Obbligazione Montreal Bank 0% ( US06367WQT35 ) in USD

Emittente Montreal Bank
Prezzo di mercato 100 USD  ▲ 
Paese  Canada
Codice isin  US06367WQT35 ( in USD )
Tasso d'interesse 0%
Scadenza 30/11/2020 - Obbligazione è scaduto



Prospetto opuscolo dell'obbligazione Bank of Montreal US06367WQT35 in USD 0%, scaduta


Importo minimo 1 000 USD
Importo totale 1 372 000 USD
Cusip 06367WQT3
Standard & Poor's ( S&P ) rating N/A
Moody's rating N/A
Descrizione dettagliata La Bank of Montreal (BMO) è una delle più grandi banche del Canada, con operazioni a livello globale nei settori bancari al dettaglio, commerciali e di investimento.

The Obbligazione issued by Montreal Bank ( Canada ) , in USD, with the ISIN code US06367WQT35, pays a coupon of 0% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 30/11/2020







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424B2 1 g1031190424b2.htm ELN 1230

Registration Statement No. 333-217200
Filed Pursuant to Rule 424(b)(2)


Pricing Supplement dated October 30, 2019 to the Prospectus dated April 27, 2017, the Prospectus Supplement
dated September 23, 2018 and the Product Supplement dated May 1, 2017

US$1,372,000
Buffered Bullish Enhanced Return Notes due November 30, 2020
Linked to the Lesser Performing of the S&P 500® Index and the Russell 2000® Index
·
The notes are designed for investors who seek a 200% leveraged positive return based on any appreciation in the level of the
Lesser Performing of the S&P 500® Index and the Russell 2000® Index (each an "Underlying Asset"). Investors should be
willing to accept a payment at maturity that does not exceed the Maximum Redemption Amount (as defined below), be
willing to forgo periodic interest, and be willing to lose 1% of their principal amount for each 1% that the level of the Lesser
Performing Underlying Asset decreases by more than 10% from its level on the Pricing Date.
·
Investors in the notes may lose up to 90% of their principal amount at maturity.
·
The Maximum Redemption Amount is $1,143 for each $1,000 in principal amount (a 14.30% return).
·
Any payment at maturity is subject to the credit risk of Bank of Montreal.
·
The notes do not bear interest. The notes will not be listed on any securities exchange.
·
The notes will be issued in minimum denominations of $1,000 and integral multiples of $1,000.
·
The offering priced on October 30, 2019, and the notes will settle through the facilities of The Depository Trust Company on
November 4, 2019.
·
The notes are scheduled to mature on November 30, 2020.
·
The CUSIP number of the notes is 06367WQT3.
·
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").
Investing in the notes involves risks, including those described in the "Selected Risk Considerations" section beginning
on page P-5 of this pricing supplement, 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 pricing supplement, 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 of this pricing supplement, the estimated initial value of the notes is $986.30 per $1,000 in principal amount. As
discussed in more detail in this pricing supplement, the actual value of the notes at any time will reflect many factors and cannot
be predicted with accuracy.


Price to Public(1)
Agent's Commission(1)
Proceeds to Bank of Montreal




Per Note
US$1,000
US$4.30
US$995.70




Total
US$1,372,000
US$5,899.60
US$1,366,100.40

(1) Certain dealers that purchased the notes for sale to certain fee-based advisory accounts may have foregone some or all of
their selling concessions, fees or commissions. The public offering price for investors purchasing the notes in these accounts was
between $995.70 and $1,000 per $1,000 in principal amount.

BMO CAPITAL MARKETS




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Key Terms of the Notes:

Underlying Assets:
The S&P 500® Index (ticker symbol: SPX) and the Russell 2000® Index (ticker symbol:
RTY). See the section below entitled "The Underlying Assets" for additional information
about the Underlying Assets.


Payment at Maturity:
(i) If the Percentage Change of the Lesser Performing Underlying Asset multiplied by the
Upside Leverage Factor is greater than or equal to the Maximum Return, the payment at
maturity for each $1,000 in principal amount of the notes will equal the Maximum
Redemption Amount.

