New Issue: Bank of Montreal prices $110,000 autocallable cash-settled notes on iShares Russell fund

By Toni Weeks

San Luis Obispo, Calif., March 27 - Bank of Montreal priced $110,000 of 0% autocallable cash-settled notes with step-up call price due March 31, 2015 linked to the iShares Russell 2000 index fund, according to a 424B2 filing with the Securities and Exchange Commission.

On either of two annual call dates, if the fund's level is greater than the initial level, the notes will be called. The call return will be 9.75% on March 26, 2014 and 19.5% on March 26, 2015.

If the notes are not called, the payout at maturity will be par if the fund falls by up to 15%. Investors will share in losses if the final price is less than the 85% trigger level.

BMO Capital Markets Corp. is the agent.

Issuer:	Bank of Montreal
Issue:	Autocallable cash-settled notes with step-up call price
Underlying fund:	iShares Russell 2000 index fund
Amount:	$110,000
Maturity:	March 31, 2015
Coupon:	0%
Price:	Par
Payout at maturity:	Par for decline in fund of up to 15%; full exposure to losses if fund falls more than 15%
Initial price:	$93.93
Trigger price:	$79.84, 85% of initial price
Call:	At par plus a call return on either of two annual call dates if share price is greater than initial share price; call return is 9.75% on March 26, 2014 and 19.5% on March 26, 2015
Pricing date:	March 25
Settlement date:	March 28
Agent:	BMO Capital Markets Corp.
Fees:	2%
Cusip:	06366RLU7

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