases of gold by the official sector, including central banks and other governmental agencies and multilateral institutions that hold gold, sales of gold recycled from jewelry, as opposed to newly produced gold, in particular as the result of financial crises, levels of gold production and production costs in major gold-producing nations such as South Africa, the United States and Australia, non-concurrent trading hours of gold markets and short-term changes in supply and demand because of trading activities in the gold markets. It is not possible to predict the aggregate effect of any or all of these factors. The price of gold may be, and has recently been, extremely volatile, and we can give you no assurance that such volatility will lessen.

● **The iShares<sup>®</sup> Silver Trust and SPDR<sup>®</sup> Gold Trust, and therefore an investment in the notes, is subject to risks associated with commodities trading on the London Bullion Market Association.** — The investment objective of the iShares<sup>®</sup> Silver Trust seeks to reflect generally the performance of the price of silver, less the iShares<sup>®</sup> Silver Trust's expenses and liabilities and the investment objective of the SPDR<sup>®</sup> Gold Trust seeks to reflect generally the performance of the price of gold, less the SPDR<sup>®</sup> Gold Trust's expenses. The price of silver and gold is determined by the London Bullion Market Association ("LBMA") or an independent service-provider appointed by the LBMA. The LBMA is a self-regulatory association of bullion market participants. Although all market-making members of the LBMA are supervised by the Bank of England and are required to satisfy a capital adequacy test, the LBMA itself is not a regulated entity. If the LBMA should cease operations, or if bullion trading should become subject to a value added tax or other tax or any other form of regulation not currently in place, the role of LBMA prices as a global benchmark for the value of silver and gold may be adversely affected. The LBMA is a principals' market that operates in a manner more closely analogous to an over-the-counter physical commodity market than a regulated futures markets, and certain features of U.S. futures contracts are not present in the context of LBMA trading. For example, there are no daily price limits on the LBMA that would otherwise

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restrict fluctuations in the prices of LBMA contracts. In a declining market, it is possible that prices would continue to decline without limitation within a trading day or over a period of trading days. The LBMA may alter, discontinue or suspend calculation or dissemination of the LBMA silver price or LBMA gold price, which could adversely affect the value of the notes. The LBMA, or an independent service-provider appointed by the LBMA, will have no obligation to consider your interests in calculating or revising LBMA prices.

● **The iShares<sup>®</sup> Silver Trust and SPDR<sup>®</sup> Gold Trust may not fully correlate with the performance of silver or gold, as applicable, and may underperform an investment linked directly to the price of silver or gold, as applicable.** — Each of the iShares<sup>®</sup> Silver Trust and SPDR<sup>®</sup> Gold Trust do not fully replicate the performance of its underlying commodity due to fees and expenses and restrictions on access to its underlying commodity due to other circumstances. The iShares<sup>®</sup> Silver Trust and SPDR<sup>®</sup> Gold Trust do not generate any income, and as the iShares<sup>®</sup> Silver Trust and SPDR<sup>®</sup> Gold Trust regularly sells their underlying commodity to pay for ongoing expenses, the amount of underlying commodity represented by each share gradually declines over time. The iShares<sup>®</sup> Silver Trust and SPDR<sup>®</sup> Gold Trust sell their underlying commodity to pay expenses on an ongoing basis irrespective of whether the trading price of the shares rises or falls in response to changes in the price of its underlying commodity. The sale by the iShares<sup>®</sup> Silver Trust or SPDR<sup>®</sup> Gold Trust of its underlying commodity to pay expenses at a time of low prices for its underlying commodity could adversely affect the value of the notes. Additionally, there is a risk that part or all of the iShares<sup>®</sup> Silver Trust's or SPDR<sup>®</sup> Gold Trust's holdings in its underlying commodity could be lost, damaged or stolen. Access to the applicable underlying commodity could also be restricted by natural events (such as an earthquake) or human actions (such as a terrorist attack). All of these factors may lead to a lack of correlation between the performance of the iShares<sup>®</sup> Silver Trust or SPDR<sup>®</sup> Gold Trust and its underlying commodity. In addition, because the shares of the iShares<sup>®</sup> Silver Trust and SPDR<sup>®</sup> Gold Trust are traded on a securities exchange and are subject to market supply and investor demand, the market value of one share may differ from the net asset value per share. During periods of market volatility, the underlying commodity may be unavailable in the secondary market, market participants may be unable to calculate accurately the net asset value per share and the liquidity of the iShares<sup>®</sup> Silver Trust or SPDR<sup>®</sup> Gold Trust may be adversely affected. This kind of market volatility may also disrupt the ability of market participants to create and redeem shares of the iShares<sup>®</sup> Silver Trust or SPDR<sup>®</sup> Gold Trust. Further, market volatility may adversely affect, sometimes materially, the prices at which market participants are willing to buy and sell shares of the iShares<sup>®</sup> Silver Trust or SPDR<sup>®</sup> Gold Trust.

