NEW ISSUE: Bank of Montreal s Equity Linked Notes Linked to a Single Underlying Asset

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1 NEW ISSUE: Bank of Montreal s Equity Linked Notes Linked to a Single Underlying Asset SEC File No December 31, 2014 These notes do not guarantee any return of principal at maturity NOTE INFORMATION Issuer: Bank of Montreal Minimum Investment: $1,000 (and $1,000 increments thereafter) Protection Type: Note Type: These notes are NOT principal protected Buffered Bullish Enhanced Return Note KEY DATES Offering Period Closes: Tuesday, January 27, 2015 (at 2 pm NY Time.) Pricing Date: On or about January 27, 2015 Settlement Date: On or about January 30, 2015 Valuation Date: On or about January 23, 2020 Maturity Date: On or about January 31, 2020 INVESTMENT OBJECTIVE The objective of the notes is to give clients potential leveraged upside exposure without a cap if the Underlying Asset increases in value, while offering limited downside protection (with the potential for the full loss of principal) against a slight to moderate decline in the Underlying Asset over the term of the notes. As such, the notes may be suitable for investors with a moderately bullish view of the Underlying Asset over the term of the notes. Term: Approximately 5 years Issue Underlying Asset Ticker Buffer Percentage Buffer Level (% of Initial Level) Upside Leverage Factor Downside Leverage Factor Cap CUSIP ELN-355 ishares MSCI EAFE ETF EFA 15% 85% % % None RZB4 Please see the following page, and the hypothetical calculations below, for further information about the terms set forth on this cover page, and how they impact the return on the notes. Any capitalized term not defined herein shall have the meaning set forth in the preliminary pricing supplement for the notes (see hyperlink below). 1 This relates to the Preliminary Pricing Supplement dated December 31, 2014 to the Prospectus dated June 27, 2014, the Prospectus Supplement dated June 27, 2014, and the Product Supplement dated June 30, 2014.

2 Payment at Maturity (if held to the Maturity Date): If the Percentage Change is positive, then the amount the investors will receive at maturity for each $1,000 in principal amount of the notes will equal: Principal Amount + (Principal Amount x Percentage Change x Upside Leverage Factor) If the Percentage Change is zero or negative, but not by more than the Buffer Percentage, then the investors will receive their Principal Amount and no additional return. If the Percentage Change is negative, by more than the Buffer Percentage, then the investors will receive a cash payment equal to: Principal Amount + [Principal Amount x ((Percentage Change + Buffer Percentage) x Downside Leverage Factor)] In this case, investors will lose % of their principal for each 1% that the Final Level declines by more than the Buffer Percentage. You may lose all of the principal of your notes. Percentage Change: Initial Level: Final Level: Principal at Risk: Secondary Market: The Percentage Change, expressed as a percentage, is calculated using the following formula: (Final Level Initial Level) / Initial Level The closing price of one share of the Underlying Asset on the Pricing Date. The closing price of one share of the Underlying Asset on the Valuation Date. Investors in these notes could lose all or a substantial portion of their investment at maturity if there has been a decline in the trading price of the Underlying Asset by more than the Buffer Percentage. We encourage you to review carefully the documents described in Additional Information below, including the risk factors set forth or incorporated by reference therein, prior to making an investment decision. Although not obligated to do so, BMO Capital Markets Corp. (or one of its affiliates), plans to maintain a secondary market in the notes after the Settlement Date. The amount that an investor may receive upon the sale of their notes prior to maturity may be less than the Principal Amount. 2

3 Selected Risk Considerations: You should carefully review the risk factors set forth in the preliminary pricing supplement and the product supplement before making an investment decision. In particular, please note the following: Your investment in the notes may result in a loss. The exchange traded fund to which the notes are linked holds a group of equity securities, and no assurances can be given that the level of the Underlying Asset will not decline over the term of the notes. The notes are unsecured debt securities of Bank of Montreal, and your investment is subject to the credit risk of Bank of Montreal. Our and our affiliates activities may conflict with your interests and may also adversely affect the value of the notes. The inclusion of hedging profits, if any, in the initial price to public of the notes, as well as our hedging costs, is likely to adversely affect the price at which you can sell your notes. The cover page of the preliminary pricing supplement for the notes (see hyperlink below) sets forth our estimate of the initial value of the notes, which reflects these amounts. Our estimated initial value of the notes is less than the purchase price of the Notes. The initial estimated value of the notes does not represent any future value of the notes, and may also differ from the estimated value of any other party. The terms of the notes are not determined by reference to the credit spreads for our conventional fixed-rate debt. Owning the notes is not the same as owning shares of the Underlying Asset or a security directly linked to the Underlying Asset. You will not have any shareholder rights and will have no right to receive any shares of the Underlying Asset at maturity. The exchange traded fund to which your notes are linked have no duties or responsibilities in connection with the notes. Changes that affect the index underlying the Underlying Asset will affect the market value of the notes and the amount you will receive at maturity. Adjustments to the Underlying Asset could adversely affect the notes. We have no affiliation with the sponsor of the index underlying the Underlying Asset and will not be responsible for any actions taken by such sponsor. We and our affiliates do not have any affiliation with the investment advisor of the Underlying Asset and are not responsible for their public disclosure of information. The correlation between the performance of the Underlying Asset and the performance of the index underlying the Underlying Asset may be imperfect. The Underlying Asset is subject to management risks. The notes will not be listed on any securities exchange. There may be a lack of liquidity in the notes to allow you to trade or sell the notes easily. If you are able to sell the notes prior to maturity, you may receive a price that is significantly less than your original investment. We and our affiliates may engage in hedging and trading activities related to the notes that could adversely affect our payment to you at maturity. Many economic and market factors will influence the value of the notes. You must rely on your own evaluation of the merits of an investment linked to the Underlying Asset. Significant aspects of the tax treatment of the notes are uncertain. Each investor will agree to treat the notes as pre-paid cash-settled derivative contracts for U.S. federal income tax purposes, as described in more detail in the pricing supplement for the offering. An investment in the notes is subject to risks associated with foreign securities markets. An investment in the notes is subject to foreign currency exchange rate risk. 3