(ii) If the Percentage Change of the Lesser Performing Underlying Asset multiplied by the
Upside Leverage Factor is positive but is less than the Maximum Return, then the payment
at maturity for each $1,000 in principal amount of the notes will be calculated as follows:



Principal Amount + [Principal Amount × (Percentage Change of the Lesser Performing
Underlying Asset x Upside Leverage Factor)]



(iii) If the Percentage Change of the Lesser Performing Underlying Asset is between 0%
and -10% inclusive, then the payment at maturity will equal the principal amount of the
notes.



(iv) If the Percentage Change of the Lesser Performing Underlying Asset is less than
-10%, then the payment at maturity will be calculated as follows:

Principal Amount + [Principal Amount × (Percentage Change of the Lesser Performing
Underlying Asset + Buffer Percentage)]

If the Percentage Change of the Lesser Performing Underlying Asset is less than -10%,
investors may lose up to 90% of the principal amount of the notes.


Upside Leverage Factor:
200%


Maximum Return:
14.30%


Maximum Redemption
The payment at maturity will not exceed the Maximum Redemption Amount of $1,143 per
Amount:
$1,000 in principal amount of the notes.


Initial Level:
3,046.77 for the SPX and 1,572.847 for the RTY, each of which was the respective closing
level of the Underlying Asset on the Pricing Date.


Final Level:
The respective closing level of each of the Underlying Assets on the Valuation Date.


Buffer Level:
2,742.09 for the SPX and 1,415.562 for the RTY, each of which is 90% of the respective
Initial Level (rounded to two decimal places in the case of the SPX and three decimal
places in the case of the RTY).


Buffer Percentage:
10%. Accordingly, you will receive the principal amount of your notes at maturity only if
the level of the Lesser Performing Underlying Asset does not decrease by more than 10%.
If the Final Level of the Lesser Performing Underlying 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 90% of the principal amount of your notes.


Lesser Performing Underlying The Underlying Asset that has the lowest Percentage Change.
Asset:



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Percentage Change:
Final Level - Initial Level, expressed as a percentage.
Initial Level


Pricing Date:
October 30, 2019


Settlement Date:
November 4, 2019


Valuation Date:
November 24, 2020


Maturity Date:
November 30, 2020


Automatic Redemption:
Not applicable


Calculation Agent:
BMOCM


Selling Agent:
BMOCM


Payoff Example

The following table shows the hypothetical payout profile of an investment in the notes based on hypothetical
Percentage Changes of the Lesser Performing Underlying Asset, reflecting the 200% Upside Leverage Factor, the Buffer
Level of 90% and the Maximum Return of 14.30%. Please see the hypothetical returns section below for more detailed
examples.




* Your return on the notes will be determined solely by the Percentage Change of the Lesser Performing Underlying Asset.



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Additional Terms of the Notes

You should read this pricing supplement together with the product supplement dated May 1, 2017, the prospectus
supplement dated September 23, 2018 and the prospectus dated April 27, 2017. This pricing supplement, 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 May 1, 2017:
https://www.sec.gov/Archives/edgar/data/927971/000121465917002865/c427172424b5.htm

·
Prospectus supplement dated September 23, 2018:
https://www.sec.gov/Archives/edgar/data/927971/000119312518280416/d624491d424b5.htm

·
Prospectus dated April 27, 2017:
https://www.sec.gov/Archives/edgar/data/927971/000119312517142728/d254784d424b2.htm

Please note that references in the product supplement to the prospectus supplement will be deemed to refer to the
prospectus supplement dated September 23, 2018.

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


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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
Underlying Assets. These risks are explained in more detail in the "Additional Risk Factors Relating to the Notes" section of the
product supplement.

·
Your investment in the notes may result in a loss. -- You may lose some or substantially all of your investment in the
notes. The minimum percentage of your principal that you are entitled to receive under the terms of the notes is only 10%.
The payment at maturity will be based on the Final Level, and whether the Final Level of the Lesser Performing
Underlying Asset on the valuation date has declined from the Initial Level to a level that is less than the Buffer Level. You
will lose 1% of the principal amount of your notes for each 1% that the Final Level of the Lesser Performing Underlying
Asset is less than its Buffer Level. Accordingly, you could lose up to 90% of the principal amount of the notes.