**General Risk Factors**

● **Your investment is subject to the credit risk of Bank of Montreal.** — Our credit ratings and credit spreads may adversely affect the market value of the notes. Investors are dependent on our ability to pay any amounts due on the notes, and therefore investors are subject to our credit risk and to changes in the market's view of our creditworthiness. Any decline in our credit ratings or increase in the credit spreads charged by the market for taking our credit risk is likely to adversely affect the value of the notes.

● **Potential conflicts.** — We and our affiliates play a variety of roles in connection with the issuance of the notes, including acting as calculation agent. In performing these duties, the economic interests of the calculation agent and other affiliates of ours are potentially adverse to your interests as an investor in the notes. We or one or more of our affiliates may also engage in trading of shares of the Reference Assets or the securities held by a Reference Asset on a regular basis as part of our general broker-dealer and other businesses, for proprietary accounts, for other accounts under management or to facilitate transactions for our customers. Any of these activities could adversely affect the level of the Reference Assets and, therefore, the market value of, and the payments on, the notes. We or one or more of our affiliates may also issue or underwrite other securities or financial or derivative instruments with returns linked or related to changes in the performance of the Reference Assets. By introducing competing products into the marketplace in this manner, we or one or more of our affiliates could adversely affect the market value of the notes.

● **Our initial estimated value of the notes will be lower than the price to public.** — Our initial estimated value of the notes is only an estimate, and is based on a number of factors. The price to public of the notes will exceed our initial estimated value, because costs associated with offering, structuring and hedging the notes are included in the price to public, but are not included in the estimated value. These costs include any underwriting discount and selling concessions, the profits that we and our affiliates expect to realize for assuming the risks in hedging our obligations under the notes and the estimated cost of hedging these obligations. The initial estimated value of the notes may be as low as the amount indicated on the cover page hereof.

● **Our initial estimated value does not represent any future value of the notes, and may also differ from the estimated value of any other party.** — Our initial estimated value of the notes as of the date hereof is, and our estimated value as determined on the Pricing Date will be, derived using our internal pricing models. This value is based on market conditions and other relevant factors, which include volatility of the Reference Assets, dividend rates and interest rates. Different pricing models and assumptions could provide values for the notes that are greater than or less than our initial estimated value. In addition, market conditions and other relevant factors after the Pricing Date are expected to change, possibly rapidly, and our assumptions may prove to be incorrect. After the Pricing Date, the value of the notes could change dramatically due to changes in market conditions, our creditworthiness, and the other factors set forth herein and in the product supplement. These changes are likely to impact the price, if any, at which we or BMOCM would be willing to purchase the notes from you in any secondary market transactions. Our initial estimated value does not represent a minimum price at which we or our affiliates would be willing to buy your notes in any secondary market at any time.

● **The terms of the notes are not determined by reference to the credit spreads for our conventional fixed-rate debt.** — To determine the terms of the notes, we will use an internal funding rate that represents a discount from the credit spreads for our conventional fixed-rate debt. As a result, the terms of the notes are less favorable to you than if we had used a higher funding rate.

● **Certain costs are likely to adversely affect the value of the notes.** — Absent any changes in market conditions, any secondary market prices of the notes will likely be lower than the price to public. This is because any secondary market prices will likely take into account our then-current market credit spreads, and because any secondary market prices are likely to exclude all or a portion of any underwriting discount and selling concessions, and the hedging profits and estimated hedging costs that are included in the price to public of the notes and that may be reflected on your account statements. In addition, any such price is also likely to reflect a discount to account for costs associated with establishing or unwinding any related hedge transaction, such as dealer discounts, mark-ups and other transaction costs. As a result, the price, if any, at which BMOCM or any other party may be willing to purchase the notes from you in secondary market transactions, if at all, will likely be lower than the price to public. Any sale that you make prior to the Maturity Date could result in a substantial loss to you.

