New Issue: Bank of Montreal prices $47,000 17.4% reverse exchangeables on SandRidge Energy

By Susanna Moon

Chicago, Jan. 28 - Bank of Montreal priced $47,000 of 17.4% reverse exchangeable notes due April 29, 2011 based on the performance of SandRidge Energy, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The payout at maturity will be par unless SandRidge Energy stock closes below the trigger price - 80% of the initial share price - during the life of the notes and the final share price is less than the initial share price, in which case the payout will be a number of shares of SandRidge Energy stock equal to $1,000 divided by the initial share price or, at the issuer's option, a cash amount equal to the value of those shares.

BMO Capital Markets Corp. is the agent.

Issuer:	Bank of Montreal
Issue:	Reverse exchangeable notes
Underlying stock:	SandRidge Energy, Inc. (Symbol: SD)
Amount:	$47,000
Maturity:	April 29, 2011
Coupon:	17.4%, payable monthly
Price:	Par
Payout at maturity:	If SandRidge Energy stock closes below trigger price during life of notes and final share price is less than initial share price, number of SandRidge Energy shares equal to $1,000 divided by initial share price or value of those shares in cash; otherwise, par
Initial share price:	$7.28
Trigger price:	$5.82, or 80% of initial price
Pricing date:	Jan. 26
Settlement date:	Jan. 31
Agent:	BMO Capital Markets Corp.
Fees:	2%
Cusip:	06366QCC9

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