·
Your return on the notes is limited to the Maximum Redemption Amount, regardless of any appreciation in the
levels of the Underlying Assets. -- 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 Lesser Performing Underlying Asset multiplied by the Upside
Leverage Factor exceeds the Maximum Return.

·
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 the amount due at maturity,
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.

·
Your return on the notes will be determined solely by reference to the Lesser Performing Underlying Asset, even if
the other Underlying Asset performs better. -- Your payment at maturity will only be determined by reference to the
performance of the Lesser Performing Underlying Asset. Even if the other Underlying Asset has appreciated in value
compared to its Initial Level, or has experienced a decline that is less than that of the Lesser Performing Underlying
Asset, your return at maturity will only be determined by reference to the performance of the Lesser Performing
Underlying Asset.

·
Your return on the notes will be determined by reference to each Underlying Asset individually, not to a basket,
and the payments on the notes will be based on the performance of the Lesser Performing Underlying 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, the depreciation of
one basket component could be mitigated by the appreciation of the other basket component, as scaled by the weighting
of that basket component. However, in the case of the notes, the individual performance of each Underlying Asset would
not be combined, and the depreciation of an Underlying Asset would not be mitigated by any appreciation of the other
Underlying Asset. Instead, your return at maturity will depend solely on the Final Level of the Lesser Performing
Underlying Asset.

·
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 securities included in the Underlying Assets 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 levels of the Underlying 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 Underlying
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 is 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 exceeds 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 the 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.


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·
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 of this pricing supplement is derived
using our internal pricing models. This value is based on market conditions and other relevant factors, which include
volatility of the Underlying 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 in this pricing supplement and 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 were not determined by reference to the credit spreads for our conventional fixed-rate debt.
-- To determine the terms of the notes, we used 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 the 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.

·
You will not have any shareholder rights and will have no right to receive any securities included in the Underlying
Assets at maturity. -- Investing in your notes will not make you a holder of any shares of any company included in
either of the Underlying 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 those securities.

·
An investment in the notes is subject to risks associated in investing in stocks with a small market capitalization. --
The RTY consists of stocks issued by companies with relatively small market capitalizations. These companies often have
greater stock price volatility, lower trading volume and less liquidity than large-capitalization companies. As a result, the
level of the RTY may be more volatile than that of a market measure that does not track solely small-capitalization stocks.
Stock prices of small-capitalization companies are also generally more vulnerable than those of large-capitalization
companies to adverse business and economic developments, and the stocks of small-capitalization companies may be
thinly traded, and be less attractive to many investors if they do not pay dividends. In addition, small capitalization
companies are typically less well-established and less stable financially than large-capitalization companies and may
depend on a small number of key personnel, making them more vulnerable to loss of those individuals. Small
capitalization companies tend to have lower revenues, less diverse product lines, smaller shares of their target markets,
fewer financial resources and fewer competitive strengths than large-capitalization companies. These companies may also
be more susceptible to adverse developments related to their products or services.

·
Changes that affect an Underlying Asset may adversely affect the market value of the notes and the amount you
will receive at maturity. -- The policies of S&P Dow Jones Indices LLC ("S&P"), the sponsor of the SPX, and FTSE
Russell, the sponsor of the RTY (each, an "Index Sponsor"), concerning the calculation of the applicable Underlying
Asset, additions, deletions or substitutions of the components of the applicable Underlying Asset and the manner in which
changes affecting those components, such as stock dividends, reorganizations or mergers, may be reflected in the
applicable Underlying Asset and, therefore, could affect the level of the applicable Underlying Asset, the amount payable
on the notes at maturity and the market value of the notes prior to maturity. The amount payable on the notes and their
market value could also be affected if either Index Sponsor changes these policies, for example, by changing the manner
in which it calculates the applicable Underlying Asset, or if either Index Sponsor discontinues or suspends the calculation
or publication of the applicable Underlying Asset.