● **Lack of liquidity.** — The notes will not be listed on any securities exchange. BMOCM may offer to purchase the notes in the secondary market, but is not required to do so. Even if there is a secondary market, it may not provide enough liquidity to allow you to trade or sell the notes

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easily. Because other dealers are not likely to make a secondary market for the notes, the price at which you may be able to trade the notes is likely to depend on the price, if any, at which BMOCM is willing to buy the notes.

● **Hedging and trading activities.** —We or any of our affiliates have carried out or may carry out hedging activities related to the notes, including purchasing or selling shares of the Reference Assets or securities held by the Reference Assets, futures or options relating to the Reference Assets or securities held by the Reference Assets or other derivative instruments with returns linked or related to changes in the performance on the Reference Assets or securities held by the Reference Assets. We or our affiliates may also trade in the Reference Assets, such securities, or instruments related to the Reference Assets or such securities from time to time. Any of these hedging or trading activities on or prior to the Pricing Date and during the term of the notes could adversely affect the payments on the notes.

● **Many economic and market factors will influence the value of the notes.** — In addition to the levels of the Reference Assets and interest rates on any trading day, the value of the notes will be affected by a number of economic and market factors that may either offset or magnify each other, and which are described in more detail in the product supplement.

● **Significant aspects of the tax treatment of the notes are uncertain.** — The tax treatment of the notes is uncertain. We do not plan to request a ruling from the Internal Revenue Service or from any Canadian authorities regarding the tax treatment of the notes, and the Internal Revenue Service or a court may not agree with the tax treatment described herein. <br>The Internal Revenue Service has released a notice that may affect the taxation of holders of "prepaid forward contracts" and similar instruments. According to the notice, the Internal Revenue Service and the U.S. Treasury are actively considering whether the holder of such instruments should be required to accrue ordinary income on a current basis. While it is not clear whether the notes would be viewed as similar to such instruments, it is possible that any future guidance could materially and adversely affect the tax consequences of an investment in the notes, possibly with retroactive effect. <br>Please read carefully the section entitled "U.S. Federal Tax Information" herein, the section entitled "Supplemental Tax Considerations–Supplemental U.S. Federal Income Tax Considerations" in the accompanying product supplement, the section entitled "United States Federal Income Taxation" in the accompanying prospectus and the section entitled "Certain Income Tax Consequences" in the accompanying prospectus supplement. You should consult your tax advisor about your own tax situation.

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**Examples of the Hypothetical Payment at Maturity for a $1,000 Investment in the Notes** 

The following table illustrates the hypothetical payments on a note at maturity. The hypothetical payments are based on a $1,000 investment in the note, a hypothetical Initial Level of 100.00, a hypothetical Upside Leverage Factor of 39.25%, a hypothetical Buffer Level of 85.00 (85.00% of the hypothetical Initial Level), a hypothetical Maximum Return of 39.25%, a hypothetical Maximum Redemption Amount of $1,392.50, a hypothetical Maximum Downside Redemption Amount of $1,150.00, a range of hypothetical Final Levels and the effect on the payment at maturity.