4 Hypothetical Calculations for the Payment at Maturity: The examples set out below are included for illustration purposes only. All examples assume that a holder has purchased notes with an aggregate Principal Amount of $1,000, an Upside Leverage Factor of %, a Downside Leverage Factor of %, a Buffer Percentage of 15% (Buffer Level is 85% of the Initial Level), a hypothetical Initial Level of $100.00, no cap, and that no extraordinary event has occurred. These examples do not give effect to any tax payments you may need to make as a result of the payments on the notes, or any brokerage commissions that you may pay in connection with your purchase of the notes. Example 1: Example 2: Example 3: The closing price of the Underlying Asset at maturity is 95, which is less than the Initial Level but greater than the Buffer Level. Because the Final Level of 95 is less than the Initial Level but greater than the Buffer Level, you will receive a payment at maturity of $1,000 per $1,000 in principal amount of the notes. The closing price of the Underlying Asset at maturity is 75, which is less than the Buffer Level. Because the Final Level of 75 is less than the Buffer Level of 85, you will receive a payment at maturity of $ per $1,000 in principal amount of the notes, representing a negative return (a loss) of %. The hypothetical closing price of the Underlying Asset at maturity is 110, which is greater than the Initial Level. Because the Final Level of 110 is greater than the Initial Level, you will receive a payment at maturity of $1, per $1,000 in principal amount of the notes, representing a positive return equal to the Percentage Change (10%) multiplied by the Upside Leverage Factor (132.50%). 4

5 Additional Information Neither the U.S. Securities and Exchange Commission (the SEC ), nor any state securities commission, has reviewed or approved these notes, nor or otherwise passed upon the accuracy of this document, the preliminary pricing supplement to which it relates or the accompanying product supplement, prospectus or prospectus supplement. Any representation to the contrary is a criminal offense. The notes will not constitute deposits insured under the Canada Deposit Insurance Corporation or by the U.S. Federal Deposit Insurance Corporation or any other Canadian or U.S. governmental agency or instrumentality. The issuer has filed a registration statement (including a prospectus) with the SEC for the offerings to which this communication relates. Before you invest, you should read the prospectus in that registration statement and the other documents that the issuer has filed with the SEC for more complete information about the issuer and these offerings. You may obtain these documents free of charge by visiting the SEC s web site at Alternatively, the issuer will arrange to send to you the prospectus (as supplemented by the prospectus supplement and relevant preliminary pricing supplement) if you request it by calling its agent on or ing investor.solutions@bmo.com. These notes are medium-term notes issued by the Bank of Montreal. These notes may be offered to certain investors outside the United States in accordance with applicable local law. We urge non-u.s. investors to consult with an advisor to determine the extent to which their investment in the notes may give rise to any additional risks. The information in this term sheet is qualified in its entirety by the more detailed explanations set forth elsewhere in our preliminary pricing supplement dated, December 31, 2014 and the accompanying product supplement, prospectus and prospectus supplement. References to the prospectus mean our prospectus, dated June 27, 2014; references to the prospectus supplement mean our prospectus supplement dated June 27, 2014; and reference to the product supplement mean our product supplement dated June 30, (Capitalized terms used here or in the preliminary pricing supplement, which are defined in the accompanying product supplement, prospectus or prospectus supplement, shall have the respective meanings assigned to them in the product supplement, prospectus or prospectus supplement.) You may access these documents on the SEC website at as follows (or if such address has changed, by reviewing our filings for the relevant date on the SEC website): Preliminary Pricing supplement dated December 31, 2014: Product supplement dated June 30, 2014: Prospectus supplement dated June 27, 2014: Prospectus dated June 27, 2014: Our Central Index Key, or CIK, on the SEC website is As used in this term sheet, the Company, we, us or our refers to Bank of Montreal. IRS Circular 230 Notice: To ensure compliance with IRS Circular 230, you are hereby notified that: (a) any discussion of federal tax issues contained or referred to herein is not intended or written to be used, and cannot be used, by you for the purpose of avoiding penalties that may be imposed on you under the Internal Revenue Code; (b) such discussion is written in connection with the promotion or marketing by us of the transactions or matters addressed herein; and (c) you should seek advice based on your particular circumstances from an independent tax advisor. 5