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·
We have no affiliation with either Index Sponsor and will not be responsible for any actions taken by either Index
Sponsor. -- Neither Index Sponsor is an affiliate of ours or will be involved in the offering of the notes in any way.
Consequently, we have no control over the actions of either Index Sponsor, including any actions of the type that would
require the calculation agent to adjust the payment to you at maturity. Neither Index Sponsor has any obligation of any
sort with respect to the notes. Thus, neither Index Sponsor has any obligation to take your interests into consideration for
any reason, including in taking any actions that might affect the value of the notes. None of our proceeds from the
issuance of the notes will be delivered to either Index Sponsor.

·
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 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 may have carried out or may carry out hedging activities
related to the notes, including purchasing or selling securities included in the Underlying Assets, or futures or options
relating to the Underlying Assets, or other derivative instruments with returns linked or related to changes in the
performance of the Underlying Assets. We or our affiliates may also engage in trading relating to the Underlying Assets
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 our payment to you at maturity.

·
Many economic and market factors will influence the value of the notes. -- In addition to the levels of the Underlying
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.

·
You must rely on your own evaluation of the merits of an investment linked to the Underlying Assets. -- In the
ordinary course of their businesses, our affiliates from time to time may express views on expected movements in the
levels of the Underlying Assets or the prices of the securities included in the Underlying Assets. One or more of our
affiliates have published, and in the future may publish, research reports that express views on the Underlying Assets or
these securities. However, these views are subject to change from time to time. Moreover, other professionals who deal in
the markets relating to the Underlying Assets at any time may have significantly different views from those of our
affiliates. You are encouraged to derive information concerning each of the Underlying Assets from multiple sources, and
you should not rely on the views expressed by our affiliates.

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.

·
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 in this
pricing supplement.

The Internal Revenue Service has issued a notice indicating that it and the Treasury Department are actively considering
whether, among other issues, a holder should be required to accrue interest over the term of an instrument such as the
notes even though that holder will not receive any payments with respect to the notes until maturity and whether all or
part of the gain a holder may recognize upon sale or maturity of an instrument such as the notes could be treated as
ordinary income. The outcome of this process is uncertain and could apply on a retroactive basis.

Please read carefully the section entitled "U.S. Federal Tax Information" in this pricing supplement, 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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Hypothetical Return on the Notes at Maturity

The following table and examples illustrate the hypothetical returns at maturity on a $1,000 investment in the notes based
on hypothetical Percentage Changes of the Lesser Performing Underlying Asset. The "return," as used in this section is the
number, expressed as a percentage, which results from comparing the payment at maturity per $1,000 in principal amount of the
notes to $1,000. The hypothetical total returns set forth below are based on a hypothetical Initial Level of 1,000 for the Lesser
Performing Underlying Asset, the Buffer Percentage of 10% (the Buffer Level is 90% of the Initial Level), the Upside Leverage
Factor of 200%, the Maximum Return of 14.30% and the Maximum Redemption Amount of $1,143. The hypothetical returns set
forth below are for illustrative purposes only and may not be the actual returns applicable to investors in the notes. The numbers
appearing in the following table and in the examples below have been rounded for ease of analysis. We make no representation or
warranty as to which of the Underlying Assets will be the Lesser Performing Underlying Asset. It is possible that the Final Level
of each Underlying Asset will be less than its Buffer Level.

Hypothetical Final Level of
Hypothetical Percentage
Hypothetical
Hypothetical
the Lesser Performing
Change of the Lesser
Payment at Maturity
Return on the Notes
Underlying Asset
Performing Underlying Asset
1,500.00
50.00%
$1,143.00
14.30%
1,300.00
30.00%
$1,143.00
14.30%
1,200.00
20.00%
$1,143.00
14.30%
1,100.00
10.00%
$1,143.00
14.30%
1,071.50
7.15%
$1,143.00
14.30%
1,050.00
5.00%
$1,100.00
10.00%
1,020.00
2.00%
$1,040.00
4.00%
1,000.00
0.00%
$1,000.00
0.00%
980.00
-2.00%
$1,000.00
0.00%
950.00
-5.00%
$1,000.00
0.00%
900.00
-10.00%
$1,000.00
0.00%
800.00
-20.00%
$900.00
-10.00%
700.00
-30.00%
$800.00
-20.00%
600.00
-40.00%
$700.00
-30.00%
500.00
-50.00%
$600.00
-40.00%
400.00
-60.00%
$500.00
-50.00%
200.00
-80.00%
$300.00
-70.00%
0.00
-100.00%
$100.00
-90.00%