The hypothetical examples shown below are intended to help you understand the terms of the notes. The actual cash amount that you will receive at maturity will depend upon the Final Level of the Least Performing Reference Asset. You may lose some or a significant portion of the principal amount at maturity.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Hypothetical Final Level of the Least Performing Reference Asset** | &nbsp;&nbsp; **Hypothetical Final Level of the Least Performing Reference Asset Expressed as a Percentage of its Initial Level**  | &nbsp;&nbsp; **Hypothetical Payment at Maturity** | &nbsp;&nbsp; **Hypothetical Return on the Notes** |
| &nbsp;&nbsp; 200.00 | &nbsp;&nbsp; 200.00% | &nbsp;&nbsp; $1392.50 | &nbsp;&nbsp; 39.25% |
| &nbsp;&nbsp; 180.00 | &nbsp;&nbsp; 180.00% | &nbsp;&nbsp; $1392.50 | &nbsp;&nbsp; 39.25% |
| &nbsp;&nbsp; 160.00 | &nbsp;&nbsp; 160.00% | &nbsp;&nbsp; $1392.50 | &nbsp;&nbsp; 39.25% |
| &nbsp;&nbsp; 140.00 | &nbsp;&nbsp; 140.00% | &nbsp;&nbsp; $1392.50 | &nbsp;&nbsp; 39.25% |
| &nbsp;&nbsp; 126.17 | &nbsp;&nbsp; 126.17% | &nbsp;&nbsp; $1392.50  | &nbsp;&nbsp; 39.25% |
| &nbsp;&nbsp; 110.00 | &nbsp;&nbsp; 110.00% | &nbsp;&nbsp; $1150.00 | &nbsp;&nbsp; 15.00% |
| &nbsp;&nbsp; 105.00 | &nbsp;&nbsp; 105.00% | &nbsp;&nbsp; $1075.00 | &nbsp;&nbsp; 7.50% |
| &nbsp;&nbsp; 100.00 | &nbsp;&nbsp; 100.00% | &nbsp;&nbsp; $1000.00 | &nbsp;&nbsp; 0.00% |
| &nbsp;&nbsp; 95.00 | &nbsp;&nbsp; 95.00% | &nbsp;&nbsp; $1050.00 | &nbsp;&nbsp; 5.00% |
| &nbsp;&nbsp; 90.00 | &nbsp;&nbsp; 90.00% | &nbsp;&nbsp; $1100.00 | &nbsp;&nbsp; 10.00% |
| &nbsp;&nbsp; 85.00 | &nbsp;&nbsp; 85.00% | &nbsp;&nbsp; $1150.00 | &nbsp;&nbsp; 15.00% |
| &nbsp;&nbsp; 84.99 | &nbsp;&nbsp; 84.99% | &nbsp;&nbsp; $999.90 | &nbsp;&nbsp; -0.01% |
| &nbsp;&nbsp; 80.00 | &nbsp;&nbsp; 80.00% | &nbsp;&nbsp; $950.00 | &nbsp;&nbsp; -5.00% |
| &nbsp;&nbsp; 40.00 | &nbsp;&nbsp; 40.00% | &nbsp;&nbsp; $550.00 | &nbsp;&nbsp; -45.00% |
| &nbsp;&nbsp; 20.00 | &nbsp;&nbsp; 20.00% | &nbsp;&nbsp; $350.00 | &nbsp;&nbsp; -65.00% |
| &nbsp;&nbsp; 0.00 | &nbsp;&nbsp; 0.00% | &nbsp;&nbsp; $150.00 | &nbsp;&nbsp; -85.00% |

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The following examples illustrate how the returns set forth in the table above are calculated.

**Example 1: The level of the Least Performing Reference Asset decreases from the hypothetical Initial Level of 100.00 to a hypothetical Final Level of 80.00, representing a Percentage Change of –20.00%.** Because the Percentage Change of the Least Performing Reference Asset is negative and its hypothetical Final Level is less than its Buffer Level, the investor receives a payment at maturity of $950.00 per $1,000 in principal amount of the notes, calculated as follows:

$1,000 + [$1,000 x (-20.00% + 15.00%)] = $950.00

**Example 2: The level of the Least Performing Reference Asset decreases from the hypothetical Initial Level of 100.00 to a hypothetical Final Level of 95.00, representing a Percentage Change of -5.00%.** Although the Percentage Change of the Least Performing Reference Asset is negative, because its hypothetical Final Level is greater than its Buffer Level, the investor receives a payment at maturity of $1,050.00 per $1,000 in principal amount of the notes, calculated as follows:

$1,000 + [$1,000 x –1 x (-5.00%)] = $1,050.00

**Example 3: The level of the Least Performing Reference Asset increases from the hypothetical Initial Level of 100.00 to a hypothetical Final Level of 110.00, representing a Percentage Change of 10.00%.** Because the hypothetical Final Level of the Least Performing Reference Asset is greater than its hypothetical Initial Level and the Percentage Change multiplied by the Upside Leverage Factor does not exceed the Maximum Return, the investor receives a payment at maturity of $1,150.00 per $1,000 in principal amount of the notes, calculated as follows:

$1,000 + $1,000 x (10.00% x 150.00%) = $1,150.00

**Example 4: The level of the Least Performing Reference Asset increases from the hypothetical Initial Level of 100.00 to a hypothetical Final Level of 160.00, representing a Percentage Change of 60.00%.** Because the hypothetical Final Level of the Least Performing Reference Asset is greater than its hypothetical Initial Level, and the Percentage Change multiplied by the Upside Leverage Factor exceeds the Maximum Return, the investor receives a payment at maturity of $1,392.50 per $1,000 in principal amount of the notes (the Maximum Redemption Amount). The return on the notes in this example is less than the Percentage Change of the Least Performing Reference Asset.