Hypothetical Examples of Amounts Payable at Maturity

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

Example 1: The level of the Lesser Performing Underlying Asset decreases from the hypothetical Initial Level of 1,000.00 to
a hypothetical Final Level of 500.00, representing a Percentage Change of -50%. Because the Percentage Change of the Lesser
Performing Underlying Asset is negative and its hypothetical Final Level is less than its hypothetical Initial Level by more than the
Buffer Percentage of 10%, the investor receives a payment at maturity of $600 per $1,000 in principal amount of the notes,
calculated as follows:

$1,000 + [$1,000 x (-50% + 10%)] = $600

Example 2: The level of the Lesser Performing Underlying Asset decreases from the hypothetical Initial Level of 1,000.00 to
a hypothetical Final Level of 950.00, representing a Percentage Change of -5%. Although the Percentage Change of the Lesser
Performing Underlying Asset is negative, because its hypothetical Final Level is less than its hypothetical Initial Level by not more
than the Buffer Percentage of 10%, the investor receives a payment at maturity equal to the principal amount of the notes.

Example 3: The level of the of the Lesser Performing Underlying Asset increases from the hypothetical Initial Level of
1,000.00 to a hypothetical Final Level of 1,050.00, representing a Percentage Change of 5.00%. Because the hypothetical
Final Level of the Lesser Performing Underlying Asset is greater than its hypothetical Initial Level, and the Percentage Change
multiplied by the Upsize Leverage Factor does not exceed the Maximum Return, the investor receives a payment at maturity of
$1,100 per $1,000 in principal amount of the notes, calculated as follows:

$1,000 + [$1,000 x (5% x 200%)] = $1,100


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Example 4: The level of the Lesser Performing Underlying Asset increases from the hypothetical Initial Level of 1,000.00 to
a hypothetical Final Level of 1,500.00, representing a Percentage Change of 50%. Because the hypothetical Final Level of the
Lesser Performing Underlying 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 $1,143 per $1,000 in
principal amount of the notes, the Maximum Redemption Amount. However, in this case, the return on the notes would be less
than the Percentage Change of the Lesser Performing Underlying Asset.


P-9

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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 cash-settled derivative contract 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 (including the opinion of our counsel Morrison & Foerster LLP) in the product supplement under "Supplemental
Tax Considerations--Supplemental U.S. Federal Income Tax Considerations," which applies to the notes, except that the following
disclosure supplements, and to the extent inconsistent supersedes, the discussion in the product supplement. The discussions below
and in the accompanying product supplement do not apply to holders subject to special rules including holders subject to Section
451(b) of the Code.

Under current Internal Revenue Service guidance, withholding on "dividend equivalent" payments (as discussed in the
product supplement), if any, will not apply to notes that are issued as of the date of this pricing supplement unless such notes are
"delta-one" instruments. Based on our determination that the notes are not delta-one instruments, non-U.S. holders should not
generally be subject to withholding on dividend equivalent payments, if any, under the notes.

Recently proposed regulations indicate an intent to eliminate the requirement under FATCA of withholding on gross
proceeds of the disposition of financial instruments. The U.S. Treasury Department has indicated that taxpayers may rely on these
proposed regulations pending their finalization. Prospective investors are urged to consult with their own tax advisors regarding the
possible implications of FATCA on their investment in the notes.

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 page of this
pricing supplement. 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. This commission
includes a selling concession of up to 1.60% of the principal amount that we or one of our affiliates will pay to one or more 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 two business days following the Pricing Date. Under Rule 15c6-1
of the Securities Exchange Act of 1934, trades in the secondary market generally are required to settle in two business days, unless
the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the notes more than two
business days 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.

You should not construe the offering of the notes as a recommendation of the merits of acquiring an investment linked to
the Underlying 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 this pricing supplement in the initial sale of the notes. In addition, BMOCM or another of our affiliates may
use this 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, this 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
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