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**U.S. Federal Tax Information**

By purchasing the notes, each holder agrees (in the absence of a change in law, an administrative determination or a judicial ruling to the contrary) to treat each note as a pre-paid derivative contract for U.S. federal income tax purposes. In the opinion of our counsel, Mayer Brown LLP, it would generally be reasonable to treat the notes as pre-paid derivative contracts in respect of the Reference Assets for U.S. federal income tax purposes. However, the U.S. federal income tax consequences of your investment in the notes are uncertain and the Internal Revenue Service could assert that the notes should be taxed in a manner that is different from that described in the preceding sentence. Please see the discussion in the product supplement dated March 25, 2025 under "Supplemental Tax Considerations—Supplemental U.S. Federal Income Tax Considerations—Notes Treated as Pre-Paid Derivative Contracts," which applies to the notes.

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**Supplemental Plan of Distribution (Conflicts of Interest)**

BMOCM will purchase the notes from us at a purchase price reflecting the commission set forth on the cover hereof. BMOCM has informed us that, as part of its distribution of the notes, it will reoffer the notes to other dealers who will sell them. Each such dealer, or each additional dealer engaged by a dealer to whom BMOCM reoffers the notes, will receive a commission from BMOCM, which will not exceed the commission set forth on the cover page. We or one of our affiliates may also pay a referral fee to certain dealers in connection with the distribution of the notes.

Certain dealers who purchase the notes for sale to certain fee-based advisory accounts may forego some or all of their selling concessions, fees or commissions. The public offering price for investors purchasing the notes in these accounts may be less than 100% of the principal amount, as set forth on the cover page of this document. Investors that hold their notes in these accounts may be charged fees by the investment advisor or manager of that account based on the amount of assets held in those accounts, including the notes.

We will deliver the notes on a date that is greater than one business day following the pricing date. Under Rule 15c6-1 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), trades in the secondary market generally are required to settle in one business day, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the notes more than one business day prior to the issue date will be required to specify alternative settlement arrangements to prevent a failed settlement.

We own, directly or indirectly, all of the outstanding equity securities of BMOCM, the agent for this offering. In accordance with FINRA Rule 5121, BMOCM may not make sales in this offering to any of its discretionary accounts without the prior written approval of the customer.

We reserve the right to withdraw, cancel or modify the offering of the notes and to reject orders in whole or in part. You may cancel any order for the notes prior to its acceptance.

You should not construe the offering of the notes as a recommendation of the merits of acquiring an investment linked to the Reference Assets or as to the suitability of an investment in the notes.

BMOCM may, but is not obligated to, make a market in the notes. BMOCM will determine any secondary market prices that it is prepared to offer in its sole discretion.

We may use the final pricing supplement relating to the notes in the initial sale of the notes. In addition, BMOCM or another of our affiliates may use the final pricing supplement in market-making transactions in any notes after their initial sale. Unless BMOCM or we inform you otherwise in the confirmation of sale, the final pricing supplement is being used by BMOCM in a market-making transaction.

For a period of approximately three months following issuance of the notes, the price, if any, at which we or our affiliates would be willing to buy the notes from investors, and the value that BMOCM may also publish for the notes through one or more financial information vendors and which could be indicated for the notes on any brokerage account statements, will reflect a temporary upward adjustment from our estimated value of the notes that would otherwise be determined and applicable at that time. This temporary upward adjustment represents a portion of (a) the hedging profit that we or our affiliates expect to realize over the term of the notes and (b) any underwriting discount and the selling concessions paid in connection with this offering. The amount of this temporary upward adjustment will decline to zero on a straight-line basis over the three-month period.

The notes and the related offer to purchase notes and sale of notes under the terms and conditions provided herein do not constitute a public offering in any non-U.S. jurisdiction, and are being made available only to individually identified investors pursuant to a private offering as permitted in the relevant jurisdiction. The notes are not, and will not be, registered with any securities exchange or registry located outside of the United States and have not been registered with any non-U.S. securities or banking regulatory authority. The contents of this document have not been reviewed or approved by any non-U.S. securities or banking regulatory authority. Any person who wishes to acquire the notes from outside the United States should seek the advice or legal counsel as to the relevant requirements to acquire these notes.

*British Virgin Islands.* The notes have not been, and will not be, registered under the laws and regulations of the British Virgin Islands, nor has any regulatory authority in the British Virgin Islands passed comment upon or approved the accuracy or adequacy of this document. This pricing supplement and the related documents shall not constitute an offer, invitation or solicitation to any member of the public in the British Virgin Islands for the purposes of the Securities and Investment Business Act, 2010, of the British Virgin Islands.

*Cayman Islands.* Pursuant to the Companies Law (as amended) of the Cayman Islands, no invitation may be made to the public in the Cayman Islands to subscribe for the notes by or on behalf of the issuer unless at the time of such invitation the issuer is listed on the Cayman Islands Stock Exchange. The issuer is not presently listed on the Cayman Islands Stock Exchange and, accordingly, no invitation to the public in the Cayman Islands is to be made by the issuer (or by any dealer on its behalf). No such invitation is made to the public in the Cayman Islands hereby.

*Dominican Republic.* Nothing in this pricing supplement constitutes an offer of securities for sale in the Dominican Republic. The notes have not been, and will not be, registered with the Superintendence of Securities Market of the Dominican Republic (Superintendencia del Mercado de Valores), under Dominican Securities Market Law No. 249-17 ("Securities Law 249-17"), and the notes may not be offered or sold within the Dominican Republic or to, or for the account or benefit of, Dominican persons (as defined under Securities Law 249-17 and its regulations). Failure to comply with these directives may result in a violation of Securities Law 249-17 and its regulations.

*Israel.* This pricing supplement is intended solely for investors listed in the First Supplement of the Israeli Securities Law of 1968, as amended. A prospectus has not been prepared or filed, and will not be prepared or filed, in Israel relating to the notes offered hereunder. The notes cannot be resold in Israel other than to investors listed in the First Supplement of the Israeli Securities Law of 1968, as amended.

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No action will be taken in Israel that would permit an offering of the notes or the distribution of any offering document or any other material to the public in Israel. In particular, no offering document or other material has been reviewed or approved by the Israel Securities Authority. Any material provided to an offeree in Israel may not be reproduced or used for any other purpose, nor be furnished to any other person other than those to whom copies have been provided directly by us or the selling agents.

Nothing in this pricing supplement or any other offering material relating to the notes, should be considered as the rendering of a recommendation or advice, including investment advice or investment marketing under the Law For Regulation of Investment Advice, Investment Marketing and Investment Portfolio Management, 1995, to purchase any note. The purchase of any note will be based on an investor's own understanding, for the investor's own benefit and for the investor's own account and not with the aim or intention of distributing or offering to other parties. In purchasing the notes, each investor declares that it has the knowledge, expertise and experience in financial and business matters so as to be capable of evaluating the risks and merits of an investment in the notes, without relying on any of the materials provided.

*Mexico.* The notes have not been registered with the National Registry of Securities maintained by the Mexican National Banking and Securities Commission and may not be offered or sold publicly in Mexico. This pricing supplement and the related documents may not be publicly distributed in Mexico. The notes may only be offered in a private offering pursuant to Article 8 of the Securities Market Law.

*Switzerland.* This pricing supplement is not intended to constitute an offer or solicitation to purchase or invest in any notes. Neither this pricing supplement nor any other offering or marketing material relating to the notes constitutes a prospectus compliant with the requirements of articles 35 et seq. of the Swiss Financial Services Act ("FinSA")) for a public offering of the notes in Switzerland and no such prospectus has been or will be prepared for or in connection with the offering of the notes in Switzerland.

Neither this pricing supplement nor any other offering or marketing material relating to the notes has been or will be filed with or approved by a Swiss review body (Prüfstelle). No application has been or is intended to be made to admit the notes to trading on any trading venue (SIX Swiss Exchange or on any other exchange or any multilateral trading facility) in Switzerland. Neither this pricing supplement nor any other offering or marketing material relating to the notes may be publicly distributed or otherwise made publicly available in Switzerland.

The notes may not be publicly offered, directly or indirectly, in Switzerland within the meaning of FinSA except (i) in any circumstances falling within the exemptions to prepare a prospectus listed in article 36 para. 1 FinSA or (ii) where such offer does not qualify as a public offer in Switzerland, provided always that no offer of notes shall require the Issuer or any offeror to publish a prospectus pursuant to article 35 FinSA in respect to such offer and that such offer shall comply with the additional restrictions set out below (if applicable). The Issuer has not authorised and does not authorise any offer of notes which would require the Issuer or any offeror to publish a prospectus pursuant to article 35 FinSA in respect of such offer. For purposes of this provision "public offer" shall have the meaning as such term is understood pursuant to article 3 lit. g and h FinSA and the Swiss Financial Services Ordinance ("FinSO").

The notes do not constitute participations in a collective investment scheme within the meaning of the Swiss Collective Investment Schemes Act. They are not subject to the approval of, or supervision by, the Swiss Financial Market Supervisory Authority ("FINMA"), and investors in the notes will not benefit from protection under CISA or supervision by FINMA.

Prohibition of Offer to Private Clients in Switzerland - No Key Information Document pursuant to article 58 FinSA (Basisinformationsblatt für Finanzinstrumente) or equivalent document under foreign law pursuant to article 59 para. 2 FinSA has been or will be prepared in relation to the notes. Therefore, the following additional restriction applies: Notes qualifying as "debt securities with a derivative character" pursuant to article 86 para. 2 FinSO may not be offered within the meaning of article 58 para. 1 FinSA, and neither this pricing supplement nor any other offering or marketing material relating to such notes may be made available, to any retail client (Privatkunde) within the meaning of FinSA in Switzerland.

The notes may also be sold in the following jurisdictions, provided, in each case, any sales are made in accordance with all applicable laws in such jurisdiction:

● Barbados

● Bermuda

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**Additional Information Relating to the Estimated Initial Value of the Notes**

Our estimated initial value of the notes on the date hereof, and that will be set forth on the cover page of the final pricing supplement relating to the notes, equals the sum of the values of the following hypothetical components:

● a fixed-income debt component with the same tenor as the notes, valued using our internal funding rate for structured notes; and

● one or more derivative transactions relating to the economic terms of the notes.

The internal funding rate used in the determination of the initial estimated value generally represents a discount from the credit spreads for our conventional fixed-rate debt. The value of these derivative transactions is derived from our internal pricing models. These models are based on factors such as the traded market prices of comparable derivative instruments and on other inputs, which include volatility, dividend rates, interest rates and other factors. As a result, the estimated initial value of the notes on the Pricing Date will be determined based on the market conditions on the Pricing Date.

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**The Reference Assets**

We have derived the following information from publicly available documents. We have not independently verified the accuracy or completeness of the following information. We are not affiliated with any Reference Asset Issuer and the Reference Asset Issuers will have no obligations with respect to the notes. This document relates only to the notes and does not relate to the shares of the Reference Assets or any securities included in any Underlying Index. Neither we nor any of our affiliates participates in the preparation of the publicly available documents described below. Neither we nor any of our affiliates has made any due diligence inquiry with respect to the Reference Assets in connection with the offering of the notes. There can be no assurance that all events occurring prior to the date hereof, including events that would affect the accuracy or completeness of the publicly available documents described below and that would affect the trading price of the shares of the Reference Assets, have been or will be publicly disclosed. Subsequent disclosure of any events or the disclosure of or failure to disclose material future events concerning the Reference Assets could affect the price of the shares of the Reference Assets on the Valuation Date, and therefore could affect the payments on the notes.

The selection of a Reference Asset is not a recommendation to buy or sell the shares of that Reference Asset. Neither we nor any of our affiliates make any representation to you as to the performance of the shares of the Reference Assets. Information provided to or filed with the SEC under the Exchange Act and the Investment Company Act of 1940 relating to the Reference Assets may be obtained through the SEC's website at <u>http://www.sec.gov</u>.

We encourage you to review recent levels of the Reference Assets prior to making an investment decision with respect to the notes.

**The iShares<sup>®</sup> Silver Trust ("SLV")**

The iShares<sup>®</sup> Silver Trust is an investment trust sponsored by iShares<sup>®</sup> Delaware Trust Sponsor LLC (the "Sponsor"), which is an indirect subsidiary of BlackRock, Inc. The Bank of New York Mellon is the trustee of the SLV (the "Trustee"), and JPMorgan Chase Bank, N.A., London branch, is the custodian of the iShares<sup>®</sup> Silver Trust (the "Custodian"). The iShares<sup>®</sup> Silver Trust trades on NYSE Arca, Inc. under the ticker symbol "SLV." Information about the iShares<sup>®</sup> Silver Trust filed with the SEC can be found by reference to its SEC file numbers: 333-262440 and 001-32863 or its CIK Code: 0001330568.

The iShares<sup>®</sup> Silver Trust seeks to reflect generally the performance of the price of silver before the payment of iShares<sup>®</sup> Silver Trust's expenses and liabilities. The assets of the iShares<sup>®</sup> Silver Trust consist primarily of silver held by the Custodian on behalf of the iShares<sup>®</sup> Silver Trust. The iShares<sup>®</sup> Silver Trust issues shares in exchange for deposits of silver and distributes silver in connection with the redemption of shares. The shares of the iShares<sup>®</sup> Silver Trust are intended to constitute a simple and cost-effective means of making an investment similar to an investment in silver.

The iShares<sup>®</sup> Silver Trust is not actively managed. The iShares<sup>®</sup> Silver Trust does not engage in any activity designed to derive a profit from changes in the price of silver. The iShares<sup>®</sup> Silver Trust's only ordinary recurring expense is expected to be the Sponsor's fee, which accrues daily at an annualized rate equal to 0.50% of the net asset value of the iShares<sup>®</sup> Silver Trust and is payable monthly in arrears. The Trustee will, when directed by the Sponsor, and, in the absence of such direction, may in its discretion, sell silver in such quantity and at such times as may be necessary to permit payment of the Sponsor's fee and of iShares<sup>®</sup> Silver Trust expenses or liabilities not assumed by the Sponsor. As a result of the recurring sales of silver necessary to pay the Sponsor's fee and the iShares<sup>®</sup> Silver Trust expenses or liabilities not assumed by the Sponsor, the net asset value of the iShares<sup>®</sup> Silver Trust will decrease over time.

**The SPDR<sup>®</sup> Gold Trust ("GLD")**

The SPDR<sup>®</sup> Gold Trust is an investment trust sponsored by World Gold Trust Services, LLC (the "Sponsor"). BNY Mellon Asset Servicing, a division of The Bank of New York Mellon, is the trustee of the GLD (the "Trustee"), and HSBC Bank plc is the custodian of the SPDR<sup>®</sup> Gold Trust (the "Custodian"). The SPDR<sup>®</sup> Gold Trust trades on NYSE Arca, Inc. under the ticker symbol "GLD." Information about the SPDR<sup>®</sup> Gold Trust filed with the SEC can be found by reference to its SEC file numbers: 333-267520 and 001-32356 or its CIK Code: 0001222333.

The SPDR<sup>®</sup> Gold Trust seeks to reflect generally the performance of the price of gold before the payment of SPDR<sup>®</sup> Gold Trust's expenses and liabilities. The assets of the SPDR<sup>®</sup> Gold Trust consist primarily of gold held by the Custodian on behalf of the SPDR<sup>®</sup> Gold Trust. The SPDR<sup>®</sup> Gold Trust issues shares in exchange for deposits of gold and distributes gold in connection with the redemption of shares. The shares of the SPDR<sup>®</sup> Gold Trust are intended to constitute a simple and cost-effective means of making an investment similar to an investment in gold.

The SPDR<sup>®</sup> Gold Trust is not actively managed. The SPDR<sup>®</sup> Gold Trust does not engage in any activity designed to derive a profit from changes in the price of gold. The SPDR<sup>®</sup> Gold Trust's only ordinary recurring expense is expected to be the Sponsor's fee, which accrues daily at an annualized rate equal to 0.40% of the net asset value of the SPDR<sup>®</sup> Gold Trust. The Trustee will, when directed by the Sponsor, and, in the absence of such direction, may in its discretion, sell gold in such quantity and at such times as may be necessary to permit payment of the Sponsor's fee and of SPDR<sup>®</sup> Gold Trust expenses or liabilities not assumed by the Sponsor. As a result of the recurring sales of gold necessary to pay the Sponsor's fee and the SPDR<sup>®</sup> Gold Trust expenses or liabilities not assumed by the Sponsor, the amount of gold per share of the SPDR<sup>®</sup> Gold Trust will decrease over time.